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Kevin is out on the road, viewing his properties so wanted to do a ‘day in the life of’ whilst answering your questions!
- Being in your 50’s is definitely not too late to get into property investing. It takes less time than you think to make just one deal, just start now.
- Don’t take a bridging loan on a property if you don’t have an exit strategy. You have to start with the end in mind.
- Joint venture with someone to build up credit. Use your time to benefit them but utilise their credit.
- How can you find your first investment property? Go direct to vendor, tell everyone you know that you are looking to get into property and market yourself.
- Trying to find good people in this recruitment climate is difficult at the moment so try and put this first and as a priority when you are scaling.
- When you buy a property, you should be adding value and creatively making deals. This protects you against the market.
- There’s no failproof way to know if your client is good or bad, you can do all the checks but this still doesn’t completely protect you.
- Your plan for property business should be how to create money from the houses you buy and to hold them long term.
“You can replace your income in 6-12 months”
“Don’t be emotional, take a financial decision”
“Educate yourself on how to find these deals”
“It’s not that you can’t find the deal, it’s just that you don’t know what you’re looking for”
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.