Monday night was a great Manchester Property Networking Club meeting and despite the hot weather and the England football match the event was well attended.
As normal the evening started of with an Ask the Experts section that featured:
- Stephen Fay, Chartered Accountant
- Jim Haliburton, HMO Daddy and Just Do Propertys very own HMO expert
- Gavin Williamson, Letting Agency specialist
- John Paul, Castledene Group, LHA/Letting Agency/Ready Made Deal and Just Do Propertys Ready Made Deal expert
Jim Haliburton gave a very good down to earth recap that being a landlord is not just all the fun and excitement of closing a deal, but managing your portfolio, keeping happy, paying tenants and staying on top of property maintenance – very important with HMO properties. Especially with 98 properties and around 620 tenants/units. It is indeed a business to look after your tenants and Stephen Fay was clear how he is personally focusing on tenant satisfaction and therefore achieving very low numbers of voids – something most landlords surely would desire.....I know we do.
One of the questions to John Paul was very interesting and showed how understanding the LHA rules is very important. The rules state that a tenant must be 8 weeks in arrears, but the new legislation from last year means that this is 8 weeks of payment arrears and not necessarily duration. With rent being paying upfront it means that as soon as the 2nd payment is overdue, then the full 8 weeks are in arrears, even though this would normally only be 4-5 weeks in duration.
Another question from the audience was advice on landlord software. Gavin Williamson suggested that if you have a large number then potential a Lettings Agency software, but with a small number the best he had found after quite a lot of reviews was "Landlord Property Manager" by Amer Siddiq. Richard Shepherd also recommended this tool and is available online via: http://www.propertyportfoliosoftware.co.uk/?af=001075 .
After the short networking break, Richard Shepherd, Hanif Khan and Shimon Rudich took to the platform to talk about Lease Options. They started out for those who didnt know by explaining what a lease option is and the 3 basics or Purchase Options, Sell (or Tenant Buyer) and Sandwich [see our Lease Options article for full details).
They then went on the wow the audience with 5 Powerplays where you can use lease options as part of a solution to make a property deal work. These where very well described with role play for us to guess a solution involving a lease option to 3 scenarios they presented.
They have some great names given to them:
- The Ugly Duckling PowerPlay
- The Managed Option Contract
- The Divide & Conquer PowerPlay
- The Slice & Dice Pension Plan PowerPlay
- The Storage Millionaire
Rather than try to outline what these are for you I am pleased to say that their Options Gold Lease Options Powerplays manual is still free which explains then all in detail – visit https://bluetree.infusionsoft.com/go/lops/juhan to get a copy now.
They will be producing a full manual of 51 strategies in 2 volumes - 600 pages where they are fully explained with examples and all the workings. This will be for sale shortly, but Id just grab the free report now and see if it interests you.
Please share and enjoy this article on facebook/twitter. Id also love to hear some feedback and comments from you, especially if you have read the free manual.