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Hi all,

 

I'm looking to start expanding my portfolio after being an accidental landlord for the last few years, but am struggling with sourcing purchases. Have gone through through the training on thepropertyhub and propertygeek websites, which both have been really useful, but am still wondering if the properties I'm finding are good choices and what I should be paying for them.

 

I came across Susannah Cole's website thegoodpropertycompany after listening to her interview on the propertygeek podcast (which I really enjoyed and can happily recommend btw) and have seen that she does a workshop in Bristol entitled "Sourcing Discounted Deals". I wondered if anyone has attended that and whether they would recommend it? Or if people have any other workshops, books, podcasts or even general advice on how to improve my sourcing skills I'd be grateful to hear from them.

 

I appreciate it is probably just fear that is holding me back, but I am hoping with a bit more education and guidance I can overcome that and take those first few steps.

 

Thanks all,

 

Nick

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  • 2 weeks later...

Hi Nick
You seem to have written up my position! Except I don't have cash to move forward so I'm trying to figure out ways to source in order to be able to help people find deals.
In terms of buying price, you know it's a good deal when you look at the comparables. Bit of investigation on right move, zoopla, mouseprice, calling up other estate agents and using all this to inform an educated opinion on the true value.
You have to think about finances, rental strategy and get your yields and cashflow on a spreadsheet.
Do the numbers align to your strategy?
Stress test for interest rate increase. Unplanned maintenance, voids.

I don't mind having a look and giving you my opinion for what its worth as I believe you probably knew what I wrote - as you put it yourself its fear stopping you moving forward.

 

Fear of uncertainty, failure and looking stupid. One thing is for certain, if you let that stop you and you do nothing - you get nothing.

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Cheers Mandeep, you are spot on and me sitting back and doing nothing isn't going to get me anywhere. Got a spreadsheet to work out whether the figures work, so no excuse really - think I need to get out of the mindset of finding that "perfect" deal! Still once I get going I may come back to you to check my numbers - always nice to have a 2nd opinion!

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  • 4 weeks later...

Book "Dominate Your Ground" by Mark I'anson talked about how to set up sorucing business to get deal directly from the vendors

 

Poadcasts: From memory there were a few episodes related to the property soucer e.g. how to find a sourcer in the The Property Podcast

 

 


Or if people have any other workshops, books, podcasts or even general advice on how to improve my sourcing skills I'd be grateful to hear from them.

 

Tony-Ng.jpg

The Glasgow Meet up takes place on the first Thursday of every month, find out more here

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Hi Tony,

 

I'm diving into the sourcing world.

I have read Mark I'Ansons book and went on a one-day DYG session. I'm also booked onto a deal packaging course, mainly because of the promise to collaborate with his co. 

 

 

Also have a listen to Rob Dix (Property Geek Podcast) episode with Mark Dunsmore. I have joined his academy programme.

 

Its worth getting involved with groups on facebook - I didn't realise the property community was so active on there.

 

Although I have only been on courses in the last three weeks, TBH I do feel you could find out the information for free if you had lots of time and you could do without the mentoring if you have enough drive.

 

I'm also not sure how practical it is to make a living off it and I don't know anyone personally who does it...I only hear of them...I am naturally very skeptical though.

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Hi Nick

 

Here are some simple steps you can take to source property deals...you did not specify what kind of deal you were looking for, but this list addresses a couple of variations, most rely on you setting a pre-set geographical area to search initially:

 

1. Set up alerts in the main property portals that meet your general criteria, undertake a load of viewings and a large % of offers and always follow up even if SSTC - the long list / 'shoe leather' method

2. Create alerts for properties that have had a price reduction and / or have been on the market for a long time - the motivated seller alert

3. Set up an account with Renovate Alerts to identify properties in need of upgrade, modernisation or planning - the easy way to find refurb / small development projects

4. Set up a scanning system in Gumtree & DIY property sales sites to target private sellers - the 'digital' direct to vendor approach

5. Set up an account with EI Group and search upcoming auction listings - the 'bargain hunter' / 'Homes Under The Hammer' approach

6. Pay a reputable deal sourcer to find you a deal that fits your criteria - the passive / armchair investor approach

 

There are others, however, that should be enough to get most people going and used to assessing qualified opportunities :)

 

The results approach...take committed action

The smart results approach...be highly targeted!

 

Good luck

Richard

Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

10%+ ROI property deals every week: check out PROPERTY DEAL TIPS
Amazon best-selling author Property Investor Toolkit & #PropTech, YPN Magazine columnist & PODCAST host

Web & Blog: The Property Voice | Curated property news & insights feed

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Let's connect...mention The Property Hub :)

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  • 2 weeks later...

Thanks Richard.

 

Hi Mandeep

I come across a few sourcers who work in my area and make a living by finding properties for other investors. However, they are not like the typical property guru who constantly saying how great they are/ were and selling their courses. I'm totally not against paying for the property courses, I have seen first hand a few of my fellows rather than doing the real work required, sometimes they are looking for an easy fix, and believe the easy fix is in a slick, well marketed course!

Tony-Ng.jpg

The Glasgow Meet up takes place on the first Thursday of every month, find out more here

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  • 2 weeks later...

How are people's sourcing efforts coming along?

 

I'm wanting to find Rent-to-Rent deals for myself, this week I did a targeted direct mail campaign (47 letters) which on day 1 turned out two positives, one company interested in collaborating and one person asking to not send more letters!

After three weeks of starting to look for deals I have put an offer on three properties. 

 

This is all with three methods; Agents, Calling Landlords off private adds and Direct Mail.

 

This is all due to action by following Mark Dunsmore (mentioned above, Rob Dix interviewed him). 

 

If you want to get involved, join me at the Goliath Courcing community for free at; https://www.facebook.com/groups/931056410319252/

 

To be totally transparent - he is selling courses/mentoring but there is still stacks of value and advice for free on the FB page...come and say hello!

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  • 1 year later...

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