Choosing your property investment area may seem like one of the biggest decisions you will make as a new property investor. How you achieve success in that area will involve overcoming certain challenges and hurdles along the way, many of which you may not have previously considered. Meet Holly & Nick, a couple who implemented their Asset Academy training to triumph in an area 3 hours away from their home in London. This is their story and how they overcame their own obstacles.
Meet Holly & Nick
Holly & Nick have been investing in property for over 3 years. Before discovering property education through the Asset Academy, Holly was a self-employed beauty therapist living in North London and Nick had a career in IT. Through a growing interest in mindset books, Holly came across an advert for a property investing seminar in London and convinced Nick to go along with her.
Nick: “After going to the two hour thing, I was like woah… wait a minute, like somebody had shown me the secrets. That was definitely a big gamechanger. I had always assumed that when you go and buy property, you go and buy property with money, and then you just leave it there and nothing would happen.”
Holly: “I want to do more in life and I thought property investing would be the answer.”
Starting in a Property Investment Area
Holly & Nick decided that Sheffield would be their investment area and began travelling up to view properties virtually every weekend during the first few months of their training. The 3 hour drive each way was not the only cost. Living so far from the area presented challenges with arranging viewings and making offers. Alongside these, certain compromises also had to be made.
Nick: “There were a few challenges. Some of them were… trying to fit in the stuff we needed to do around planning our weekends to do the viewings. Also… we had quite an active social life, so I probably started to resent (the fact) that we were losing out.”
Holly: “We would go to a viewing, knock on the door and no-one is there. We would call the estate agent and they would say that they’ve already had an offer accepted. So that started to really niggle at us.”
Deciding to move
Both the financial and time costs involved with travelling back and forth between London and Sheffield began to accumulate. Within only 4 months from starting their training with the Asset Academy, Holly and Nick made the big decision to move to their investment area in Sheffield. This allowed them to devote more time to building a team and viewing properties.
Holly: “We were saving £1000 per month on rent, just by moving. So I then went into property full time because we were in Sheffield. We didn’t really see friends, we didn’t really see family. Mornings, evenings, weekends… we knew this just has to work for us. This is the answer for us and the only way we are going to do it is if we REALLY do it.”
Holly & Nick’s experience demonstrates the importance of getting out in your area and making connections. A great deal of talking to people is the only way to build valuable relationships. Sometimes the simple approach of just starting a conversation with a stranger can yield amazing results.
Holly: “ Well I just talked to everybody, I approached everyone. We went to a viewing and there was a painter, an electrician and a builder stood around a van chatting. It was a bit intimidating but… my plan was to get them onboard as part of my team.”
Nick: “It was probably harder building relationships with estate agents before we moved. But now, we are seeing them a lot more and doing more viewings.”
Holly: “And also when you pick up the phone, they know who you are. It’s just consistency, doing everything you guys taught us really.”
Despite putting so much time and effort into their property investing business, the results were not coming. With so much at stake after relocating to another part of the country, pressure mounted to get offers accepted. However, everything changed through the advice of an Asset Academy mentor.
Holly: “I was either crying (or getting) frustrated every other week, it didn’t matter what we did, nothing seemed to happen… and that was even doing it full-time. It wasn’t until Lindsay (Hopkins) turned around and said, have you actually offered on 40 viewings? So I made it my goal and within 2 weeks I’d seen 40 properties and offered on all of them, and we had 2 offers accepted. We got the keys in February for our first property.”
Nick: “I don’t think we could have done it in the same amount of time (without moving) because trying to squeeze those quality viewings in on a weekend would have been really hard.”
Words of experience
Having gone through their experience and made it a huge success, Holly & Nick have also diversified with a sourcing business, a property management business and creating a property investor’s app. For anyone else considering moving to live in an investment area, they have the following advice.
Holly: “Really double check your ins and your outs… double check that it’s right for you… Just think it over and make sure you (choose a location) that you like.”
Nick: “Renting first is always a good idea as well, because then you’ve got a bit of flexibility to try out different areas. You won’t know an area until you’ve lived there.”
Holly: “We broke through barriers with ourselves also. It’s so easy to make excuses or be uncertain about something. But now we’ve done something we can say, well we’ve done it before.”
To hear more about Holly & Nick’s story and gain further insights into moving to your investment area, the full interview can be watched on the Asset Academy Youtube Channel.