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Nick is a 27 year old property investor in Stoke-on-Trent, who also happens to be full time in the Royal Navy Submarine Service. He specialises in HMO property development, investment and management and has just started his own HMO management company called the Pegasus Property Group.
He uses online management systems and is completely paperless which allows him to efficiently manage his company from anywhere in the world.
His focus is on providing high quality accommodation to keep his tenants happy, as he believes that happy customers should come before money, and it looks as though his philosophy is working out well for him.
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Nick is an HMO investor doing deals from small 3 bedroom ‘mini-MOs’ up to large 10+ bedroom licensed properties, but one of his real strengths (stemming from a need to manage a growing portfolio whilst working in a submarine for many months of the year) is in systematising his business.
He runs a completely paperless letting agency business managing his own portfolio as well as those of other investors, as well as offering a hands-free investment service for other investors.
An property was found on Rightmove with only one picture (Nick’s ideal way of finding properties needing work) so he went along to view, met the vendor, and realised that in fact there were two adjoining houses for sale on a large plot of land. He was able to pick them up for £60,000 each, transforming them both into 4 bedroom mini HMOs.
Once they were up and running, he applied for planning permission for 2 x 3 bedroom houses which will each be worth £130,000 once built. Not bad for a free piece of land!
Nick’s biggest failing is being a bit useless with accounting and budgeting. He’s gone into projects thinking they’d cost £20,000 and they end up costing £40,000, which he puts down to inexperience in the early days, no tracking process, and changing scope throughout projects.
This has resulted in some difficult times where he hasn’t had enough money to pay trades, but he’s improved with each deal he’s done and has started spending more of his time on the tasks where he excels, as well as working with a great accountant to help with the financial side.
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Nick Leatherland’s Links & Resources
NJL Homes – A personal overview of Nick’s properties and portfolio
Pegasus Property Group – Nick’s latest venture offering advice and services to landlord and investors
Facebook.com/nleatherland – Connect with Nick on Facebook