I am sure I am not the only one that thought this, but growing up I always used to believe that to get into property and subsequently make money from property you had to have big pots of cash to get started.
Especially growing up as an ethnic minority in the UK Nigerian Born parents. I used to think you had to own any property in order to make money from it and the truth is many people across the world still share that mind-set. I want to share my knowledge to change that preconception and help more people to become financially free from property.
The truth is you can get started in property and create financial freedom for yourself and your loved ones without huge pots of cash and without owning any of your own property and in essence free up more of your time to; follow God’s will for your life, spend more time with your family, travel more or just have the flexibility to be your own boss. In actual fact, today I actually make money from multiple properties that I have never even set foot in.
Although I have employed different and still utilise different strategies. The main strategy I have used to create financial freedom and build a property portfolio is called Multi-let Rent to Rent. In a nutshell Multi-let Rent to Rent is when you rent a family home from an agent or a landlord and then convert it to a Multi-Let property by renting it out on a room by room basis to maximise profit. For example, in a 3 bedroom, two reception room, kitchen diner, two-bathroom property you may pay the landlord £1,000 pcm (per calendar month) for rent and then after converting the reception rooms to bedrooms, rent 5 lettable bedrooms out for £500pcm each. This would make a gross income of £2,500 and after subtracting rent to the landlord of £1,000pcm and circa £450pcm for bills you would be left with a net profit of £1,050 a month.
With the right contracts in place this is perfectly legal and with the correct property safety certifications in place you can also scale this model with the blessing of your local housing officer or local council. Over a thousand pounds a month is not bad for a property you don’t own. On average most people only need two or three of these properties to replace their income and become financially free.
This strategy has served as the springboard for many casual and professional property investors to then diversify into flipping properties, buying traditional buy to let properties, buying off plan properties and serviced accommodation all without owning any property and without big deposits, these avenues are open to everyone. You don’t need a good credit rating, you don’t need a mortgage and you can operate from anywhere in the world with the correct systems in place. In reality you can work less and earn more.
If you think you could benefit from financial freedom through property and are interested in learning more or and would like to book in a free strategy call with me then please do reach out directly on Facebook at “Damilare Olusola”. The only way to move forward it to take the first step.