Meet Ricci Mandal, his story will inspire you. You'll find out exactly how he went from a struggling DJ with no qualifications to financial freedom. He did it by figuring out how to earn money from rent to serviced accommodation deals. Rent to serviced accommodation deals are a creative way to make money through property. Ricci has got two rent to serviced accommodation deals and he is earning a minimum of £3,000 per month from them.
What's the secret?
Ricci says it was the Academy which transformed his fortunes because it taught him about the details and nuances of the property world. He also learned about persistence, how to approach agents and what the best selling techniques are. Ricci got rejected by 160 landlords and agents before he got his first ‘yes', although he admits this was because he was trying to run before he could walk. He had started phoning agents before he had completed his education at the academy. You can listen to how bad his pitch was on the video attached to this post. After being schooled by Samuel Leeds, he tweaked his pitch and it worked. This is what the pitch was like:
“I'm looking to invest in the area. I see you've got some 1 and 2 bedroom properties for rent, is that right?”
“What sort of condition are they in?”
“I work with businesses in the area and I put their directors and staff up in my accommodation; I can guarantee you rent every month and I'll take on the property on a corporate let. I'll put my clients in there and if there are any void periods I'll put it on AirBnB or Booking.com. Is that something you'd be open to?”
“Speak with the landlords. It's completely hassle-free, no maintenance and you get guaranteed rent every month. I'm also happy to commit to a long term arrangement. How does that sound?”
“If you're interested and open to it, I can send you an e-mail about my company, what we do and you can get back to me if there's any interest”
To get tenants for his serviced accommodation, Ricci uses a channel manager called Eviivo. He says it systemises the whole process because they promote his apartments on his behalf via Booking.com, AirBnB and other sites. He simply pays a small annual fee and he gets paid every time somebody books.
Watch the video to learn more!