In my humble opinion, the first deal in your property investment journey is often the most important one.
This is when all your planning, researching, learning, and networking finally have the chance to shine.
With this, I am going to share some details on how my first-ever deal (a rent-to-rent one in Wolverhampton) came to fruition and how it has helped me.
I met this wonderful couple during the COVID lockdown in my local PIN event. After this initial Zoom meeting was the face-to-face one, and this was when the deal was closed.
They have tremendously helped me with starting out on rent-to-rent deals. They had this one in Wolverhampton but it was just a bit far for them. Since they wanted to concentrate more on their own area, they needed to pass it to someone else and it just so happened that I was looking for a local deal.
The property was good, but just needed a bit of work. I had to put in an initial investment of £4,528. The rental I received was around £2,285, so I had a profit of about £687 a month for a total of £8,244 annual profit.
My ROI, or return on investment, was 179%.
Now for me, as my first deal, this was a cracking one. Absolutely great first deal! This is where I actually learned a lot, like how to manage HMOs, how to do ASTs, how to get the room rented, and all that kind of stuff. Although I was always learning in theory, practice has actually changed it all. Having this first deal was a no-brainer. To have this kind of ROI I thought it was an absolutely amazing first deal.
This deal happened because of networking; I don’t think I was lucky. If I hadn’t gone to the networking meetings, this deal would never have happened. I never would have been able to connect with the people who had worked with me for my first deal. They were, and still are, part of my support system, along with the team at Black Country PIN. That is where my whole journey in property investment started.
I cannot stress enough the importance of networking and having a support system to help you throughout your journey. Without having those, things may be very difficult.
If you would like to get started on your own property journey, or get great returns on your well-earned money, I would love to be of help.
Drop me a line: info@ukpropertytastic.co.uk
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