In this episode of First Deal Diaries, I’m joined by Phil Bygrave, who takes us back to his first property deal — a complex scheme that delivered 10 HMO rooms and a flat, and very nearly didn’t happen at all.

Phil shares the reality behind the spreadsheets: planning delays, a failed development loan, costly mistakes, and the pressure of holding a deal together when the bank said no. We talk honestly about what went wrong, what he learned the hard way, and how private investors ultimately saved the project.

Now with over 70 deals under his belt, Phil reflects on why that first deal still matters the most — and why getting through the messy ones is often what sets investors up for long-term success.

If you’re in the middle of a deal that feels harder than expected, this episode is reassurance that struggle doesn’t mean failure — it means you’re learning.