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Kevin is joined by Malcolm Ridley in this episode to talk all about his property investment journey. Malcolm didn't start his property journey until later in life but argues, and proves, that it's all about mindset, age truly is just a number.
Listen in now to be inspired to start or scale your property investment strategy!
- Malcolm was working for network rail as a commercial manager. It involved 60 hour+ working weeks and was what he describes as a ‘grey existence’.
- Becoming an accidental landlord is how Malcolm started his property journey. Shortly after this he also bought a property for his daughter to live in after realising how much she would be paying in rent in Leeds.
- Several years later, after his son had also lived in the house he bought in Leeds, Malcolm and his son bought a house at auction and his property investing started to expand.
- Malcolm learnt a few lessons from this auction property, including to not try and do all the work on a house yourself and why buying the worst house on a good street is a good strategy.
- After the auction property, Malcolm realised luck had been on his side as he learnt a few things that could have spelled disaster for him and his son. This is when he decided property education was something he needed to invest in next.
- Having a mentor helped Malcolm build his confidence in property and business as well as taught him how to overcome many barriers.
- Building relationships and rapport with agents has been part of Malcolm’s property strategy and helped him with his acquisitions.
- If your aim is to make capital, Malcolm believes there is money to be made in ‘flips’ in London. If it is cashflow you are after, then your best bet is probably to invest in the north of England.
- Property works in all locations; you might just not be applying the right strategy or technique.
- Joint venturing is a great way to start your property investing journey. You can rely on their expertise and time whilst still maintaining your job.
- Property is a people business. Malcolm found that by being fair with his pricing he got offered more properties further down the line. He played the long game by considering the true value of the property and not ‘squeezing’ the vendor at each deal.
- Malcolm didn’t start properly property investing until he was 61, he says all you need is the right mindset, age doesn’t matter.
“Don’t do all the work yourself”
“I realised that what we needed was education, so I decided to invest in education”
“Once you’ve bought one and they [estate agents] know you’re serious they are interested in presenting more opportunities to you”
“In London you can probably make money on flips, but you have to buy carefully”
“That’s one of the great things about property, collaboration”
“It’s never ever too late to invest in property”
MSOPI – Multiple Streams of Income:
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.