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Vicki is a hugely down to earth believer of the phrase ‘If I can do it, so can you’. Don’t let that handful of words make it sound easy though. After her redundancy in 2006, she had to learn quickly about the value of her time and how to maximise the return on her investments through leverage.
She bought her first investment property in 2008, and has since developed her skills to the stage where she sources properties for other investors.
And with a background in university lecturing, she is obviously a natural when it comes to passing on her knowledge. With 3 books under her belt and a property training arm to her company, she was recognised by the telegraph in 2013 as one of the 25 most influential people in the UK property market.
What’s Your Favourite Book?
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The Zone: How to Get in It and Stay in It – Tom Evans
Vicki has completed loads of successful property deals, but she particularly likes the ones where little money is left in and a good net ROI is achieved. She speaks about one particular deal as an example, that was purchased for £98,000 (market value of £110,000). It needed a new roof to the rear extension, damp proofing, new kitchen, 4 new bathrooms and full redecoration which was all completed for £17,500. The total cash investment was £52,500, and the total ‘cost’ of the property after refurbishment was £125,500.
She then had it revalued at £145,000, and with 4 rentable rooms bringing in £750 PCM net profit (annual net profit of £9,000), she was achieving a 17% net ROI.
On one of the rare occasions where Vicki was buying a house through ‘traditional’ means (i.e. from an owner occupier rather than a probate sale or a repossession), there were of course some problems. A sale in the chain got delayed by 4 days, meaning Vicki had to push her builders back by a week.
She had tenants lined up already but they had a strict deadline they needed to be out of their current home by, and the delays meant Vicki’s property was no longer an option and they moved elsewhere. A seemingly insignificant delay caused Vicki to lose a tenant and have a property sitting empty for 2 months over Christmas until a new tenant was found.