Listen to this episode below:
Until about 4 years ago, Tom was working in a job for a boss he didn’t like earning less than £1,000 a month.
With entrepreneurialism burning in his heart, he stumbled across creative property investing in the United States and found people doing 30 deals a month wholesaling below market value properties, as well as doing lease options.
He quickly did the maths and realised if he could do even 10% of that he’d be making up to £10,000 a month, so he started applying what he’d learned to the UK market and made £40,000 in his first 4 months.
He now does 4-6 deals a month, only works when he wants, and is planning on getting up to 20 deals per month by the end of the year.
Your Property Network is the UKs leading property investing magazine. It covers real life investor projects, case studies, and expert writers covering topics from finance to legislation to letting your properties. As a special offer for our audience, you can get your first issue completely free by visiting insidepropertyinvesting.com/YPN. Not only that, you’ll also get a copy of Simon Zutshi’s ‘Property Magic’ thrown in completely free as well!
Tom markets for motivated sellers remotely, buys properties without viewing them (or even being in the same country), and sells them to investors he has never met. It sounds too good to be true, but he’s making a killing by packaging these below market value deals.
Tom found a below market value property in Manchester via gumtree, and the whole deal was done via email. It was being advertised at £110,000 and he went in with an offer of £75,000. They tried to get more out of him, but he stuck to his guns and they agreed to the sale pretty quickly.
He found an investor on Rightmove, got someone to take him to the viewing, and had sold on the deal within a few hours, making himself £5,000.
After making £100,000 during his first year property investing, he made some silly mistakes and literally lost everything. He was spending vast sums of money every day buying things he didn’t need, he made some mistakes with tax on his earnings, and he wasn’t saving any of his earnings.
He was able to pick himself up quickly though, and got back to doing deals straight away in order to rebuild his business. With stronger foundations, he was able to make it all back again and has learnt a huge amount from that experience.
What’s Your Favourite Book?
[button icon=”hb-moon-book” special_style=”no” color=”carrot” size=”” three_d=”yes” title=”Click Here for Your Free Audiobook” link=”http://www.kqzyfj.com/click-7742959-10449428″ new_tab=”yes” animation=”” animation_delay=”” class=””]
The 4-Hour Work Week – Tim Ferriss
Tom Wade’s Links & Resources
flipremotelyacademy.com – Sign up to Tom’s newsletter and keep up to date with everything going on in his world
podio.com – Check out Tom’s preferred CRM solution
grasshopper.com – The phone system Tom uses to have all his calls go directly to a voice message so he doesn’t need to worry about missing leads