In a recent video for my YouTube channel, I shared the 7 best ways to make 1 million pounds in property or in business. All seven of these ways to make a million pound, I have actually done. Not only have I done all seven of them, but I've also made a million pounds using each strategy!
If I can do all seven, maybe you can just take one of them and make 1 million pounds. Then, you could invest that, put that money to work, and massively increase the quality of your life!
In the video (above), I give you the exact information you will need to succeed for each of the 7 best ways to make 1 million pounds. I highly recommend watching the full video until the end if you want to get rich with any one of these methods! In this article, I will give you a brief summary of each of the 7 million pound strategies.
1. Company Valuations
The first way is company valuations. What is a millionaire? Well, a millionaire is someone that has a million pounds net worth. So you take what they own and then you minus what they owe. If there is a million pounds there, then their net worth is a million pounds.
If you can run a business that makes £200,000 profit per year, it isn’t uncommon for businesses to be valued at a 10x multiple. That means the business is worth £2,000,000. Therefore, as the owner of the business, you have a net worth of £2,000,000 (minus any debt).
2. Rent to Rent
The second one is rent to rent. I took a rent to rent on maybe 3 months ago, a hotel with 34 rooms in the Cambridge area. I'm paying £100,000 a year. That's bringing me in a profit. My projections show that it's going to bring me in about £150,000 profit – after all expenses – a year.
With Rent to rent on a big scale, you can easily have not just a million-pound company, but you could even make a million pound profit in a few years!
3. Basic Buy-to-Let
The third way that you can become a millionaire is through basic buy-to-let. I know, buy-to-let is a bit boring because the cash flow is boring. Generally, you aren’t making that much money after all expenses are paid. However, what you are getting is capital appreciation.
Property prices double every 10 years on average. If you buy 10 houses at £200,000 each with a £50,000 deposit, and they all double in value, you’re a millionaire. You have £4,000,000 in property minus the mortgages of £150,000 each. Leaving you with a net worth of £2,500,000!
4. Property Development
Number four is property development. Making a million pounds in property development is not even a big deal. Most developers won't even touch an opportunity unless they're going to make 7-figure profits, which is at least a million pounds.
My first property development, publicly documented in Lincoln, we built houses from scratch, bought the land for £330,000 and spent half a million pounds building six houses. That's £830,000. But then the end value was £1.4 million. That's half a million in 9 months from developing, from building!
5. Planning Permission
Number five is planning permission. So, for example, in 2020, a few years ago when we went into lockdown, I was finding pieces of land that didn't have planning permission and was buying them on an option. So I was saying to the owner, how much do you want for the land? And the owner's not got planning permission; it's just a piece of grass. They might want £100,000. So I would say, “I'll give you £100,000 in 12 months' time, subject to planning permission.”
But why would they agree to this? Why wouldn’t they try for planning permission themselves? That comes down to the next method…
6. Negotiation Strategies
You need to know how to negotiate. In the above planning permission strategy example, they might say, “oh, well, I'm not sure. Maybe I'll try and get planning myself.” and I’d say, “okay, well, you've owned the land 14 years, go for it.” They might then reply, “Oh, I haven't got the connections.” That’s when I’d make an offer, “How about this? I'll give you £10,000 now, and then in 12 months, I'll give you £90,000 to buy the land. If in 12 months, I don't give you the £90,000, you keep the £10k.” Knowing these type of negotiation strategies is essential.
7. Residential Purchase Lease Option Agreements
Point seven is basic residential purchase lease option agreements. Even now, to this day, I just bought a property a few weeks ago, and it was about 4–5% below market value. How did I do that? Because I agreed the price 7 years ago!
I made these type of deals even when I was 19 years old. I would say, “Oh, right, you want to sell your house? You want £200,000 for it? Listen, I'll give you £200,000, but in seven years.”
You might think, who on earth would sell their house like that? Who would let you buy their house in seven years and agree the price today? People in negative equity. And guess what? There are loads of those right now!
The 7 BEST Ways To Make 1 Million Pounds: Getting Started
If you want to get started with any of the 7 best ways to make 1 million pounds, why not join me at my next training event?
On the course, you will learn how to:
-
Become a property investor using other people’s money so that you can get started straight away
-
Utilise the 5 different types of raised finance so that you know exactly what to offer and when
-
Find the perfect properties for the BRR strategy
-
Recycle your money so that you can ‘rinse and repeat’
-
Build a power team you can trust, so that you can save time and money
-
And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
