Stacking Deals

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Once the deals start to flow we hit the barrier of how many and which ones to carry through. I’m a tad foolish in the fact that I let my emotions rule my head. Of course if you’ve read my book – How NOT to be a Property Investor you’ll know exactly what I mean. I like nice houses and prefer to rent to professionals who like the same things as me. The drawback with this is if you live your life to the full you want to create for others similar to the things you want for yourself. With a landlord tenant relationship that is not really going to work to your best advantage as the yield you receive for the extra cost will not generate substantially or possibly even sufficiently more to make it worthwhile. In a rising market the capital growth is better but in a stagnant market like we have now there is little benefit.

At an event last week I had the opportunity to present a couple of deals for critique and found that although we are renovating to a high standard there are still plenty of what you might call low end landlords whose only desire is to make as much money from each property as possible. I pointed out that whilst I could see the obvious monetary value in this principle our overall aim is to have properties that are happy homes for people not rabbit warrens. When you multi let to more than three people with only one toilet in the house it can be difficult, two toilets and one bathroom is only suitable for four in our criteria, five people need at least two bath/shower rooms and preferably three toilets. It’s really about common sense and standards you would like to live in.

There aren’t many opportunities to pose questions of the nature where you would appreciate direct advice but using an expert to give you feedback can be an invaluable part of a deal. None of us know everything about property and there are always different ways of thinking through to a result. What came out of the discussion was that in reality the two deals I presented were actually very good deals with far more potential than the expert was used to . As a property investor since 1981 I think I can possibly surpass his experience as he started in 2006. That just makes me wonder what these so called ‘experts’ base their expertise on.

As always with these things there’s a selling angle, either a course or a consultation or personal coaching. Consider yourself lucky if it’s only a book. So many people get embroiled into the mindset that they have to spend lots of money to get valued education but in reality the best learning is free. It’s the best experience that costs the most as its the failures that make you appreciate the success. At Palatine Property Solutions we’re always happy to give the benefit of our experience free of charge without any time constraint. We can’t guarantee to answer every question but we’ll certainly try our best.

Always try to get everything for less!

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