Introducing : Paul Wells
Started investing professionally into Property in 2015 ( buying my first house through an auction site)
Primary strategy when I started investing was Buy Refurb and Sell.
Fast forward to 2017 onwards I then decided to move into renting properties out to professional tenants on single AST’S. gaining the knowledge that I was then taught through my own property journey I wanted to accelerate my cash flow in my properties and used the Equity I had in purchasing my own HMO (which if you not familiar is a house of multiple occupancy)
The cash flow I was then producing from this property was giving me £1,000 per calendar month to give me the confidence to repeat this process again, while then purchasing larger properties suitable for converting to another HMO.
With the help of my power team, we were doing the same process of the initial Acquisition, then refurbishing the property but rather than to a Single let we were then making this into a HMO with the regulations that needed to be in place to obtain a HMO licence.
Over time we would then refinance this based on the rental income and property refurb to recycle majority of the money we initially put in purchasing the property
While this process was great the acquisition and refinance process were lengthy and I started to have a growing demand with companies I was working with locally to my goldmine area. (Nice problem to have you may say when you have 100% occupancy.)
On the Flip side What this provided me with was the confidence that HMO’s work and work well if done properly. I have more demand than I had properties so in 2018 and 2019 while continuing to purchase I need to look at alternative ways to fulfil my client’s needs so I looked at approaching other landlords and agents who wasn’t successfully filling their accommodation and offering them management or corporate let agreements to work with them creating win win scenarios.
I now own, management or have agreements in place for in the excess of 50 units, which allowed me to step into property full time and at the time of saying this have a number of others in the pipeline to fastly exceed these quotas while at the same time combining other strategies outside of HMO’s and single Buy to Lets.
While allowing me also to help coach individuals locally to my area which also provides the ability to grow further through various ways of joint venturing.
On a personal point as a result of what I now do in property I thoroughly now get to enjoy more quality time with my family and people I want to spend time with, play golf which previously I didn’t have the time to do, venture on holidays to locations before may have been prohibited due to Annual leave and final note I achieved all the above working part time in my business while running along a very demanding corporate job in Sales
If I can do it, so can you!