129: Goals Part 2: Nick Leatherland returns to IPI to share his mid-year update on his 2016 goals.

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Nick LeatherlandNick is returning to the show for a very good reason. Back at the start of the year he joined us to share his own property journey with us, talking about how he balanced his time between the navy and property investing, how we grew his portfolio with a focus on looking after the customers first, and how he was just starting to roll out his HMO management company.

Whilst he wasn’t technically one of the original investors to feature in our mini-series on goal setting, where we are following a group of property professionals through 2016 to track their progress towards some pretty massive goals, he was the last interview I recorded before I started the goals series and I’m so impressed with what he’s been doing over the past 6 months that I really wanted him to be part of this, as a point of inspiration and motivation for us all.

This show marks the half way point in the year. We’re 6 months in and have 6 months still to go, so it’s a great time to catch up with each of the investors and find out what they’ve been up to so far, what progress they’ve made towards their goals, and what their plans are for the next 6 months.

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Goals at the start of 2016

When we did the first interview at the start of the year, Nick had just started Pegasus Property Group, his HMO letting agency. He was also looking to grow and improve the cashflow from his own HMO portfolio, and develop two adjoining properties and the corresponding land.

Having already achieved financial freedom he’s not driven by money, but genuinely enjoys working with people, looking after his tenants, and pushing himself to see what he can achieve.

Progress So Far

Since started his letting agency 6 months ago, that side of the business has really taken off. He’s already grown to having 100 units under management and through his HMO tours for aspiring landlords he noticed another potential business avenue as well – sourcing and developing HMOs for other investors.

He’s got 6 deals either in progress, about to start or already completed for other investors, including a block of 12 flats that will be turned into bedsits for LHA tenants, and a pub that will be converted into 10 flats.

His own portfolio is going at a slightly slower pace, primarily due to limited personal funds but also due to how busy he’s been with the Pegasus brand, but he’s in the middle of one HMO development. He purchased it for £130,000 and is spending £40,000 to turn it into a 5 bedroom HMO, all with en-suites, that will generate £1,5000 a month net profit.

Plans for Next 6 Months

By the end of the year Nick wants to have 250 units under management through Pegasus, as well as growing the team from 1 letting agent to 3. He’s also looking to take on a project manager for the smaller projects so that he can focus on larger developments.

From a development perspective, he plans to double the number of developments for other people, bringing the total for 2016 up to 12 projects.

Finally, his plans for his own portfolio are to finish the 5 bedroom HMO, refinance that and get another one done by the end of the year, as well as looking into a few single lets to continue to grow his cash-flow whilst diversifying his portfolio and his risk.

Nick Leatherland’s Links & Resources

Pegasus Property Group – Find out about Pegasus Property Group and their management and investment opportunities
Pegasus Propert Group Facebook Page – Always kept up to date with photos and videos of new projects
Nick Leatherland on Facebook – Contact Nick directly to find out about working with him and to get answers to any questions you have

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