Broccoli v chips…
27th Jul 2016
Lesson 029 – 101 Lessons
The unsexy, unsung hero of owning houses as property assets and having a relatively passive property income (aka financial freedom), detached from your hourly rate.
Why broccoli v chips?
Chips are golden, smell great, and will be what you want first! Broccoli is green, a vegetable and extremely good for you, but does not show it’s attractions on first sight.
You are likely to want to go for the chips – i.e. learn how to do deals, JVs (Joint Ventures) and raise money, but the broccoli (knowing your craft of lettings) will keep you healthy and strong (financially) for many years to come.
I can teach you how to source deals, how to JV, how to fundraise…
…doing so through Workshops and our Group Mentoring Programme (give us a bell if you’d like to chat about it on 0117 942 8914), but every now and again, I need to say to you ‘eat your greens’.
So the learn is…..
..know your property lettings ratios – how long will your type of tenant stay in your property? On average, our professionally occupied multi let (HMO) rooms rent out for 10 months and AST for 2 ½ years. Know your ratios – how long will your type of tenant stay in your property?
If you know this, you can plan the resource needed (you or other people) to manage your property asset, as actively or as passively as you prefer.