In a recent video, I showed you around my holiday home that I rent in Sandbanks. Currently I am renting the home on a nightly basis, but I am thinking about putting in an offer and seeing if the owner is willing to sell me the property. The house isn’t directly on the beach. This is a good thing as the council is considering putting up a sea wall that would completely block the view for the beachside properties!
I love the fact that having passive income allows me the time and location freedom to go on holiday with my family whenever I choose. It means that I can go wherever I want, whenever I want and make sure my family get to experience the world. I want as many people as possible to be able to do this with their families. In this article, I will give you a 3-step process to start your own stream of passive income from UK property.
1. Become a co-deal sourcer
Deal sourcers find good property deals and then sell the information on to investors for a fee. However, I am going to assume you are starting with next to nothing. Therefore, you may not have enough money to start your own deal sourcing company. There are things you have to do as a deal sourcer in terms of registering with various government agencies and getting insurance that you would need to pay for. Luckily there is another option, becoming a co-deal sourcer!
Co-deal sourcers just find good deals and then pass them on to a deal sourcer. If the deal sourcer can sell the deal they split the fee with the co-deal sourcer. You don’t need to go through the compliance registration process to be a co-deal sourcer; you just need to find good deals! Do this to earn your start up capital.
2. Become a deal sourcer and systematise your business
Once you have the money to start your deal sourcing business, you can go out on your own. Now you need to find investors to sell your deals to. You can find investors by attending property networking events and property training events. Ask investors what properties they are looking for and if they would be willing to pay you a fee if you could find something that matches their requirements. Find what they are looking for and sell it to them for a fee.
As you grow your business, find employees that can replace you. Find co-deal sourcers that can find deals for you. This will mean that overtime you won’t need to work in the business and the company will become passive income for you.
3. Buy BRRR properties
By this point you will probably want to spend all that passive income you are getting. But there is a final step to turn that passive income into wealth. You now need to buy properties. The best way to do this is with the Buy Refurbish Refinance Rent strategy. This is where you buy a rundown property, do it up and raise its value. You can then get a mortgage that covers what you paid for the property and the refurbishment. You can use those funds to do it all again.
Now you can use the passive income you get from the properties for your personal luxuries. If you are ready to start this process, why not join me on my next training course? Tickets are only £1. Book here!