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David described himself as an avid world traveller and explorer, risk taker, and, funnily enough at the bottom of the list, a property investor and entrepreneur focussing on creative property deals such as lease options.
Over the past 3 years he has become a full time deal packager, and in his first year alone turned over £150,000 on 48 deals. The most impressive thing about his approach is that he does all of this without ever needing to meet a buyer or seller, meaning he can and has done deals from all over the world including his home in the lake district as well as Spain, New York and Las Vegas. He really is location free!
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David sums up his role as a middleman in a transaction – bringing together people who need to sell their properties with those who want to make money from property investing, typically by arranding lease option deals.
After a while getting his fee structure sorted out, he’s now got his income nailed down. He takes a £1,000 non-refundable reservation fee per property, and takes the rest of his fee upon completion of the deal – which can range from £1,000 to £5,000 per property.
Selling portfolios has allowed David to scale up his business and his income without necessarily doing a higher number of deals. The first portfolio he sold was around 18 properties and his fee on that was £18,000. He has gone on to sell portfolios ranging from 18-30 properties, where the fees are obviously much higher than single properties.
When he was getting set up with his deal packaging business, he faced a number of problems that caught him out the first time he came across them. One of the things that stands out in his mind is celebrating success too early – assuming that because a buyer and seller agreed a deal, the cash was as good as in his bank.
Unfortunately he realised on more than one occassion that trusting the completion to surveyors, lenders, solicitors etc is not the best approach, so he now keeps an eye on the deals and makes sure everyone is kept in the loop with regards to communications to avoid deals falling apart before they cross the finish line.
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