Listen to this episode below:
Here’s a sneak peek at what discussed this time:
Today I am delighted to welcome back Susannah Cole for her THIRD appearance on the podcast, and I think my favourite yet. We talk about her three stage process for success property investment, why deal packaging can be a great entry route into the world of property and how to deal with things when shit goes wrong.
3:36 Susannah recommends keeping a gratitude diary to help acknowledge all your achievements, focus on happiness and put things in perspective. Urgent vs Important- always focus on important.
9:04 Property is important but you also need to love the life you lead and what property provides. Pick a passion and work on that alongside. Make time for the people and things you love.
“Life is here for one time only, so love what you do with the property, but also love the fact that you can now take the time (and pay for it) to explore the world and spend it with friends and family”- Susannah Cole
“I find it fascinating, this idea of lifestyle design, its something we are trying to live out at the moment – life on a boat. What I try to make clear is that living on the boat isn’t us stopping working, its working from a slightly more glamourous location. We get to travel around and see things, but I probably work just as many hours as I did in the UK”- Mike Stenhouse
14:15 Talking about how to motivate a team to work for you, when you are trying to remove yourself from the business.
“I could not be hypocritical, I could not think that property is the answer to jumping out of the day job and then provide a bunch of day jobs and say “could you please stay in your cage”. Its just not fair” – Susannah Cole
18:24 Three stages of property development: stage one the acquisition stage. Bringing in assets under your ownership and develop and decent cash flow- but with a high LTV
22:34 Stage Two: asset stabilization. Classic business, increase income, decrease costs. Improve profitability.
29:30 Paying off houses. Take a 5 year fix, annual plan to pay 10% off each. Target is have 25% LTV across the whole portfolio.
“Age + LTV= 100%”- Susannah Cole
41:05 Deal packaging as an entry point into property. Charge proper fees and run a proper business. Don’t try and wing it.
51:25 Reflecting on when things go wrong.
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