This Live was about the things that make or break deals.
Most people don’t fail in property because they “didn’t work hard enough”.
They fail because they didn’t do the boring work:
* They didn’t check the numbers properly.
* They underestimated the refurb.
* They tried to do it alone, with the wrong people around them.
Mistake #1: Thinking “Due Diligence” Is Just Viewing The Property
A lot of new investors think due diligence is:
* View the house.
* Offer low.
* Hope for the best.
But due diligence is the job.
1) Start with comparables (and compare properly).
“Apples to apples” is not a cliché. It’s protection.
If you’re buying a 3-bed terrace with no garage and street parking, you don’t compare it to:
* A 2-bed.
* A detached house.
* Something with a garage.
* A totally different location.
And if you invest in the same area consistently, you can get frighteningly good at this. You start to know the streets, the ceiling prices, and what’s actually selling.
2) You make your money when you buy.
If you overpay, you spend the rest of the project trying to “fix” the deal with refurb and optimism.
3) Your exit needs options, not hope.
We spoke about having multiple exits. Not because it’s clever. Because the world changes.
Politics shifts. The market shifts. Lending shifts.
If your “Plan A” is dead six months from now, you don’t want the deal to die with it.
4) Do due diligence on the area, not just the house.
This is where people get lazy:
* Rental demand.
* How quickly similar properties rent.
* How quickly they sell.
* Transport links, schools, crime (if it’s not your patch).
* What’s being built nearby?
5) One of the most underrated moves: talk to the neighbours.
Agents and vendors won’t tell you everything.
Neighbours often will.
Sometimes that helps you negotiate. Sometimes it saves you from buying a problem.
And if you’re buying tenanted property heading into the new renters’ rights landscape, knowing what you’re inheriting matters.
6) Visit at different times.
A street at 10 am can feel like a dream.
The same street at 8 pm can feel like a parking warzone.
If you want a fuller breakdown of a proper due diligence checklist, this one is worth reading alongside this post:
Mistake #2: Underestimating Refurb Costs And Overestimating The Return
This one hurts.
The property looks “not too bad”. Then the bills start coming.
We talked about two sides of the same coin:
1) Refurb costs increase when you change your mind mid-project.
Steve shared an example where changing the layout after the first fix escalated costs fast.
The lesson is simple: if your scope changes halfway through, your budget gets punished.
2) A small overspend can destroy your return for years.
One of the most important points in the Live was this logic:
* If the deal leaves £20k in and returns £4k a year, that’s a 5-year payback.
* But overspend by £10k and suddenly you’re not waiting 5 years.
* You’re waiting 8 years.
That’s not a “small mistake”. That’s a different investment.
3) The standard must match the exit.
This matters because it stops people wasting money:
* There’s no point putting “gold taps” into a basic rental.
* Serviced accommodation is visual, and the photos matter (think platforms like Booking.com.
* HMOs need durability.
* Flips need a market-appropriate finish.
Do not refurb for your ego. Refurb for your buyer or tenant.
4) Quotes, contractors, and the “cheap quote trap”.
If one trusted builder says the job is £15k and someone else says £8k, be suspicious.
Sometimes the £8k becomes £15k anyway. The cheap quote just gets them the job.
5) Get multiple quotes for another reason: different eyes spot different problems.
One builder sees the crack.
Another sees the plumbing.
Another flags the pipework.
That isn’t paranoia. That’s you buying certainty.
6) Email is your contract.
This is one of the most practical tips of the whole session.
Trades can run a mile if you try to “sign an agreement”.
But an email thread that clearly lists:
* What’s included.
* What’s excluded.
* Payment terms.
* What “completed” means.
Creates a paper trail that saves you when the “that wasn’t included” conversation arrives.
7) Fixed price vs day rate (it depends).
The honest answer:
* Bigger jobs: fixed price reduces the risk of “5 days becoming 10”.
* Small jobs with trusted trades: day rate can be fine.
The keyword is trusted. If you don’t trust them yet, don’t agree to day rates.
If you tend to swing between “overthinking” and “rushing”, listen to thispodcast episode.
Mistake #3: Trying To Do It Alone (Or Building The Wrong “Power Team”)
Here’s the short version:
Your network is probably your biggest asset in property.
Not because it sounds nice. Because it’s practical.
A good network gives you:
* Answers before you spend £8k–£10k making a mistake.
* Recommended trades you can actually trust.
* Mortgage brokers and solicitors who don’t drag their heels.
* People to sanity-check deals when you’re too close to them.
Simon put it well: staying “closed shop” costs money.
Networking gave access to experience quickly.
And a key nuance we hit:
Different strategies can require different specialists.
A broker who’s great for buy-to-let might not be right for commercial or development. Same with accountants and serviced accommodation. The goal is not loyalty. The goal is competence.
For a broader “zoom out” on why investors stall (and what actually fixes it), this podcast episode pairs well:
The Quick Checklist
Before you buy:
* Check comparables properly (same type, same micro-area, same features).
* Run the numbers on 2–3 exits.
* Validate rental demand and sales demand.
* Visit at different times (especially evenings and weekends).
* Speak to neighbours if you can.
Before the refurb:
* Decide on your budget before you start.
* Build a contingency.
* Get multiple quotes and references.
* Match finish to the exit (don’t over-spec a rental).
* Put inclusions, exclusions, and payment terms in writing (email is fine).
Before you scale:
* Standardise your “power team” where you can.
* Use specialists when the strategy changes.
* Ask your network before you spend money learning the hard way.
My Personal Takeaway
The thing I keep coming back to is this:
Most pain in property isn’t unavoidable. It’s unpaid attention.
And if you can slow down for long enough to do proper due diligence, structure your refurb properly, and build the right network around you, you don’t just make better deals, you sleep better.
Reflection Questions For You
* Where do you tend to “hope” instead of verify: the numbers, the refurb, or the tenant demand?
* If your exit plan failed tomorrow, what’s your Plan B?
* What is one thing you keep upgrading in refurbs that your end customer doesn’t pay for?
* Who is currently in your power team? Who’s missing?
* What question could you ask your network this week that might save you thousands?
Final Thoughts
If you watched the Live, drop a comment with:
* A mistake you’ve made before (so others can avoid it).
* One change you’re making on your next deal.
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