Declan Archer comes to today winners on a Wednesday with a great story of tribulation and triumph.
A royal marine of ten years Declan’s first foray into property first began when he purchased a repossessed house in Liverpool. Early mistakes were made in his first venture one of them not getting the property correctly surveyed before it was purchased.
This later led to the realization that the property needed a lot of work doing to it. Dampness under the stairs and a leak in the roof this led to long arduous process of refurbishing the property.
Predictably in property refurbishments, the cost of the work being done began to rack up exceeding expectations. Leaving Declan very sort of cash and overdrawn on several credit cards.
To make matters even worst for he unfortunately, lost his father to cancer. This decidedly became the driving factor in making Declan go full time in property making him evaluate the progress the refurbishment of his property. During this dark period for Declan his discovered Samuel's book ‘Buy Low Rent High'.
Upon reading and gaining the insider's knowledge on how to maneuver in the property field. Along with his father leaving him a inheritance of £30K Declan was determined to make a success within the property.
Due to the further education, Declan had gained he started to look into other ways of handling the property he currently had in Liverpool. This led him to the buy-refurbish-refinance strategy which became a perfect scenario for him as he was already refurbishing the property.
Once the wheels were set in motion he was able to pull out £28K from the property after purchasing it for £92K spending £16-17K on improvements it was revalued at £135K. The next move that Declan made was rent out the property as he still wasn’t living in it.
So after some further research, he decided the best strategy for this was to rent it out as a serviced accommodation which in its first week up for rent it brought him in £900. This property now brings Declan £2,000 a month after fees with bills and mortgage costing £600.
After becoming somewhat bitten with the property bug, I mean the first property Declan brought wasn’t really supposed to become a way for him to make money but just a place for him to live.
A second property that he invested in was a house that was brought for £39K with the refurbishment costing £15K. The property was then revalued at £70K meaning he was able to pull virtually all his money back out. This property is now rented out as a simple buy to let making £500 a month in income.
After completing the DFE course with Samuel. Declan found the motivation to seek another property strategy this resulted in him entering the RSA field. He found a brand new house in Liverpool after negotiating with the landlord the ideal rent and gaining permission to do a full-service accommodation. This property brought in £900 in its first month.
In such a short space of time 10 months to be exact. Declan has felt the lowest of lows and highest of highs not only professionally but also personally.
As he continues to make strides forward he puts this down to maintaining a positive mindset and pushing himself to live outside of his comfort zone. He now makes a passive income of £40K per year.