In this episode I spoke to an investor who did exactly that, and has just quit his job to develop properties full-time. He shared the exact numbers behind his first deal, how he made it work alongside his job, and the methods he used to eliminate as much uncertainty as possible – despite his lack of experience.
In this interview, you'll learn:
- How Jonathan recovered from £35,000 of debt…and immediately took on £118,000 more debt to buy an investment property
- The skills that he took from his day job into his property career
- How he fitted projects around his full-time job, and his tips for making the arrangement work
- The importance of family support
- Why Jonathan regrets not using an estate agent for his first development deal
- The importance of determining the level of activity in the market you'll be selling into
- What catches Jonathan's eye as he's looking through an auction catalogue
- The work he does to add value
- The calculations Jonathan uses to determine how much to pay for a property
- The importance of getting multiple quotes to help cost out the refurb work
- How Jonathan choose tradespeople from the dozens he met
- The charts and spreadsheets that keep projects on track
- Why targeting first-time buyers can be so advantageous when buying to sell
- How Jonathan both prices to sell and presents his properties to maximise their chances of selling
- What Jonathan knows now that he wishes he'd known when he started out