How To Build A UK Property Investing Business

GG – Many people that I speak to who are wanting to create a true property investment business so not a job.

where you’re putting in loads of hours and you’re getting paid for those hours but as soon as you stop your business stops growing which is what many people have in the property they’ve got investments that will bring in income forevermore.

but their business only grows they only source more investments and they only buy more investments when they stop working many many investors have that philosophy and in this episode, I want to talk to you about you creating a true property investment business and it starts with one thing it starts with the team you need to employ a team in your property investment business now some of you will think that that’s a crazy idea you might only have one two three-bite let’s and they’re bringing you in a few hundred pounds maybe 500 pounds profit per month and you think I can’t possibly employ someone I’ve not even replaced my own income yet.

but here’s the thing many of my clients have brought on their first member of team before they can truly afford to pay that person in fact if you listen to brad sugar’s founder of action coach he talks about employing someone when you can afford 40 percent of their salary and what my clients have done when they’ve brought someone on are they’ve realized that actually that the person helps them to buy way more property helps them to do way more with those properties so monetize them in a far better way freeze them up to do the higher level value tasks.

so my recommendation that for the first team member, you should bring into your buy to let business or your property investment business is to actually bring on a personal assistant now at one point, I employed 23 subcontractors and today I have nowhere near as many subcontractors I actually have way more team members.

 so I have currently six full-time team members and probably about six or seven subcontractors and some of those I use every week some of them I might only use once a quarter so my team has shrunk quite considerably but my full-time team.

 so when I had 23 subcontractors I actually had no full-time the team just myself my business partner but now I’ve got a larger full-time team and a smaller subcontractor base and it’s far more efficient to have full-time people so if you’re using a virtual assistant if you’re using virtual assistants perhaps you’ve got some subcontractors and we’re really good at using subcontractors in our property businesses often you’ll have a letting agent often you’ll use estate agents, you might have workmen, you might have conveyances, etc etc you’ll have an accountant you have an architect but none of these people are 100 focused on your business and that’s what you need and so my recommendation is that you’re first hire is a personal assistant.

 so someone who’s going to do the low value low enjoyment tasks let me just talk about that for a moment what you want to do is you want to list every single task in your business so every task that you do and you want to put them into four different quadrants low enjoyment or high enjoyment low complexity or high complexity and what you can do is you can actually then create a graph of the lowest enjoyment and simplest tasks and those are the ones you want to outsource to your pa first and then you want to look at the other quadrants.

so the low enjoyment harder to learn tasks or the highly enjoyable tasks that are simple to do those are the ones you want to outsource next and finally you want to outsource the most complex and the most enjoyable tasks that are the last ones are the ones you want to hang on to as long as possible and certainly, until you’ve got more and more team members once you’ve got that once you’ve got someone doing all your we talk about ten pounds an hour hundred pound an hour and thousand pound an hour tasks it’s those ten pounds an hour tasks that you want to give to someone else all your letter writing.

 so every single telephone conversation you have with a vendor or a prospective vendor you want that to be followed up with a letter those letters can be sent out by your pa all of your marketing can be arranged by your pa your leafleting your letters so your prospecting letters your right move searches all of the communication day-to-day communication can be sorted by a pa, they can liaise with newspapers they can liaise with post offices to put your adverts in they can actually do all the key cutting they can arrange for materials to be delivered to site you pick the materials you decide on the schedule of works but they liaise with your workman, they can even do the payments to your workman they can do all the bax payments and what that does is it frees you up to have more conversations with vendors that’s a complex task that’s a hard thing to teach your pa i have done it I’ve had full-time sales people that have built my portfolio for me I’ve actually had properties that have been purchased without me ever seeing them below market value no money down deals that has been done entirely by my team and what that means is I can actually be on holiday and my portfolio is growing and that’s a great situation to get to it’s a great way to get your business flying for you.

so that you don’t need to be in it every day to make it work you don’t need to be in it for it to grow and so my encouragement to you is to take a step back from your business and look at it if you currently don’t employ anyone full time imagine what having an intelligent motivated the positive person in your office and the office can be a very loose term it can be working from home and you meet twice a week in a coffee shop it doesn’t you don’t need big overheads to have an employee having someone that’s 100 focused on your business I’ve had pas that has been paid 16 000 pounds a year I’ve also had pizza where I’ve paid 30 000 pounds a year but that is not a big expense monthly that’s 1800 pounds cost to me 2 000 pounds two and a half thousand pounds depending on the caliber and what you want them to do just think to yourself if they help you do one more deal in the year and you flip that deal you’ve paid for their salary it is not difficult to make a salary in your business but the value you get from that person can be massive it can be five times ten times what you actually pay them in a salary and it makes it real the clients I’ve had that has actually employed staff suddenly there’s an importance to your business suddenly someone else is relying on you to pay their mortgage now you’ve got to do some marketing now you’ve got to get the deals in now you’ve got to hit x amount a month in passive income or in profit and boy is that a motivator for you?

so I’d thoroughly encourage you to have a analytical look at what you actually spend each month on outsourcing already what do you pay on solicitors fees what you pay on accountants fees what do you pay for bookkeeping what do you pay on marketing what do you pay on yada yada yada yada what are your expenses in your business and then look at them and look at what your outcomes are because at the moment you’re doing a hundred percent of the work in your business or you’ve got one member of staff or two members of staff take a hard cold look at what you could be achieving if you had an extra person in and my the recommendation is that the first person is a pa I do another episode about what the second high should be if you’ve enjoyed this article guys click follow click like click the notification bell and you’ll get way more of our great quality content see you then you