Just Starting Out – What Do You Need?

If you’re new to deal packaging, then you might feel a little bit lost! Which assets do you need in order to get started on your journey? Well thankfully, it’s a question that David was asked to answer lately, so he’s here with you today to share his list with you. These are assets you need to have in order to allow investors to invest in your deals as painlessly as possible, and it’s a list that might surprise you… KEY TAKEAWAYS Solicitors - Trade solicitors or property solicitors, preferably property investors themselves. David suggest finding two. Brokers - Brokers are key! Not all investors are cash-rich, and for those times in which you need a mortgage, then a good buy-to-let broker or commercial broker is essential. Builders - Building a good relationship with reliable, affordable builders who deliver results can turn a property into a profitable enterprise in an instant. If you can’t get a referral, try Check-A-Trade. Accountant - How are you going to trade? As a sole trader? As a limited company? An LLP? It’s best to get as much advice as you can from someone who knows the best way to do it. Not only can they stop you making mistakes, they can also help you save money by pointing out benefits you might not know about. Gross yield at approaching ten percent is what you need in a deal. If you don’t find it immediately then don’t stop! Large houses turned into flats are a great way to maximise that gross yield. Assisted sales are working in London today. You need to know what you’re doing as they’re quite technical, but the principle is that instead of buying a property and remodelling it, then selling at a profit, an assisted sale is where you simply improve the property and help it to sell, then take a profit. You need a good property solicitor to help with the legalese. These assets can be found by asking! Ask the community. Ask other brokers. Ask social network groups, or ask at networking events. BEST MOMENTS ’The assets you need, basically, are people’ ’The process was so much easier because I had an existing relationship with the lender’ ‘Certain strategies work better in certain parts of the country’ ‘You’re getting very close to the grail of ten percent!’ ‘I have one or two friends in London who are doing this today!' ‘We have to think a little differently'  VALUABLE RESOURCES Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/   ABOUT THE HOST   David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.   CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/