We were delighted to have Tracey Woods as the headline speaker at our March PIM.
Tracey is a successful property investor, having built up a portfolio of single lets and Houses of Multiple Occupation (HMOs).
Tracey let out her first property when she moved in with her husband back in 2000 and now has a portfolio of over 10 of her own properties, with more in the pipeline and already worth over £2.5million, generating a net monthly income of £3500.
Tracey has also helped clients acquire even more properties and she now runs two successful businesses helping others to understand the world of HMOs.
Tanwood Property Partners provides hands-free HMO portfolio building services to investors who don’t have the knowledge or desire to do it all themselves. As a complementary business, Tracey runs her HMO-Profit training company providing educational courses and mentoring programmes on the HMO strategy – aimed at those who do want to be more involved and learn how to do it well for themselves and build successful HMO portfolios.
Tracey speaks regularly, she loves it, sharing her success story to inspire others to get educated and take the important steps towards property financial freedom. She is also a mentor for the Progressive Property VIP programme.
Tracey was able to give up her full-time job in IT back in the summer of 2013 and now concentrates full time on helping others to achieve their dreams in life, using property investments as a vehicle. Property has changed her life and it can change yours too.
Tracey’s “3-Step HMO Property Quick Start Formula” highlighted the key topics of Homework, Maths and Occupancy (HMO).
Tracey started with her very helpful Top 10 Mistakes To Avoid:
- Not Understanding Regulations (licensing, planning etc)
- Not Doing Your Homework (eg choosing the wrong location)
- Investing Too Far Away (it is especially hard to find good HMO agents)
- Not Using The Right Finance (eg a BTL or even a residential mortgage)
- Selecting The Wrong Type Of Property
- Personalising The Property As If You Will Live In It (your taste may not have mass appeal)
- Not Looking After Your Property and Tenants
- Not Allowing For A Maintenance Regime (all property costs money to keep in good shape)
- Not Understanding Your Numbers (your portfolio must make money)
- Trying to Self Manage Without The Necessary Skillset
Then she went into more detail on her 3 Key Steps, giving lots of very useful information and advice; everyone picked up new tips.
- Detailed research and analysis on your prospective tenants and costs
- Understanding the area – talking to agents and checking LHA rates
- Checking out property for sale and for rent via Rightmove etc
- Use Spareroom, Property-Bee toolbar (a Firefox add on) and mouseprice.com
- Checking regulations including article 4 and fire standards
- Capital growth
- Focusing on the metrics most important to you and your goals
- Professionals – blue and/or white collar
- Always dress properties to appeal to tenants
- Decorate to stand out from the crowd
- Using some colour allows your thumbnails to stand out on spareroom etc
HMO is one of the best and most popular ways to get started in property investment and Tracey’s talk attracted a great deal of interest. This was an excellent evening and an excellent presentation. If you missed it, make sure you join us next month – on 28 April 2016 at Holiday Inn, Bristol City Centre, 6-9 pm.
For more info and to reserve your place CLICK BELOW!
We look forward to seeing you there.
The team at Property Options