Trying Everything to Get Rich in 7 Days- Zero Pound Property Challenge!
Hi. I am Samuel Leeds, a property investor and a property guide. Today, I will share the five habits that made me a millionaire. These habits will help you in your property business, and you can also become a multi-millionaire like me. So let’s begin.
I, UK’s top property investor, undertook an extreme 7-day financial freedom challenge to help a poor man become a developer from nothing. Lawton entered into a competition (The Eviction), which made him reach the pinnacle of financial independence!
Conversation Between Lawton and Me:
Me: Hey! My name is Samuel, and I am a multi-millionaire. I have come from Buckinghamshire to stay at this guy’s (Lawton) house. He is under a lot of financial debt. He is distressed because of a lack of money. He was recently dismissed from his job, and I am going to meet him today to see if I can help him become financially stable in 7 days!
Lawton: Hello! How are you? Good to see you.
Me: Hello! Thanks for letting me into your house. This week we will be making a lot of business deals and investing in properties. What is your current situation like? Where are you at?
Lawton: Currently, I am deal sourcing, packing them up, and getting them sold. I am doing it like once a month. It is not bad at all.
Me: If you are already involved in deals, then what do you need my assistance for? What is the dream?
Lawton: The big goal is to do big projects like you. I want to get into development deals. I have got a few opportunities at hand. I have been making my way up slowly, but that is the direction I want to head towards.
Me: If you want this to be a development challenge where we get you a deal within a week, do you have any money to invest? Have you got any investors listed?
Lawton: No, I don’t. I have been selling and packaging deals. I manage one sale a month actually, which lets me earn 1500 quid. I have lost my job, and I am trying to replace that wage in order to pay for my house and my living.
Me: This week we will not only have to get a development deal but also an investor for it. If we manage to find the perfect development deal, it’s going to take a considerable amount of time before you can start receiving a cash flow.
A lot of people come to me because they want to be a developer; it is a bit of an unattainable dream. For instance, you are making 1500 quid a month by cold sourcing with no investor list. Before you start development, you need to be financially stable, so are you making a decent living? Have you got any debts?
Lawton: Yes, I have. I have a 1000 pounds overdraft, and I am in a credit card debt, so three and a half grand in debt, and I have to pay it back pretty soon, which is a source of distress for me because I have to support my family.
Me: We need four and a half grand to pull up a deal and be debt-free; then a few rental accommodations would be enough to supply you with a mortgage and get you in a position where you get cash and don’t have to worry about making another sale. If we have time, we can also work on getting you a development deal.
So the first day of the challenge is to secure a rent-to-rent or even two, and we are not going to come back to this house until we have the keys to a rent-to-rent!
Conversation in the car and outside while searching for a rent-to-rent:
Me: We have made one call, and one appointment, and both of them have not gone according to the plan!
So it looks like we have been rejected from the center of Manchester; I thought Manchester would be great, but the problem is that I don’t know Manchester at all, and Lawton has never done any deals here so it will definitely be much more challenging than we think. The Manchester property agents do not like rent-to-rent. They won’t even let us in through the door or have a look around the property!
(Later in the evening, Me and Lawton head back to his house)
Me: We are back to square one. We have to be flexible. It is quite upsetting to think we have been rejected over and over again but if you take it like any 9-5 job and think that they are eventually going to agree once we keep bringing it up, it’s not really that depressing!
For the time being, we are not going to focus on getting a rent-to-rent because I understand you don’t want to spend the whole week trying to seek one.
A man messaged me with a development opportunity. He is in a bad financial situation because he cannot get the funds. Maybe we can get the funds and buy it.
Me (on the phone): You negotiated for 275 and you think spending 20 grand on its renovation will increase its worth to probably about 3-5? But it might be worth around 400 if it was extended or built upon?
Man (on the phone): Yes!
Me (after the call): These properties that we are finding…some of them are little development projects so we can just drive by and have a look from the outside!
(Me and Lawton reach the property site)
Me: This house is priced at 285 000 pounds while the next door neighbor’s sold out for 400 000 pounds; the only difference between these two houses was that the house next door had been extended. Therefore, we should extend this property site using the plans I have got. We can develop two rooms at the back and in doing so, we can increase the property’s worth by 100 000 pounds!
(Day 2 of the challenge):
Me: We have got our first viewing today! Is this a rental rent?
Lawton: Yes, it is a potential rental rent. I am hoping to spend some time with the agent and try and have a look around the property!
(Lawton and Me in the car after Lawton had viewed the apartment and talked to the real estate agent):
Me: It is so important to know that even before booking to view a property for rent-to-rent, we let the agents know that we are company led because otherwise they will treat you like a criminal if they find out you are a corporate landlord which is exactly what you did!
We have got another rent-to-rent person to speak to. I think we should go and see her (the last agent) and just focus and be hopeful for a deal!
(Later on that same night):
Lawton: The agent emailed me back saying that, unfortunately, the landlord got another offer for a rent-to-rent which is more attractive than his. She also wrote that they would let me know if anything comes up in the next couple of weeks!
Me: That is really disappointing! What do you want to do now?
Lawton: I don’t see how the whole plan is going to unravel. I thought we would get a lot done within two days, but it’s really hard to get any agents or viewings owing to Covid-19 and a national lockdown!
Alex (addressing Lawton on call): I was in debt and I had a lot of problems. You can worry about stuff but instead of doing that, you should get your head into the game and think more logically! You should focus on things which will generate money and not cost you money. You should get on social media and find out some deals which you can later sell to investors. In fact, you can send me the deals and I will send them out to my mailing list immediately.
Me (points at Lawton’s phone later on after talking to Alex): This is your phone and these are all the people wanting to buy the deals off of you. They are not just interested but they surely want to reserve it.
(Day 3 of the challenge):
(Me and Lawton go to tour a house)
Me: What I like about this property is that it is off-market, located in a good area and will rent out very well. I think it will give you great returns on investment and you could potentially sell it.
The property we looked at needs a lot of renovation so if it were in a better condition, how soon do you think it would rent out?
Agent: It is great for students and professionals so I think it would rent out pretty well!
Me: We need to go out and look for an investor now. We also need to go for another house viewing
(Me and Lawton visit and view a property at HMO)
Lawton (later that evening): So basically that property we saw at HMO today- I managed to sell it for three and a half grand to an investor I was in contact with since the past few days which is why I booked to view the house. If we manage to sell the bungalow, I will receive a total of 7 grand and it will make me debt-free!
A few days later…
Lawton: Another 2000 pounds in my account!
Me: I think you are securing a lot more deals. You have been getting a lot of calls and messages now. How much profit do you think you can make from that bungalow?
Lawton: Around 1800 grand! I was thinking of doing a joint venture with you. You can handle the mortgage side of it and I will look after everything else!
Me: I can talk to my wife, Amanda about the bungalow and its expansion. If she agrees to invest around 50 000 grand on it, you are good to go! You can convince her tomorrow when she comes to Manchester. We can view the property together and talk to the architect, David for a rough estimate as well.
(The next day Amanda agreed to add the bungalow deal in her portfolio. Me and my wife would invest 50 000 grand into the expansion and refurbishment of the property in Manchester. It was a 50-50 partnership with Lawton who would become a property owner in the next couple of days)
Lawton became a property developer in less than a week. He went on to secure a deal with the owner of the bungalow in Manchester. The owner didn’t need the cash for the land so it was only probable to convince him to donate the land and get the money later with the profits. He made 11 000 pounds in cash in that one week through deal sourcing. He secured a bungalow on a joint venture development with me and he also secured a piece of land with planning permission for six luxury houses. By the end of the week, he was completely free of debt. Everything combined was set to make him earn 100 000 pounds in profits only!
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