Listen to this episode below:
Having been ‘in property’ for less than 2 years, you might think Rebecca doesn’t have much of a story to tell, but after taking voluntary redundancy whilst on maternity, she went on to start a successful letting agency and property sourcing company with no previous experience or knowledge.
Since starting her own property investing just 4 months ago she has raised over £250,000 in joint venture finance. She is now giving back by training other people on how to do the same thing.
Rebecca’s strategy is to buy HMOs in Huddersfield, where she went to university – giving her great local knowledge. She chose the area due to the huge amount of investment in the area since she graduated, but a comparably low increase in property prices meaning there was scope for capital growth as well as great monthly income.
Interestingly, Rebecca doesn’t get overly involved in the property sourcing and refurbishment side of the business, outsourcing this to a local sourcer. She finds and deals with the investors to raise JV finance and sets the strategy, but by working with someone else it’s given her a very scalable business.
In only 5 months, Rebecca has raised £250,000 in JV funding, without ever asking anyone for money. Simply by talking about property with real passion and sincerity, people have come to her to find out what she’s doing and how she’s doing, and after explaining the returns she’s achieving they start to think about where they could get some money from to lend her.
Early on in her investing, Rebecca met someone at a property networking event who was interested in working with her. She spent a lot of time nurturing the relationship, even talking to him most days whilst she was on holiday.
When she found a deal that would allow them to renovate and refinance to get all of their money back out, she took it to him with the JV agreement stating she would find the deal, and put in the time and knowlege, and he would invest the finance. That’s when it dawned on her that something had been lost in translation – the investor was expecting her to do all the work, put in all the time, and put in half of the money.
Needless to say, that relationship deteriorated after that, but it taught Rebecca to be very clear from the start to avoided wasted time and hurt feelings in the future.
What’s Your Favourite Book?
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Rich Dad Poor Dad – Robert Kiyosaki
Rebecca Smith’s Links & Resources
RebeccaSmithPropertyServices.co.uk – Find out more about Rebecca’s business, including her letting agency, property sourcing, and JV oppourtunities
Email Rebecca Smith – Got a question or looking for some advice? Get in touch with Rebecca here.