Manage episode 283856407 series 2342628
Kevin is joined by just two of Progressive Properties successful students Alex and Kate Moyes, today they discuss their journey on purchasing and renovating their first buy to let property. Together they discuss the knowledge gained on their first deal, the importance of being honest about our experience with your investors and why the property market is the best way to invest your money.
- Many people focus on the money they make on their property deals. The money is good, but knowledge and experience you have gained from doing the project is priceless.
- Good tradespeople are not typically available. You are going to have to wait for them to finish another project before you can get them involved. The earlier you secure them the better. The minute you have your deal agreed you should get your tradespeople lined up. Ask your agent or vendor if you are able to show the tradespeople around before completion.
- You don’t need to have loads of experience in property. You need to be yourself and you will become investable. There will be people out there that will fund your deals because they trust in you.
- You are significantly better off investing in property than you are investing in the stock market. Whilst you can get 8% returns on investment in the stock market, you cannot leverage in like you can with property investments. Overall you will make more profit investing in property than you will in stocks and shares.
“It has been our playground. The ability to learn has been really powerful”
“What you want to happen the day after completion is not show tradespeople around, it is having them starting the work.”
“You made yourself be investable by being honest.”
“They know that I take it seriously because I am investing in myself.”
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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.
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