We were interested in and passionate about property, but we didn’t see how it could scale to replace an income until we came to ‘multiple streams at Progressive’

In this episode, David is in conversation with Rick Cusimano who shares his journey from day one as a deal packager.

In this candid conversation, Rick shares what was successful and the challenges he faced in the first 12 months.

If you’ve ever wondered if you can do it – listen in to this episode now, to hear about how Rick did it, the success he has achieved and how you can do it too!

 

KEY TAKEAWAYS

What changed at multiple streams of property income event?

• It was gaining the knowledge and understanding about how you can buy a property with other people’s money, joint venture on projects and package deals.
• Through sharing on social media and networking people became interested in our journey and we were approached by an investor who was interested in purchasing a buy to let and we started talking to people about deal packaging.

What came first the deals or the investors?

• We brought the investors along for the journey as this ensures the offers you are placing meet the needs of the investor and ultimately gets their buy-in when an offer is accepted and they are able, with your help, to secure the property immediately.
• Initially, over the first deals, you want to maximise your efforts and be sure that when an offer is accepted you can complete the deal.
• Investors want to see an example to be able to discuss, we had purchased a property to let so we were the first buyer.
• We filled the investor pack with information about other properties we had bid on but been unsuccessful is securing because it showed the types of deals we were going after and the types of returns we were expected.

Did you have to find a new investor for a new property each time?

• Most of the deals initially were single lets with new investors and we then grew with recommendations and investors returning to purchase again
• Whatever you learn on a project try and condense it into a model you can use again.
• You need to de-risk things as much as you can.
• Property has its challenges like everything else, and it's key you don’t give up, speak to others and seek advice.
• There are always challenges and it’s about finding a solution that can be applied again.
• It's about the people around you, they either know the answer or know someone who knows the answer and that help, and advice is crucial for anyone.

 

BEST MOMENTS

‘These are the types of returns we are looking for is this what you are looking for?’

‘To be able to find homes immediately for all the deals we sourced in the first year’

‘The investor will enjoy the journey as much as the destination’

‘Whatever you learn on a project try and condense it into a model you can use again’

‘You’ve gone through the fire and come out the other side’

 

 

VALUABLE RESOURCES

Property Sourcing Profits Podcast

https://www.progressiveproperty.co.uk/

https://unlimited-success.co.uk/

https://www.facebook.com/groups/progressivepropertycommunity/

 

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

https://www.linkedin.com/in/david-siegler-7b126316/

https://www.facebook.com/DavidSieglerInvestments/