Listen to this episode below:
Clearly passionate about HMOs, Tracey has developed the multiple strands of her property business around this one core strategy.
Since moving away from her career in the world of IT Software, she has focussed full time on property investing and growing her own HMO portfolio as well as offering a hands free portfolio building service to source deals, manage renovations, and coordinate the ongoing management for investors.
She also loves sharing this passion with others through trainings and presentations at property events across the country.
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After getting a lot of education on dozens of different property strategy, Tracey picked HMOs and has built her business around this strategy. The reason she chose this over others was due to the increased cash flow it offered in comparison to single lets, which was ideal given her goal to replace her income.
Tracey is particularly proud of a couple of things. First and foremost, her biggest success was being able to replace her income with 12 months of starting her property investing journey, giving her the financial freedom she was hoping for.
Added to that, she has also overcome her personal doubts that she wouldn’t be able to raise outside finance by securing funding from joint venture partners.
As far as specific properties go, she still looks back on getting her first HMO as her biggest success. It was only a 4 bedroom HMO and she is now selling it as she can achieve better results elsewhere, but it signifies the starting point to her hugely successful property journey.
Getting accurate refurbishment costs has been a big struggle for Tracey, particularly during some of her earlier deals. The quote on one of her first refurbishments for a client increased by almost £20,000 between proposing the deal and starting works.
She puts this big gap in budget down to her lack of experience at the time, so listen to her story to find out how she’s overcome this difficulty and to get her advice to newcomers on getting accurate budgets together.
What’s Your Favourite Book?
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Multiple Streams of Property Income – Rob Moore
The E-Myth Revisited – Michael Gerber
Tracey Wood’s Links & Resources
Tracey’s Facebook Profile – This is the best way to get in touch and find out more about what Tracey has going on.
Tracey’s Youtube Channel – Video blogs of Tracey’s HMO projects from start to finish.
Meetup.com – Tracey’s recommendation on finding local networking events.