How To Get Into Rent-To-Rent (HMO and SA)
Are you looking to get into Rent-to-Rent?
Discover my top five tips to get into Rent-to-Rent today!
When I started in Rent-to-Rent, I didn’t have a blueprint. I didn’t know what I was doing, and it was a harsh cold world. There was lots of information, some fantastic mentors; however, I always felt like there were many gaps in the information available. I want to put all of that information in one place, and that’s why I have started this podcast.
Listen to the episode below to discover my top five tips, or if you don’t have time, scroll down to read the first three tips on how to get into Rent-to-Rent today.
Listen to my new podcast and subscribe! Available on iTunes, Google, Spotify and others or click “play” on the player below!
Here are my top 3 tips from this weeks episode
Number 1 - Make a decision.
You have to decide that you want to make a change. You may be in a position where you are unhappy with your job, you may be happy in your career but need additional income, or you may have been laid off and don’t want to go back to work. Whatever your motivation, you need to make a decision.
Once you have decided, you need to decide if property is the vehicle to help you make that change.
Finally, property is a whole world of different strategies, and then you need to decide if Rent-to-Rent is the strategy for you. You need to commit to one approach, to begin with; otherwise, you will find it difficult to follow through.
Number 2 - Get Educated
You need to get educated, and I can’t stress this enough. It doesn’t have to be a paid mentorship, and if you are resourceful, it is possible to research through podcasts, books or blogs.
If you think education is expensive, try ignorance. I find it really, really funny that people are prepared to get into tens of thousands of pounds of debt to go to university. Still, they won’t invest a few thousand in educating themselves on property.
Secondly, have to find the best form of education for you. That’s going to work with the way you learn. For example, I like to learn on the go, take in as much information as possible and then choose where to focus my energy. There is a balance, and there’s a risk to consume too much information because there is no one size fits all approach.
Number 3 - Get set up!
It’s essential that you have a professional image from day one. You will need to build trust with agents and landlords. With a professional image, you are much more likely to be successful. I wish I would have set up my business correctly from day one. Unfortunately, I waited six months to do this.
If you haven’t already got a copy of my 12 step checklist to set up your Rent-to-Rent business, you can find a free copy here.
Join a community of likeminded people with ambitious property goals, where I post daily property insights and motivational content request to join my Creative Cashflow FB group here.
As always, if you have any questions, please don't hesitate to contact me directly. You can direct message me on Facebook or join and ask me your questions within the Creative Cashflow Community.
Podcast Transcript↓
[00:01:04] Simon here and welcome to another episode of the podcast, where we talk all things, property, creative cashflow, and of course, how to be financially independent today, not in 25 years, we don't want to wait until retirement to start living. And that's why. Creative cashflow rent to rent property and passive income can fast track your journey.
[00:01:33] And that's why we do this. If that sounds good, if that resonates with you, this is the podcast for you. And today I'm going to be doing my five top tips on how to get into rent, to rent today, you know, not next year. No, not a few months down the line I'm talking about. You can do this stuff today and get the balls rolling because there's only one thing that's going to transform your life.
[00:02:02] And that is consistent action. And that's getting started now and getting perfect later. So before we get into that, you know what to do. If you're not already, please subscribe, drop us a review. I really, really appreciate the feedback. Anything you want me to cover? Let me know, drop me a DM on Instagram at Simon Smith on line.
[00:02:24] And of course, if you missed it, we launched on YouTube last week. That's right. We are now live on YouTube, just search Simon Smith online. We've dropped a few videos, all ready. We've dropped how I've taken 3000 pounds and turned it into a million pound property, business and property portfolio. Now we're talking about, you know, the keys to cashflow.
[00:02:50] There's an amazing little trailer on there to give you a sneak peek on what to expect from the channel. So go over, go ahead. Over there and subscribe. And, um, yeah, let's build that together to few little things for you to do. Um, and that is going to tie in perfectly with today's episode because I'm trying to give as much value as possible and deliver as much content as possible to help you get into rent, to rent.
[00:03:17] So. When I started, I didn't really have a blueprint. I didn't really know what I was doing. And it was a tough cold world where there was a lot of information and it was hard for me to sort of pave a way for me to try and, you know, take control of my financial security and thinking back, there was some amazing mentors and people that gave me information.
[00:03:48] But I just really felt like there was a lot of gaps in rent to rent and there wasn't a wealth of information out there. So I wanted to put it all in one place and make it really, really simple and digestible. And that's why I started the podcast. Um, so today I want to get into the five things. I would be doing the five most important things I would be doing to get into rent, to rent.
[00:04:16] Because I feel like that could just be priceless. And as always, if it inspires one person to get into this, then that's why I do it. So point number one is you've got to decide. You've got to make a decision. And the way I like to discuss this is first things. First, you've got to decide that you want to make a change.
[00:04:41] That means maybe you're in a nine to five and you want to quit it. That means maybe you're in a nine to five and you love it, but you need to get additional income to look after your family or aspire for something else. You know, maybe you you're currently unemployed, you've been laid off and you, you don't want to go back to work.
[00:05:00] Whatever it is. You've got to decide you want to make a change. Once you've decided that next you've got to decide that is property that you think is the vehicle to help you make that change. And finally, property is a whole world of different strategies and, and all kinds of little things you can get into to finally, you've got to decide that it's rent to rent that you want to do that you're going to focus on.
[00:05:27] Because if you don't decide on those three things, I promise you now you will not going to follow through, especially when it starts to get tough. And I see it all the time. People have a passion for property, but no need for change so they don't follow through, or maybe they want to make a change and they love property and they give rent to rent a try, but they never decide and commit to one strategy.
[00:05:55] It’s like my granddad used to say. All those years ago when I was, you know, flicking through Nickelodeon CBBC kids or whatever it's called flicking for all the channels. What was that other one cartoon network? It's a pick a channel and stake to hate, and you've got to pick a strategy and stick to it. So if you've done enough research, if you listen to the podcast, if you've gone on YouTube, if you've been to some courses, if you've read some books and give listened to loads of other people, and you've decided yet.
[00:06:26] I want to make a change. Property is a thing, rent to rents a thing. Then that is going to be a key indicator that you're ready for this. And you're going to smash it. Number two, once you've decided, then you need to get educated and I can't stress this enough. Doesn't have to be paid mentorship. Doesn't have to be.
[00:06:50] Paid courses, you could just do it for free just through researching podcasts, reading books. There's some amazing books out there, um, and engulfing yourself in information. But there's a few tips that I want to offer on this first things. First, if you think education is expensive, try ignorance. And I find it's really, really funny that people are prepared to get into tens of thousands of pounds of debt to go to university, but they won't spend a few grand on, you know, educating themselves in property or whatever it is.
[00:07:29] The second thing is, and this is a really, really interesting one. You've got to really make sure that you focus on the best form of education. That's going to work with the way you learn. So me I'm really practical. So I like to actually just do things and learn on the go. Sorry. That's my phone ringing. And let me, um, let me turn that off.
[00:07:54] Hey, how are we met you? Good. Isaac, how's it looking? Did we fix that? Um, the, it don't go like a big high loft kid. It wasn't, there was pressure in the boiler and stuff. Um, and I blame the radiators, but it was just the, the middle bedroom stash, the bathroom. The dash says from frame on the whole life, there was a lot.
[00:08:19] No, he was so nervous about for the existing bathroom. Upstairs was the last one.
[00:08:29] I've glad. So I shouldn't have any issues. You got my eyes like wicked love that you actually live on the podcast mate. Say hi. Ah, yeah, I'll call, I'll call you back once I've finished this episode and we can talk about the next project. Yeah,
[00:08:52] I couldn't do that in may. What an absolute legend, but yeah, this is real man. This is what we do. This is what we do real finished off a development guests have just moved in and there's always a few teething problems. So we got a message saying that some of the rads aren't fired, some of them are born and some of them are cold.
[00:09:09] So Paul's gone out there today on a Saturday morning, sorted out, straight away. So that's wicked. Um, where was I? So yeah, education first thing. Yeah, of course. The first thing you've got to make sure. Well, it was the second thing. The second thing you've got to make sure is that you choose the right education for you because everybody is different and I'm the type of person that I.
[00:09:31] We'll take in loads of information and then choose the ones that I like and then focus on those. But the worst thing you can do is sort of listen to too much and then try too many different things because there's no one size fits all for property or anything. But you've just got to stick to one and do it for long enough for it to actually work for you.
[00:09:55] Cause I see a lot of people chopping and changing and you know, China take on too much information and then not actually sticking to it. Most of this stuff works if you stick to it consistently day in, day out, because otherwise it wouldn't have worked for whoever's advising you and last but not least of course, super, super, super, super.
[00:10:18] Super important. When you're investing in education, please make sure that you've got enough money to actually do what you're learning. So if you've got 5k, don't spend five K on a course, unless it's a no money down course. And then you're going to go on to get or use other people's money, but in rent to rent because it's quite a low money down strategy.
[00:10:41] If you've got 10 K. I would recommend spending maybe two, three K on education. If you go into and then saving the rest of your deals, get your first deal. And then, you know, you've got some skin in the game, some confidence you can build from there. So number one, decide number two, get educated. Number three, then get set up.
[00:11:01] And if you want, um, I've got a free 12 steps setup checklist to setting up the perfect rent to rent business. The business. I wish I would have set up from day one. But I winged it for six months and it was hard because I didn't do these 12 things. And if you want a copy of that, just DM me on Instagram at Simon Smith online.
[00:11:21] And I'll be happy to send you that, but the key things are to set up with a professional image from day one, so that you've built the trust and people are much more likely to want to work with you. So that's, um, a good, uh, rarely, rarely, rarely. Good game changer, but don't set up before you're educated and don't set hope before.
[00:11:45] You've decided because you're going to be wasting your time and your money promise you that. Number four, once you're now set up and you've got a professional image now the best way forward is to reach for the lowest hanging fruit. So once you've got a website and you're doing it and you're proud of your brand, now tell everybody what you do.
[00:12:09] Because a great way of getting your first deal is getting a deal from somebody in your network, whether that's a relative or friend of a friend or a friend of a relative, that's an amazing way to get your first deal because they already trust you. And it's not brain science. Like, you know, you might know somebody, that's got an empty property, that's struggling to fill it.
[00:12:30] That's relocated to X place and they'd be so happy to give you their property for you to. Do a little bit of a cosmetic refurb for you to let it out and pay them event, but also earn yourself some cashflow. So the fourth thing, I think a lot of people forget this reach for the lowest hanging fruit, your network.
[00:12:53] Once again, don't do that until you've done the first three steps, because if you go around and start saying to relatives, Oh, let me guarantee your rent. And then you've not. Got a credible website. You're not taking it seriously. Then why would they trust you to, that's why you've got to do them in this order.
[00:13:13] And I've actually got mentees that I've got deals in their kids' playground, just through speaking to other mums and dads. I've got people that have got deals at work through speaking to colleagues and showing them what they're doing and they will completely oblivious. So it can be really, really powerful.
[00:13:33] I've actually got a mentee. That's known somebody for 10 years and never known that they're in property. And then they've given them two deals. So, you know, don't worry about sending a million letters straight away and doing all this, you know, mental strategies reach for the lowest hanging fruit, one deal, and you're in and last but not least.
[00:13:54] And this is key. You're going to need to then create multiple streams of leads, multiple streams of ways of you getting these properties. And here's three that are my favorite. Number one is focused direct to vendor. That means calling your open rent, your Gumtree, your Facebook, getting on the ground and networking and getting direct to vendor.
[00:14:20] Get me in some landlords. And I needed to meet. I think it was around 15 to 20 landlords before my first deal. So if you're six months ending, you've only met a few landlords and you've not got a deal that, you know, that could be why you need to get in front of your client. Standard. Second thing is you can do agency deals.
[00:14:48] So you want to approach local letting agents. Tell them what you do, get your elevator pitch, right? And get round some properties with them. And see if you can build a bit of a partnership where you take on their property is guaranteed their client's rent. They hold onto the management. Um, you just tenant the property and you can work together.
[00:15:08] So that's the second thing. And you want to build that and key thing with agents, you gotta be consistent. Can't just hit them at once every month or once every six weeks, you got to be hitting them all weekend, week out and showing that you can add value and that you're going to be sticking around.
[00:15:25] Because if you think about most people that rent properties off agents, they might rent a property. Once every three years, once every five years, they might only rent a property once and then go on to buy. So if they see you as somebody that they can do tens of deals with. And I've done eight deals with one agent, one agent, and the about the last six Dave actually called me and presented properly is to me before they've gone on the market can make your business.
[00:15:54] It can absolutely make your business. And, um, so lastly, And you guys should probably know. I don't really make notes. A lot of this, you know, I kind of like, you know, I might do a little bit of a blueprint, but I just like to just speak from the dome and just keep it real, to be honest with you. So the third thing is you want to probably maximize your online presence, um, and you can do that through Facebook ads.
[00:16:24] You could do that through Google, um, and just making your SEO. So when people search. HMO management or essay management or guaranteed rent or long-term lets Lester. They should be finding you not, not right at the beginning, but they should be finding you and you can build that. It takes a little bit of time, but you can go on Google now and say how to optimize my website and make sure that you've got the tag words in, make sure that you're on the Google analytics and it will just optimize things.
[00:16:57] And within time you will build that, make sure you've got a Google business so that when people are searching, they're more likely to find you. And we get quite a lot of leads now that contact us. Which is amazing. So I hope that's useful if you want to get into rent to rent. If you've got any more questions drop, we line on Instagram at Simon Smith online.
[00:17:19] Um, I love hearing from you all on there. Um, any feedback you've got, anything you want me to cover? I absolutely will. And what I'm going to do is I'm going to put some links in the description of this podcast episode for you to check out. Including the rent to rent a property club, house club and our weekly rent to rent clubhouse session on Thursday, 6:00 PM don't wait 25 years.
[00:17:47] Get creative.
[00:17:59] Thanks for listening. For more information, check out Simon Smith, online.com. See you next time.