Podcast Summary
Selling an old HMO property: Exploring options: When unable to manage an old HMO property due to relocation, consider seeking planning permission, selling to developers, investors, buy-to-let investors, offering as a turnkey property, or exploring sale and leaseback agreements. Weigh the pros and cons of each option before deciding.
When looking to sell an old HMO property that requires significant upkeep and is no longer convenient to manage due to a change in location, there are several options to consider. The first is seeking planning permission to add value to the property, but this may not be successful. Another option is selling to developers or investors, but feedback from developers suggests that the rental income may not cover the cost of a rebuild. If remortgaging or having enough capital for a self-refurbishment isn't feasible, other potential solutions include selling to a buy-to-let investor, offering it as a turnkey property, or exploring the possibility of a sale and leaseback agreement. It's important to explore all options thoroughly and consider the pros and cons of each before making a decision.
Setting the right price for a property: Sellers must consider their priorities when deciding at what price to sell their property. The top end targets the right buyer for the best price, while the bottom end attracts quick sales to eager buyers.
Every property has a selling price range, and the decision to sell at a certain price depends on individual motivations and circumstances. The top end of the price range is where the property will eventually sell to the right buyer, while the bottom end is where it could sell quickly to eager buyers. Sellers need to consider their priorities: getting the best possible price versus just selling and moving on. For sellers with mortgage-free properties and significant growth, selling as an investment through a local agent or auction could be an option. Auctions are particularly attractive due to their quick sale timeline. However, not everyone can choose this path due to financial constraints or lack of property growth. The location of the property, such as being near a university, significantly influences its appeal and potential selling price. Negative feedback should not discourage sellers, as the property's desirable location remains a key selling point.
Partnering with investors for property refurbishments: Consider working with investors for property refurbishments to increase sale price or secure quick cash for investment.
When facing financial constraints for property refurbishments to increase its value before selling, consider an assisted sale. This involves partnering with investors who provide the necessary funds, take a percentage of the price uplift, and help you sell for a higher price. Attend local networking events or consider family members as potential investors. Ultimately, the decision depends on personal priorities - maximizing sale price or quick cash for investment. For beginners like Callum, deciding between learning trades and project management, consider both paths. Learning trades offers hands-on experience and potential cost savings, while project management allows for overseeing projects and delegating tasks. A combination of both might provide the best foundation for a successful property development career.
Identify strengths and weaknesses for growth: Explore strengths, focus on growth areas, try new things, consider project management, and make informed decisions based on self-awareness.
Self-awareness and understanding your strengths and weaknesses are crucial for personal growth and success. The speakers emphasized that it's essential to identify where you excel and where you don't, and focus on the areas where you can add the most value. They suggested trying different things on a small scale, such as working alongside a trade or taking a taster course, before committing significant time and resources. They also recommended exploring project management if organization and confidence are your strengths. The quicker you become aware of your abilities, the better equipped you'll be to make informed decisions and make the most of your potential. As Calum, the young investor, was reminded, it's never too early to start exploring your strengths and using them to your advantage.
Seizing Opportunities in Property Investment: Don't let youth slip away, seek advice, learn from others, stay persistent, and take advantage of opportunities to succeed in property investment.
Key takeaway from today's episode of Ask Robin Rob is the importance of seizing opportunities and making the most of your youth when it comes to property investment. Many people look back with regret on not starting earlier, so if you're in a position to invest, don't let the opportunity pass you by. Additionally, the episode highlighted the value of seeking advice and learning from others' experiences. By asking questions and gaining knowledge from experts and peers, you can avoid common pitfalls and accelerate your journey towards financial success. Lastly, consistency and persistence were emphasized as crucial elements of a successful property investment strategy. Keep learning, keep asking questions, and don't get discouraged by setbacks or obstacles. With determination and a solid plan, you can achieve your goals. So, in summary, take advantage of your youth, seek advice, and stay persistent in your property investment journey. Remember, many people wish they had started earlier, so don't let that be you. Keep learning, keep growing, and keep moving forward.
