Back in 2014, we had some money to invest but didn’t know where to put it. Someone we knew ran a property management business, so we invested with him. It was a completely hands-off investment and we didn’t even see some of the properties before we bought them.

Perhaps a bit naive, but that’s how it was. We were very trusting at the time

In the early years…

After our first purchase, everything went well. So we purchased another one 2 years later. Then we bought more in 2015 and 2016, with our final purchase in 2017.

Everything appeared to be going well, but things fell apart 2018 and we had no other choice but to take back full control of all our properties in 2019.

We almost lost it all…

We were 1 month away from starting to default on our mortgages. We had built up a large amount of debt as a result of mismanagement of the properties and we didn’t know what to do. We had rented out single let property before, but nothing to do with HMOs.

We didn’t know it then, but that was the start of an incredibly steep learning curve as we battled to understand the rules, regulations and how best to mange our properties and tenants.

Turning it around…

It was time to sink or swim. It was far from easy and a lot of blood, sweat and tears were shed turning it back around. But with a huge amount of work, we managed to do it.

At one point, we were working 90 hours a week each between our normal jobs and spending literally every waking hour outside of that and the weekend working on the property business.

Through that process, we learned about all the rules, regulations and how to manage the tenants.

Back to black…

Fast forward 12 months and we had managed to turn the business profitable again and got all of our properties 100% tenanted. It was an incredibly rough ride, but the positive is that we learned so much. We had no choice, which is often the time when you learn the most.

We’ve invested over £250,000 into our properties and are making it work. So now we can do the same for investors, using the network and knowledge we have spent a lot of time and money acquiring.

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