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Iain’s background is as a Chartered Accountant which he qualified as in 1984 before setting up his own practice in the early ’90s. He continued to run this for 15 years, and bought his first investment property in 2006.
A year later in 2007 he sold the accountancy practice and has since built up his property portfolio with family and private investors to over 30 properties which all yield in excess of 10%.
In addition, he is also the Amazon number 1 best selling author of this book combining both of these passions – Legally Avoid Property Taxes: 51 top tips to save property taxes and improve your wealth
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Investing Strategies
Iain likes to keep it simple – buying, refurbishing and re mortgaging single lets in his local area. He doesn’t want to get involved in HMOs and other more complicated strategies as he is very happy with the double digit yields and low stress that his single lets deliver.
Biggest Success
This deal probably has a bit of a celebrity ego after being featured on Homes Under the Hammer. It was a property picked up at auction that was in serious need of work after the elderly owner had passed away.
It was purchased for £22,500 and sold for £50,000 after spending £7,000 doing it up. Iain acknowledges that these are small figures but it was a fantastic ROI.
Biggest Difficulty
Early in his investing career, Iain was looking into bridging finance for one of his deals. For some reason he can’t quite put his finger on, the deal collapsed and he took it very personally.
The deal falling through was one thing, but taking it personally was almost more of an issue. He’s since been able to change his mindset so that he has no emotional investment in his deals and he can quickly move on to the next one if another doesn’t work out.
What’s Your Favourite Book?
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The Richest Man in Babylon
Legally Avoid Property Taxes: 51 Top Tips to Save Property Taxes and Increase Your Wealth
Iain Wallis’ Links & Resources
IainWallis.com – Find out more about Iain and get in touch with him through his website.