The Progressive Property Podcast Best Money Making Strategies in Property
Jump in and learn the top three strategies for making money through property, discover how to get started without any money and which the tools, strategies and techniques to use to replace your income through creative property investment and become a full-time investor. Find out how to use the 70,20,10 model to your advantage and begin investing in your local area right away.
KEY TAKEAWAYS
- The top three strategies will depend on your area and what part of the country you’re investing in. However, there are a variety of good strategies you can get started with such as single lets, serviced accommodation, Buy-to-flip, commercial conversion and HMO, although you will need tools like Rent2Rent and lease options to achieve these strategies, that’s how you can be creative and begin investing without any money or if you’re in debt.
- Picking the right strategy for you also depends on your goals and what you’re looking to get out of property. If you’re looking for a cash flow strategy, long-term retirement investments or simply big pots of cash you’ll need to big the right strategy to most effectively achieve those goals. Pick the strategy that works in your area and then the tool to make that strategy work because if your plan is to buy property and rent them out it will not work, you’ll run out of money before you have enough houses generating a substantial monthly income. Property investments are not bought by saving up and buying houses, there’s not enough time so you need to get creative.
- Rent-to-Rent is the quickest way to get started in property, it’s the fastest way to achieve success and to build your property portfolio. Aim to set the initial goal to replace your income
- Lease options are a creative No Money Down investment strategy but do not attempt a lease option without any training. A lease option means you will have two contracts, one to buy the property and one to manage the property along with a consent to let. You will not be buying the property yet so there is no need to get a mortgage all you have done is agree to buy the property from the owner. Lease options are a great way of investing in property when you don’t have any money. A lease option is not a strategy but a tool you can use to deliver a strategy, for example using a lease option to obtain and own a single-let.
BEST MOMENTS
“Getting the knowledge to invest is easy, it’s when you don’t have the cash that you need to get creative.”
“Don’t try and do something along, at least try and get some experience”
“When I first started getting into property I was in debt and my first property was a Rent-to-HMO. I owned and lived in the property and rented out the other rooms which covered the cost of the mortgage and outgoings.”
“Manage your property strategies using the 70,20,10 model. You need to test different strategies for your area until you find what works and upscale.”
VALUABLE RESOURCES
https://www.amazon.co.uk/No-Money-Down-Property-Investing/dp/1909846767
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/
https://kevinmcdonnell.co.uk/
http://progressiveproperty.co.uk/