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Jeff moved to the UK from Australia in 2010 to do a long distance rally to Mongolia for charity, driving through 13 countries and over 10,000 miles in only 28 days. That’s a pretty bold move for anyone, so you might be a little surprised to hear that his day job at the time was working in IT Security and Infrastructure.
He’s always had an interest in the business side of things beyond his job role though, so thinking about working for himself was an obvious next step and when he discovered Simon Zutshi’s stand at a property event he was hooked. 3 years, 9 JV partners, and several deals later he’s here to talk to us about his property journey so far.
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Jeff is still working full time in his IT job, but unlike a lot of our guests, he loves what he does and isn’t in a rush to leave the corporate world.
Having said that, he does plan to keep building his portfolio which he is able to do in a relatively short amount of time each day. He loves working with people, building relationships, and using their complimentary skills to allow him to grow his property business.
He invests in his own deals that he sources himself; he invests in other peoples deals with his own money; and he works with JV partners as well where he and his partners bring a good mix of skills to the table.
As with a lot of Jeff’s success, his best deal came through networking and developing relationships with like-minded people. He met an investor at a networking event who nobody else was really taking seriously, but Jeff sat with him and found out about him as a person rather than just focussing on the money and the returns.
They built a good relationship and Jeff introduced him to a friend who was looking for funds to develop 6 studio apartments in Croydon. Rather than take a commission, Jeff took a stake in the deal and put some of his own money behind it as well, giving him a great return from being willing to sit and have a coffee with someone.
Before starting with his UK property investments, Jeff decided to purchase a property in the USA. The sourcing and purchase all went to plan, but it was when he starting trying to control it from overseas that things started to fall apart.
Trying to hold people accountable on the other side of the world proved difficult for him and the cracks started to show pretty quickly. It was 2 years of constant stress trying to make sure the property was tenanted and being looked after, and ultimately resulted in a loss of around £10,000 before he was able to sell it on.
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Jeff Hancock’s Links & Resources
Jeff on Linkedin – Connect with Jeff on Linkedin
JadeSimplicity.com – Simplify and Systemise your property business
Podio.com – Podio is the tool Jeff uses to manage all of his property investing activities
Wealth Dynamics – Find out what your Wealth Dynamics profile is