Ryan interviews George, one of his top graduates, who has successfully grown his serviced accommodation portfolio from seven to 14 units in just 12 months. George shares his journey and insights into the rent to rent model, explaining how he found deals through bandit boards and built relationships with landlords.
He discusses the financial aspects of his properties, including rental rates and costs, highlighting the potential for significant monthly income. George also emphasises the freedom and flexibility that property investing offers, as well as the importance of building a team and utilizing technology to streamline operations.
KEY TAKEAWAYS
- George has successfully grown his serviced accommodation portfolio from seven to 14 units in the last 12 months.
- The rent to rent model is a key strategy used by George, allowing him to generate significant income without the need for large upfront investments or mortgages.
- Building relationships with landlords and agents has been crucial for George’s success, as he has secured multiple deals from the same family and is actively seeking more opportunities.
- George emphasises the importance of good Wi-Fi, comfortable furnishings, and parking spaces for attracting the right type of guests, such as contractors.
- Despite the initial commitment and effort required, George encourages others to give property investing a try and stay committed to the process for long-term success.
BEST MOMENTS
“I think the freedom… being able to pick what you want to do.”
“For me, there is a huge barrier to entry when you go down the traditional property route.”
“Give it a go, but be committed. It’s giving it a go.”
FULL TRANSCRIPT
So if you’re watching this now, and you love the idea of becoming a commercial conversion specialist, and you would love to get yourself in a position where you’ve got that first or next deal over the line. I would love to invite you to one of our up and coming property events. Come and hang out with me and my team, it’s completely free. You’ve got nothing to lose and everything to gain and I’ll show you how to become a commercial conversion specialist how to find deals, how to fund deals, how to follow flip deals, how to literally break the myths that have been going on for years and years and years and give you a new way of doing things a new focus a new strategy. Every single one of you can become commercial conversion specialists. So thanks for tuning in. Hit that link and I’ll see you in my next episode.
You’re listening to the dealmaker podcast, hosted by multimillionaire property investor, entrepreneur and Guinness World Record holder Liam Ryan, discover how to start scale and grow your business become a better negotiator create more opportunity and to make massive profit so you can live the life of your dreams or dreams.
If you’re listening to the dealmaker podcast, hosted by multimillionaire property investor, entrepreneur, and Guinness World Record holder, Liam Ryan, discover how to start scale and grow your business become a better negotiator create more opportunity and make massive profit so you can live the life of your dreams. So today we are going to be talking to George, one of our top graduates on how he’s gone from seven to 14 serviced accommodation units in the last 12 months. I’m also here with my great business partner Ross value known as aka the agent whisperer.
Ross, how long have you been in the creative property space?
Last 15 years I’ve been in the business and I can’t see myself going anywhere anytime soon.
Excellent. And in your time, how many deals have you source?
1000s and 1000s of properties up and down the country find offers out in Scotland far south as Portsmouth, Plymouth into Ireland, you name it, I’ve been there and took on property.
Excellent, great stuff. So look, we’re here with George George, great to actually be sitting in one of your service accommodation units. Let’s dive straight into the numbers on this deal. So how long have you had this deal in the portfolio? About two and a half years now? Two and a half years? And do you own this or is it a rent to rent this or rent to rent property? Okay, and how did you go about finding this deal? banned?
It builds on the side of the road? Yeah.
And you rent it from the landlord. How much do you pay rent to the landlord?
Direct 140 50 depending what’s going on online.
Okay, so let’s just say 140 pounds a night give or take and is this going out to the ledger market the corporate market contractors mainly contractor contractors and when we say contractors who what do we mean?
Workman so I get all sorts electricians, shop fitters, even rock climbers that deal with the side of the sides of cliffs, make sure they don’t fall in. So really any type of professional that is working away from home is looking for home away from accommodation.
Right? Okay, great. So you rent it out for about 140 pounds a night. You then have costs you’ve got to pay the rent. You’ve got the gas, the water, the electric, the council tax, you’ve got internet, little bit of upkeep, give or take, how much does this one property that you do not own? How much does this make you per month?
They can make up to 1500s but 1000s Quite a good figure. Okay, so 12,000 pounds a year from just one of these. You’ve now got 14 in the portfolio. You must be feeling pretty chuffed. What is it about property investing or being an entrepreneur? Running a property portfolio? What what is it about that that you enjoy the most?
The I think the freedom being your own? I’ve always worked for myself that setting your own timescales. I think that’s the big thing for me being able to pick what you want to do. You don’t well, you can always pick because problems don’t let you pick but yeah, just bit more time freedom.
Yeah, great. And it’s one of the reasons why you first got involved as well. Ross was to get time back. Because if you look at the UK population right now, most people are in jobs they don’t like or they got businesses taking up their time. They’re not making enough money. People are genuinely worried and freaking out about their financial futures. because wages are going down. People are losing their jobs to artificial intelligence. The world has gone absolutely bonkers since really, the pandemic inflation at its highest level interest rates on the rise cost of living like insane. This is why people are seeking property. But Ross conditional property investing is still good. Why do you love the rent to rent model and exactly what is rent to rent?
Yeah, so by all means, you know, as much as I focus on the creative property strategy, it doesn’t mean that the original traditional property strategy is is dead, dead far from it. For me, there is a huge barrier to entry when you go down the traditional property route, you need, you know, quite some, lots of 1000s of pounds for deposits, you need to be mortgageable There’s a buying process you need to follow when none of that is applicable when it comes to creative property, you can get into the unit’s relatively cheap, you know, anywhere between three to 5000 pounds typically would be the ongoing costs for your first deal. And again, the money generates each month for me for the time invested for the education that’s needed. There is no better strategy right now in the UK, where you can get fast results where you can scale it and literally dictate your own own destiny.
Yeah, what you’ve doubled your portfolio in a year. We’ve been working with you for about three years now. Now, maybe just under something like that it’s got to be around three years, you did seven properties in your first sort of 18 months to two years, you’ve done another seven, you’ve doubled in the last year. What do you put that down to George?
I could have more definitely could have more. Just think just keep an eye on resilience and just sort of adapt in looking at different areas, to just keep an eye out and have all your deals come from different landlords, different agents, or if you’ve got some multiple deals from agents and like this landlord, for example, I’ve got a dad’s property and our brothers property. Okay. The North think, one in the pipeline should yeah, no, they’re all individuals.
Yeah. But a lot of like these say, three have come from the same family. So building relationships is, you know, really, really important.
I’ll turn units down from the same family as well. So yeah, and I’m trying to get into another fact that the minute if a lot more, a lot more to get to go out. Yeah.
Excellent. Now, a lot of people who want to get into property certainly serviced accommodation. They don’t because they feel it’s going to cost them a lot of money. It’s going to take up all of their time. And they are just going to have problem guests or tenants all the time. Yeah. Your property portfolio 14 units, give or take, how many hours a week?
I’m not too sure not. I’ve got a VA, which took a lot of time. Give me a lot of time back. So couple of hours a day.
There’s like a part time gig for full time money. And yeah, that depends on growth, if you can, you can spend all day trying to get the one Yeah, to get well known. But in terms of actually running it and managing it. No, it’s not, not a lot of time, especially more. So we’ve got the Wii, I must admit, I’m scratching my head sometimes thinking shouldn’t I be doing so?
So it’s great, because you’re actually treating it like a business. And you’ve got your time back. And you said earlier that you know, you spent the last six months sort of twiddling your thumbs. We Yeah, so you’d be because you’re making the money now. So you can do what you want when you want. Now in terms of checking people in and out, is that something you do personally? Or how do you get that done without you having to do it?
So we’ve got everyone’s got lock boxes, or this this property, for example, was a shopkeeper on the corner, doesn’t charge me just holds the key. And I use keenest another two addresses, I believe two addresses.
Okay, so actually, you do not have to meet anyone. Everything’s done online. But so where do you get your bookings from?
Booking.com Airbnb VRBO, mainly, but we pick up quite a lot of direct bookings, especially where I’ve got a number of units in the same area, that for example, the guys that checked out of it today, the guys are checking in today, this all directs same group and different properties. So it’s just getting to know who’s coming in. And obviously direct bookings, you’re not then paying the 10 or 15%, agency fee to booking.com or Airbnb.
Right. So ultimately, they’re a good place to start. But the quicker you get direct bookings, that the better it is. Yeah. And what are some of the key essential things that you want to make sure that your apartments got? So you’re gonna get the right type of people and the right type of bookings?
Good Wi Fi. Okay, good Wi Fi is for sure. Enough, cutlery is always a big thing. Obviously. Comfort sofa, big bed slot, I’d rather have a bigger bed, and no furniture than a small bed and loads of furniture. So towels clean. Yeah, just just your your basics really. And I think it’s important as well, that naturally with the target audience, we’re going for contractors, they’re on the road, you’re going to need a parking space. So again, having a parking space for me, for this audience is essential, because
they’ve got their vans. That’s going to be important, but this has got underground
parking and secure underground parking up there mode aware before booking that,
excellent.
Well, look, you’re doing fantastically well. You know, really, really well download. It sounds like you’re winning another fantastic deal. What would you like to say to anyone tuning into this that’s a bit nervous about getting into property? Or they’re thinking about it, or they’re not too sure if it’s right for them? What would you say to people wanting to do this? Maybe they’re in the rat race, they’re not making enough money. They’re at a point in their life where they want change. What would you say?
Give it a go, but be committed. Is giving it a go? Yeah, I think yeah, just be committed to Excellent.
Well, it’s been brilliant. We’ve absolutely loved helping you, George. And you’ve worked really closely with Ross over the years and we’ve spent some great time together out on the retreat. So level one, level two, and you’re back out there with us next year as well, which is going to be it’s going to be absolutely fantastic. So well we will come back and revisit once you hit 25 deals. All right. Okay. Great.
Well, there we have it right. Another amazing success story 14 days. rose from a very relaxed chilled out George puts in the work, make sure he stays in contact with us just follows the guarantee process and he’s living his version of his dream life and if you’re tuning into this now and you are somebody that is looking for more, you want to sack the boss reduce the hours. You want to get involved with something that’s gonna light you up and take you your loved ones to where you want to be. Maybe that’s more holiday that’s more freedom that’s upgrading the car, sacking the boss or just just making your sleep well at night. I’m telling you rent to rent serviced, accommodation is the way to go.
You’re listening to the dealmaker podcast, hosted by multimillionaire property investor, entrepreneur, and Guinness World Record holder Liam Ryan, discover how to start scale and grow your business become a better negotiator create more opportunity and to make massive profit so you can live the life of your dreams or dreams.
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