The Property NomadsExpertcast 2 - Flipping with Susannah Cole
Rob is in conversation with Susannah Cole one of the UK’s most successful self-made property investors.
With a passion for all things property, she specialises in flipping properties and discusses how with determination and the right knowledge anyone can become successful and make money from property.
As someone who began her business at the kitchen table, Susannah knows exactly what it takes and shares some of the highs and the learning experiences she has had on her journey to a multi-million-pound property portfolio.
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KEY TAKEAWAYS
- There is creativity, flexibility and stability with property
- I started out purchasing and creatively renovating wrecks of houses each time doubling up my investment through the market and adding value. A lot of it was creativity and making very individual houses.
- For flipping there are 2 specific markets – the cookie-cutter ‘rinse and repeat’ putting in the same things every time, this is a mass-market approach.
- Bespoke flipping is about a very individualised approach it’s a thing of love but is adored by the British market
- You need to understand you are retailing with houses.
- The cookie-cutter approach is a good starting strategy.
- The whole atmosphere and prestige are key requirements for the bespoke strategy.
- The data is really important you have to know what’s going on in your area.
- The critical thing is finding the property discounted. Buying discounted means you have a safety margin
- Cities and towns are better because there is more fluidity with people, property and options.
- Flipping can be effective in a much wider way – you can add value through joint venturing and flipping commercial properties and land.
- It’s important to communicate and discuss all options and risks with JV partners.
- Flipping is about generating lump sums of cash that can then be used to fund other things.
BEST MOMENTS
‘It’s about building relationships’
‘There is always a plan B so a property only ever has 8 weeks exposure on the market before it moves to a rental’
‘I’ve always viewed flipping as a retailing houses’
‘You must never refurbish for yourself when you are flipping don’t spend on anything you don’t need to’
VALUABLE RESOURCES
https://podcasts.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017
The Property Nomads - Stitcher
Buy To Let: How To Get Started – By Rob Smallbone (Amazon)
ABOUT THE GUEST
Susannah Cole
Susannah is. Starting her first business at the age of 22 she knew she had an entrepreneurial spirit which could not be constrained by a J.O.B (Just over broke). Breaking out of the corporate lifestyle she followed her dreams and took the risk to set up the Good Property Company which she has now been running for over ten years.
With determination and the right knowledge, Susannah believes anyone can make millions from property. It is possible to succeed even with very little money starting out. It only took Susannah 3 ½ years to become a property millionaire, and in her first 3 months as a deal packager, she made £12k as a kitchen table start-up with a phone, a kettle and computer. Susannah went on to source, buy or let out more than 200 properties with a value of £45million and an agreed purchase price of £30million (before refurb). She then invested her capital to develop her multi-million-pound property portfolio consisting of HMO’s, single lets and serviced accommodation.
Susannah has made a huge impact within the property community and her success is unprecedented. She has been featured in well-known property magazines such as Property Investor News and Your Property Network and has provided advice on podcasts such as Property Hub, Inside Property Investing and Tej Talks. Susannah's passion for property is infectious and she loves to give back and share her knowledge through her live workshops and group mentoring programme. Susannah's top priority is to help others to achieve (and hopefully surpass) her own successes! Susannah has already taught hundreds of mentees, many of whom have gone on to become very successful in property.
Whether you are new to property or a seasoned property developer looking to increase your property knowledge and expand your horizons - Susannah is there to help.
ABOUT THE HOST
Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.
Buckle up, sit tight and enjoy the ride that is life.
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