A Word From Nick
Well it has been an exciting, exhilarating and energising time here at Nick Fox Property Mentoring. As you can see, the fabulous new website is up and running and this will be the first of many personal blogs that I will be writing. I have to thank all my team involved in producing such a great visual product.
Please take a look at our new short courses. These useful courses will help to make the most of your current HMO or give you an insight into what will help your future investments work – These courses really can make a huge difference to your profits!
Our monthly Newsletter has had a much-needed face-lift. Each month, I will be giving you handy tips and also the latest property news. There will also be a chance to enter our competitions to win great prizes – Please make sure you register. We don’t bombard you with useless annoying emails and we don’t pass your information on to marketing companies. We hate spam email too!
We have been extremely busy with all our new mentees. What they initially lacked in property and investment know-how, they made up for in passion, desire and focus. They have all moved forward and some are at the exciting stage of actually owning investment property and well on the way to becoming great multi-let investors. They all are a step closer to their future goals of financial freedom. You will be able to monitor their progress on the website under “Success Stories’ This will be constantly updated.
MK Lettings, (my letting company) has surged ahead with the employment of 3 new members to the team to help with the overwhelming work that comes through the office. They are being trained and guided under the ever so watchful eye of Jan Young, Lettings Manager. As we have over 500 units with an occupancy rate of 98%, you can imagine things can get pretty hectic in the office maintaining that amount of tenants and properties.
I also will be speaking at various national conferences and training seminars over the next few weeks. This will involve a lot of insight into property investing and also how the market is progressing.
Look forward to speaking and seeing some of you soon
Nick Fox (HMO Expert)
Dress To Impress – Rooms To Let
Why Use A Property Mentor?
The Benefits Of Working With A Mentor
In my experience, the majority of people who go on courses or read books fail to take action – and it’s normally because they don’t have a plan of action and they don’t have anyone holding them accountable. That’s what makes mentoring so special:- You can get specific advice on the questions you have – not just general information that’s designed to apply to everyone and no one at the same time.
- You’ll have someone on hand who’s been there and done that, who you can call whenever you stumble.
- You’ll have access to systems and information that’s been hard-won over time – and you’ll have it from day one.
- You’ll be held accountable and be inspired by being able to model someone else’s success. Nothing will seem impossible or beyond you, because you’ll be speaking to someone who’s already done exactly what you’re striving for.
My Mentoring Approach
Reading about HMO properties is fine, but it feels too abstract to be the basis for action. How can you set up a HMO property when you’ve never seen inside one before? How can you even go out looking for a property to buy when you don’t really know what you’re looking for?That’s why my own mentoring packages are 100% hands-on. Every student I’ve spoken to has said that actually coming and walking around my HMOs, talking to my tenants and asking questions to my staff has been by far the most valuable aspect and has hugely helped them to take action in their own HMO property journey.By using a Mentor you will avoid costly mistakes and will gain valuable advice from someone that has done it all before. I speak from experience, I can guarantee that if there is a mistake to be made I have made it, learned from it and now have a system in place to avoid making that same mistake again! You will have all this information at your fingertips from day 1!I am currently in the process of designing some new mentoring packages that will appeal to the beginner, those that have not yet bought a property, through to the advanced, those of you with an established portfolio. If you would like to keep up to date on our new services, course dates and products……..as well as finding out about all our new book releases, then please register your interest here and we will keep you informed. You can also download my free ebook, How HMOs Can Be Your Key To Financial Freedom.Good luck in your property journey and I hope to speak to some of you in the near future!Best wishes, Nick Fox (HMO Expert)The Benefits of HMO Property Investing
- It’s a huge growth market. We’re in the grip of a housing crisis in the UK, and the government is actively promoting communal living as a way for people to find and afford a place to live. Not only that, but recent changes to the housing benefit rules mean that single people under 35 years old are only entitled to a room in a shared house – pushing tens of thousands more people into the HMO market. People are looking for a cost-effective solution to their housing needs. In every part of the market from people on benefits to highly paid professionals, people want quality shared housing. Unlike when anyone could get a 100% mortgage to buy their own flat, the mindset is shifting towards living with others – but they won’t settle for shoddy standards. The demand is huge for anyone with a quality product.
- HMO properties generate large amounts of cash. You’ll make drastically more money from a well-chosen HMO property than you ever could for a single let. That means you can pocket the money to live on, save it to quickly reinvest in another property, or overpay your mortgage so you’ve got an unencumbered asset as your pension for when you retire. You can stop worrying about what’s going to happen to property prices. If the capital value improves that’s a bonus, but who really cares when you’re generating money every month? You’re making your profit now, rather than waiting for a possible payout sometime in the future.
- You’re at less risk from voids and non-payment of rent. People struggle to get their heads around this one, because more tenants equals more risk in many people’s minds. But the way I see it, if you’ve got one tenant in a house of five paying you late, you’ve still got 80% of your income on time. If one family living in a five bedroom house decide not to pay you one month, you’ve got nothing. With an HMO property, even if there’s one problem tenant you know you can still cover your mortgage and bills from the remaining rental income, and not have to service the bills and mortgage from your own pocket.
- HMO properties offer a lot of personal freedom. Because you’re making a large amount of profit from one property, you’re not constantly chasing around all over town doing viewings, making repairs and solving problems at multiple different addresses. You can work from home, and there’ll be weeks on end where you’ll never hear from any of your tenants – if you’ve been smart and set things up properly, that is.