From the desk of Dalton Barrett, Property Mentor/Coach.
Find out how I can help you fulfil your property goals and plans.
What is the secret to property success?
As a property lawyer and property investor for over 20 years, that is one of the most common questions I have been asked. Long ago when I first started off in property I used to think it was about things like hard work, luck and having lots of money. If only I knew then what I know now!
Setting goals and planning
Property success is about identifying your property goals – good profitable goals – and devising a workable plan to achieve them. Money helps yes, and it is usually essential to have it at the start of your property journey – but for me, in the longer term, other factors are at least equally as important, in particular:
→ Knowledge and information
→ Advice and assistance
→ Access to specialist expertise
→ Possession of a great property team of experts, advisers, agents and contractors
The Big 3
By carefully studying, talking to and listening to the legions of property people I have dealt with over the years, the obvious secret to property success is clear. I refer to them as the Big 3: Goals, Planning and Knowledge. Armed with this insight – coupled with due diligence, time and commitment – anyone can achieve their property ambitions – be they large or small. Whether you want to become a property millionaire or just want to own one or two properties to fund your children through university or as a nest egg for you retirement, knowing and applying the Big 3 is key.
And that is why I am writing to you today. I want to help you achieve your property objectives, be they large or small. I want you to profit from the expert knowledge, systems and strategies I have been fortunate to learn and refine in over two decades as a property lawyer and property entrepreneur. I want to be your expert property mentor or coach – carefully guiding you to property success. Over the years I have seen too many people miss out on the benefits of setting up a property business either because of failing to start or because of starting without properly defined goals and plans and thereby not achieving their full potential. Over the years I have learnt that relying on the assistance of others with something to offer is not a weakness but a strength.
The future is about self-dependence
The world is becoming a harsher place every day. Successive Governments have cut benefits, the health and care services are in ongoing crisis, and there is an impending pension nightmare as more people live longer and there are not enough younger working people to fund future pensions. We can no longer count on the Government to look after us from cradle to grave as in the past. Now more than ever we must take control of our own destiny, become more financially independent, in order to provide financially for ourselves, family and loved ones. Property is a great way to do that despite the best efforts of the Government to put more and more obstacles in the way of small property investors.
Bespoke tailored service
I am not offering you a one size fits all master plan such as “How to be a property millionaire in 12 months” or any other such titillating nonsense. There will be no meetings at posh hotels surrounded by excitable property wannabes lapping up tales about how property success is easy and anyone can do it “with no or hardly any money”. My currency is not hype and misinformation, it is about application and realism. You will get the benefit of ongoing, one-to-one practical training, advice and assistance. I will help you with uncovering your realistic property potential and goals and setting out a workable, strategy-defined plan which you can quickly put into action and successfully grow and develop with confidence at a pace suitable for you. I will be looking to teach you the secrets of property success taking into account your financial resources, your goals and the particular type of property business you want to do. Of course such a meticulous, personal, time-consuming and valuable service cannot be free or cheap and further details of my services and charges are to be found in the enclosed leaflet: MY SERVICES AND CHARGES
Free no obligation consultation
To find out more about my services and the many ways they can benefit you, please contact me to arrange a free no obligation consultation. Consultations normally last about an hour and are a chance for us to meet in person and discuss your property ideas, objectives and plans and assess how I can help you to achieve the level of success you seek.
If you want further information about my services and how I can help you build your property business please feel free to ring or text me at any time on 07974 267635. You can also email me firstname.lastname@example.org
DBP Property Mentoring
See below for more information about my service and the benefits of engaging me.
8 REASONS WHY WE WILL MAKE A GREAT TEAM
1 – One-to-one bespoke assistance
I will provide you with one-to-one, ongoing, practical bespoke mentoring – tailored to meet your specific property needs and requirements. I will be focusing on you as an individual – your personal and financial circumstances – your property goals and dreams – the best you can do, the best you can achieve.
2 – Huge sums of money not necessary
It would be wrong and misleading to suggest that you don’t need any money to create a property business. But it is possible to over-estimate the amount you need, and when you need it. Not all property businesses need large capital sums. If you are low on capital but have a good income, there may be great options available to you. I will help you identify the different ways to get into property and to work out the amount of money you will need and when.
3 – Making your money go further
I will be helping you to make the most of the amount you have to invest in property. It is not only about the amount of money you have, it is how you use it – the property strategy you employ. I will help you to make your money go further and last longer. There are a whole range of systems and strategies to make that happen. It is not hocus pocus or empty promises, it is about knowing the property market inside out and identifying the systems and practices which are right for you and your circumstances. For many people the best route into property is buy-to-let with residential properties. But that is not the only route by any means. There are scores of other possibilities and I will help you to identify and implement the options which may be suitable for you.
4 – Greater and faster success
Yes it is possible to achieve property success without a mentor. But it is also true that many property investors would avoid/reduce costly mistakes if they were able to draw on the knowledge, experience and expertise of a mentor prior to embarking on some or other course of action. The value of an impartial or objective opinion can never be over-estimated. I have to admit that over the years I myself have lost, directly and indirectly, hundreds of thousands of pounds as a result of property decisions I took without the benefit of an objective or impartial second opinion from a suitable mentor. The more properties you have the easier it is to make mistakes – and over a lifetime of property investment the sums involved in individual mistakes can rapidly add up to an eye watering total.
I will be looking to help you achieve both faster and greater property success – greater and faster than you could achieve on your own without experienced/expert knowledge and guidance. By helping you identify and avoid threats and risks, you should fail less and succeed more. I will be teaching you the professional approach to property. Property amateurs can and do succeed, but there is a limit to their success by the nature of their approach. There is also the bad news that the Government seems intent on removing amateur landlords from the property market place – as evidenced by a whole raft of recent and not so recent changes in property regulation, law and taxation. It is now easier than ever for amateur landlords to trip over ever-increasing Government property red-tape, especially in relation to residential buy-to-let property.
5 – Avoiding/minimising costly mistakes
Perhaps the best reason for engaging an expert property mentor is to avoid/minimise mistakes since, with property, mistakes can be hugely expensive, involving tens if not hundreds of thousands of pounds. Let’s be clear about it – property is a risky business. You can lose large sums fast if you don’t know the right way to deal with matters such as builders, tenants, tenancy agreements and taxation – to name but a few! Having a mentor with access to a large body of knowledge and experience, and experts and specialists, cannot be over-stated. With just a few nuggets of pertinent information or advice I may be able to make or save you thousands if not tens of thousands of pounds over your property career. Recovering the money you spend on my mentoring services may be easier and quicker than you think.
6 – Making that start
One of the reasons why many people never get to enjoy the benefits of property investment is what they call “analysis paralysis” or inertia. They spend months if not years thinking about going into property but in the end never do so because of something holding them back – because of some or other fear, concern or worry. If you are someone afflicted by inertia, having a mentor will enable you to promptly identify and address your concerns or worries – empowering you with the knowledge, tools and resources to start up and move forward with confidence. Once we together identify your concerns I will be able to assess and analyse them with you. Together we can address those concerns (if necessary putting in place remedial plans to deal with them) and draw up a Personal Property Plan carefully tailored for your needs.
7 – Minimising stress and worry
Having a property mentor is a good way of minimising the doubt fears and worries which property investors, especially first time investors, often have. Investing in property involves large sums of money and considerable levels of risk and it is only natural for anyone – especially a property newcomer – to feel a certain level of unease. Think of having a mentor as having someone watching your back – a sort of guide, friend and philosopher rolled into one, at your side, when you need them. Someone who will help you to identify your best interests and give you that much needed impartial second opinion as to whether a particular decision or course of action appears reasonable or sensible. Someone who can help you achieve peace of mind or greater comfort. You can never eliminate the risks and dangers of investing in property, but I will help you ensure that any move you make is taken after full due diligence and with proper checks, enquiries and assessments.
8 – My knowledge and expertise
Needless to say, by engaging me you will not be signing up to one of the many unscrupulous operators out there, intent on making a killing by selling extortionately priced property workshops, courses and publications, where often the main objective is to sell you over-priced, new-build flats/houses offered by self-interested developers and property sellers. My goal is to offer a commercial but at the same time fair, ethical and attractively priced service to people who want to start or grow a property business. My charge is linked to the level of benefit or advantage I believe I can give to my clients, and the real monetary value and profits I believe I can help to add to their properties and businesses. It takes account of the personal, bespoke, one-to-one nature of my service and the depth, quality and length of my input.
My property knowledge and expertise extends over two decades both as a property lawyer and as a successful property entrepreneur, building from scratch a multi-million pound property portfolio of both residential and commercial property. I have long and extensive experience of the fundamental elements of property, namely: law, finance and practical experience. If ever I lack knowledge in any one field, or require more expertise, or a second opinion, I have access to a large and highly talented pool of property entrepreneurs, experts and specialists who can provide back up support, advice and assistance as and when required.
I am member of the Property Redress Scheme: www.theprs.co.uk
MY SERVICES AND CHARGES
This service is where you want to find out in person about what I have to offer as a property mentor. You can tell me your plans, goals and ambitions. I will assess the position and will tell you what I can do for you and in particular how I can make and save you money and add value to your property business.
First Consultations normally last around an hour.
This service is where you want to consult me in relation to an urgent, critical, complex or otherwise highly important property topic where you need practical assistance, guidance or a second opinion. This may be one of any number of property related matters, problems or issues, such as: questions about a particular property strategy; serious difficulties with tenants; the threat or risk of repossession by your lender; squatters; analysing a property opportunity or deal; planning permission problems; short leases; probate property problems; joint property disputes; complying with Government regulations relating to tenancies or tenants; buying at an auction; inability to get a local authority landlord licence; problems with rent deposits – and countless other property matters on which I have expertise.
I will consider any documents you have and will provide you with advice and assistance and where necessary will refer you to other experts who may be able to provide further ideas, help or solutions.
Specific Consultations normally last around 2 hours.
Charge: £250 fixed fee.
This service is where you want on-going, hands-on practical assistance in starting or expanding a property business such as a buy-to-let portfolio, a property letting business or any other type of property business I deal with. I will provide you with my full mentoring service for 6 months during which time I will help you to identify your property goals and prepare and implement your bespoke Personal Property Plan.
You will attend 6 Property Master Classes with me on a one-to-one basis during which I will provide you with practical advice and assistance and written materials to help you identify your property goals, draw up a written plan and practically implement that plan within your target timescale. By way of example, your plan could involve buying your first property, completing your first property deal or building a large or larger portfolio. Property Master Classes normally last 3-4 hours. You can take the master classes monthly over the 6 month mentoring period or if you wish over a much shorter period such as a week or weekend. It is all down to you and what you prefer. During the 6 month period you can consult me by phone, email, text or in person to address any aspect of your goals or plans.
After the 6 months you are entitled to FREE ongoing telephone consultations with me for up to 12 months thereafter. If you require more detailed and time consuming practical assistance, for instance in relation to a new property project, you can arrange a Specific Consultation with me. See above.
Charge: £2000 to £4500 fixed fee, depending on the value of the property/project.
This service is an alternative to my full mentoring service. Perhaps you want to sample my service provision before committing to full mentoring. This service is identical to my full mentoring service except my time input is half as much as with full mentoring. It is my time input which is reduced not the nature or quality of my advice and assistance.
This service is where you want on-going practical assistance in starting or expanding a property business such as a buy-to-let portfolio, a property letting business or any other type of property business I deal with. I will provide you with my mentoring service for 3 months during which time I will help you to identify your property goals and prepare and implement your bespoke Personal Property Plan.
You will attend 3 Property Master Classes with me on a one-to-one basis during which I will provide you with practical advice and assistance and written materials to help you identify your property goals, draw up a written plan and practically implement that plan within your target timescale. By way of example, your plan could involve buying your first property, completing your first property deal or building a large or larger portfolio. Property Master Classes normally last 3-4 hours. You can take the master classes monthly over the 3 month mentoring period or if you wish over a much shorter period such as a week or weekend. It is all down to you and what you prefer. During the 3 month period you can consult me by phone, email, text or in person to address any aspect of your goals or plans.
After the 3 months you are entitled to FREE ongoing telephone consultations with me for up to 12 months thereafter. If you require more detailed and time consuming practical assistance, for instance in relation to a new property project, you can arrange a Specific Consultation with me. See above.
Charge: £1500 to £3000 fixed fee, depending on the value of the property/project.
THE MAGIC OF PROPERTY!
This note, in a simple illustrative way, deals with the fundamentals anyone looking to invest in buy-to-let property should know and can put into practice given the right circumstances, endeavour and resources.
A common mistake
You often hear people saying that their biggest investment or even worse their best investment is their home. Well, no, not exactly. You work hard and pay the mortgage on your home. It really is a debt – in most cases.
A real investment
If you buy a property with a mortgage and rent it out to tenants who pay the mortgage – that is a proper investment. The tenants are paying for your asset. The magic word is “leveraging”.
That is where you borrow money to invest such as taking out a mortgage to buy a property to rent out. It is not a risk-free action – the value of the property could fall below the amount you borrowed leaving you with the headache of “negative equity”. But if your investment is successful you will make financial gains.
Good debt, bad debt.
Don’t listen to your granny when she tells you that debt is always bad. Borrowing to pay debt or to buy non- appreciating assets can be high risk and is often foolish. Borrowing to invest in appreciating assets can pay big dividends.
What’s that? It’s my term and it is when you go through the gears fast as you take full advantage of the power of good debt. See below for how it could work for an adventurous property investor. The figures are illustrative only. It is the approach and principles which matter.
Own home worth £600,000 with a mortgage of £200,000. Mortgage payments £1000 per month.
Re-mortgage home to borrow extra £100,000 with new debt of £300,000.
Mortgage payments now increase to £1500 per month, up by £500.
Total value of property assets £600,000
Use the £100,000 to buy 4 properties costing £100,000 each – paying £25,000 for deposits and other costs of purchase for each property.
Monthly rent for each property £500 (total £500 x 4 = £2000)
Monthly mortgage for each property £250 (total £250 x 4 = £1000)
Total net rental income £1000 (£2000 rents – £1000 mortgages)
Payment from net rental income for extra cost of home mortgage £500
Net rental income earned each month £500
Total value of property assets now £1,000,000
You can now call yourself a property millionaire! Your monthly income has increased by £500. You have 5 properties instead of one. If property prices increase by 5% in the next year you will see capital growth of £50,000 compared to the £30,000 you would have seen if you only owned your home. There you have it! The power of leveraging. The magic of property!
Of course things could go the other way. Prices could fall in the next year, and in following years. But that’s where your planning comes in. It is not just about acquiring a property portfolio it’s also about putting in place tried and tested systems and strategies to deal with inevitable bad times. Keeping your portfolio is often harder than building it. A property mentor can help you not only to build your portfolio – but above all to grow and keep it.
DBP Property Mentoring is registered with The Property Redress Scheme