So many people have been on big-room training events and mentorships and never been given ANY training on how to legally do the business of sourcing deals… and it is a business if you really want to scale up and succeed. The lack of Due Diligence on the legals to me is crazy. The biggest, most influential, trainers in our industry are fundamentally setting people up with illegal businesses. How is that fair. Not good at all! Is it laziness, do they not care about anything but the pound signs? I am not really sure but it bothers me, a lot!
Be under no illusions, if you are sourcing deals there are certain legal responsibilities that you MUST adhere to. If you have a deal you’re about to source and are not sure what you have to do, feel free to contact me.
As this blog is my weekly Deal Diary, I should probably mention my deal sourcing / packaging activity too!
Just to update you, I had a meeting with the landlord of the 65 units in Sheffield, that I mentioned a few weeks back, and he has 8 houses he is interested in working with us on immediately! We are not yet sure what strategy will suit all these but I am waiting for emailed lists, photos and floor plans from him tomorrow so I can do some research and put some options over to him. I’ll keep you posted as things progress with this one!
I also mentioned a couple of weeks ago the 8 bed corporate I was working in Milton Keynes to keep for my own portfolio and I have had a week of finalising insurance details and various other niggly little things, but on Friday I had the verbal green light so, fingers crossed, we will get paperwork signed this week coming! Very exciting.
That will be my biggest project to date! The property will Net £1300-£1400 per calendar month at 100% occupancy. I am buzzing about this. And the sweetener is that it is fully furnished to a high standard already so no money to spend getting that bit sorted either, result!
Writing this has made me remember something else I wanted to mention today.
Please don’t feel overwhelmed by some of the visible Facebook postings that go on stating “200 new houses secured today” “10,000 strong investor list” “Boom, sold 20 deals this month” – the question you need to ask yourself is what do you need.
If you (like me) can live very comfortably on £5000 a month then don’t work yourself into an early grave trying to generate 200 leads because you don’t need that many… right now! Concentrate on the deals that look the best, have the best returns, best engagement from your customers and push those over the line.
Don’t work to other people’s levels. Work to your own levels. No one else’s expectations matter, only your expectations matter.
Have an amazing week! If you guys are enjoying my blog posts on Online Property Courses, please do share it with anyone that you feel would benefit.