Learning Lessons from Our Property Journey Since 1994

We got into property back in 1994. We had been building affordable homes, owning a bridging company plus looking to do one large project yearly. As much as things change….they seem to stay the same. We started investing in Manchester in 2014. At that point you could buy houses turned into Professional HMOs or Social HMOs for 50-60k. We did approx 45 Professional and Social HMOs over the years till now.

Now in Salford prices are getting silly. You have 20 people show up to viewings. People are over paying. We have seen this situation before. We have seen prices crash back to earth. All of those who chased the crowd lost all kinds of money. The key to survive is to buy correctly….have strong cash flow….and strong management.

In 1994 we did not yet understand the power of persistence. In today’s property and especially the HMO property market you need to persistent. It is hard to find deals….it is hard for us to sell to investors. You need to go the extra mile that other property investors are afraid of or too lazy. Advertise more, be more vocal, don’t be afraid to solve problems when other investors get scared, and make your intentions well known to both sellers and buyers.

You need to be able to walk away from a deal that does not stack up. Your time and mental energy are limited. For every opportunity you say yes to, you say no to almost everything else. Every time you agree to spend time and energy in one area, you take away time and energy from other areas of your business, your family, or other opportunities.

Build your contacts with honourable & hungry people. This is who we try to JV with….mostly builders…

Ask as many questions as possible. Learn as much as you can. However, when it comes to your resources, be very selective in the opportunities you pursue. Focus on high cash flowing properties like Professional HMOs or Social HMOs that simply cash flow without voids…management and almost no maintenance..