Tell us how you scaled up to where you are now?
Ignore the idea that property and business success is for “other people” when in reality, it’s available to anyone. You need to get yourself in the right mindset and really give it your all. My best piece of advice is to keep costs low when you get started – that’s one of the ways that I really scaled up my business quickly. I never took money out of my company and I just kept re-investing. Anything that I made from my day job, I would also try and reinvest in property and then save up for my next deposit. I just want to be fully in charge of my money which is why I don’t have a traditional pension. A pound today isn’t worth the same value in 20 years’ time whereas, if you buy in the right area, your money in real estate is going to appreciate naturally.
What’s the biggest mistake you’ve made and what did you learn from it?
Honestly, not starting soon enough. I think to myself, what if I started taking it seriously 10 years earlier? I’ve missed out on so many deals throughout the years because I was always looking for the very best one. There were so many deals where I should have gone ahead but I lost out on them for a couple of thousand pounds. Honestly, don’t look for the perfect deal – just get started as soon as you can.
What type of yield do you look for in a buy-to-let property deal?
I decided to outsource the management to an agent. I have a mix of HMOs and standard vanilla buy-to-lets in my portfolio and they look after themselves. The yield I tend to look for is about 10% but this varies depending on the investment opportunity.
What’s your best advice for a new landlord starting out?
Just go for it. If you can’t afford to go it alone, think about teaming up with someone else, but don’t buy when property prices are at their peak. Right now, it is a very difficult market and property prices are high. There are still some great below market deals to be had if you know where to look. Get your first property – and treat it as a learning curve. That’s what I did and it really worked. The journey of a property investor is an interesting one, with no two days the same. I’m a big believer in doing your calculations and due diligence and taking some risks – but remember, if it sounds too good to be true, it probably is.