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Like many, Nic Scudamore ventured into property investing because he wanted out of his corporate 9-5 and more time to spend with his family. Five years after his first investment, he recently achieved that goal and now splits his time between his property sourcing business and his own investments.
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Although they live in Bournemouth, Nic and his wife have invested in property in the North, in places including Sheffield and Stockport. He says the decision to head North was because of the lower costs of property there and the higher yields. Nic says: “We could probably buy one and a half to two properties further North than just the one down here. It was about making our money go a little bit further. And the returns were stronger.”
A one bedroom apartment he picked up in the centre of Sheffield for just under £109,000 fetches him £650 per month, after setting it up as serviced accommodation. He says this worked out as an impressive 26% return on his investment. Meanwhile, his first ever buy-to-let property in Stockport, which he bought for £60,000 and refinanced for £80,000, brings in £250 per month.
Since beginning his own journey, Nic has guided his parents and friends through their first steps in investing.This experience propelled him to start his own property sourcing service for individuals seeking to acquire buy-to-lets. “Some people might not have the inclination to want to look [for deals], they just want help knowing that someone can do it for them,” he explains.
He adds: “I do a lot of research on developments, developers. I’m meeting developers, seeing developments.”
Escaping the 9-5
For those wanting to ditch their 9-5 like Nic, he says setting goals is key. “You’ve got to have those goals, keep a clear focus about what matters to you.”
He cites Unscripted by M. J. Demarco as a must-read for wannabe property investors. “It’s about leaving your corporate 9-5 world and how you can do that,” he says.
Now that he has quit his day job, Nic says he and his wife are intending to let property investing take the backseat for a while and nurture their respective businesses.
“We are probably going to do another investment in a year or two. But we’re going to slow things down a bit to focus on our businesses and helping other people grow their portfolios through the business.”