Thoughtful Thursday features academy member and property sourcer James Armstrong. During this deep dive discussion, Samuel and James discuss the ins and outs of property sourcing.
James first attempt to get involved in property started off on a rocky patch as he initially didn’t have the money to join the academy. During his interview process with Russell, he lied and stated that he did have necessary funds. In reality, he didn’t and was looking for a loan up until the final day of when the payment was requested.
After seeking a loan and being in contact with 17 loan lenders he was finally approved and thus his property investment journey began. James described what it’s like to be a deal sourcing a majority of his client base is overseas. This requires a slightly different approach when it comes to finding deals to be sourced. A more hands-on approach making sure everything with the property is in line with what they are looking for and what you’re selling. As being overseas the buyer will never get the chance to view the property in person. So they are 100% relying on James to deliver on what he offering them.
In deal sourcing its vital that you’re fully compliant. This is something that both Samuel and James stress. When it comes to sourcing a lot of money can be made and a lot can be lost. So making sure your protected is something that shouldn’t be taken lightly.
James list all the requirements that you’ll need to adhere to. From insurance, setting up your business, opening a client account and making sure you’re registered with the redress scheme.