In this episode, David wants to dispel a few myths about deal packaging, most notably that deal packaging is difficult or over complicated. It’s easy, simple and pleasant, and David genuinely believes that. 

 

In this episode, and in his own inimitable style, David will do everything he can to convince you of the truth, and of the reality in that statement.  

 

KEY TAKEAWAYS

• The relationship between investors should always be respectful and amicable on both sides. Working with people you like is everything. You can’t be honest unless you respect your business associates.
• There are people out there who do really difficult jobs. Deal packaging isn’t difficult. And if you think it is, then compare it to brain surgery. Or mining!
• You have to work hard to build your reputation, your profile and your contact list in the early days, but once you’re up and running it all purrs along and becomes a pleasure. 
• Chase up the forms - investors are busy people, so be polite, but chase up the paperwork or you’ll both miss out.
• Make sure they’ve got the funds to buy properties with. It makes everyone’s life easier, and makes any efforts worthwhile. Cash is best because it’s easier in the long run. There’s nothing wrong with buying a property with a mortgage, it just means a couple of extra jobs to do.
• Put your investor in touch with a reliable mortgage broker if necessary. Life gets in the way, so take that step for them. And prepare your mortgage applications up front. It makes the process a lot faster and easier for your investor.
• It’s worth chasing colic I tor’s in the early days of a deal. You might hit a pinch point, and find yourself able to iron out a wrinkle in the deal that might be holding things up.
• Agree your fee - Your fee should be non-negotiable. You should have a standard tariff ready to use. Set your price and stick to it.
• Submit your invoice - Send it through to the solicitor ten days before completion is due to take place. Most importantly, contact the investor and tell them that your invoice has been submitted.
• If you are out there looking for rent-to-rent properties, and you go through an agent, you need three questions - 1) Will your landlord accept a corporate let? 2) Is the property available now? 3) Will your landlord accept a long let?

 

BEST MOMENTS

•  ‘I like to work with people I like’
• ‘Hard? Compared to what?’
• ‘We’re not doing brain surgery guys’
• ‘A cinch by the inch, but hard by the yard’
• ‘The best way to take care of your money is to put it into property’
• ‘You have to have access to your investor’s solicitor’
• ‘We’re all about relationships at any given time’
• ‘Do not listen to the voices out there that say deal packaging is really hard. When you hear that, your stock response should be “Compared to what?”’
• ‘You need a script for every scenario’

 

VALUABLE RESOURCES

Property Sourcing Profits Podcast

10X Property Super Conference - London

 

ABOUT THE HOST

David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies.

This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit.

 

These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.

 

CONTACT METHOD

 

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