Hey, I'm Russell Leeds. And I'm James. And welcome to the Property Investors Podcast. And I'm Should I say James and Youel? Probably, I'm saying Russell Leeds. Yeah, that's what I thought. Do you want to do it again? Yeah, do it again, sorry. Hey, I'm Russell Leeds. And I'm James Youel. And welcome to the Property Investors podcast on this week's show, how to buy your first buy to let property step by step.
Now, luckily we're here with obviously James, who has bought many properties. Yep, um, eighth one coming up soon. Eighth one coming up soon, fantastic. So you'll be Well, um, positioned to go through the step by step process of exactly how you do it. So if you're buying your first buy sell property, this is what you're in for, basically.
Okay, so we're going to start off with getting financially prepared. It's hard to buy a property if you don't have any money. I know we talk a lot about no made out deals and everything, but Yeah, the money's got to come from somewhere. Whether it's your money or somebody else's money, there's got to be some money.
If you're buying a property. Usually. If you're doing maybe a lease option. Yeah. You might be able to get around it. If you're doing different property strategies like rent to rent or deal selling, you can do it with very, very little money. But if you're actually buying the buy to let property, you either need money or you need an investor's money.
Or inherit something, which I'm afraid I'm never going to do. Or if you inherit something, then you've got money. So it kind of goes back to point one. Yeah. Alright, so, um, but, you're probably not going to buy it for cash, well some people do. Yeah, we've bought it for cash. The whole thing for cash? Yeah, we're buying our third one this time, not for cash, this is the third cash sale.
Not using a mortgage? No. Go on, explain. But we'll put it on a mortgage. So, we're buying it for cash initially because we're converting it from a C3 to a C4 or Sui Gen, depending on Um, meaning we're buying it as a normal house, we're turning it into a HMO. Yeah. So you'll know yourself, obviously if we do all that, we've got to get a bridge.
Because I can't take a buy to let mortgage on it. HMO mortgage on it. I can't take a commercial mortgage on it. Because it's neither. So I've got to bridge it. And when I bridge it, they sting me. Like they're doing recently. I've got to pay a bill. In Six days of 23 grand for some rigid fees, which is nice, thanks to rigid lenders.
Um, so we, we prefer to buy cash if we can, but then we flip them onto a mortgage afterwards. Obviously we're not leaving money tied up, we're not imbeciles. You say that, but Dave Ramsey teaches, I did a show about it a couple of weeks ago, and he teaches that if you, he says do buy real estate, but just buy it for cash.
Don't get a mortgage. Is he an imbecile? Um, I think so. Yeah, I don't, I don't know him. I haven't watched him, but I'm guessing he is because I mean, he's very well respected and he's, you know, he's got, I guess, a hell of a lot of YouTube views. Yeah. But he's really, really against debt. And I think, like you, debt's a good tool.
Yeah. Having said that, I mean, interest rates are currently on the way down. But right now, if you're just doing vanilla buy to let investing, you'd probably make a better ROI buying for cash. Yeah. Yeah, but the ROI on either is going to be poor. Um. On a single LAT. Yeah, but if one's better than the other.
But I mean, we're investing in itself, aren't it? Single LATs. So, yeah, it is. It's very easy though. Yeah. It's very easy. But let's say you bought, how much is it? You're from Barnsley, right? How much is the average house in Barnsley? Uh, good question. I think it's about 160, 170ish. Alright, so let's say you bought it, let's say 150, And how much would it rent out for?
Um, a house 150 would rent out for about, probably between 800 and a grand, depending on the finish. Alright, so if we say a grand again, to make it nice and easy, right. So you're getting 12, 000 a year. So you're buying it for 150. Is that it? Yeah. Um, and you, you get, you're getting 12 grand a year. So what's your yield on that?
About 12 and a half percent. Yeah. It's going to take me what? 12 and a half years to get it back. But right. If you bought the same property for 150 grand, you used a mortgage. Yeah. Right. How much would you invest? How much would you need? I would need. 37 and a half, is it? 37 and a half, and you'd probably end up making nothing.
Because probably, at the moment, normally the buyer lets. So at least with this way, yes you need more money, but at least you'll be making some cash flow. With a buy flat mortgage, on a millionaire buyer's debt, you probably make no money at all. Yeah, oh yeah, I'd be lucky to play at probably 400 quid a month, wouldn't I?
So then when you look at the ROI, it's probably even longer. Yeah. So, so yeah. But you're right. Just don't, don't buy. Lets, but why tie 150 grand up in a 150 grand ounce when you can tie it up in summit that's gonna cashflow and get Agree 50 grand Agree. I'm just saying that right now. Vanilla buy to let, if you're just doing a literal, just buy to let, yeah.
If you are in basil and you don't know how to invest cash is the way to invest in single life. So you need to get financial prepared, you need to get your money sorted, and then I'd also recommend, well, before you book, before you even look, um, go and speak to a broker, and get a mortgage in principle. So you know what you're eligible for.
Yeah, how much can we actually broker? You need to know how much you've got, or you've got access to, whether that comes from the investor or yourself, and part of that is your mortgage. Yeah. So how much, what mortgage can we get, and get a mortgage in principle so you know roughly what you're going to earn.
And do credit checks, don't they? Your credit rating's going to alter that as well massively. Yeah. What you're eligible to lend. And then also, don't forget, um So maybe before you even speak to the mortgage broker, maybe download Experian. Yeah. Or whatever. Get a credit check and then see what you can do to tweak it.
So whether it be, put yourself on the electoral roll, or, oh no, I didn't have that credit card, you know. Do you know your credit rating? Yeah, it's quite high. What is it? It was 999. if it has dropped a little. But I dunno why I'm on 9, 9, 8. Ah-Huh? I cannot get to 9, 9, 9. Dunno what I'm doing. No, you're higher than me though.
I'm in the nine hundreds but lower now. I don't know why though. I'm not quite sure exact. I think I've moved house a lot and it's, is it because of that Lexus you bought? Uh, I didn't buy Lexus, I think bought Lexus. No, I 200, you know, for worth buy Lexus. Uh, I dunno why. I dunno why it's maybe, maybe I've, maybe I'm over there.
I don't know, it's dropped a little bit anyway, um, but yeah, actually, interestingly though, once I went, I did, did go to a remortgage a couple of years ago and when I, um, did my credit check before I, I, um, applied for the mortgage, my credit was rubbish. It was like 500 or something. I was like, what the hell?
Anyway, it turns out years ago I'd had a, um, a bill from EE for There's always phone contracts that do it. It was with Dongle. It wasn't even a phone. It was a dongle. Yeah. And it had run out and I stopped paying it and didn't know about it. It was years ago and it was like 50 quid or something. I owed them 'cause they'd canceled it and it, oh God.
I rang them up and I argued with them next level manager. I meet someone high and in the end they took it off. Yeah. So you were looking at that. I know. Yeah. I hear a lot of people who credit rating support is because of. Yeah. Screw EE. I'm with EE. I'm moving. I'm with EE. I said this to go back to Orange.
I was like, EE. Right, I was on the phone with you. I was like, you do realise, like, I'm with you. I've got 50 employees that work for me that are all with you for our business. I'm going to be cancelling the whole lot if you don't get this taken off. Yeah. How long did it take them to take it off? A couple of hours.
Didn't quite work out. Yeah. So number one, get finance prepared. Number two, once you're in a position you know how much money you've got, you know exactly what you can spend, you know what mortgages you can get, the next thing you need to do is just pick a strategy. So we've talked a little bit about vanilla buy to lets.
Yeah, which work anyway I suppose, but you need to know what's going to work in your area. Yeah. You know it's no good getting a serviced accommodation unit in the middle of a council estate somewhere. Um, same as this. It won't be a really good idea getting a large HMO in the middle of Beaconsfield. Yeah, and you've got to know your area, you've got to know your strategy.
Obviously you do mostly buy, refurbish and finance, but I would say if you're buying to rent out, if you're not trying to do anything where you're adding value and you're bridging and everything. Realistically, if you want to make money, you've got social housing, you've got HMOs, and you've got service accommodation.
Yeah. And they're probably the three best ways of cash flowing high from a property. And then social housing is a little bit It's a bit risky, isn't it? Well, I would say two weeks ago, three weeks ago, I'd have gone, Oh, you still look bad. I've said for a while, it's, um, it's a risky business, social housing.
Um, because depending on, I mean, not all social housing is. It's bad or risky and, you know, anybody like, uh, battered wives, um, a lot of refugees, um, prisoners, things like that is good. But then when they start hammering areas and just filling, like, blocks of hotels and things like that, great money to be made in it.
But it's risky as we've seen. Yeah, but you can make a lot of money. Oh, definitely. Yeah So yes, the number two is pick your strategy. Once you've got your strategy, you know what you want to do Whichever one it is, even if it's just a bit of a buy to let's whatever it is You want to do next you need to pick a location.
Have you got any tips on how to pick a good location? Um, if you'll get a map of the world and throw a dart at it, something's gonna work in that area You've just got to I mean if you if I lived You In London, I'd do it in London. If I lived in Edinburgh, I'd do it up there or anywhere in between, it doesn't matter where.
So you'd pick somewhere close to home? Somewhere close. Ideally, we're in two hours, definitely. I mean, all my portfolio's within an hour, I mean, but I think we're in two is reasonable. And then find what works in that area. You know, if you live in North East, then you need to be looking at HMOs. So would you actually flip the order?
Would you pick your location first? And then pick your strategy Umprobably, or would you probably do the two kind of together? Yeah, I mean, I, I'd probably look at what's gonna work around me. Um, that said, I mean, you can travel 20 minutes down road that way, and service accommodation's gonna work well and then 10 minutes that way and HMO's gonna work well.
So I find service combination works well. Pretty much anywhere. Yeah, anywhere. Even in rough areas. People like Barn. Yeah. And Beck Infield. Well, Bexfield's obviously a really nice area, but yeah, I know what you mean. Um, alright, so pick your location, pick your strategy, make sure you've got your money lined up.
They're your first three steps, roughly in that order. Yeah. Alright, number four is a bick, a bick, you don't want a bick, you want a book. A big day of viewings. So big day. A big day. We call it a big day. So put a day aside, eight hours, probably a Saturday, eight hours. Go find as many deals as you can fit the criteria.
Why Saturday? Uh, it doesn't have to be a Saturday. Try and drop on landlords. Could be evenings and Saturdays. That's one of them. Is that your favorite? Yeah. Wednesday. Anytime or evenings. Why Wednesday? Because I've got a method. So Wednesday I do my viewings, Thursday I do my numbers, Friday I put my offers in, Friday I get accepted, usually.
That then gives me Saturday, Sunday and most of Monday to find the money. Whereas if I put an offer in Wednesday, Thursday they're not following. James, James, you missed the point one, which is get the money all lined up first. You're doing, you're doing it all wrong James. You can't be telling people they've got a weekend to get their money sorted.
Get your money sorted first, don't listen to him, he's a bad man. All right, so yeah, so use the property portals, places like Rightmove, Zoopla, obviously speak to estate agents, get as many viewings as you can. Why loads of viewings, why is that important? Because you're going to view a load of houses that don't work.
Um, I would say every five or six I view, one of them I'll actually put an offer on. And the other thing is that if you put in three offers, you might only get accepted for one. So, don't be afraid to view a lot of houses, don't be afraid to put in a lot of offers. We're not in Scotland, you're not tied to it.
No. Not an auction. No. And like I say, if you're only viewing two or three, and they're no good, So, you're just going to feel slightly flabbed at the day, aren't you? Yeah. So, view as many as you can. Any that are good, point number five, kind of skipped ahead slightly, but point number five is make an offer.
So, I would suggest when you're making an offer, don't even think about the asking price. The first thing you want to be doing is you want to be going and valuing the property yourself. Yeah. Looking at comparables, looking at the price per square foot. Um, and the other thing I do is if I'm viewing the property, if it's one that I'm keen on, if I like the property.
I'll then go and have a look at some of the, not, I won't look at viewing, but some of the ones that have sold in the area, and I'll go and have a look at them and, does this feel the same? Does this street feel the same as the street I was on? Yeah, yeah, because like half a mile in Outworld can be a completely different experience, can't it?
Yeah. Although valuers will accept up to three miles. Yeah, but not if it feels different. No. You know, if you're on, you know, even places like, like I say, in Beaconsville now, you might have some streets where they're all mansions. and another street where they're just, you know, nice five bed detached houses.
Yeah. Yeah. And, and then little flats like this one. Whereas, whereas if you're, you know, in Barnsley, you might have like a little scummy one bed and you might have a little scummy three bed. Do you know what I mean? They could be, there's totally, totally different. Oh man, you're going to get some, you're going to get some Barnsley folk down here.
I've got his address anyway, if anybody from Barnsley wants to come along or not. Uh, I wouldn't, I've never been to Barnsley. Um, yeah, so you want to be, you want to be checking these and making your offers based on what you think it's worth. Because a lot of people, they'll put an offer in and they'll go, Oh, it's up for 300.
I'm up for 280. 20 grand. It's actually worth 220. Yeah. Yeah. So if you like the property, make sure you do your research. How much is it actually worth? And that's where you're going to then, going back to the mortgage side, you're going to You're going to waste money because then when they send the value right to it, which they're going to do, if you're bidding 280 and it's only worth 240, 40 grand on top of your deposit for it.
Yeah, yeah. So once you've made your offer, uh, hopefully one of the offers will get accepted. If not, reach and repeat the other, the other, um, so keep going, keep making offers. Yeah, or start bribing. Go on. That's what I do. Do ya? Yeah, that's what I always say to estate agents on viewings. I don't want to get into a bidding war with other buyers.
I'm not interested in that because I'll be like, I'm having it, another two grand. So what I said to him is, you tell me exactly what I need to pay for this, obviously the minimum, and then there'll be a little brawl in the market. When I get the keys. Four times I've done this now. And you give them a grand?
Yeah. Is this legal? I don't know. I don't know. I can't see it being illegal, it's just a It's not a bribe, it's just a You started off by saying it was a bribe. It's just a thank you very much for helping me out and letting me know what I'm here to pay. Because I'm still giving the, uh, the landlord, the owner of the property what they want for it.
That's a lie, Matt, that's a lie. You're representing the owner, and you're It's almost like If this is the owner, how much do you want for it? And he says I want 235, 000. 235, 000. And then they come back to me and say, He wants 235, and then I go, Yeah, I'll buy it then, 235. He's happy, estate agent's happy, I'm happy, everybody's happy, I don't get what, I don't get what the problem is.
True, true. But the po po come knocking at your door because they're watching the, uh, the property investment. Well, I've moved from Barras, I don't even know. Oh, where do we live? No, I'm in a nice area. Really? Am I in Barnsley? No, no. There's nothing wrong with Barnsley, there's some nice areas in Barnsley.
But you said I'm in a nice area now, are you kind of suggesting that Barnsley isn't a nice area? Well, the area I'm in is very nice to be fair. Fair enough. So, um, hire a solicitor is the next stage, which I think you're going to have to do pretty sharply. Yeah, the bit I hate, if I'm honest, yeah. Yeah, solicitors just, um, overqualified, under, overpaid.
Overqualified eejits. Overpaid? Overqualified eejits? Eejits, yeah. Wow, that's not very complimentary. I'll be having a word with Tatiana. All solicitors, I'm afraid, I just, I just can't see how they can justify what they charge me and how I'm going to take it. Because every sale I've done, I've had to orchestrate them all.
And if you don't push them, They're just sat on it doing nothing. Yeah, yeah, it's very true. They do take ages. Yeah, like, I used to be a gas engineer. And if I'd have just gone round to somebody's house and go, Yeah, I'll fix this boiler. Started it, and then just sat down for three hours. And were charging them hourly rate.
And they had to come in and go, Can you carry on fixing that boiler for me? Oh yeah, sorry, yeah. And it's like, that, I'd be all over. Social media and, you know, cowboy builders, whereas we solicitors, it's just socially accepted that that's what they're doing. It's normal. Yeah. Yeah, I know. It's not normal.
It's very, it is, it is very weird how slow they can be. I always think what they should do is meet everyone in person. Because the reason they're so slow is normally it's like, Oh, we said this, and then, and then we're waiting to hear back. And then, oh, they said this, and then, It's like, get on! Stop it! Like an American divorce.
Everybody around the table. Mate. Get everyone in a room. It's like, right. On, in, behind the house. You said that sofa were in Golden. No, I didn't. The only thing I do like about it being slow. Is if you haven't got your money all. Yeah. It gives you time. Yeah. All lined up. It does give you, it does give you time to get all your ducks in a row.
Yeah. We, we, um, on the last one we've just done, we got hit with the, the tolls. It were a 20 grand bill, then it were a 17 grand bill and we just said final bill today, 23 and a half grand bill. Um, and that just come out and no last month. Um, and then the, we were supposed to complete last month and they've dragged it out.
Now we're gonna complete next month. Yeah. So actually thanks for. Being slow on that one. Yeah, you sort of saw another moment. Certainly saw that coming. So it was quite nice being slow. But if you want to be quick, I just think, look, I'm going to buy it. Right, yeah. Let's meet up next week. I don't know why it's going to take months.
Obviously you've got your searches. Yeah, what, what really, really, how long should the searches take? Come on. What, three hours? Yeah. If you're getting surveys done, valuations done, that should be done in a day. You should be able to just ring them, just go, right? So it should be right handed by the property.
Next week, you'll have got all that sorted for me. And what we'll do is we'll meet up, get everyone together and we'll go, right. Well, is everyone happy with this? Can't see a problem. It's a fricking standard contract that we use every single time, right? I'm sure all they do is edit it. All they are doing is justifying the money that they're paying, that you're paying them.
Yeah. That's all they're doing. They're just dragging it out just to make it look like the worth of money. It's like a plumber being sat in your bathroom tacking pipes with a spanner for two hours to justify that three hour callout charge. That's all it is. Yeah, I agree, I agree. But whether we like them or not, they are a necessary evil in this world.
Whether we like the process or not, yeah, you'd have to go and hire a solicitor. Yes, you must, yeah. And to be fair, I hate on solicitors so much, but my solicitor at the minute Old guy, bless him, I think he's not got much longer before he retires, but he is pretty on the ball compared to what he was previously.
So he's not Alistair, thank you very much. He's crap, but he's less crap. He's less crap than them all, yeah. You should leave him on ice with you. Alistair is the least crap solicitor I've ever used. So once you've got your solicitor and they've started the, um, Six to twelve month process that is buying a house.
Yeah. What do we do now? Um, We are, I think we're on step eight. We're starting to look into getting your insurance sorted. So, then we have to look at getting insurance sorted. Oh, well done, yeah. Good point. Yeah, before we, um, uh, we'll actually draw down the funds as well. They'll want to see insurance buildings covered, and they'll want to see it covered for at least this amount.
We've just said this recently on one of ours, actually, that we've completed on, and they've delayed it because it didn't say the word. about subsidence. They used a word before it, like chronic. It didn't say we'll cover chronic subsidence or something like that. It just said subsidence. And they've pushed back on it, lenders.
So we've had to go back to the insurance company to get them to amend it. And they're like, why do we need to just put a word chronic on this? And we're like, just do it. Just charge as you have been paid. If anything though, you'd think that just subsidence on its own was better. Because now it's like, oh, we'll cover chronic.
Ah, it wasn't chronic though. That is normal substance. That is not covered. Do you know what I mean? Yeah, so it is, it is important. Um, and another thing as well to know with insurance, which a lot of people don't know, I found this hard way out because we're being cancelled, which always makes it good that we need to try and take new insurance out, is when we do HMOs, we have a, like an empty house insurance.
Because obviously we're refurbing it, so there's nobody in there. So it's insured that it's an empty house. We then, one of the first things we did, we refurbed it, we put tenants in it. We started refinancing it. And then the refinance company were like, Oh, your insurance policy needs to say that there's tenants in it.
So we were like, Oh yeah, we've got to change that. We rung the insurance company up, we were like, Oh, we've got tenants in now. And they were like, when did it move in? Um, Today? About, well, About, about two months ago. Oh, I never met. This could be insurance fraud. What do you mean insurance fraud? Well, it's going to be a different policy now.
And you need tellers and blah blah blah. It's all right. Anyway, so they cancelled that policy. And then I had to set a new policy up. Which was then cheaper than the existing policy I had. Because they said it was more at risk while it was empty. Somebody breaking in, burning it down or whatever. Than when it was tenanted.
Then we did it, we had another one, where I rung the insurance up and I was like, Ray, we've moved tenants in like the day before. And I goes, we're, we've got tenants in now so I need to change the policy. When did the tenants move in? I says, uh, yesterday. Oh, hang on, you should have told us this. I was like, this ain't going this way.
And then I went, hang on a minute. You asked Becky, I went, hang on a minute. What? I went, oh, sorry, me wife told me she had, they haven't moved in yet. They're moving in later today, and I think he knew. But I was like, I'll start playing you at your game. And he was like, well, let's see if we can get this set up before they move in.
I was like, well, you're going to have to tell me because they're on their way. Vans, they're all coming in this evening, so. I thought, oh God, they won't do anything. These companies won't, they just to nail you. Yeah. Yeah. I'm not, I'm not, I'm not, I'm not a fan of insurance in general. No. It's like charging a lot of money and then doing everything they can to wiggle out of it.
When comes construc, when it comes, comes, but it's necessary evil. You have to have it if you had burnt down and you'd be very grateful. Well, if they pay out, I'm sure they'll find some clause not to pay out. Yeah, well it's not, it's not a chronic fire. That's just a normal fire, you're not coming for that.
Um, alright. So once you've sorted the, uh, your insurance out, um, what do we do next? We need to, um, start completing on the purchase. So, how, what does that normally look like? So, that's gonna look like the drawdowns of the funds. Uh, it's gonna come from the lending company, usually, unless it's cash. Um, and that's where then your solicitors on each side are going to start dueling it out on forms that are not being signed, um, T's that are not being crossed and I's that are not being dotted.
And then you're going to have a nice, probably six weeks of going back to solicitors every other day because they need a new form signing. Um, but then eventually when you get through that. The money gets drawn down, and then the completion will take place on that day. You've got to then usually go in and sign the same day with the solicitors.
And then you get that nice feeling of walking out with your key. New home day. Yeah. And what you should do at this stage, I should almost add this in as extra steps, when you get the key and you're going to stand outside the house, take a picture, selfie, yeah, pop it on Instagram. Oh, definitely. I don't think you've actually bought the house if you don't do that.
Yeah. If you don't take a selfie with the key, does it even count? It doesn't count. And if you go through my Instagram. I think I'm stood outside of nearly everyone. Yeah, I'm talking about you.
So, once you've completed all the purchase, uh, next step is now to prepare the property for renting. So that would include potentially making necessary repairs to the property, refurbs, refurbing it, um, furnishing it, depending on your strategy, if you're doing it as a HMO or service accommodation, you'll definitely need to, um, probably as a buy to let, I'd recommend not.
People normally want to bring their own furniture in. Yeah, you're just going to carpet and decorate it aren't you? Yeah. And paint it vanilla. As well, a vanilla colour. Not colour? Not aubergine purple unless it's a specialist adult player. Yeah, fair enough, fair enough. If you want to find out about that, a little private joke, there's a last week's show.
Um, and then just your safety checks. Gas safety, electricity safety, make sure, especially if you're renting it as a buy to let, there's certain stuff that you've got to, uh, Yeah, uh, legionnaires, you remember that now, don't you? Yeah, I've heard about that. You can buy your own test kits for the back pack, can't you?
Can't you? Yeah, I figured I couldn't in anymore, you can buy your own test kits. Uh, I'd probably still get somebody in, because it can be quite serious that, can't it? Even though you're, you know, a tradesman. Yeah, I mean, it's only usually gonna come into play, I think, if the hot water's sat between them. I think it's about 50 and 58 or something.
Um, but it can sit in tanks, if you've got like old water tanks in lofts and things. Um, so it can be quite risky. And I've heard of a few people who've been quite ill from it as well, in the past. I used to work for a council, so we used to have to get them tested a lot, because obviously I wonder what you would say to that.
That explains a lot. Yeah, it took me years to sweeten up my flick count. It took you about five seconds to get that joke, so Do you know, I used to work for British Gas, and then I went to work Sorry, I started at the council, then I went to work for British Gas, and then I went back to another council. Can I ask you a question?
Someone that's worked at multiple councils, how have you got the nerve to call solicitors slow? Well, when I went to the second council, I don't About five years at Rich Gas. And the first week I was there, the other guys were like, they said, you really need to slow down because we don't do this many jobs a day.
Because I was like, we used to work at Rich Gas, if we didn't do ten jobs a day, we were sacked. Yeah. And then I went to the council and we're doing ten jobs a day and they're all doing like four and five jobs a day. And they're like, you need to slow down. Nah, that's, that pisses me off about this. I don't know, I might not want to come to this council as a struggler as much.
It's like they've just got a load of solicitors working for them. It's almost that bad, almost that bad. So actually buying your first property, it's not overly complicated. No, and when you've done it once you've done it a thousand times. So just quickly, just to recap, so number one, get your finances all in place, whether that be your mortgage or your, you know, deposit.
You need to save up yourself for cash or cash or whatever it is. Uh, number two and three, I'm going to merge together because you can't do it at the same time, but pick your strategy and pick your location. Where are you going to look? Uh, number four, book a big day of viewings on a Wednesday for James, on a Saturday for anyone else.
Uh, number five, start making some offers. Would you, sort of quickly, would you be worried about offering on too many properties at once? Yeah. I've done that. Yeah. You can always pull out though, can't you? Yeah, but it doesn't look good with the agents, does it? No. You know, when you're trying to create this.
So how many would you offer on at a time? One. One. One at a time. Yeah. What about if you had three that you loved and you liked all of them? If I could get finance for them all, then I would. Could you not put three low ball lockers in and see what they come back with? Yeah, but you're still going to get finance for them, aren't you?
Yeah, but they're not going to accept all that. So let's say What if they did? What, if all three did? Yeah. I've done that. Have you? A low balled one. I told them I wanted it, I wanted it, I wanted it, and then something else came up. And I was like, I don't want that now. And we've got a really more stupid offer in the outset today, and we have to buy it.
Wow. Hold on. We're running out of time there. We're going to have to buy it for properties. Um, number six, hire a solicitor. Number seven, uh, secure your insurances. Number eight, complete the purchase. And then finally, number nine, prepare it for renting. Get it all set up on the platforms, rented out, get the property all ready.
And it is as simple as that. That is how you invest in property. So guys, hope you enjoyed this week's show. I'm Russell Leeds. And I'm James Yewell. And we will see you next week.
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