Property Sourcing ProfitsThe Power of Your Network – Interview with Cheryl Cain, CDK Lettings
David is with Cheryl Cain of CDK lettings talking about the power of networking. They discuss why your phone book is your business and how Cheryl has developed who she knows both in property and in the wider arena of business.
Networking can take time but will make a huge difference to your business, having a social media presence and attending networking events will all expand the number of people you know and the more people you know the more deals you will be able to do.
KEY TAKEAWAYS
- Knowing your area well and understanding every street is key.
- Going direct to vendor and having a good network is key in a hot market.
- It’s about who you know and your network. Your phonebook is your business.
- The more people you know in the industry the more likely you are to succeed.
- Get to know people through networking not just in property but in other business areas as well.
- Business network meetings are places where you will find successful people with cash who want to invest in property.
- Business networking events are about meeting successful people who understand the value of investing in property but don’t necessarily know-how.
- You can use property network events to build a power team of people with skills in property
- Putting a building team together can be one of the most difficult part of any project.
- Building the right power team is very important to your success.
BEST MOMENTS
‘Going direct to vender and knowing people has been the key to doing deals in a hot market’
‘Everyone wants to move to somewhere with a garden, they want to have an outside space’
‘I wasn’t expecting any deals during lockdown but people have approached me to do deals’
VALUABLE RESOURCES
Property Sourcing Profits Podcast
https://www.progressiveproperty.co.uk/
https://unlimited-success.co.uk/
https://www.facebook.com/groups/progressivepropertycommunity/
ABOUT THE HOST
David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004.
In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained.
The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.
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