Business
Many business owners, and especially property business owners, are feeling a growing sense of fear about the current issues in the world. In a very timely episode for anyone in property who might be concerned about what comes next, David offers some tips and guidance on how to run your portfolio so that it works for you and everyone else during these troubled times. KEY TAKEAWAYS We need to find a balance between our private business needs, and our public awareness. David’s awareness came when he realised that he is essentially serving a safe haven for families and tenants in his properties. We need to remember that in times of crisis, it’s okay to think of yourself, and prioritise the things that you need. The best way to protect yourself right now is adjust that mind-set. This will be over before you know it. When it’s gone, open up those shutters and get moving! If you’re setting up a new tenancy these days then make sure you get a guarantor for each and every one of them. People think that Section 8 notice can be served on a tenant when they are two months behind on their payments. But that’s not quite true. It can be served upon the second missed payment of rent, which may be much sooner. When you attend a Section 8 hearing, it’s important that you make sure you know what your rental day rate is. Section 21 does not have a money order. You’ll get possession of your property, but not necessarily your money. BEST MOMENTS ‘Sure, we all want to make money. I get it’ ‘You only know the good times were good times when they’re finished’ ‘You’ve got to be strong to give strong’ ‘Why should the onus be on the landlord?’ ‘You’ll know more about the Section 8 than the judge does’ VALUABLE RESOURCES Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/ Get Into Property - by David Siegler - https://www.amazon.co.uk/dp/1909846589/ref=sr_1_6?keywords=David+Siegler&qid=1570019066&s=gateway&sr=8-6 ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours. CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/