FAQ 1 - I Don’t have much money – can I still make this work for me? 

Answer 1. It is totally possible to invest into property with low funds by choosing strategies like Rent to Rent and Purchase Lease Options. Both strategies will allow you to obtain property that is already converted to HMO by using the marketing plans that we teach. This will require some funds to get going though, as each marketing campaign will require a budget. The great thing is, that this doesn’t have to be your money! All this is covered in the VIP Academy 

FAQ 2 - How do I find a credible property trainer?  

Answer 2. This is a very good question, with what seems like a plethora of new “trainers” entering the field almost daily it is very important that you do enough Due Diligence on each one before deciding which path to take. Firstly, you will need to have a pretty good idea on which strategy you would like to pursue, for example HMO, BTL, Holiday Lets, Commercial conversions etc, once you have this clear in your mind then it’s time to research which person would be a good fit for you. I would advise that you choose a trainer that is active in this strategy and that they can prove this to you if required. Then simply conduct a “google” search on this person and see what comes back. Check any reviews and dialogue that may have been written in property blogs and Facebook groups etc. Then ask to have a call with them, if they say no, then walk away! It’s important that you get on with each other and that they are the right person for you. On top of this you can also ask for testimonials from current or past students to see what they have managed to achieve during their training. The next element is what level of support will they be offering? and can this be tailored to your needs? we all learn at different speeds, some may need more help than others, if this is the case, how much support behind the scenes is on offer for you?  

FAQ 3 - How do I find joint venture partners to help fund deals?  

Answer 3. Start close to home at first, you may have close friends or family that have funds that they may be willing to invest and you weren’t aware, perhaps approach close family members and ask, “Who do you know that may want to be a part of a great property deal?” Or similar, you will be surprised on the reactions that you may get. I do understand that you could feel awkward asking, but remember that you miss 100% of the shots that you don’t take.

Next, I really do have to bring up the “Networking” conversation again. Networking is so powerful, if you attend the correct meetings and are a part of the correct groups then you will find everyone that you need right there! Networking has built the core fundamentals of my business, from finding trades people, Mortgage advisors, and amazing Joint Venture partners, start with my Facebook community – “The HMO and Property Community Group” we have 23k members and are very active. This leads me onto having a 20 second “pitch” it’s all good attending a Networking meetings but if you don’t tell people who you are and what you do then you will be missing a lot of opportunity. Practice a 20 second pitch which says who you are – what you do and how you can help others. 20 seconds isn’t a lot but keep’s things concise and to the point. There are many other ways you can find partners, but this is a good start for you.

FAQ 4 - What if I want to do this but my partner isn’t supportive?  

Answer 4. This is a great question and whilst we love supportive partners and family members it’s not always the reality. People may try to put you off from investing into a new business and that’s not because they don’t want you to be successful, it’s because they don’t want you to fail and because they care for you. As soon as we begin to push ourselves out of our comfort zones then our natural instinct is to go straight back to where we are safe, in most cases this would be back to our “normal” life where nothing changes. Some people would tell you to ignore your loved ones and replace your friends with more positive people. I don’t believe this is sensible advice, I mean you are not about to walk away from your family just because they don’t agree with you! Instead, you can shift this balance and for every 1 negative person in your life, you could replace them with 3 positive people, maybe from your new network meeting or support group? This way you get to mix with similar people with similar values which will help keep you on track whilst still enjoying your friends outside of the business.  

FAQ 5 - How do you find great tradesman?  

Answer 5. I am going to refer to one of the above questions and suggest going back to the “Network” When I began investing in property I found my very first HMO builder right from the networking group, he was amazing and proved really reliable, people will give you recommendations if you ask, don’t be shy to reach out into the social media communities also. On top of this maybe you could pop into your local “Travis Perkins” and ask for a local builder that specialises in…. I have done both and it’s worked out well for me. Remember that tradespeople are busy, so be mindful not to waste their time, build sup that relationship and over the years you may even find that they become a joint venture partner?

FAQ 6 - What utilities budgets do I need to consider for HMOs?  

Answer 6. Great question and with rising fuel costs and rising material costs this is something that you really need to get right. We are currently using £14 per person per week for bills and that doesn’t include council tax for non-student properties, however this is likely to be going up very soon subject to the ever-increasing costs of utilities, likely to increase this year to around £15 per person based on a 5 bedroom HMO.   

FAQ 7 - How best to manage my property if I don’t live close?  

Answer 7. This will depend on your strategy but if your portfolio isn’t close by then you could use an intelligent software platform like “Go Tenant” (but you will still need to be able to conduct viewings) to assist you with viewings perhaps try companies like “Viewber” which is a UK based viewing service, just google them and see if it works for you.  or you could leverage through an Agent. Do make sure that the Agent is well qualified in dealing with the strategy that you choose, if its HMO for example, double check that they do understand the legislation and licensing commitments.

FAQ 8 - How do I find great property deals?   

Answer 8. I wrote a book about this called “45 ways to buy property” it does what it says on the tin, there are way too many marketing strategies to list here but start with doing 1 thing more than you did yesterday! Check daily on all the portals, attend network meetings, perhaps even think about writing directly to owners of HMOs. There are great deals everywhere, but you won’t find them unless you start to think outside the box. Check out my book 45 Ways to buy property on Amazon.  

FAQ 9 - My rooms are too small to be used as HMO - what now?    

Answer 9. The minimum required room sizes in England for HMOs are 6.51m2 for a single room and 10.22m2 for a double, please note that this doesn’t include any en suite rooms. Whilst this is not discretionary, your council can add to this, so it’s really important that you are aware of your policy before buying/renting an HMO. If you have already done this,and you have since found out that your rooms are too small then I’m afraid unless you can get more room from changing the layout of the property but still can’t comply to the minimum standard then you won’t be able to use the room.

I hope that you find the above useful and please remember to head over to the VIP right now!

You have everything to gain.