How To Start, Scale and Grow A Property Business


In today’s blog post, myself and Ross Mallalieu speak to academy member Hafiz Choudhury on how he has managed to secure 3 serviced accommodation deals that generate £36,000 per year. We will take a deep dive into the journey that Hafiz has been on, since leaving his job in the banking industry and starting his own property business. You will also hear our top tips on serviced accommodation.

Liam: Hafiz, could you take us back to what life was like before you met us?

Hafiz: Life was comfortable. I had been working in the banking industry for 20 years and it came to the point where I needed to make a change. A lot of new legislation was being put into place and people were being made redundant.

Liam: Why was property the next step for you?

Hafiz: I had always wanted to invest in property. I had some property in Bangladesh, which we let out on a rent-to-rent basis 20 years ago, but I wanted to do more in property.

Liam: How did you initially meet me?

Hafiz: I kept seeing your face pop up on Facebook and YouTube all the time and I thought it must be worth going to one of your sessions. I went to a 1-day event four years ago and that’s where I met you.

Liam: Why did you decide to do Serviced Accommodation and Rent-to-Rent?

Hafiz: It’s not an asset grown scenario, it’s more of an income grown scenario and because of the ir35 legislation, I left banking and had to generate another income. I have other assets and money, but I needed it to be income generated.

Liam: Ross, you are the agent whisperer; you’ve been in this marketplace for 12-13 years now. Could you just explain to us as much as you can, what exactly is rent-to-rent?

Ross: In a nutshell, the traditional property investing is where you purchase cash, or use finance to obtain the asset. It’s purely acquiring control of an asset and re-renting it out to get a return, so it’s a cash flow strategy.

Liam: Is sub-letting illegal?

Ross: Sub-letting is illegal if it’s done on the wrong contract, however, if it’s done on the right contract with permission to sub-let clients, it’s completely legal and above board.

Liam: Hafiz, Ross trained you in serviced accommodation and you then did something called on patch. Could you just describe what on patch is?

Hafiz: Ross made sure we have everything in place first – the company set up, website, etc. After this, he took me to the area where I wanted to invest to speak to estate agents. He then took over and showed me how to talk to people so that we were talking the same language.

Liam: We’ve seen a lot of people succeed and we’ve seen a lot of people fail. One of the biggest blocks people have is talking to agents. Why do you think that is Ross?

Ross: I’ve been training people a long time within this industry, and I would go as far to say that five or ten percent of people can receive information in a classroom, take that information on board and then put it into practice to get a return. The rest of the people need to be practically shown how and I think it’s a key component in this business to getting anywhere quickly.

Liam: So shortly after your on patch you go and get your first deal. Talk us through this Hafiz?

Hafiz: One of the things that Ross gets us to do is to introduce ourselves to agents and call them up once a fortnight or week. After this, if you find any deals that might work for you, call that agent straight away because the deals go quickly.

Liam: How did it feel when you picked those keys up and went in?

Hafiz: I was scared, but I was also like oh my god I am starting a new business now. It was really a new journey for me.

Liam: What was your market in that area? 

Hafiz: Primarily contractors.

Liam: So, you’ve got your first deal, how did you get your second deal and where is it?

Hafiz: I made a point of getting to know people in my block of flats to ensure I know what I’m doing and to avoid them getting upset when different guests come in all of the time. There was a couple who was moving out so I went to the estate agent, told them the situation, and asked them if I can take the flat.

Liam: What’s next for you? Where do you see yourself in the next 12 months?

Hafiz: I have a target to get a new property every month.

Liam: That’s great. It’s been amazing having you on the show, any final words from you Ross for anyone thinking of getting into this?

Ross: Firstly, I just want to say what an absolute pleasure it’s been to mentor Hafiz over the last 12 months. Secondly, please see this as an opportunity that you can change your life. Whatever your circumstances are, see this as a viable entry to get into the property market and use the cash to buy assets!

If you enjoyed this blog post, you can watch the full YouTube video here.

Before you go …

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