Listen to this episode below:
David is one of the founding directors of Arthur Online, the rapidly growing property management software company for landlords and property managers.
With 25 years experience in both the fitness and property sectors starting, growing and selling businesses, and a background in software development, he was an ideal fit with the rest of the team to revolutionise property management.
Show Sponsor
The Property Mentor has helped hundreds of clients to build profitable property portfolio’s, generate greater clarity, motivation and self-belief in both life and business, fast tracking your results on the property ladder. To take advantage of a FREE coaching call with one of their expert coach and mentors visit their website at ThePropertyMentor.com
Do you want to spend your time building furniture, or building your property portfolio? Fusion Furniture Solutions offer a complete nationwide service for landlords, investors and developers. Leave the furniture building to the experts at FusionFurnitureSolutions.co.uk
Investing Strategies
David’s main focus is on growing his new business, Arthur Online, which is quickly becoming the best property management software in the UK for self-managing landlords and letting agencies alike.
In terms of his own property portfolio though, David and his wife are currently in a ‘sustain’ phase, managing what they’ve got and sitting tight to see where the market goes.
Biggest Success
David and his wife bought a duplex flat in Maida Vale, that they hoped they could take control of the garden on as well as buying the HMO next door. They were able to buy the full rights to the garden, and then purchase the building which allowed them to impose higher regulations on the HMO in the block.
This resulted in the freehold property as a whole increasing significantly in value, as well as the price of their flat virtually doubling overnight as a result of the private garden and parking that they allocated to it.
Biggest Difficulty
At one point, David was looking at buying a property from auction to convert into flats, but the lot went for around 3 times what he hoped it would. He was so deflated that he ended up buying the very next lot without even seeing it (perhaps spurred on by a glass or two of wine pre-auction). It was a flat in Kentish Town that looked perfect on paper (good transport links, good school near by etc), but when they went to see it after the auction, they realised that the door into their new property was through a cupboard on the hall landing, and their new property was a studio extension on the back of the building that was the width of two flights of stairs.
It cost them £160,000 to buy, but they very quickly realised that it didn’t even comply with the local council’s minimum liveable space requirements. Ultimately they had to sell it at a loss, but it taught them a great lesson (that we should all be aware of) to not rush in to deals without doing your homework.
What’s Your Favourite Book?
[button icon=”hb-moon-book” special_style=”no” color=”carrot” size=”” three_d=”yes” title=”Click Here for Your Free Audiobook” link=”http://www.kqzyfj.com/click-7742959-10449428″ new_tab=”yes” animation=”” animation_delay=”” class=””]
The Alchemist: A Fable About Following Your Dream
David Cummin’s Links & Resources
ArthurOnline.co.uk – Find out more about the best property management software on the market, as used by our very own letting agency
Linkedin.com/DavidCummin – Connect with David and keep up to date with his general activities