How to FUND your HMO Project!

You’ve heard the phrase ‘ Money Talks’ no doubt. But if all yours has ever said to you is ‘Goodbye I’m off’ then you’ll know that making money from property is not as easy as it looks!

Funding your project is often the hardest part of the system unless you know what you’re doing! If you’ve FOUND a great property but have no money to buy it or develop it. you are well and truly STUCK.

Here are some of my top tips for ensuring that you DON’T GET STUCK without money when you are investing in HMOs…

1) Your money mindset is the most important part of the process.
If you believe, trust and TAKE ACTION, you can raise as much money as you want to. I know this may seem a little airy fairy, but trust me, I have worked with many people who say that the difference between being wealthy and being broke is what is between your ears! Not what you can do, your background or your education. It is purely how you THINK and ACT that makes the difference.

2) Create a clear budget for what you need.
Purchase Price – £140,000
Refurb costs – £50,000
Legals – £700
Stamp Duty – £4,500
TOTAL = £195,250
It looks like a lot of money doesn’t it? But how about if you break it down and challenge yourself to raise each part, bit by bit? (In reality most of this will come from your investor but it’s a great challenge to get lots of little pieces and put them together).

3) Do the maths on the project
How many rooms will you create: 6
How much will the monthly rent be on average per room: £600
Total Annual Rent: £43,200
With those figures you can work out the Return on Investment for your investor, your yield and the possible re-valuation at the end. It’s not an exact science as there will be voids, maintenance and so on. The key thing is to understand the maths behind it, so that you can give your investor some rough ideas as to their return.

4) Create a compelling reason why your investor should work with you
This might be because of your personality, your work experience, or your relationship with them. It is very rarely just about property investing experience or money.


5) Network and learn continually.
You are always pitching, whether you realise it or not. Your social media, your emails, your meetings and your networking say a TON about who you are. Make it great and make it memorable. People will fall at your feet to lend you money!

Multilet Income Multiplier Event
If you are dribbling to know more(!) I am leading my VERY last Multilet Income Multiplier event next weekend – 17th and 18th November at Crewe Hall in Cheshire. It is a fabulous hotel, and I’m even gonna take you out for dinner on Saturday night!
The event will cover everything you need to know to set up, scale and systemise your HMO business and is the very last one I will be running. As this is my last event, I am offering a very special rate for the last few seats I have available.
Just £499 plus vat for your ticket to this amazing weekend experience.
If you would like to know more, please click here https://goo.gl/6kERgs for full course details and information about what will be covered on the two day event.

The Five Reasons Holding You Back from Progress

Who says you’re not going fast enough? Have you been telling yourself you’re not achieving enough as you seem to be going so slowly? Maybe you feel frustrated because you’re not getting customers, clients, or property deals as fast as other people seem to?

There are often a few reasons why you might feel exacerbated by your apparent lack of progress and I thought I would share the most common ones. When you’ve made that amazing and courageous decision to break out of your current life and start investing in property, or start your own business, you’ll probably be hoping that just your excitement and nervous energy will bring progress! Sadly, it doesn’t. Well, not on a consistent basis. So what is slowing you down, and what can you do to overcome this feeling of frustration?

In the following list of five reasons you might recognise something that you’re doing or believing which resonates with you and which you need to work on first.

You hold the belief that there is an ideal speed at which your business or investing *should* be expanding. You are comparing yourself to that inner belief and find yourself falling short.
You are comparing yourself to other people without knowing the background, education or prior knowledge of those people. They may have a hidden unfair advantage. So the comparison is untrue and unfair.
Your business doesn’t exist in a vacuum. If you are also a parent, or currently employed, or in a relationship, or committed to other activities (hobbies, community activities, charitable work) this will have a big effect on how quickly you can accelerate your business.
You have unrealistic expectations of success. This is where having an expert or mentor who can help you ‘keep it real’ but still attain your stretch goals is crucial.
You don’t have a clear plan, with measurable actions and a focus on process.

You know you need to make some changes, so what can you do?

Create a plan that has clear activities that you plot immediately into your calendar. Focus on activities that produce a positive process that will become a habit. Link these clearly to your goals. Include activities related to the other areas of your life that are a priority. If you are really committed to this process, ask someone else for their feedback on your plan. That will make it much more real.
Find someone to whom you are accountable on a VERY regular basis – at least monthly and preferably weekly.
CUT OUT THE RUBBISH! Anything and everything that saps your energy, belief, focus, strength and courage – GET RID OF. Yes it’s dramatic and radical. But if you’re going to achieve what you want AND ensure your children still recognise you, you have to be radical.
Consistency. It’s better to do an hour a day consistently than plan to do 7 hours once a week, but inconsistently. If you plan your time (see point 1 above) you will be amazed how much you can get done simply by getting up one hour earlier per day. It creates momentum, scale and compounding. (Here’s a really useful site if you’d like to have accountability for when you work – check this out https://www.focusmate.com)
Energy management. ‘The world belongs to the energetic’ as Ralph Waldo Emerson once said. If you’re not getting a good night’s sleep, eating good nutrition and taking daily exercise you will not have the energy to manage your current lifestyle AND accelerate your business growth.
STOP comparing yourself to other people. Like a horse on parade day, you need to wear blinkers to shield yourself from what everyone is doing and how everyone else’s success appears.
Take one day at a time. Plan it carefully, leave some space for emergencies, focus on energy management and remember to breathe!

And finally, you need courage to start something new and carry it through to fruition. Whether that is a plan for financial freedom, doubling the profits of your business, creating a magical marriage, being the very best parent you can be (or all four)! Whatever your path is, dig deep to ensure that your direction is in line with the real you, for that will unleash your bravery. Sounds esoteric but unless you start to figure out who you are in this big wide world, you will never travel a path that is enjoyable and fulfilling. Ultimately that will shape your success as much as implementing the practical steps above.

Have courage, be brave and be bold. I look forward to seeing your accelerated progress!
To your growth

Wendy

Audiobooks Offer

I started listening to Audiobooks about 3 years ago and at the time I was a little dubious about whether I would benefit from listening as much as reading a book. Being a visual person, I can get completely engrossed in a page of text, in a way that I thought wouldn’t be possible with an audio version. How wrong I was! I now find that whenever I’m in the car, cooking in the kitchen, or doing odd jobs around the house, I LOVE listening to audio books. There’s something very satisfying about completing a real, whole, complete BOOK (which believe me is a real achievement with four children) in the course of a month, over and above any ones I’ve also read.  

As well as being a fan of audio books, I am also a fan of Audible – the Kindle app that allows you to buy a monthly subscription and then take your pick of thousands of titles. You simply download and enjoy! There are so many topics to choose from – from investing, to property to HMOs (yes mine is also on there surprise, surprise) to cookery to yoga.

If you haven’t yet experienced the delights of Audible, I have a VERY special offer – if you join Audible this month, and buy my book ‘101 Essential Tips for Running a Professional HMO’ and download this as your FIRST Audible purchase (only about £4), I will also send you the paperback version ABSOLUTELY free! Just screenshot your purchase (or send me proof in any way possible) and your name and address, and I will pop a copy in the post to you! That way, if you decide not to keep Audible you can still keep my book. Happy listening! https://goo.gl/jpGwxM

What school didn’t teach you!

Was school this much fun?

When I was at secondary school it has to be said that if they’d done ‘A’ levels in Boys, Parties and Nightclubs, I would have got three A*s. Unfortunately they didn’t, so I didn’t get those results either. In fact I really spectacularly failed to achieve what I was capable of in the subjects I chose which were English, Biology and French.

Why was this? Well I wasn’t really interested in them. I had better things to do with my time! I saw little purpose in them long-term and they were mostly theoretical.

I think many people who become property investors have had similar experiences to me, and find themselves having a hard time breaking through the belief that they are not clever enough, not good enough or not talented enough to do property. I wrestled with that too. Until I realised that education in the property world is very different.

For a start it requires you to take RISKS. There is no certainty that you will get the outcome you want. In fact you need to have the mindset of growth and learning at all times to manage this fear of failure. Secondly it takes COURAGE – you  have to put your money, your time, even your reputation on the line. People may scoff, ridicule or undermine you and you have to find the courage to believe in yourself. Thirdly you have to take practical ACTION. Theory is all very well but until you put your learning on the line, you will never become a real investor.

In fact, in contrast to what you learn at school, property requires COLLABORATION not competition, and there are no tests to pass except the ones you set yourself. It is about intrinsic not external motivation, and there is no-one who will judge your achievements based on a set of rules. So that should make us all really motivated to do property right?!

WRONG! Because our ‘school mindset’ is so deeply embedded within us, it’s really hard to let go of it! Having the right mindset and the right skillset is VITAL so that you do not get upset (as one of my mentors once taught me).

I know that if you are interested in HMOs (Houses of Multiple Occupation) as a way of making £1000 profit per property per month, you will probably have lots of questions and rightly so! You need to be educated to make this strategy work for you. But you need to be educated RIGHT by someone who has done it and got the experience.

I started to invest in HMOs just over 5 years ago, and after just 2 and a half years set myself and my husband free from our day jobs! YAAY! We have over 100 HMO rooms now and it gives us the income to do what WE want with our time, not what someone else tells us to do!

Which is why on SATURDAY 21ST JULY IN LONDON I will be spending time on YOUR mindset AND your skillset! That’s if you will let me ….

www.hmoprofitsecrets.co.uk

is coming to LONDON on 21st July. The workshop is completely FREE to attend and you can choose a morning or an afternoon session.

Not only will you learn exactly how to invest in HMOs – how to find them, plan them out and make them work efficiently, you will also learn how to have the right MINDSET to attract investors, to grow your business and to become financially free.

BOOK HERE!

If you are SCARED, SLOW OR STUCK then you need this event to help you become BRISK, BOLD AND BRAVE!

I look forward to seeing you there – tickets are limited so please make sure you reserve your space immediately to ensure you get a seat!

To your HMO success

Wendy