🔎 From Classroom to Cashflow: How I Uncovered Hidden Property Deals Fast with Steve McCarthy

Hi there, I'm Steve McCarthy and I'm from Leamington Spa and I'm really excited to be talking to you today about my property journey and where I'm going in regards to the future. I was a former headteacher, I took retirement last year and I'm now looking at strategies to ramp up my property portfolio, property business and as a former teacher in my slide today you will see lots of pictures. Old habits die hard. So just a quick introduction. I bought my first property here. On the left hand side you can see the top left hand corner. Bought that property, it was a three bed semi detached house and I sort of fell into property accidentally bought it for myself. I lived in the room downstairs and rented the room upstairs to friends I was working at the time. Then I heard about HMOs and other strategies that could be more advantageous. So I changed this 3 bed semi into a 7 bed HMO which you can see here on the right hand side and that's gone really well and you can imagine the cash flow from that is really good. This property on the bottom left hand corner, again a bit of an eyesore. It was again a three bed semi, ex council house. Again just used it as a single let to start off with, but then over the years have modernized it, renovated it and as you can see from the picture on the bottom right hand corner, it is now a five bed HMO with two self contained apartments as well. So on the left hand side here, these are the two self contained apartments due to the space that was originally there. And we've made this into a HMO as well which has worked really well. So I've got a number of multi lets, I've done service accommodation, single lets, supported living. I'm working with two charities at the moment where I'm looking at moving properties from my portfolio and giving them to supported living. I've also done one commercial to residential deal and I've done a few lease options as well. So all of them have done really well. They give me a good cash flow every month, which is gave me the fortunate position of me retiring from the day job and going into property full time. So I really wanted to ramp things up and take things seriously. But as we all know, we live in changing times. There's lots of pressures on investors and landlords in the current market today. I think the general perception of people out there as landlords is that all we do all week is go around seeing our tenants, collecting the money and putting it in our back pockets. And those days are certainly long gone. The likes of Rigsby, for those people of a certain age, you know, that type of landlord cannot exist in today's world. So some of the pressures that we're facing is Obviously the section 24 came into effect a few years ago and that has made a massive impact in what we can claim in regards to mortgage relief. We recently had the stamp duty increase a couple of months ago and again, that is having an impact on people who want to buy more expensive properties and as well as landlords who want to increase their portfolio, obviously mortgage rates. Lots of landlords and lots of people have been on fixed rates for a long time when the interest rates were really low. And a lot of people are coming off those rates now and again are facing different pressures in regards to that profit margins. Certainly as a HMO landlord, profit margins are being hit. Even though rents are increasing. You've got things like utilities that are going up an astronomical rate, you've got normal day to day living. And when we have maintenance and repairs that need doing, obviously the cost of materials, the cost, cost of labour, people you know, are charged are increasing their rates. So that all has an impact as well. We know that there's changes coming in regards to EPCs and that's been kicked down the road a few times, but the changes are coming with that. We know there's a lot of uncertainty in the world with what's going on on the world stage and obviously that has an impact. We know that the Rental Reform act is coming in, the abolition of Section 21 tenants. Expectations are increasing all the time and as responsible landlords, it is our duty to meet those expectations in order to form good relationships. There's always increased regulations, working with local councils and all the rules that they're bringing in. There's rumours of rent caps coming in the coming years and we know that rent arrears are, are increasing all the time. So you would ask yourself, why would you be a landlord or a property investor in the current market when all these uncertainties are happening to us? And yes, landlords are leaving the market and talking to estate agents as regularly as I do. There's proof of that. But, you know, we should welcome some of these things. We should welcome increased regulation and anything that improves the experiences of our tenants is welcomed. But it means changing strategies and I'd like to share with you today three strategies that I'm working on and focusing on in 2025 and beyond, which I believe will get around a lot of these uncertainty and things. The issues that landlords and investors are facing at the moment. So one of the strategies I'm focusing on is probate properties and obviously with Property Filter, this allows us to look at probate properties in our areas and in those funnels we'll identify these kind of properties and I believe that these are a real gem. So I'd like to share with this property that I'm currently working on. It's in Coventry and as you can see, the market value was 300,000 pound for this house. It was on the market for a really long time. It'd fallen out of bed with a few people. We managed to negotiate the purchase price down to 219,000. So originally we negotiated it down to 247,000. We then had a structural survey done on the property which then identified some areas and issues that were not known to us. So we had to go back to the estate agent and renegotiate that price. And luckily the estate agent was keen and the vendor was keen and we managed to secure it at £219,000. We are going to do about £55,000 of refurb costs. This project is live at the moment and as you can see, this property has full of potential. And the great thing about this property is that it we can keep a lot of its original features. So you can see the flooring there in the hallway, in the kitchen on the bottom left hand picture and the flooring in the bathroom as well. So we're trying to keep those original features which we believe will give this property, you know, reach its full potential when all the work is done. So from talking to the estate agents, they believe, conservatively that a GDV, the end value of this property will could be 375,000 pounds. So that will give us a potential profit of over £100,000 on this. So we're really excited about this probate property and this is hopefully going to be the first of many that we're going to be focusing on now. One of the advantages of probate properties is the stamp duty. So there is a certain criteria that has to be met where stamp duty does not have to be paid. And obviously we went through the solicitors regarding this and it was all done and we met that criteria and that was really good because paying stamp duty on a second property can make or break the deal. So that was a huge saving. This is the first property that I've done with a joint venture partner. So as you can see, Roisun there, she shared the knowledge with me in regards to stamp duty. It was something that I was not aware of. And I met Roisin at a pin meeting, country pin meeting last year and we were able to work together. And you know, it's great working with somebody who has different outlook and different skills to what you have. So my advice to anybody is definitely work, do joint ventures with people, but don't look for people who've got the same skill set as you. You want to look for people that have different skill set and different skills to you. So for example, Roisin does sort of the day to day management. She's doing all the interior, she's more detailed, shall we say, got a real grasp on the figures of the property and what's going in, what's going out. And we seem to be working well and we hope that this will be the first of many that we'll come across. And as you can see, the improvements that we're making to this property is really good. So we've painted the outside of the house which has given it a total look, total different look. We've put a driveway in. You can see from the picture there that the neighbour next door now wants their house painted white. So that's going to benefit us in regards to curb appeal. The bottom left here we've put a new kitchen in. It's, it hasn't, it's not finished at the moment but you can see how nice that's going to look when all paper's taken off and all that flooring will be cleaned up. And the back garden, this back garden was a complete jungle. And to get new lawn, to have the new patio being laid here has given the house a totally different look. So we've tried to keep as many original features as possible. We've also had the bonus, if you look at this picture here where my cursor is, where that circular window is in the top right hand picture, that is a massive cloak room at the front of the house which is great for a family, for storage, for hiding things out of the way. But we, we think it's big enough to make that into a study and that's something we're going to do. So it's going to be adding an extra room to the house without having to do any structural work. And we're also going to stage this property. Now I've never done staging before, I've never done flip before. Every property that I've purchased in the past I've always kept. But because of the issues that landlords and investors are facing, which I mentioned on the previous slide, flipping is probably something more I'm going to be doing. And we think that we can exceed the value that the estate agent has given us by staging the property. So we had someone come out and again they gave their ideas. So we think that this property is going to be a real show home when it's finished and we're hoping for it to go onto the market in the next two to three weeks. It's in a really good part of Coventry opposite a private school and it's going to make a lovely family home for somebody. So that's something that we're really excited about and that's our first strategy that we're looking at this year is probate properties. The second strategy we're looking at is assisted sales. So this story here, this is a property in Northamptonshire and basically you can see the skip on the front lawn and all the rubbish. The story here is, this is how the tenants left the property. So the tenants gave the landlord notice that they were leaving. The landlord lives abroad, okay. And you can imagine the landlord's reaction when they came and, and this was when the tenants left, they didn't even arrange for the skip to be collected. So all this rubbish was on the front of the house. Obviously the landlord living abroad, it's a major headache to the landlord. You can see in the bottom left hand picture the ceiling has collapsed due to a water leak that's down in the basement. This bathroom here is awful. Mold smells, there's damp. So you can imagine that this was a real headache for the landlord who's living abroad and doesn't want to deal, doesn't want the, the day to day hassle. So I managed to build a rapport with the landlord and I have agreed to do all the refurb works on this property. So we obviously had to clear all the, the rubbish and get, get the house to a good standard. And I've put 11,000 pound of my money into this property and there was no stamp duty to pay because I'm not buying the property. All I'm doing is controlling the property in order to get it up to a good standard so that we can sell it on. I met with the estate agent last week, so it was originally on for 200. And just by doing some cosmetic work and tidying the place up and everything, the estate agent has said now that the potential asking price would be 239,000 pounds and nearly 40,000 pound. We've increased that value through very low risk and I'm going to basically triple my money because I will get the remaining figure, the difference between the original asking price and what the potential asking price is. So even if the it sold for 235 or 230, I will have doubled or nearly tripled my money and I took control. I had my own team of people working on the property and we've transformed it and on the next slide.

You.

Can see the difference. So again, we haven't gone to town, we haven't done anything amazing. We've done a few things to make it look good. So obviously we've given it a full decoration, internal and external. Obviously we had to sort the ceiling out with where the leak was coming through. In the basement we put new flooring in lino vinyl and carpets throughout. Obviously we tidied up the front and the rear garden. We've done a kitchen and a bathroom cleanup. We've kept the same bathroom, we've kept the same kitchen, but just cleaned it up, spruced it up, looks good. And obviously we've had to fall clear out because we had to get rid of all the skips and everything like that. So when people talk about assisted sales, I think they think about knocking down walls and doing, you know, extravagant things. We've just kept it to the basics and we've able to increase the value of the property. It's going to be a nice tidy profit. And as you can imagine, the landlord who's been abroad, he hasn't come back to see this property at all. I've just done the whole works, the whole renovations, the whole, you know, day to day project managing of this low risk and I've potentially going to triple my money, the money that I've put into the property. So that's something I'm excited about and I'm looking at doing some more assisted sales in the coming months which are currently in my pipeline. And then the third strategy that I'm going to be focusing on is short leases. So I had the opportunity of sharing this deal at the event that property filled to run a few weeks ago at the nec. So short leases, again, it's helping the person, they've got a problem. There was 37 years left on this lease. So you know, again, it been on the market for a long time, as you can see from the pictures, not a lot needs doing to this property. It's got a nice kitchen, the living rooms are nice, the bedrooms are nice, it's in a nice area in Warwickshire and. But people were walking away from it because of the lease extension issues, so it was on the market for 160,000. And again, as with anything in property, it's all about people and it's all about building rapport. And Property Filter helped me find this property, so built up a rapport with the estate agent and because of the lease issues, because it was going to cost 55,000 originally to extend the lease, I did offer 110 to the estate agent. So a big reduction. But I explained the issues that were involved. The estate agent was aware of the issues because obviously it wasn't selling and obviously the people who owned the property, the vendors, they just wanted to get rid because it was a major headache. So the estate agent came back to me and said if you offer 115 they'll take it. So I thought that was really good because my experience of estate agents is, is variable. You know, you get some really good ones, you get some that are just useless but you know, to get that feedback was really good. So we agreed on 112, which I was really happy with on that. So the lease was 55000 pounds. So I contacted the freeholder and on the estate agents particulars it was quoted at £30,000. So just like with the probate property that I shared with you earlier, I had to renegotiate the price again because the details that were presented were not correct. So we got it then down to 105. So then I was negotiating with the freeholder and he was offering £55,000 like I said, for a 999 year extension. But I didn't need 999 years, I was just looking for 99 years. So we've renegotiated that now down to 20,000 pound, which is a huge difference and it makes the deal work. So the end value for this Property will be 175,000. So there's a potential profit of £50,000 which again it's all being dealt with by my legal team through the solicitors and when it's completed and it's going to be really good. And the great bonus is there's not much work that needs doing to the property. It's in the presentable way. The issue was with the lease extension, dealing with solicitors, dealing with the freeholder and renegotiating with the estate agent and renegotiating with the freeholder. So a lot of renegotiating. But as we say on Property filter, you know, you have to work with the deals that they just don't come to your, to your lap. And these are all examples of how that has worked. So they're the three strategies that I'm focusing on for the next 12 months and these three strategies, you know, overcome those issues that we've talked about. As I said earlier, I retired from being a headteacher two years ago and I wanted to ramp up my property business, my property journey. So I had the opportunity to appear on Property Elevator where I presented a commercial to residential deal. And if anybody wants to watch that, it's on YouTube and if you type in property elevator series seven, episode four, you'll be able to to see me on there. But I don't say that in a boastful way. I say in that it's a really good learning and a lot of people have. The feedback that I've got from a lot of people is if you're looking for investments or investors in your project, then this program gives you an idea of the questions that, you know, experienced angels will ask and the answers that you need to have in order to seek investment, which I know a lot of people are doing. So it's, you know, if anything it's really educational and you can see where the investors are coming from, what they're looking at and obviously they want the answers to their questions and you know, by able to share in your project by having passion and it was also great to have the confidence in that confirmation and that I thought it was a good deal what I was presenting, but I wanted that confirmation from other people who have knowledge in the industry and they were able to confirm that for me as well, which was really good and I was really happy about. So that was a great experience and it's also raised my profile within the property world. I also believe that it's important to surround yourself with people that are in the know and I'm sure you'll see a lot of familiar figures in this slide. So I had the opportunity to speak at the last Property Filter weekend at the NEC with Mr. Black being interviewed there by Asif, bottom left. I've been working closely with Hanif in the last six to seven months as I'm part of the Property Filter inner circle. My business partner and joint venture partner Rocheem was important for her to come and see Property Filter because she is also involved in another property education program. So by bringing what I'm learning from Property Filter and what she's learning and we can merge that knowledge together in order for us to find great deals like we did with the probate. Good friends with Will, who I know spoke a few weeks ago. John Howard, the top right I have fortnightly meetings with John. I'm able to run my deals with him. John is from Property Elevator and does a lot of talking on the property circuit, and he will confirm the deals. Like I say, it's always great to have that confirmation. He's also sharing with me deals that he's looking at, and we're looking at doing some deals together as well, which is going to be absolutely fantastic. Following the success from the program of Property Elevator and of course, Simon, I was fortunate to be on mastermind two way back in 2007. So the strategies that were prevalent then, you know, obviously things change over time, and it's been great working with Simon in the past, and we're still good friends today. And it's important to surround yourself with people who are in the know and to see what other people are doing, you know, to see what successful people are doing. And that's really important. And that's something that I will continue to do. I've also been recognized with different things. Like I said, I was on the Property Mastermind program back in 2007. I was one of the top five performers. I've been inducted into Simon's Property Mastermind hall of Fame, and I've won some awards as well during the years and been at various presentations, which has been really great. But the biggest accomplishment that I believe is from my tenants, because at the end of the day, they're your customers and they're the people that are in the know. And, you know, if you were running a restaurant, your customer comes first. And I believe that as a responsible investor and landlord, my tenants come first. And I've had tenants there. You can see here on the top left in green, Julie. She was a tenant with me for 10 years. I've had. My current longest tenant is 15 years. And this is something that I pride myself on. And you can see Rich here, his message here. He was a tenant with me back in 2020. He got enrolled in a relationship, so obviously wanted to move out. I'm guessing from the email that he sent me that he's now looking to come back. And I think word of mouth is so important. And, you know, if you look after your tenants, they will certainly look after you. But, you know, at the end of the day, they're generating the income. They're, you know, they're generating the passive cash flow. They're looking after my properties. They're telling me, you know, when issues arise, they're increasing my reputation within the area. Only this morning, one of my tenants messaged me to see if I've got any other rooms available, you know, so I don't have to advertise on word of mouth. Like I say, goes a long way. And I pride myself on the relationship that I have with my tenants and I think that's important for every landlord to do. So that's basically me, that's my journey, that's the. They're the three strategies that I'm currently working on. Really nice to share the experience with you today, how I'm surrounding myself with people in the property world and it's great that people recognize the work that I'm doing and happy to take any questions and answers if the, if, if it's allowed due to the technical issue. So yeah, over to you, Asif. Hopefully jump in now. Well, there is still echo, so Steve, you'll have to take questions. Yeah, okay. I say. So the questions are in the chat, are they? Okay. Yeah. So question from Mo. Nice to see you, Mo. We're on the property filter in the circle together. So nice to see you. If you're doing an assisted sale, how much due diligence do you do to make sure it's sellable once finished? What would you do? Searches, for example? Yeah. So obviously you want to, you know, cover everything as much as possible by speaking to the local estate agents. Obviously property filter allows you to do great work in regards to doing the comparables and looking at the areas, but I certainly think that this is the way to go. It's low risk providing that you do do your due diligence and you know, you should be knowing your areas that, that you're covering. You know, there's plenty of information out there and what I want to do in regards to assisted sales is, you know, I want to do more but because I've got a, a team under me like builders and electricians and plumbers and things, you know, I want them to be project managing the work and for them to be buying things at trade. So for that example in Northamptonshire, instead of it costing 11,000 pound of me putting the money in, it might, you know, I want to develop a relationship so that the builder will get paid more if they're happy that they get paid at the end of the project or when, when the property sells. So then that means that I won't be putting the money in myself. I don't mind putting the money in but you know, obviously that would make it more favorable to the property person, to the, you know, the person that's doing the work and then they will Want a say in it. And they will come with their ideas as well because obviously they're doing this kind of thing day to day. So I hope that answers your question. Mo, then how do you find assisted sales deals? So again in the area that I work in, you tend to find that. And again this will vary depending on where you live in the country. But in the area that I work in, properties that go up to about quarter of a million 250, 300,000, they tend to sell quite quickly because of first time buyers. And you know, people can get on the property ladder anything above 300. That's where they tend to stay on the market for a long time. So for example, I looked at a property yesterday, again it was a probate property and it was at 440,000 and it needed so much work doing to it. So an assisted sale may work in that instance but you know, we, we would have to spend 70, 80,000 on that. So looking at the pictures is a great idea from, from Property Filter, being on the market for a long time. So and knowing what work, trying to speak to the vendors if possible and explaining it to them. I've got a meeting next week with estate agents. So I want to work with estate agents because obviously they've got a property on their books for a long time and it needs doing and the vendor is not in a position to spend that money or doesn't have the vision to do it, then hopefully that's where we can step in. And like I say, the big bonus is you're not paying the stamp duty, you're not owning the property, you're just controlling the property. And in the example that I gave with the Northamptonshire property, the landlord was over the moon that somebody like me was able to come in and do the work I was sending them or the, the builder was sending me videos, WhatsApp messages and I was forwarding them on to him because he's living in Holland. So you know, it saved him coming backwards and forwards and you know, having that headache. So yeah, that's basically how they are done as well as you know, this is how deals are made. They don't come to your lap, you don't go to the estate agent to, you know, and they say yes straight away, you have to build up that rapport, you have to gain trust. And now like what I'm doing with you guys today, I'm able to share these deals with potential vendors in the future. And with estate agents say this is the property, this was the property problem, this is what Me and my team did and we were able to solve it and you were able to get the sale, blah, blah, blah. So by building up that portfolio, that's what I want to do. Thank you, James. Really helpful. We'll see you again. Nice to see you. Do you manage your portfolio? Yes, I do manage, I do manage my portfolio. It was very hard when I was working full time and I always sort of joked that, you know, I was working with children Monday to Friday and I had the joys of working with tenants Saturday and Sunday. And sometimes I don't know what was easier, children or tenants. But I've got to say 90% of my tenants are absolutely fantastic. Like I say, they've stayed with me for a long time, they come back to me, they recommend me to other people, which is great. The thing with tenants, I think they like having a landlord, dealing with a landlord. I don't think tenants like it when they're working with a letting agent and they know that 200, they've got 200 rentals on their, on their books, you know, whereas, you know, if they come to me direct, you know, I will try and deal with issues, you know, within 24 hours. And I want them to come to me because I want them to tell me the small problems before because if they get ignored, then they become big problems. So it's all about that rapport. I have in the past gone as far as mowing my tenants gardens. I put the bins out, especially with the HMOs, so I'm very hands on. First of all, it gives me, it allows me to keep a check on the properties and make sure that everything is going good. But again, it's what they appreciate, it's what they value. And if you go over and beyond what other landlords are doing, then, you know, I don't want tenants that come for two or three months and move on. I want, you know, when I get good tenants, I want to look after them. And because of all the regulation and everything that we deal with now, I think it's, you know, I think a lot of landlords treated it as a hobby, but it's very hard now to treat it as a prop, as a hobby because of all, because of everything that that's involved. So I think, you know, I think that's been the success of being a really nice landlord, good landlord and for my tenants staying with me for a long time. So that's something I value. And if it allows, I think, you know, other people should do that as well. If you Got the capabilities of doing that. I've got properties all around the country as. But what I've been trying to do recently is offload some of the properties that I've got that aren't close to me or give them to supported living providers so that they're managing the properties for me as well. So I'm getting more fussy now as I'm getting older and I'm, I'm, I'm back to the Midlands and to where I am living. Okay, so what features or tricks and property, I'm guessing that's Property Filter have helped you most for your d. For your deals. So, you know, what Property Filter is doing is just absolutely fantastic. It does the work for you, it identifies the motivated sellers. You know, back in the day I was, you know, putting these postcards into chip shops, post offices, shop windows, you know, and, you know, I got some good deals from it, but, you know, I don't even have to do that now. You know, as people say, it's, it's right move on steroids kind of thing. It gives me all the history, gives me what tells me the information of what it's sold for, what a property sold for in the past. And what I like about Property Filter as well is that it's always changing and it's always updating. I know they've got great plans for the future and they're going to bring in AI, I think, the direct letters, you know, direct letters to vendors. It's fantastic. And I'm using that a lot and I've got some good responses from that. So it does the work for you, identifies the properties that you look in for and it's like anything, the more you use something, the more, you know, the more, the more you play about with something, the easier it becomes. And I remember when I first started Property Filter thinking, you know, oh my God, there's just so many options, you know, what do you do? But I like to think now that I'm quite familiar with it and an experience. So, yeah, you know, Property Filter has certainly helped me for the next stage of my property journey. Matt, really nice to see you. What search criteria do you use for the assisted sale on your lead generators? There isn't one. You know, I use various, obviously things like flips, cash sales, brr, anything. It's more from the pictures really, if a property's been on the market for a long time, six months, and it's got the 1970s look, 1980s look, you know, the green avocado bathroom and the wood Chip wallpaper. Then you can sort of work it out that. Well, there's an issue here and this is where you know, to start, to start the negotiations. Thank you for the kind words from Siobhan. I think it is. Do you know what the criteria is for probate properties and not paying stamp duty? My understanding is that you're restricted on how much you can spend on the refurb, is that correct? Yes. There are restrictions and there are criteria in place. I'm not the expert on this. This is why I talk about bringing other people into my team. And Roisin would know more about this, my business partner, more than what I do. I know there are things like the person who has passed away has to have lived in the property for the last two years. That's one of the criteria. But if you contact me privately, I'm happy to you to share Roisin's details and my solicitor's details, because they're obviously more expert in this field than what I am. In some ways, I've sort of piggybacked onto their knowledge. There are. But you. You are right. There is a strict criteria and you have to make sure that each of those boxes are ticked. But in that instance that I shared, it's, you know, it ticked all the boxes and the solicitors were happy as well. And we've maintained evidence so that, you know, if something was to happen in the future, we've got our evidence to. To. To. To cover our backs. So, yeah, that's that. Ola. Well, fix issues within 24 hours is very good. Yeah, that's the aim. When you've got a. A team. I've got plumbers, electricians, handyman, you know, so even if they're not fixed, the. The people will come out and visit. Obviously they might have to order parts or do things like that, but that, you know, but that, that. And the tenants really appreciate that because as you all know, us landlords, we haven't got a good reputation, you know, we don't sit highly amongst the general public, so it's nice to book that trend. And you appreciate that, that relationship that you have, it's. It's got to be two ways. How do you find supported living providers? I was quite fortunate in that they found me. I did advertise a property and they. They came and looked at it and we bought up that relationship. I think if you do Google searches and things like that, talk to your local council. You know, I know other people from the inner circle, they've been doing those kind of strategies again, Putting yourself out there. And I've now built up two excellent relationships with supported providers and I'm looking for more. But, yeah, it's just doing Google searches. I know some people have been doing that and that's been really good for them. For your assisted sales, do you draft ahead of terms and get that agreed with the estate agent and vendor before instructing your solicitor? Yes. Yeah. So we've got to make sure everything is watertight. So we do do ahead of terms, just a simple A4 sheet of paper, so that the understanding is there between everybody and that the estate agent is aware, the vendor is aware, and then we get that passed with solicitors that specialize in this area and then, you know, like I say, everything is watertight. Basically, we're taking on all the risk, but, you know, we've got to make sure, give the vendor the confidence that it's not a scam and that now that I've got some under my belt, I'll be, I'll be able to share those with potential vendors to give them that confidence that it, that it works, that it can be a success. Because at the end of the day, we want the best for the vendor as well. We want them to achieve their maximum value. And I was talking to a vendor yesterday and it's their family home for 42 years. The parents have, you know, unfortunately passed away and she's got lots of memories of that home and, you know, it means a lot to her, but it's not, it's not even. She admits it's 19, it's, you know, stuck in time, it's in the 1970s. And she would love to see that home reach its full potential, but unfortunately she's not in a position to be able to do it. But by working with her and sharing my plans on what we can do by putting in the new kitchen, a new boiler, new bathroom, whatever, she would be part of that journey and she will see her parents home, her family home, reach its full potential and get the full asking price. And in that situation, she would get more than what the guide price is at the moment. So, you know, it's about, you know, it's got to be a win for the vendor, which is really important. Ron. Hi, Ron. Very informative. Can you tell me how you contact Charities for Supported Living, which is something my wife and I are interested in doing. We have helped to provide properties for social housing providers through an investor. Yeah, so like I said before, that works really well. There's lots of charities out there and it's Just making that contact and building that rapport. Don't think by making a phone call or by meeting them once you're going to get them on board, it's building that rapport, meeting them several times, telling them what you do, showing that you provide a service. And you don't want to say, you don't want to be talking like an investor talk. You know, I've got this house and it will be great for you guys. And I understand you pay more than market rent. You know, it's thousand pound but you can have it for 1500 or whatever. That's not the way to go about it. And I do hear stories like that taking place. What you want to do is finding out what they need because a house for young people who are in the care system will have to be different to a house that is for elderly people who may have learning difficulties. Okay. So don't you try and, and put your house onto them. It's about listening to what they want and then saying, well, I think I've got this house that may be suitable. If I was to do this, put a wet room in or if I was to put, you know, you know, disabled accessing or whatever, would that meet you? So, you know, you've got to talk in a different lingo to what you normally talk in because it's a service provider and you want to be look again in the same way that you look after your tenants, you want to be looking after these vulnerable people and you want them, you want to give them the best experiences that they can from them living in your properties. Just like you want your mother or father to have the best experiences if they were in the, in a care home, you know, so, you know, it's not just a matter of let them forget and let's get them in there and take all the money. You are providing a service and you are constantly looking at ways how you can improve your property to meet their needs and by coming in at a different angle. I think that works. And it's something that they want to hear because they hear from investors all the time, but they want to know what you can offer and why you are different to all the other investors and why you stand out. Okay. Marina. Hi. Nice to see you. Wonderful wins that you shared. How did you negotiate down that first 300k property down to 247? Yeah. So basically it, it was on the market for a long time. I think the estate had fallen out of bed a few times. I think the estate agent was getting a bit fed up because, you know, it was a lot of work that needs doing. It wasn't for your first time buyers. It would have, you know, the work that was involved was a lot. And again the beneficiaries didn't live in the area, they lived in another part of the country. So I think they just wanted it over the line. So by me giving the certainty that I wasn't going to be one of the one in three, you know, buyers that walk away, you know, this was, this was going to happen, the completion was going to take place and you know, I shared some of the ideas that I was having with the property because again it was their, their mothers and father's house and again it had lots of good memories. So you know, I wanted to do the best for the house and get it up to its full potential. So we got it down to 247 and then we got the structural survey done and then it identified further issues. So for example, there was asbestos in the property which had to be removed. There was some cracking that had been identified that I wasn't aware of. When I put my offer in from something that happened back in 1983, I think it was, you know, so there was some structural work but again we were able to get around that. But again I was then taking on more risk. So the more risk that I was taking it had to be reflected in the price that we were putting forward. So by renegotiating down to 219, it wasn't just like a back of a fag packet kind of thing. It was explaining to the estate agent and explaining to the vendor or the beneficiaries in this case as to why we will make why we had to renegotiate. And we, we gave them a copy of the structural survey of the report that was done so that they could see it. And I think it was like, well, you know, these guys know what they're talking about. We don't want to put it back on the market again because the next people, they'll get a survey done, the same issues will get identified. The only caveat that they came back with was that they wanted it completed in two months. So obviously speed was the essence in their case uncertainty. So we were working with the solicitors very closely and we made sure that we kept that two month timeline because you know, with beneficiaries, when they know that X amount of pounds is coming to them, mentally they've already spent that money, you know, whether it's the holiday or their own home improvements and when they realize that it's not selling and another month has gone by and of course there's holding costs associated with an empty property. It's costing them money, you know, then they've got to realize, and they do realize most of the time that, you know, there's got to be a bit of giveaway. But if you can back up everything that you're doing instead of just picking a number, you know, from the sky and back it up and saying why we have to renegotiate now to 219 because of the structural survey. It identified this on page 7 and it identified this on page 11. Then again, it gives you credibility and it gives them certainty that the sale will complete. Okay, so I hope that answers your question. So next question, if the property was empty and the person was in a care home for a few years, is the stamp duty payable? So again, you would have to take advice on this. I'm by no means an expert on this area and I wouldn't want to give advice that was misleading. And of course every case is different. So I'm not sure about the care home because obviously they're still alive. But again, I'm happy to share my solicitors details on this if you want to message me personally and get a proper answer. Because like I said, I don't want to be misleading. I can only talk about the scenario in this instance in regards to this property. David. Hi David, thank you for your message. The purchasing course of a business that consists of purchasing dwellings from the personal representatives of deceased individuals. The deceased individual occupied the dwelling as his main or only residence at some time in the two years ending with the date of his death and the area of land acquired does not exceed the permitted area. Yeah, so that's the advice that's given from hmrc. I think there's a few bits added on to that as well. But again a good solicitor will be able to advise you and in our case the solicitor was happy with that. We met the criteria, we've got all the evidence and of course we'll keep that evidence should any questions come up in the future. Ron, also with assisted sales, do you think owners will be looking for a share of the profits or could it depend on the value of the deal? Personally, I think it's a good idea to share it. Really good question, Ron. And I was having this conversation this morning with my business partner because we're putting an offer together at the moment for an assisted sale and we were having this conversation. Do we do it in percentage terms or do we do it in pounds and pence terms? I don't know if there is a real answer. We've gone with the pounds and pence because it gives the person certainty. We think if it's percentages it might over complicate things. But you know your vendor in your situation you and you would probably have to make that decision. I don't think there's a one size fits all answer. It depends on the vendor's circumstances and what they are looking for. I think personally, I think pounds and people want to know what they're going to get. So it might mean that you're offering 180, you don't get what you want and it eats into your profits a little bit. But at the end of the day you've got to look after the vendor. It's important that they, you know, you're able to deliver what you're able to deliver. So that's that. Yeah, so from I see a lot of.

Steve, do you mind me jumping?

Yeah, sorry.

Yeah, so thanks so much. That was so cool. I was listening all along and then I happened to be available to sort of COVID with the tech issue and things so. So you were doing so well so I didn't want to cut you so.

That'S fine, thank you.

No, no, it was so cool. I'm so pleased and happy we managed to get you finally because you're really one of our superstars. So it's really, really cool to, to have you here. So I read as if to answer question. Sorry for you, you were doing so well. I was like oh okay. Whatever was porting some questions we get from the community of people in their full time job. So when do you know is a good time to sort of leave the job and go into property? When is it too early? As you know I'm quite opinionated as well with this where people tend to they learn to aid their job because they are distracted by all the promises and the riches promised by you know, property gurus and things like that. So there's also a balance to have there. So what's your sort of view on it?

Yes, again it's a very difficult question. You didn't tell me the questions were going to be this difficult. It's very much a personal thing. I loved my job as head teacher and primary school teacher. It was the best job in the world. But I did get this, you know, from a personal point of view. I did get a bit disillusioned with the education system in the last year or so. And with things that were happening on a political scale, which, you know, obviously I don't want to bore you with today. So I was fortunate that I was able to have that safety net in that my. The income that I was getting from my rentals was outweighing my monthly rent, my monthly wage. Sorry. So I was able to make that decision. And like I said earlier, when I'm working with children Monday to Friday and dealing with tenants Saturday and Sunday, I think there comes a time in one's life when I was thinking, well, what am I doing all this for? You know, there's got to be a reward at the end. And the reward was taking early retirement. I'm still in the, you know, the privileged position that if things were to stop on the property front today, you know, things went belly up. You know, I can always go back into teaching as well. So I've always got that safety net as well. So I think it's, you know, more an individual difference to make. I was very nervous about giving up the day job because that's all I knew. Kind of thing, you know, was education and, you know, you've still got to have a purpose to get out of bed in the morning. I didn't want empty days. And property has, has, has, you know, ticked that box, you know, because if it wasn't for property, I don't know what I'd be doing. You know, I'm not sure if I could be on the golf course every day. And I'm not ready to get into my pipe and slippers just yet. So I wanted to ramp things up to the next level. And when I hear of other people that have had an influence on me, then I'm hoping that I can be an influence on others. But it's a big decision to make. It's not one to be taken lightly. But I've got to say, after two years, I haven't looked back back. It's been absolutely fantastic. It's been great working for myself. If something comes up during the week that I want to attend, then I can do. Whereas obviously with a teaching job and we're certainly head teacher, you know, I would. I'd be going to work at 7 in the morning. By the time I did governor's meetings in the evening, I'd be coming back at 10 at night. Well, that's no way to live. And you can only do that for a certain amount of time. And I'm aware of a lot of. Of teachers and headteachers have burnout. So, yeah, it's Very much an individual decision, but I would certainly recommend it. It's worked well in my case, but I think the pivotal point would probably be if you can get some income, rental income, and it exceeds your monthly wage, then I think that's sort of the benchmark to start thinking that way.

Yeah, yeah. There's a spectrum. People will have different.

Of course. Let me talk about my own situation.

Yeah, yeah. And you've got a very cautious way with it. So, you know, well done. Thank you. As if was relaying this as well. So how can the community help you and how can you help, you know, you know, you've done amazing already today, but further, the property community.

Yeah, well, the community has helped in a number of ways. So first of all by being part of the inner circle. It's great to be with like minded people. It's great to hear what other people are doing because I think that's inspirational. And also when you are a property investor, landlord, it can be quite a lonely job at times. You know, you're on your own, everybody else is doing their nine to five, whatever you've got, you know, if you, when you do have tenant issues or, you know, whatever's going on at the time, you know, it can be difficult. You know, there's no doubt about it. You know, I'm not going to sit here and say it's easy because it's not. If it was easy, then everybody would be doing it. But like any job, it will have its challenges. But I feel that I've got enough in my toolbox to overcome any challenges that are in my way. And what I'm looking for from the community and what I'm looking for more of the people, is people to be part of my team in whatever capacity with knowledge, because no one person has a monopoly of knowledge. And even though I've been involved as a landlord for 30 years, you know, I'm still learning all the time because of all the government changes and legislation and everything else that is happening. So, yeah, learning all the time. The property elevator experience has been fantastic. That I must admit. That has opened doors for me and people come to me with their deals. People are looking to do joint ventures with me. I'm quite happy to handhold or do the hand holding or to have my hand held depending on the situation. Every deal is different and I just feel that it's nice to have property friends and that's something that I've valued most because normally, and I'm sure most people can relate to this. When you tell people Outside that you're doing property, you know, you can get some funny looks, you can get some funny reactions, and people don't understand it, that people, they don't get, you know, they don't know the ins and outs of it. But to have property friends is great. And I know that whatever problem I have in property now, I know if I haven't got the answer, I know somebody that will have the answer, whether it be Simon, yourself, Hanif, John, Howard, you know, I've got people that I can connect with, get the answers that I need. And I'm always up to date with what's going on by seeing what other people are doing. So that's so valuable.

Thanks so much, Steve. It's really cool. And the whole presentation and Q and A was really super valuable and inspiring. Thank you so much for that. A couple of questions David was asking, how do we get in contact with you directly? Is it. Were you referring to like the community or.

Yeah, yeah. So if they want to make contact me, I'm through the community, I'm on there, I'm on Facebook. I'm not a big social media fun, but I'm on Facebook and all the normal things.

You're bigger in the property filter community.

Yeah, so. But no, welcome, you know, anybody wants to get in touch, please do. Happy to go out for a coffee, whatever. And if I can help people in the same way that people have helped me in my property journey, then that's great. And you know, the teacher part of me, you know, I'd love to help people and for them to achieve the same things that I've achieved. So it's all about learning, it's all about helping. Definitely.

Yeah. Well done. That's really cool. I think you almost answered my last question, which I was going to ask you if you had a closing sentiment for everyone today as I, as I thank you and wrap up well.

First of all, thank you for the opportunity in letting me talk today. I've really enjoyed it and I've really enjoyed the questions that have come through. I did have a vision last night that there'd be about two people on the call or something.

You had like, really good. There were more than 50 people.

Yeah. That means a lot. So thank you very much. So I think some, some of the sayings that you say is, you know, it's not who you know, it's, it's who knows you. I think that's so important and that's real good. And also you're saying about the deals, you know, you, you've got, remind me.

Deals are made, not found.

Yeah, deals are made and not found. The deals are not going to come to you. You've got to make them work and you've got to negotiate. And as in with the examples that I showed before, you've got to renegotiate as well. So you've got to find the deals and the asking price. Remember, the asking price is just an asking price. You know, people think that that's the full value, but it's not. But I won't go on too long because I could talk all day, but I just thought, yeah, the deals thing and like you want to, you want to let everybody know and again, this is something I struggled with that style. But you want to let everybody know what you're doing, that you're in property and you're doing this, you're doing that. And it's amazing what, what you get back in, in return from people that you know, people have come out of the woodwork, you know, people I knew 20 years ago have come back in touch with me and they said that they know this property down the road or their auntie is selling or whatever. So yeah, just tell everybody what you're doing. Yeah.

Steve, that was really awesome. Surely one of the best deal final corner we've had in a long time. So really appreciate you taking the time to come and speak with us. So, yeah, really appreciate. So thank you everyone as well for joining us on today's deal final corner. I hope you enjoyed the conversation with Steve as much as I did and I very much look forward to seeing you next week. In the meantime, you know what to do. Go up to your proc future account, you know, have your follow the blueprint, have an endless supply of deals, join the top 1% like Steve and become an I achiever, deal finder. And I hope to see you next week.

Thank you so much. Thank you. Thank you very much.

Thank you.

Thank you everybody. Bye bye. Thank you. See you.

Bye bye.