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Paul’s previous career was one that he absolutely loved, as a biology teacher for 20 years. Along the way he bought a couple of buy to let properties in order to supplement his pension, but at the time he thought that would be the extent of his property investing.
But after some changes at his school, he decided he needed to find an income stream that gave him a better work life balance, and came across the PIN Property Mastermind programme where he was able to build a portfolio of 14 HMO properties with a JV partner generating almost half a million in annual rent in just 1 year.
Since he was recognised as one of the top performers on his programme, I’ve been chasing him to join us and share his story, and I’m delighted to say that finally, we have him.
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Paul is predominantly continuing to follow his student HMO model in the areas he knows he can get good returns, but is also starting to look at some slightly more diverse projects as well.
One example of this is an HMO he bought recently that had a large garden, which he hopes to turn in to a building plot for future development. Another is a 4 storey commercial unit where he intends to convert the top 3 floors into residential accommodation.
Check out this video where he talks specifically about the finances behind some of his early HMO investments.
During his mastermind year, Paul found a house that had been extended into a student house share and was for sale with an estate agent . It was on the market for £275,000 which he thinks put a lot of people off straight away, and it was only generating £25,000 rental income per year.
He saw potential with the floor plan to turn it in to a 9 bedroom HMO, and got an offer accepted at £249,000. After doing the works he proposed, he was able to double the rental income to £50,000, giving him a fantastic return on investment.
Thankfully Paul hasn’t had too many issues to deal with on specific property deals, but he does recall struggling with approaching people about his work when he first started out – estate agents, other investors, potential JV partners etc.
He suggests taking small steps every day that move you in the right direction, rather than worrying too much about the long term goals.
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Secrets Of The Millionaire Mind – T. Harv Eker
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