Every week, I answer my subscribers’ questions about property and investing. This week as well as answering questions, I also delivered a prize to a competition winner. A while ago, I ran a competition to win your utility bills being paid for the rest of the year. All people needed to do to enter was attend a particular training event, which was free (plus a £1 booking fee). Anyone that came to the event was put into a draw to win the prize.
I did the draw as part of this week’s Q&A video and Daniel Greenwood won the prize. I decided to get dressed up in a disguise and drive directly to his house with £1,200 cash to pay his utility bills for the rest of the year. You can see Daniel receiving his prize in the video above as well as all this week’s property and investment questions and answers.
It is too late for you to enter the competition for me to pay your utility bills for the rest of the year. However, I thought I would give you a simple plan to earn that money. In this article, I am going to lay out how you can make enough to cover your utility bills for the rest of 2022 by sourcing a single deal.
1. Educate yourself
The first step is to learn how to find and secure good property deals. It doesn’t matter what types of deals they are (rent to rent, BRRR, buy-to-let, property development, etc) or whether you can personally afford to do the deal yourself or not. The important thing is that the deal produces a great return on investment.
2. Find a deal
Use property sites such as Rightmove and OpenRent to find potential leads. Reach out to landlords and real estate agents. Book and attend a lot of viewings and get a good sense of what makes a good deal. Over time you will be able to identify properties that will achieve a good return on investment and will work with a specific strategy.
3. Pass on the deal to a deal sourcer
Once you are able to find good deals and assess them, reach out to a fully compliant deal sourcer and offer to pass them deals that they can sell to their list for a split of the profits. Find out what deals their clients are looking for, and find something that matches the criteria.
If you can find a deal that can sell for £3,000 and if you can negotiate a 50/50 split of the sourcing fee, congratulations, you have made enough to cover your utilities for the rest of the year! Keep doing this over and over again and you will be making a very good income. Once you have some money coming in, you can become a fully compliant deal sourcer yourself and keep the entire fee!