050: Joe Dolan has been investing for almost 20 years, splitting his portfolio between Newcastle and London – 2 very different markets and 2 very different strategies.

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Joe DolanJoe is a bit of an expert when it comes to buying properties through auctions, having bought his entire Newcastle portfolio of over 20 properties through auctions. In addition to this, he also has a portfolio in London, and has been investing for 19 years.

To diversify even further, he also has interests in a construction company, a pub and even a ladies fashion brand, but all of this is done with the desire to leave a legacy of education to his nephews and neices, and perhaps just a little bit of money as well.

Show Sponsor

You may remember Shaun Callacher from episode 14 who, still in his early 20s, has over 100 units in his portfolio that are predominantly HMOs through lease options and rent to rent deals. I’ve persuaded him to spend an hour giving us a proper introduction to Lease options, what they are and how to acquire them.

The webinar will be completely free to attend and it’s taking place on Wednesday the 10th of June at 7.30pm. We will record it as well, but the only way to access the webinar or be sent a copy of the recording is to register now at insidepropertyinvesting.com/lease

Investing Strategies

Predominantly focussing on London, Joe is buying 2 and 3 bedrooms houses or securing options on them and turning them into HMOs. He’s still buying 2 or 3 properties per year in Newcastle through auctions, but no where near as many as during the peak when he was at times buying 2 or 3 per week.

Biggest Success

Not a specific property, but Joe loves his entire Newcastle portfolio. It forms the foundation of his investing strategy, and he knows that if anything goes wrong with the more creative, larger deals he’s doing down south, these Newcastle properties will still give him a good income for life.

Biggest Difficulty

Joe stumbled across a pub in North London that had 16 bedrooms above it. His plan was to turn it in to a 16 bedroom HMO that would generate £92,000 rental income per year, plus an additional £30,000 rental income from the pub.

It seemed like a fantastic opportunity, but after spending a lot of time and money completing due diligence (in the region of £10,000) the buyer backed out 3 days before completion.

This was two and a half years ago, but it seems like the deal may be coming back to life…

What’s Your Favourite Book?

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The Compound Effect – Darren Hardy

Joe Dolan’s Links & Resources

Joe Dolan on Facebook – Find out what Joe’s been up to here.
Email Joe Dolan – Got a question or looking for some advice? Get in touch with Joe here.

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