Property is forever growing with the various strategies that are available at the moment. One of the biggest and most profitable ones at the moment is Rent2Rent. Like many major corporations such as Amazon, Uber and Air Bnb. Samuel points out they don’t own any of the stock or services they sell but they can profit it from it handsomely.
With Rents to Rents, it’s of similar structure when the property will not be owned by you but you’ll be able to reap the benefits. To make sure that the execution of this is done correctly for today’s mentoring Monday Samuel goes through each step to avoid mistakes and mishaps.
One of the first steps with Rent2Rent is market research. Assessing what the supply and demand are in the area you potential want to invest in. Sometimes the demand and match the supply which could result in you not making much money. So it’s important to research the area and the suitability that rent to rents have.
A second step would be to begin putting feelers out to current property owners. This is a great idea to test their wiliness to do business with you and if they are open to the idea of Rent2Rent The key words Samuel would use for this instance is “would you be open to..”. Find out what the current service accommodation rates are. Walk into estate agents and ask don’t be afraid to take action.
Third, once you have completed your market research and put your feelers out. The next step would be to make offers the keywords for this that Samuel uses all the time is the “If Would” strategy.
The fourth step is very important making sure you have done the correct due diligence on the area you are investing in and the people you venturing into business with. A lot of money can be lost when the correct due diligence isn’t done also making sure you have taken on the necessary training will put you in a good position moving forward.
Like most business decisions they come with best case worst break downs this no different. You should evaluate what can happen if things don’t go to plan be honest and realistic with yourself. Also, note down what you would consider being in a great position. This can be a financial target you set yourself each month to make or the ROI %. Each investor will look for success in differing things.