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Mike started investing and building his property portfolio in 2006. Based in Surrey, he has sourced discounted properties across the south east, and manages his multi-million pound portfolio with the help of his 6 team members.
He still concentrates on sourcing properties for himself and others via leafleting and dealing direct with vendors. He works with estate agents, converts freeholds to leaseholds, runs many property development and refurbishment projects and uses lease options. He rents to students, professionals, housing benefit tenants, and runs HMOs all through his lettings business, easy2let.
He also prides himself on being a social housing expert after converting much of his stock to local housing allowance in order to boost his rental profits.
Mike has a couple of key things that he’s focussing on at the moment.
With JV partners he’s continuing to build up his HMO portfolio, looking more at professional tenants to balance out his predominantly LHA HMO portfolio.
He’s also spending a lot of his time on development deals – doing bigger projects like freehold to leasehold, converting commercial to residential etc – that won’t be added to his long term portfolio.
After stumbling across a property in Guildford that had failed to sell at Auction, Mike was able to pick it up with a post-auction offer. It has gone up hugely in value since he bought it 5 years ago, and he was able to convert it into a high cash-flowing machine bringing in £2,000 a month profit.
From a property that nobody else wanted, it’s worked out really well in the end, and it’s a favourite of Mike’s as it’s been relatively hassle free.
There have been loads of instances throughout Mike’s investing career where things haven’t gone to plan, and he sees his ability to overcome these issues as a reason for his success.
His very first property was purchased through a property finder, and despite doing what he thought was thorough due diligence, he ended up paying too much for it and struggled to let it out.
After a while, it plummeted in value and he was stuck with it for a long time. Eventually, the mortgage provider were keen to get out of the market so offered him a huge discount to redeem the mortgage and he made his escape.
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