Mark Simpson explains how to set up rental properties, including using long-term tenancy offers to attract landlords. The biggest mistake beginners make is using the wrong contracts for rent-to-rent deals. Simpson is currently buying properties and releasing a course on rent-to-own in October.
Chapters
I really reassured her was, I want it, I can afford it, the rent's no problem at all. I'll come in and I was going to redecorate it and furnish it. She would be able to see it all the time, but I would, I would be in there for five years. So she's not having to change tenant every nine months, which is the average for Whitby. And anything that damages to a certain point, I'll replace and I'll look after and that she would get a rent on time.
Like how do you approach going to an estate agent or approaching a landlord or whatever you do to then go and get these properties on your portfolio?
So the first thing I did when I hit Whitby, because I went with my friend for the day, we said we were going to go and have a nice day out in Whitby without any children, just us. And I thought while I'm there, I'm going to see if I can get some property.
What is the common one common mistake that you see a lot of first timers make when they get into rent to SA or they get into service to accommodation? What's the one big thing that you notice that people make?
I think probably the biggest thing is getting the contracts wrong. So I'm from a corporate background, so I'm trained to get things right and we train people to go on the right contracts for rent to rent.
What are you working on at the moment? What are you looking to achieve?
I'm currently buying some more single let properties to tenant, buying a commercial unit and we're just about. I'm just writing here in Italy on this retreat, writing my next book, which is all about rent to own, how landlords can really bulletproof their portfolio and make more money just using a simple system of houses and tenants, but giving the tenants the opportunity to rent to own. And then I think we're going to have that out as a course in October because we've got quite good demand for that. And that's my ideal strategy. I get so excited because it is a win win for landlord and tenant, like the biggest win win.