Today we're looking at whether or not now is a good time to invest in property.
You're here with me today because it's a subject that interests you - whether you're actively investing already or just thinking about taking the first steps, you want to grow a portfolio and create some sort of freedom from it, but it's been a crazy 18 months generally with Covid, and specifically in the property market its's been a bit of a wild ride at times, so before we jump into your next deal, we need to understand whether or not now is the right time to make that commitment.
So that's what I'm going to try and help you figure out in this episode.
And don't worry - if you're listening to this at some point in the future, a lot of what we discuss today will still be useful for you, so stick around.
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Today's episode is all about answering the one of the biggest questions. The one question to rule them all - can you really become financially free from property investing?
We could have gone in a lot of directions with this one, but I wanted to keep it simple, and keep it actionable, and I hope we deliver.
If you're in any doubt about whether you should start investing in property, or whether you should continue with the efforts you've made so far, then stick around and I'm sure you'll enjoy it.
We've got a few more episodes coming up expanding on this theme over the coming weeks as well, including whether now's a good time to invest in property, and how to get started with your portfolio depending on the capital you have available to you.
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In today's episode I'm sharing our second update from IPI Washway, one of our own projects to convert an office building into a 7 bedroom HMO in an article 4 area. I'm joined again by Will who's our new project manager. He started working for us officially about 3 months ago with no previous property experience, so whilst we've thrown him in at the deep end, what we're hoping to show with this series is that anyone, including you, can get involved in great projects like this without a ton of past experience. Sure, you might need some support and guidance along the way like Will's getting from me, but that's exactly what our Inside HMO Investing programme offers.
Last month in the first episode of the IPI Washway series, Will and I discussed the purchase process for this building, finding it listed in an upcoming auction and how we secured it before anyone else got a chance to bid. We also looked at the deal analysis we went through to understand if the numbers made sense, and we started to discuss the planning process as well, particularly around what you need to consider if you're looking to invest in an article 4 area where the usual permitted development rights are removed.
This month, we're looking at the next stages of the project and specifically what Will's been focussing on, including the strip out of the building, what that uncovered and why we like to get it done as soon as possible after the purchase completes; the delays we've experienced so far with the planning application, in part due to changes we made to our original plans that will increase the profitability of the house, and in part due to objections from neighbours; and finally the start of the tender process including what we're overlapping with the planning application to condense the overall programme, and what Will's doing to ensure the quotes we get from contractors are as accurate as possible.
If all of this talk about permitted development, article 4 directives and deal analysis is leaving you scratching your head then don’t worry, we've got a comprehensive free introduction to HMO investing that brings you up to speed on all of the important HMO terminology, as well as the different types of HMO projects you might consider and some project case studies to show you what's possible with this strategy. You can download it for free at insidepropertyinvesting.com/HMO.
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Today's episode should have been released a few weeks ago but life has a habit of getting in the way when you least expect it, but it's a subject close to my heart so I wanted to make sure we shared it, even if it was later than expected.
A few weeks ago two of our team came to visit us in Ibiza so we could spend some time planning out our next 90 days in the business. It's something we do religiously every quarter and I'd go as far as to say it's been one of the most impactful processes we've introduced over the years, so today I'm sharing the 5 steps you'll want to work through to introduce 90 day goals to your own business, as well as some tips to make them as effective as possible, and what our own key focus areas are for this quarter.
So if you currently feel overwhelmed with everything on your to do list, you never know what you should be focussing on, or you feel busy all the time but don't seem to get any closer to your goals, this is the episode for you.
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