Episode 33 of winners on a Wednesday features Josh Knecht known as the guy with the hat. He first became interested in the idea of property at a tender age of 8.
Living in his family home that was worth £1million which was fully paid off by his parents. The annex in the back of the family home was being rented out monthly. Seeing this kind of profit was something that was eye-opening and appealing to Josh and he knew from this point property was the path he wanted to become successful in.
The next stage he took was to undertake a building apprenticeship which taught the basics of a home from the start. This helped to understand the foundation of what it took to build and maintain a house.
In terms of investments his parents were heavily involved but a majority of their investments were unsuccessful. This was due the investing in off-plan properties which saw them lose a lot of money.
This was a path he didn’t want to follow if he was to invest he wanted to make a success of it and make money rather than lose it. Josh’s first approach into investing was in 2007 when the property market crash occurred.
He saw this a perfect opportunity to invest and took a risk. He has the mind set of buying when things are cheap something he has manifested from an early age.
His first deal saw him close on a no money down house, with the only stipulation being that it had a garage and toilet where he could read his daily newspaper.
Josh and Samuel have an interesting business relationship and were first introduced to each other three years ago. When Samuel sourced him a property but the house turned out to become a disaster as it was damp.
Things got even worst for Josh as he lost his mother and took a major hands-off approach and left the builders to their devices. The only real communication he had was when he would send them payments. Only to view the property and to his dismay see that no work had taken place.
This was the final straw so he made a call to Samuel and explained his situation and asked what help he could provide. He was able to enlist his own builders who took care of the job and they were to negotiate a fair price.
Josh’s tips for avoiding mistakes and making sure everything runs smoothly. Is to make sure that you have a great team he outsources his admin team that handles all the paperwork leaving him to focus on the vital parts. Taking action is the first step.
Samuel will give everyone the tools they need to be successful but you as a person will need to do the work. Property is simple but not easy.
Josh has taken on board everything he has learned from Samuel which has allowed him to become financially free while paying all his investors back.