In this article, kindly supplied by rent to rent expert, Katrina Jones, she shares her top 7 tips for financial freedom with rent to rent.
The floor is yours, Katrina!
After spending more than six years learning and implementing a variety of different property investment strategies, rent to rent is by far the simplest, most fun and highest/fastest cash-flowing investment strategy in the UK at present.
You need very little capital to get started, you can turn a property around within four weeks and each property will cashflow at least £600-£800 each month.
Kendall Bailey (the rent-to-rent company) has become handsfree over the past five years and tripled in size over the past 18 months, and in light of our extremely successful AGM this month, I wanted to give you as much support and guidance as I can on your personal journey towards time and financial freedom.
The only phrase you need to remember is “you don’t know what you don’t know” and the amount of time you will waste -- alongside money you won’t be making whilst you try to learn things yourself and piece it all together -- will be absolutely huge.
Plus, I can almost promise you won’t gain all the knowledge and information you need doing it this way, leaving you extremely vulnerable to a multitude of expensive and timely mistakes.
Only 20% of your success is due to your skillset (the strategy itself). The other 80% comes down entirely to who you are: how much determination you have; how driven you are; how you deal with rejection; how confident you are in your product.
How you think and act is 1,000 times more powerful than the actual product itself.
People often come to me and explain that they are struggling to find their first rent-to-rent deal, however when I dig deeper, people are often looking for completely the wrong type of property.
At Kendall Bailey, we deal with existing HMOs, which means we don’t have to mess around with planning, licensing, stud walls, conversions, asking the landlord to convert the use of their property and dealing with mortgage implications etc.
It’s students out and full-time working professionals in.
Short, sweet and simple.
If you are saying the wrong thing to agents and landlords on the telephone, you’ll never get anywhere.
If you are trying to explain your strategy, you’ll probably lose the deal quite quickly.
Don’t over talk things.
Our standard pitch is one sentence long.
Keep it super simple and don’t
handle objections defensively -- they
are usually only asking a question or
clarifying something with you.
When we say ‘high-end boutique’ shared houses, we are not talking
about the Ritz. Don’t shop in John Lewis and Next like you might do for your own home. Stick to B&M, The Range, Asda and places like that. Keep your budget low and your taste classy.
There is no need to overdo it -- it’s a rental property, and it’s not your longterm asset.
Being clear on where you are heading is critical to not wasting your time.
Don’t make up an income figure because it sounds good -- actually calculate your dream lifestyle and work out exactly how much you need to live it.
Then work backwards from there.
Way too often I hear too many people say “£10,000 a month” as their ideal income figure, but when we work it out, they may only need £6,000 or £7,000.
Get clear and get focused and don’t spend a minute longer working than you have to.
Remember the goal is time
One of the most difficult transitions to master is going from an employee to an entrepreneur.
There is (usually) no one there to hold you accountable, tell you what to do or support you when you need it the most.
I personally find the best way to gain support and accountability is through a mentor who has already done what you are trying to do -- however an accountability partner can sometimes be helpful, too.
These are just a few key tips which I hope will be of value to you!
Take care -- and I wish you all the
luck in the world on your journey to
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