Through his extensive work with up and coming property deal packagers, David has seen many fall by the wayside. Most begin with energy and enthusiasm, but once the initial burst of creativity and positivity has subsided, some just can’t seem to get going.

 

What is it that stops people from applying what they’ve learned, and going out there to make some money for themselves?

 David has identified the main five reasons why prospective property entrepreneurs seem to fall at the first hurdle and offers advice on how you can overcome them  

 

KEY TAKEAWAYS

 

Overwhelm - After the initial enthusiasm, it can be daunting to suddenly realise that your moment has come - this is it. You’re on your own and you don’t know where to start. Suddenly procrastination creeps in. Take the step. Beat the procrastination monster. Move forward. Seize the moment and do it, because success comes one step at a time. If you take the reins and just do it, you’ll feel much better.

 

Fear - Nothing saps your confidence like fear, but what are deal packagers scared of specifically? As it turns out, estate agents are high on the list. But why? Is it because of some preconception we have about them? Do we honestly believe that they’re out to make life difficult or stop us from getting the best deal? Estate agents are just people like us. They have their own expenses to cover, and most importantly, they’re there to sell houses!

 

All it takes to conquer that fear is honesty and a small leap of faith. Tell the estate agent who you are and what you’re doing. If you’re deal packaging then tell them. Tell them that you’re working with investors, and identify specifically the types of properties you’re looking for, as well as your budget. Get the script worked out beforehand, and most importantly show no fear! Do not let them know that you are new to this. 

Working out if a deal is a deal is often a stumbling block for deal packagers. Are the numbers right? Is this a deal worth pursuing? Learning how to read the numbers and translate them in deal terms is a core skill you need to learn, but it is completely achievable.  

All you need to remember is that there’s a difference between a deal and buying a house. Does it increase your wealth? Does it have the potential to make your investor some money? But one thing you shouldn’t have is fear of the numbers. Because numbers can be fixed! Sums can be recalculated! So don’t be afraid.

 

Ducks In A Row - Line up your important goals first, which should mean the deal. The deals are what will keep your business going, so always make the deals your priority. Focussing on less important tasks, such as business cards, accounting software or which suit you’re going to wear, are all forms of procrastination, and as we know, procrastination is a stumbling block that prevents us from attending to what’s really important.

 

The Spreadsheet - Spreadsheets and deal analysers can be important, no doubt. But they can be a bit of a blunt instrument, and sometimes there’s far more nuance to a deal, and spreadsheets don’t always communicate this. Use your wits, and remember that deal packaging is not a science - it’s an art.

 

Self Belief - Why do successful people succeed? Sometimes it simply boils down to spirit. Spirit and self-belief are things that improve as you progress. Just remember that one step comes after another. Keep moving forward and your self-belief will grow. And remember that you will fail and that it’s nothing to be scared of. You can learn more from failure than you can from success. So don’t be afraid. Take one step at a time and keep going.

 

BEST MOMENTS

‘Deal packaging is the fastest way on the planet to earn money’ 

‘Suddenly you’re on your own and you’re a rabbit in the headlights!’ 

‘The overwhelm and procrastination monster is going to attack on day one, and you’ve got to fight it off’ 

‘I do not know any deal packagers that have died from starting a business’ 

‘Don’t be afraid - there are no lions in the high street!’ 

‘In order for the deal to be a deal, the numbers have to be right’ 

‘A deal is something that has to increase people’s wealth’ 

‘It’s not really in what you say, it’s in how you say it’ 

‘Deal with the fear - get your scripts in place’ 

‘Get out there and start talking to people’ 

‘What we do is not a science. What we do is an art’

‘If we take one step a day, then by the end of the year, we’ll have walked miles’

 

 

VALUABLE RESOURCES
Property Sourcing Profits Podcast

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.

 

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