To Your Success with Ian Jackson

7 Streams of Income (Part 3):

Connect with Ian on LinkedIn: https://www.linkedin.com/in/eppbelfast/ 

7 Streams of Income Part 2 of 3: In this podcast, Ian continues to talk about 2 further streams of income that can help build your wealth, one of them being his personal favourite: Rental Income.

Listen to find out what the other stream of income is!

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As 2022 fast approaches, I thought this might be the time of year that you may be thinking about how you can hit and achieve your goals in 2022. When considering this, it is important to have in mind different ways you can make money. There are currently 7 different streams of income. 

In this first part Ian talks about the first two streams of income: Earned Income & Profit. 

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Today I want to talk about GOALS. They have helped me build a successful property business. One of the things people who join Ethical Property Partners get access to is a progress log.  It is much, much more life-changing than it sounds!

(00:01):

Hi, Ian Jackson from Ethical Property Partners. One of the things that help us to help people build a successful property business is goals. And one of the things we have in the Ethical Property Partners people get access to when they join us is what we call a progress log. But it's much, much more than a progress log. It's a very custom-built Excel format that's been done over the last 10 years by the early people ahead of us who've been extremely successful. And of course, one of the things with goals is that somebody asked me the other day, what would you lead your success to? And of course, I've been doing goal planning for the last 20 years, but one of the things we teach that's very different, that clicked with me was, okay, so it's now 2021. Where would you like to be in 2031?

(01:03):

And one of the things I would like to have been in 10 years time worth, I have achieved that now, but I'm doing this to help you to understand is I'd like to have to say 35 properties. So you start off by saying it's now 2031 and I'm delighted to tell you I have 35 properties that are making me at least 200 pounds each cash flow per month.

(01:27):

And I love to see the 7,000 pounds a month coming in and that's the net profit you have to go and spend. So that keeps me in a lifestyle I want to be, but of course, there's a lot more to it than that. We break these down into five years, one year, monthly and weekly. And that's where the richness is in the progress log. But just wanted to share with you that's a way where you can build a successful property business. And if you were thinking of joining us at any time, that will help you. That's one of the first things we do is build your business funnel and into the progress log. So this is Ian Jackson helping you to understand how we build a successful property business. Thank you.

(00:00):

Hi, this is Ian Jackson again, it's good to see you all again. One of the things we do in building a successful property business is help people through our knowledge and our par team. I was speaking to a client the other day over in Great Britain, [inaudible 00:00:17]. I think they live close, or maybe in London, and they have a residential [inaudible 00:00:25]. So they're thinking of moving out of London into the country, and they were thinking of how they were going to get a mortgage.

(00:36):

So, call the mortgage broker to say, "Look, I'm going to buy a house in the country. How would I get a mortgage for it?" And of course, immediately the broker said, "Look, you won't be able to get on a low mortgage, because you already have a residential mortgage, so you have..." and he was sort of trying to say that "You won't be able to get any more." And when they discussed that with me, on passing, and we met them at a networking event, I was able to say, "Look, this is not true at all. You probably are working with a broker who's more residential-geared than they are geared from the point of view of building a successful property business."

(01:21):

So one of the things you get in the partnership with us, is that we have our own power team, and we have our own mortgage brokers, we have two, and they're selected specifically. One of them I've used since 2004, and he is really geared up to working with people in the property business. In fact, when you ask him to do a residential, he has to think, "What information do I need different?" as it were. But that's all because that I've spent the time, built the business and built the par team, so we can build a successful property business. Now, of course, I'm going to share this contact with the person that we met in London. And I know that the solution for this person is most likely to be that just switch your residential mortgage into a buy-to-let, or just buy your residential on a buy-to-let mortgage. They have also got another two investments, so there's cash in them that possibly could be taken out. So there's lots of ways.

(02:30):

So when somebody says no to you, this is where we strive forward, because we built associations with professional people. They assist us, and add into our par team. So, wish you well in building a successful property business. If there's anything we can do to help, please let us know. If you even just want to ask a question, we're happy enough to give you some guidance and advice. So, look forward to hearing from you, this is Ian Jackson.

Ethical Property Partners NI

https://www.eppbelfast.com/home-page/

Ian (00:00):

Hi, it's Ian again. We've been speaking over the last couple of [films 00:00:03] about flips and some of the challenges in flips is with your tradespeople, and of course, you need to convey to them what it is you want. What standard of finish that you expect, because let's be honest, if the house is only going to be 100, 125,000, it doesn't need the same standard of one at 250,000. So sometimes these trades can go overboard and start to bring in more expansive... And this is where a scheduled works is very, very important.

Ian (00:39):

Because then the scheduled works, you can sort of list down the sort of values that you want to spend in each area. Will it be a bathroom... a bathroom suite, you can buy a bathroom suite now for something like £250, and it's fine for a hundred grand house. If somebody tries to suggest more, no, you don't to spend it. You can get a kitchen from Mica's, hundreds of sources but we would normally get a kitchen from somewhere like Howdens, B&Q, or someone like that there.

Ian (01:10):

And with [inaudible 00:01:11] can buy a complete kitchen with electrics and everything for around a couple of grand. Because it's when you add the fitting charge onto that for somebody to fit the kitchen and stuff, they got you into a few hundred pounds more. So a schedule of works is good to get an idea of what the areas are. And also it'll tease out of you what type of rooms you have to do. Whether it's a living room or it's a bathroom, or whether it's a kitchen, of course, and the stairs.

Ian (01:41):

What type of carpet you're going to put down. What's that likely to cost? Where are you going to get the carpet? Where are you going to get these bits and pieces that you need to do the job? I buy a lot of stuff from B&Q because I know they have it in stock. I can go and get it and put it in the bathroom, and the plumber comes and puts it in. And to me that's... Sometimes the price is important, but there's no point in getting the best price and that guy can't get to you for six months, because the market could have changed.

Ian (02:09):

So while price is important? Your [inaudible 00:02:13] is important, and I get that, but we've had to in recent times, just that somebody come, so we've had to say "Right. Okay. We'll bring this other guy in, we've got to pay more and just accept that's what it's going to cost because it's a cost of doing business as it were. So if you think that you could use a schedule of works. I do have PDF, or maybe it's a spreadsheet, that does ask you for those things. I'm happy to share it. So, I mean, if you connect with me on LinkedIn you'll get my details and I'll gladly send it onto you.

Ian (02:49):

So those are just some nuggets that we go through and remind, and then the process of doing a flip, I hope that's been helpful. If you have any questions, you're welcome to reach out and I'll gladly answer them. Thank you.

Ethical Property Partners NI

https://www.eppbelfast.com/home-page/

To learn more about our Discovery Day that will take place on 2nd September follow the link below:

https://www.eppbelfast.com/seminars

Hi, Ian again. I hope you've watched the video we did just there a few days ago about flipping property. And I just want to follow on from that with a bit more depth of information. One of the things you've got to be very sure of is location, location, location is important. So, don't go and buy a property and pay nearly retail price and knowing that it needs 30 grand spent on because that's not going to work. That's one of the things that we teach in Ethical Property Partners is how to get value for a property. Because sometimes you get an inquiry and somebody wants to sell something, you're trying to figure out, well, what is it worth, or more to the point, what's it worth when it's finished? And then, you can step back. That's the way I work with a lot of my deals is that it's not what it's worth now, what it's worth to me. So, if a house is going to be worth a hundred thousand when it's finished, and you know it's going to cost you 20, 25,000 to do the refurb, let's say 25,000 to pick a number, that's 75,000 that you're not making any money on.

So, there's where you need to cut the profit out. And of course, the challenge there is that we all would like to make sometimes more profit than what the founder's prepared to accept for the property. So, it's a bit of a balancing act at that stage. So, you can negotiate, try and come up with a price, and of course, that's something we teach people how to do in our program. There's a way to talk to a vendor and we have a perfected way that Frank has worked on for the last 10 years to perfect. Even through the words that we use, the speed that we speak at, which is what I've changing, and the pause on the wait. So, these are things that we would love to try and help you and teach you with. And of course, it's important that we got the property finished off and get it on the market. And it's all to do with the [inaudible] team when it comes to that part of the thing.

So, let me do a wee pitch for September the 2nd. We're doing a tend for the event on Zoom, that we called a discovery day. We share a lot of the information that we do ourselves. So, it's not something that we're giving you. We're talking about the 62 different strategies that we use to control and buy property. We do share some of them with you, some of the most important ones with you, and with people who have came on the day and used some of the strategies. Because you get the book, we don't send you away empty-handed, you get the book with the full 62 strategies in it, and some cases that we've done that will help you understand how we did those.

So look, we'd love to get you to join us on that day. There's a link in the video here. You just follow a link and you can book your seat. We're doing an absolutely [inaudible]... In the room, it's normally 397, but we're doing it for 97 plus VAT on this Zoom event. We had a zoom event in fact in March, where we had four people come on and they're all doing very, very well. So, look forward to seeing you on the day, but in the meantime, we'll keep on giving you some more tips on how to flip and work with property. Thank you. It's Ian Jackson.

(00:00):

Hi, it's Ian Jackson again. Today we're going to talk about the business I run which is Ethical Property Partners. We teach a lot of different strategies, but one of the strategies that we're going through at the moment with one of our members is a flip. So he's found an opportunity with a house that the guys got left, and they've managed to agree on a purchase price. But it needs a complete, back to brick as it were, re-plastered bathrooms, new kitchen, everything needs to be replaced inside the house. The person has lived in it for the last 30 years, and there is just not any other way to fix it other than a complete refit inside, refurbishment, and refit inside.

(00:49):

So we're in the process of doing that. And of course, some of the challenges there is that, Who do you look for?. You know, because you're going to need a joiner, plasterer, plumber. You're going to need carpets and all that sort of stuff. Where do you go? And this is one of the highlights of this. It's very important [inaudible 00:01:08]. We're nearly finished this project, and I was telling the rest of the team about it just this week. And I shared with them what our cost was and what we are at the moment, and they were quite amazed because they thought it would cost at least twice that. I'm a great person for trying to find people who are young in their journey as tradesmen because it usually means they're not at turnover, where we would have to pay VAT. And of course, there's nothing wrong with paying VAT. But the problem is that if you're VAT registered, like me, you can't get a back-end residential property, which is a real pain. But it's just the law, so we can't change the law just to make it suit us.

(01:51):

So it means if we can find someone that...I mean all the people we've found so far have all been...they're not over the VAT threshold. So that means we've saved 20% and all the labour costs, which is good. Now a wee point I'll share with you is that if you buy a property and you can prove it's been empty for two years plus, you'll get away with a 5% VAT rate on everything. So if you need to find out more about that, the best person to ask about it, quite honestly, is your solicitor, because he needs to be the one that puts it into motion in the purchase. So just to finish off, if you're interested in finding out more, I'm going to talk a little bit more about this in another video but don't want to make the video too long. So I'm going to break it up now. But if you want to find out a little bit more about what we do at Ethical Property Partners, we have a great discovery day coming on September 2nd.

(02:48):

And on the video here, we'll give you a link where you can find out a little bit more, and even go ahead and book on for the day. It will be during the day, but it will be done live on Zoom, just because we're just not there yet with the comfortability of everybody meeting in a room. And it will be led by me and Frank Flegg, who is the owner of the Ethical Property Partnership in Derby in the United Kingdom [inaudible 00:03:15].

(03:15):

So look, this is all I'm going to share with you right now. Have a look at that website because I think it's...we've got a lot of people like, we have two people, three people, at the moment out of the franchisees we have, who are going through the same program with three flips. So it's encouraging. And of course, doesn't always turn it the way you want, but you can't learn any other way. But why don't you do it with a coach like me, who can help and walk you through it? So this is Ian Jackson, I'll be back in another video with a little bit more information.

(00:00):

Hi. This is Ian Jackson. I just want to share another book with you. And Elon Musk is... It's a bit of a life story about Elon up to now, and of course, he's the guy who owns Tesla, who just this week the shares multiplied 700%, and makes Elon the richest man in the world.

(00:23):

But it's more about his journey I want to talk to you about. It's just that he's quite popular at the moment because of the share value this week, but he talks about the fight he had, and to get to where he was, and this is going back to the story I told you some time back about the man cutting down the tree in two years.

(00:43):

Elon was consistent in that he came across many challenges, so he did. He tells about in the book where one of the challenges with Tesla was getting a battery. Getting a battery that would last. And he [inaudible 00:00:58] a number of manufacturers, and he noticed this manufacturer, and he identified him as being the best one, but the guy was undercapitalized, so Elon just bought him, and now Tesla manufacturer their own batteries.

(01:12):

So, this is a really good book to get if you want to read it. It's available of course on Amazon and all the regular sources, and it's also available on Audible, which is where I listened to it.

(01:23):

So this is Ian Jackson. I'll be back again with another book very shortly.

Let me tell you the story about the man that cut down a tree. This big massive tree was blocking his view of the beautiful countryside and was really bugging him. He decided to take a few swings at it each day, and two years later, you won’t believe it, the tree finally fell.

Do you need a shift in your leadership? Have a listen to find out what I learned from John Maxwell.