Today, I’m delighted to be joined by Tex Jones, the MD of Jones Real Estate Property Group who develop HMOs and flats in south east London using a combination of their own funds and private equity.
I met Tex through Clubhouse and we’ve been hosting a room together for the past few weeks which has given me a chance to get to know him more and develop a real admiration for the hard work he’s put into his business at every stage. His approach to creating something that’s sustainable and scalable rather than simply focussing on short-term profits or replacing an income really resonates with our current focus, and I am sure that you’ll also get a lot from my discussion with him.
Listen to this episode below:
Here’s what we discussed this time:
4:12 – Tex tells us how he got into property, his life beforehand and how property investing kind of ran in the family. He talks through how his parents became accidental landlords.
6:00 – How multiple income streams has always been the norm for Tex, but how he didn’t realise full-time property investment was a thing.
6:44 – He talks through his other careers in acting and amateur boxing, as well as having his hand in business.
7:37 – Tex tells us about living in Africa, learning French and getting his Masters degree. It was during his Masters that he decided to go to some property networking events and auction houses.
9:52 – He talks about his exposure to rent-to-rent and structure and finance, and how he met someone who was launching a development company at a property networking event.
11:52 – Maintained a relationship with the company and was offered a job after his grad scheme – gained a lot of experience in all elements of property development.
13:06 – He talks about how amazing the education was from this. He really put himself in the best possible positions to understand the industry.
13:44 – Tex tells us how he started investing himself and how he got £60k equity without lifting a finger.
19:02 – When did Tex step away from the development company he was working for? Did he know he wanted to become full-time in property?
20:28 – He tells us how he’s a perfectionist and the things he’s had to learn to address as he’s progressed in business and investing.
23:20 – How he developed Jones Real Estate.
24:10 – Tex talks us through his experience with a life coach, and how it helped him identify what he enjoyed doing and what he’s really good at.
26:16 – The importance of always looking for improvements in business.
27:05 – How he can now focus on momentum investing.
27:24 – Mike asks if his rental business has been a distraction to building a portfolio? He wonders what he would change in hindsight – if anything.
29:15 – Tex discusses the merits of slowly building stamina for business and how this can equip you to go into any industry.
31:40 – How he’s built regular cash flow.
32:12 – Tex talks through current projects, what’s on the pipeline and how he plans on scaling over the next few years.
33:06 – He talks about his new brand launching in the summer, which will be a tenant-facing brand.
35:25 – Tex talks us through his first mixed-use development of a new office building.
36:28 – Mike asks Tex why London doesn’t scare him and why it doesn’t put him off, despite the expense. He credits his local network.
39:31 – He tells us how four deals a year is stable and sustainable growth for where he’s at now.
42:55 – The importance of maintaining relationships with estate agents.
45:44 – Tex talks through what his biggest struggle has been along the way, and how he feels he needs a team around him to execute his ideas.
48:00 – To hire the right staff you have to have the right income.
50:41 – Tex offers his advice to someone starting out now in the current market, and says listening to this podcast and seeking knowledge is the right start. You need to expose yourself to networking and industry knowledge.
54:17 – Take a deep-dive into sourcing.
Join us on one of our upcoming Virtual Open Days for a guided tour of 3 very different properties to give you a better understanding of different investment strategies, how we make investment decisions and how we run our development projects.
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