How to manage a property portfolio from distance?
I recently spoke to Nick on how he got from having 10 pounds to getting a deal and through this article, I documented some of the answers he gave me through the interview and therefore, I hope he’s an inspiration to many as you learn something from his journey in property.
How did you get that first deal?
What happened is that, I watched a few of your rent to Hmo videos as well as winners on Wednesday guys who did Hmos again and again to find out how exactly I can get my first property.
I kept on viewing and when I started using the script, I got a lot of no’s from most of the agents and then I found out that I was kind of doing some mistakes and after watching the video again, I found the script that you are using which I used and got my first property.
However, I had no money to put towards the first month rent and so, I applied for a loan of 9,000pounds then took the loan money and put it in my first property.
Some people would tell me not to do it as I had just got back from the army in Afghanistan because getting a loan is risky as I might lose the money but from my inside, I really wanted to do this property journey and I wanted to study it as I took the bigger step and took the loan that helped me start my journey in property.
How are you juggling your time in all of this because you live in Wales and the properties are in London?
I've got four properties going for a fifth one because I want 10 properties by march of next year.
Every weekend, me and my wife used to drive from Wales to London for the property and after that, I hired one manager and later on, another guy came in and so right now I have my team of three people which includes me.
One guy is doing maintenance and viewings while the other guy is checking the documents and referencing tenants and I’m the one looking for new deals at the moment.
I’ve been with them for a month and they said that they don't want income because they want to learn about the property.
They were my tenants and when they approached me, they said they want to work with me because they are looking to learn from me about the properties and I accepted their offer as they’ve been great along the ways.
However, I told them that they needed to have the same working spirit as me and we had few interviews as well and these guys were incredible and so, just instantly joined my team and they've been working hard ever since.
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