Alex welcomes Jason Patterson, also known as "The Short Lease King." Jason shares his inspiring journey into the property market, starting from humble beginnings in 2001 when he purchased his first flat. He discusses the challenges he faced, including navigating the complexities of leasehold properties and the importance of understanding lease lengths. Jason highlights his strategies for success, including buying flats with short leases, extending those leases, and maximszing property value through refurbishments and reconfigurations. He also delves into the impact of recent legislation on leasehold properties and shares valuable insights for aspiring property investors. With a focus on determination, hard work, and the pursuit of financial freedom, this episode is packed with practical advice and motivational stories for anyone looking to venture into the property market.
KEY TAKEAWAYS
-
Start Small and Educate Yourself: The journey into property investment can begin with small steps, such as purchasing a flat. It's essential to educate yourself about the market, including understanding leases and property values, even if resources were limited in the past.
-
Overcome Challenges with Determination: The importance of hard work and determination is highlighted, especially when facing financial constraints. Working overtime and saving diligently can help overcome initial barriers to entry in property investment.
-
Leverage Short Leases for Profit: Investing in properties with short leases can be a lucrative strategy. By extending the lease and potentially refurbishing the property, significant value can be added, leading to substantial financial gains.
-
Stay Informed on Legislation Changes: Recent legislative changes, such as the Leasehold Reform Act, can significantly impact property investment strategies. Understanding these changes can provide opportunities for investors to acquire properties more easily and at a lower cost.
-
Diversify Your Approach: As experience grows, diversifying into areas like training, speaking engagements, and sharing knowledge can provide new avenues for growth and fulfillment in the property investment journey. This can also help keep the investment process engaging and rewarding.
BEST MOMENTS
"I didn't like working full time. I hated getting up early... I said to myself, right, how can I earn money without doing sweat labor?"
"When you extend your lease, you have to go to the flat for at least two years in order to extend your lease. That two-year rule has been abolished."
"There's a big element there of delayed gratification... you seem to be very clear in your vision, like where you want to go."
"You can always get a mortgage with a short lease flat and then you extend the lease, do any work, refurb, reconfiguration, and then after six months you can extract your uplift."
"It always seems impossible until it's done. Keep on doing it, and then you break the barrier of like, oh, you did it."
ABOUT THE GUEST
Property Investor of 20+years, purchased my first BTL in 2001
Multimillion pound property portfolio
Properties located mainly in North London and in Dubai
Specialise in leasehold properties
20+ years experience in lease extensions and purchasing freeholds
Strategies used:
BTL - Vanilla Buy to Lets
BRR - Buy Refurbish Rent
BRR - Buy Reconfigure Rent meaning I add value to flats by adding an extra bedroom by moving the kitchen into the front room
BRRRR - Buy Refurbish Rent Refinance Repeat
BER - Buy Extend Lease Rent meaning I extend the short lease of the flat creating instant equity in the property
BERRRR - Buy Extend Lease Refurbish Rent Refinance Repeat
BERRRRR - Buy Extend Lease Reconfigure Refurbish Rent Refinance Repeat
Purchasing the Freehold to flat conversions
Facebook: Jason Patterson
https://www.facebook.com/jason.patterson.37454
LinkedIn: Jason Patterson
https://www.linkedin.com/in/jason-patterson-797a1ba2
Instagram: Jasonpatterson365
https://www.instagram.com/jasonpatterson365?igsh=MTJwczc5bm45ZXhwOQ==
YouTube: Jasonpatterson365
https://www.youtube.com/@jasonpatterson365
TikTok: Jasonpatterson365
https://www.tiktok.com/@jasonpatterson365?_t=8kqN3CL1Nyr&_r=1
ABOUT THE HOST
Alex is a prize-winning chartered accountant with experience in financial markets from trading finance, capital hedging, structural foreign exchange, and interest rates to operational risk from the world’s top financial and advisory institutions including Deloitte, RBS, and JPMorgan Chase
Alex has been involved in property development programmes across different types since 2008, building and managing a portfolio that includes standard buy-to-lets, student accommodation and other houses in multiple occupancy (HMOs).
He specialises in raising finance, providing potential investors, investors, and joint venture partners with ad hoc (to their specific requirements), hands-free and hassle-free property investments solutions as well as coaching and mentoring
Alex aspires to share business and financial knowledge with upcoming entrepreneurs and experienced business minds to learn and master the concepts and mindsets required to succeed, stand-out, have the edge and make a difference.
Alex is also a keen traveller, cyclist, and photographer.
CONTACT METHOD
Facebook: https://www.facebook.com/alexsapalaofficial/
Twitter: https://twitter.com/alex_sapala
You Tube: https://www.youtube.com/channel/UCgZ1DCPGAu5c2yhOkfGZRSQ