It was not so long ago that Nathan Lamb was a self-employed lorry driver. Then he flipped a house and made a profit of £40,000. After joining Samuel Leeds’ academy, Nathan went a step further and became a full-time property investor with spectacular results. In one week alone, the entrepreneur made £18,000 from selling deals. He also has three rent-to-rents with joint venture partners and is about to take on another lucrative house renovation.
‘I spent my last £10,000 on the deposit’
Before going into property Nathan had his own limited company, taking on contractor work as a lorry driver for large companies. It paid him well. In a week, he earned about £800 to £1,200. But the hours were very long, and he was unhappy in his job.
It was against this background that Nathan decided to buy a house and do it up. Property was something that had interested him for a long time, he says.
“I’ve always liked property, even when I was younger. I used to watch Homes Under the Hammer with my mum. I always liked the idea of doing properties.”
He spent his last £10,000 on the deposit for the house that would set him on the road to becoming a property entrepreneur. With no money left over for the refurbishment, he worked ‘like a dog’ to fund the project while at the same time living in the property.
It took him two years to complete the work, but the effort was worth it, says Nathan, as he made a profit of £40,000 when the house was sold.
That ‘spring boarded’ him on to eventually registering for Samuel Leeds’ academy.
“I came to a £1 crash course when I was in the middle of doing my refurb. I didn’t sign up for any advanced training then because I needed every penny for the refurb of the house. But I carried on watching Samuel’s YouTube videos and I signed up to the 365 (online training). It was a minimal amount.”
From there, Nathan attended a Samuel Leeds Discovery Day and then enrolled on the academy two days later, using some of the profits from his house flip.
Having finished the year-long training programme, the father-of-three is now in his second year as an associate member of the academy and gives advice to new students.
“When you’re starting off the key is to network with everybody and get as many contacts as you can. Reputation is a big thing as well and being known as a nice guy. I spend probably six hours a week on the phone to new academy members asking for advice on how to do things. So, I’ll break it down for them and say just make sure you’re showing up to everything, like the Monday night Mastermind and the academy meals.
“It’s only since I’ve started showing up and coming to the dinners and going to the Masterminds that it’s really started to take off. I also post myself a lot more on social media.”
Nathan adds: “There have been times where I’ve spent my last £100 coming down to the meal. I’ve put it into fuel and just come down to network.”
The Mastermind Zoom sessions were crucial in enabling him to get feedback and learn from the experiences of other students as he found his feet in the industry.
‘The average profit per month is £8,000 to £12,000’
The bulk of Nathan’s income these days comes from sourcing property investments. He finds all types of deals, depending on what his customers want. This could be a rent-to-rent, buy-to-let or a buy, refurbish, refinance opportunity.
“In Derby with BRRs I know the market very well. I’ve got a lot of contacts with agents in that area,” says Nathan.
One of the main benefits of investing in the city, the businessman explains, is that there is no Article 4 restriction in place, apart from in a few streets.
“That’s a good thing because you can buy a property, renovate it and turn it into an HMO, and you won’t need a licence for it. When Article 4 does come in, it will increase the value of the house [as everyone else will need planning permission.]”
As a deal sourcer his job is to research the market, negotiate the purchase price and obtain quotes for the refurbishment of the property. He will also calculate the projected end value and present the figures to his investors.
“You get contacts to my builders if you’re buying something in Derby. I’ll offer project management as well. So, they’ll be able to have a completely hands-off experience and know that it’s looked after by me.”
He prides himself on providing an after-care service. “I’ll say, I’m not just going to sell you a deal. For a lot of people, a rent-to-rent for example is going to be their first deal. They want to know what channel manager to use or how to systemise things better. So, I’ll go over that with them.”
This customer service based approach was put to the test when he sold a rental deal and then it fell through due to circumstances beyond his control. It left his investor out of pocket as she had already spent £2,300 on maintaining the property and preparing it for guests.
Upset at seeing his client lose out, Nathan messaged Samuel Leeds for advice and then found her another deal. Nathan also gave her a discount equal to her outlay.
“I’m losing money but it’s because I care about my customers, and I want them to do well,” he emphasises.
His record-breaking week, when he notched up £18,000 in fees from selling deals, came after attending the two-day Accelerated Coaching Performance Programme. Nathan remembers how his guru Samuel grilled him about his business.
“I was grilled the most. He said I was giving too much away and being too much of a nice guy.”
At the time Nathan was co-deal sourcing, even though he had built up a list of investors to whom he could offer his property deals. He was also criticised for giving too high a percentage of his margins to joint venture partners.
It was the kick Nathan needed to up his game and focus on bringing in more money from selling investment opportunities. “On average the profit per month is £8,000 to £12,000, but one week recently I didn’t stop. I put all my time and energy into just deal selling to see how much I could get done and made £18,000. It’s life changing.”
The entrepreneur is also now managing a lot of properties. Typically, he will offer a management service with a rent-to-rent deal when the investor doesn’t want to be involved.
Nathan says his reputation has grown to the point where an investor will see one of his deals and want to pay for it straight away. Nevertheless, he prefers to call the client first to go through the figures.
There is a 14-day cooling off period included in his terms and conditions which the investor must sign before being given details of the proposal on offer. He also requires his finder’s fee of £3,000 to be paid upfront. Investors receive a refund if, after viewing the property and doing their own due diligence, they change their mind.
His training on the academy taught him how to counter any objections that the prospective buyer might have so that he can close the deal. He also checks whether the customer has the funds to proceed with the purchase and has any property experience.
“I always qualify an investor because if it’s a rent-to-rent deal, maybe only £10,000 needs to be spent but they might need a reference. Sometimes they need an £85,000 plus salary to qualify.”
Nathan’s latest venture is to do up a house which he is purchasing with a bridging loan. It was originally on the market for £130,000 and was then reduced to £110,000 after a buyer pulled out. He negotiated to buy it for £85,000 and has budgeted £15,000 for the renovation.
“I’m hoping to complete on that one very soon. I’ve got an investor who’s giving me £30,000 for the extras.”
He found it through an agent who sold him a property previously and it promises to give him a healthy return, with a predicted end value of around £150,000 once it has been improved.
His company, Bet Estates, is named after his children, Brooklyn, Elsie and Teddy and he is keen to leave them a legacy, as well as making the most of his life.
Since going into property full time, he has been able to spend more time at home with his partner and children.
“That’s important to me. My grandad passed away at 51 on New Year’s Eve on my bathroom floor. My dad passed away a couple of years ago. He was only 45. So, I’ve always had that subconscious thing in my head that maybe I’m going to die young.
“I want to leave something behind for the kids. I’m from a council estate. My mum did her best when I was growing up. She always gave us everything she could, but it was rough. It’s not a nice place. I don’t want that for my kids. I want them to not have the struggles that I had but also not be spoilt.”
His success in property has already provided his family with tangible benefits. Nathan has bought his partner a Range Rover and ordered her a triple wardrobe, while his children were given a day out to remember in London when he was staging a property there.
It was the school holidays and the whole family accompanied him. They stayed in comfortable accommodation and in the evening went for a pizza.
“I said order whatever you want. For the first time I realised I’m not worrying about what I’ve got in my bank. It’s nice to just relax.”
Nathan’s tips
- It’s not that hard to sell deals if you put the time and the effort in. Just make sure you come to all the events on the training.
- Be customer service based and really care for your customers.
Samuel Leeds’ verdict
“Nathan is a good sales person, thanks to his training, and it’s a good thing that he is so customer focused. Having the skills to be able to sell is a super power. It comes with responsibility and that responsibility is looking after your customers. He’s a proper nice guy who deserves his success and I appreciate the help he gives to new academy members.”
