What would be your next step

Question

Hi all ... just after some advice on what my next step should be .
id like to start off and say I set my goals very high so it may seem like I’m being over ambitious but hey we have to be optimistic . I’m an investor in the U.K .

I currently have 7 single family lets that return great profit per month . Most of these family let’s have been refinanced as I managed to get them BMV .. and used the brrrr method which has been great .

I’m currently flipping 2 houses which are about 2-3weeks away from completion which will have great returns also . I won’t be renting these 2 out as it would be a lot more beneficial to sell on in terms of ROI

I’ve just been accepted on an offer for a large building which contains 3 flats which will be a BRRRR also

I’m wanting to speeed the process up And retire from my day job . I know my financial freedom number and at the rate I’m going I’ve worked out it is 3yrs away.

I’m wanting to get my goal of 50doors in 12months time or the money to buy 50 doors.

Going forward from here what suggestions would you all have ?

Tamara Deering · Answer

@Jack S.

It sounds like you're off to a brilliant start and you've got everything dialed in.  According to all of the podcasts I've been listening to the next steps would be to 1. identify your current spending habits and see if there is anything that you are mindlessly spending money on, eliminate it and add those funds to your investment pool.  2.  review your process, identify anything that you are doing that doesn't make sense for you to do, farm that out, and spend your time doing the high value parts of your business closing deals.  3.  if possible in your market, start looking for larger properties to increase your number of doors.  One last thought, I'm not going to pretend to understand Brexit and the Eurozone politics but have you considered diversifying your portfolio?  Possibly holiday rentals in Portugal, Italy, Greece or Spain?  I seem to run into a lot of travelers from the UK when I travel to those places and it seems that as long as you are part of the EU you may still be able to purchase properties, whereas I as an American am pretty restricted as to what I can do.

Mike Lambert · Answer

@Tamara Deering

Investing in holiday rentals in Portugal, Italy, Greece or Spain is a great idea. There are absolutely no restrictions for anyone to invest there. I'm not sure where you got that from. You don't need to be from the EU. You can invest as a Brit whether Brexit happens or not and you can invest as an America too.

The main thing is that it's best to know what you're doing or to be connected with people who do. There are great opportunities an Italy but prices have been declining for years. I guess you heard about the situation in Greece but oftentimes trouble spell opportunities if you know where to go. Portugal and Spain are great places but you have to be careful not to overpay.

Mike Lambert · Answer

@Jim K. Absolutely! You brought a great point here, which I forgot to mention. Having (access to) the knowledge is important as I mentioned but so is having reliable contacts on the ground. I'd never have started to invest internationally without those. They're not absolutely necessary but I'm very risk averse and these contacts give me access to the best deals. This is the case for Greece or anywhere else for that matter!

Jim K. · Answer

@Mike Lambert I'm pretty sure you have to be very careful putting money into holiday rentals in Greece, and the kind of reliable people you're talking about are pretty thin on the ground.

Jaysen Medhurst · Answer

Go for the 30+ unit properties, @Jack S.. You have enough experience to make the jump. Maybe you partner up, if you can't raise the capital.

Jack S. · Answer

@Jaysen Medhurst in the uk we don’t have multi family properties for sale .

There are only flats in big buildings in quantities of 30/40 which are normally £1.25m+ which would require a 25% down payment .

I’m 100% wanting to advance and go bigger but there isn’t such as thing as duplex or triplex extra it’s just big blocks of flats of single family units over here . what would you do ? Thanks for your reply

Mike Lambert · Answer

@Tamara Deering

If you don't have the cash, you can't invest in Europe right now, irrespective of how complicated it is. Just know that, for the day you can do it, it's not that complicated and you have the choice between learning and doing or invest with people who know what they do. Also, they amount of money you need might be (much) less than you think.

Jaysen Medhurst · Answer

@Jack S., stop messing around with small potatoes and focus on larger MFR properties.

Tamara Deering · Answer

@Mike Lambert

I realize I can buy properties in Europe but it is infinitely more complicated, taxes, foreign investment rules and restrictions, and needing more cash than I have makes it an option that I would love to explore but it's not in the cards for me at this time.

What would be your next step

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