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That feeling when you login to your online banking and see a nice lump sum of money staring right back at you...
You never forget your first! (My Wife thought I was joking!)
My first fee from 'property sourcing' was around £17,000 and I thought sharing how I did it would be a good read if you're looking to get started in property...
I sourced a three storey property that was converted into 4 flats via contacts I had built up purely from getting out there and networking.
I then used my growing network to tap into (overseas investors) and I managed to find a buyer within a day. We arranged a call on whats app (as they were in Hong Kong) and I talked them through the opportunity and told them all about the property.
That investor paid a reservation fee over and then proceeded to buy the property.
When the purchase was completed, my sourcing fee was transferred to my business account.
That's it in a nutshell - but there is much more to this deal, so here's the nitty gritty!
How long did this take in total?
Around 12 weeks (If I remember correctly)
How many hours of work were involved?
Probably all together about 8 to 10 hours of actual work and when I say 'work' this effectively meant phone calls to the investor, to the solicitors, to the surveyor.
Attending the property to film a video walk-through. Chasing enquiries from solicitors to ensure delays were kept to a minimum. Oh and I also had to help the investors set up a ltd company and open a bank account here in the UK.
So all that work's out to approximately £1,700 per hour – the best hourly rate I ever earned!
What was the deal?
It was a big property that had been converted into four flats.
The flats all had their own utility supply and the key thing here was all the flats were on one property title.
This effectively meant they were sold as one property even though there were 4 individual flats in the one building.
I knew that by title splitting the flats so they could be sold individually would add a huge amount of value. This was the opportunity!
I had agreed a price with the vendor and knew what they would be worth if the titles were split into four. A damn sight more was the answer.
Crucially the uplift in value meant I could package them as BMV (below market value) to my investors. As If I sold the flats individually it would be much more than what we had agreed with the vendor.
The deal was a win-win for all involved - the seller got shut of a property he no longer wished to have in his portfolio and the buyers got a great property with lots of equity.
You have probably seen posts about earning silly sums of money from property before, am I right?
Well this is a little different... I like to live in the real world and share the good and the bad so read on below...
You might be thinking it sounds really easy! I title split the property and made a quick £17k!
I can tell you right now it was 100% definitely not even close to being easy!
The buyers were difficult to handle - constantly changing their minds, requesting more and more information, backing out, coming back to the table, agreeing the price, only to try and re-negotiate over something so silly you would not believe it!
The truth is… What should have taken us 2 weeks, took 5 times longer!
It was stressful beyond belief, it was a roller-coaster of emotions, I had sleepless nights became a pain to live with. I even gave up and thought it’s not worth it at one point! This was not easy and not as simple as I thought it would be.
Did I learn anything from the process?
100% yes! It was a huge learning curve, setting up the sale, dealing with time zone hurdles, countless problems to solve along the way. I honestly felt like I solved one problem and then another one would pop up. It was relentless at times.
Would I do it again?
Yes! In fact I did it again hundreds of times.
Within a few years, I had completed many more similar deals and eventually... I went on to co-found and launch the UK’s first ever property sourcing franchise. It was me, my Wife and two other guys, to start with and a year later, we were the biggest sourcing network in the country.
We grew to over 50+ offices all over the UK. We then launched a property backed peer to peer investment platform. That has since gone on to fund tens of millions of pounds worth of property projects.
Property has been very varied for me... there is no overnight success, in this game, trust me!
I started out as an accidental landlord, doing my own renovations, and eventually becoming an agent. I learned all about creative strategies like sourcing, rent to rent, lease options etc.
I even advised other estate agency franchises on how they could grow and add more income streams to their own business model.
In 2019, I stepped away from the company I co-founded and sold my shareholding.
Working in a business and not on it just did’nt float my boat anymore. After a family holiday, I decided a new path was best for many different reasons.
My new path became obvious after taking some time out...
The biggest problem with property training in the UK was... the cost was often ridiculous!
There are too many people out there selling property courses and fleecing people with very dubious and mis-leading claims and marketing.
These people make property sound really easy; they sell the financial freedom dream and dangle a course at you, telling you it’s the answer. Wrong!
For me there just had to be another way for people to get started in property, without all the smoke and mirrors and stupidly expensive courses.
So What Did I Do Next?
We launched OUR OWN BRAND of training in early 2019, we have grown from zero to over 1000+ people that have bought our online training on, deal sourcing and rent to rent, among other things.
Then in August 2020, I launched a mentoring programme 'Property BaseCamp' due to people constantly asking me to help them.
If I'm honest I really wasn't sure, but I love the connection of working with people 1 to 1 and sharing my own knowledge and experience. It’s great to be a small-part of so many people’s property business.
I love dissecting deals, helping people move forward and really seeing them grow month to month.
If property interests you, and you want to learn more about how we can help you… read on >
We can give you real one to one support each month forever.
Imagine being able to bounce ideas off me, have me look at the numbers with you on prospective deals, have me to answer your property related questions every day. If that's what you need then our Property BaseCamp programme is right for you.
Each time I open up access to my mentoring I raise the price a little more and there is a very good reason... we are continually adding new content to our training and so we are offering more and more value. Also nobody else in the UK will give you lifetime access to training online and lifetime access to one to one support!
I know a big training company in the UK is currently offering access to a course and access to a support group for 12 months for a whopping £9k plus and they are charging nearly £2k for leaflet templates! Really!!!!
It's insanity on another scale and that's why we exist. People can get genuine knowledge and support without the inflated costs of these property guru types.
For more information on whats included please email us below 👇
ENQUIRE ABOUT ONE TO ONE MENTORSHIP HERE: support@psnproperty.co.uk
We are the only people to offer one to one mentorship forever.
No other property course or trainer will offer you ongoing support and mentorship without charging you tens of thousands! Enquire now to see if we have any spaces left for new members of Property BaseCamp.
I really hope you enjoyed hearing about how property changed my life for the better and If you are serious and motivated about getting into property and building your own business email me above.