A lot of people are talking about the lettings business to bolt on to their property buying, but I am interested to see what other property businesses people are doing right now.

People are making money from being finders, RMD providors, selling education, selling leaflets, selling property websites, any more?

You sure people are making money ?

I have seen all sorts and as Oliver points out, some are more successful than others

It's pretty easy to list a bunch of things and simple enough to figure out how much money could be made but from what I have seen, the smart people tend to put businesses together that give them what they really want rather than just purely monetary gain. For example those who run lettings agencies (well) often set them up to manage their own portfolios first which means the job gets done properly from the beginning. Then people start to ask about it and the business grows and becomes successful. Other people start them with the intention of providing a good service that the local agents are not providing (often spurred by a bad experience) and sometimes those do well.

For us, ready made deals came about for because we could generate the leads nationally at reasonable prices but we were wasting those leads and decided to create a way for us to do something with those leads and build up relationships with investors UK wide. Bridging came about by accident after someone called asking for a loan to complete a development. The security was there so I went ahead and did it and then I realised it could be a good way to earn a return on spare funds.

Education/training came about because I was active on forums and other members were asking about the marketing I was doing to find off market deals... Decided it was easier to put everything into one book and send that out than answer similar questions repeatedly which took a lot of time up. Somebody who owned another forum them promoted the course and then more people got involved so I had to hire someone to help. Then somebody else and from there I started thinking of ways to keep adding value and helping people so that I could keep several staff on board to manage properties, source deals etc leaving me free to do more deals. Currently in the process of investing in a law firm and starting a digital marketing agency as a result of meeting people through the Tycoons forum and trying to see which opportunities would suit the resources we have available to us.

Sorry to ramble We fell into these businesses as a result of trying a bunch of things and when something worked we pursued the successful ideas. A good book to read is "good to great" by Jim Collins. It helps you understand the types of opportunities to look for and how to engineer a successful outcome

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Parmdeep Vadesha
Managing Director
Vadesha Properties Ltd

“the species that survived were not the most intelligent –they were the most adaptable to change” Charles Darwin

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Totally agree with the above quote !!

I got started in property as I liked the mathematics of finance, then I liked the DIY/ refub side of things (until my body wore out & had to outsource). Then I realised I'd made loads of money which allowed me to be 100% in control of my destiny 24/7, which was what I wanted due to the fact I became 'unemployable'. I also discovered money buys more toys

People used to ask me what I did for a living (before I discovered property forums) & I said: "I don't know... I buy houses - is there a job title for that?". Hence my first company was called: Eye Buy Houses Ltd. / www.EyeBuyHouses.co.uk (does what it says on the tin).

I love property, but I hate tenants... they create more maintenance on a property which slows me down from getting on with the next project. Many have told me to do a letting agency specialising in LHA, but I've always said I'd rather commit suicide than become a letting agent. Why would I want to deal with a pedantic landlord whining about their tenant being £50 short in the rent this month? & what's the maximum I can earn from dealing with that problem?

* Do I spend 30 mins dealing with a problem tenant trying to chase £50 (on someone else's behalf) or do I spend 30 mins doing something else, maybe solving someones problem & make £5k? (making cash for myself, while making a positive difference to someone)

Do what you enjoy (or what you think you might enjoy) - the money is just a bi-product (& you can enjoy making money!). I still spend a minimum of 10hrs+ a week persuing my career as a professional musician (currently play in 5 groups). I recently did a recording session with the guitarist who wrote the original Gardners World Theme Tune: http://www.youtube.com/watch?v=Pqn0fwXhSL8 & am resident bassist at: www.BluesBar.co.uk in Harrogate, every 4th Thursday of the month (I play with The Sharon Colgan Band, who is the owner of the bar). I'll get £40 - £200 per gig , but don't care about the cash - that just pays my fuel/ instrument maintenance (I have approx £20k worth of music equipment). Nothing to do with property - but it keeps me happy Focus on my music career led me to deciding at age 14 that I had to be self-employed & made me understand if I got trapped in the rat-race, there's no way I can accept last minute studio sessions/ music gigs - which would restrict the development of my chosen interest, hence my determination to make as much cash as possible before leaving the relms of state/ university education (over 30 jobs by age 20, many were 'proper' jobs) - freedom was the driving force.

I've set up an additional 9 Ltd. companies this year as a result of getting organised, problem solving, needing certain resources & feeling slightly restless... all property related that create 1 big picture. None of them were set up strictly for monetary gain they all solve problems/ segregate what I'm working on (& they just so happen to make a profit).

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Paul Galbraith - Tel: 0774 861 7840 (Anytime 24/ 7) - "Sleep is for wimps"
* Interested in LHA/ Housing Benefit training seminars? Visit: www.LHAtraining.co.uk
* 15-50%+ packaged BMV deals for sale... !! Interested? Join our mailing list here: www.PropertyDealsForSale.co.uk or Call: (0113) 815 2778 for more info.
ALWAYS looking for property in LEEDS & LONDON regardless of discount

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Hi Paul,

Very inspiring post.

I didn't know you were a musician mate.

I've been playing guitar since age 17 (I'm 31 10th Oct) on and off and absolutely love cranking up the Marshall amp on full which pees off the neighbours .

I must admit though I don't have much time these days to pick it up and start playing properly again mainly due to property business, nagging wife and my 1 year old son.

We'll have to have a jam sesh sometime mate if you happen to be in my neck of woods Barnsley.

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I knew Paul was a musician from the day he told everybody about switching door numbers on 2 houses next to each other to get a positive valuation.

Nice to see other musicians on here

I have been singing in bands since I was 15 (play piano too and guitar a little) - a side of me not many people in business see. My main motivations for alternate income streams have always been to have more time for my family, my animals and my music - so good for you Paul

Now that I have had the benefit of having 2 members of staff working alongside me, I would get involved a business which you enjoy and makes enough money so you don't have to work in the business 24/7.

I am the process of re hiring as my last member of staff has left seeking pastures new.

Agree with Paul about dealing with other people's headaches can be a bit frustrating, however once you build a letting business up to a reasonable size, my initial target is 150 (excluding my properties), this will generate good cash flow.

The of course you also have a potential list of investors who you can sell packaged deals to

I think main thing is get involved because you enjoy it and not just for the money. ie I like really like it when I let a property quickly which has been on the market a long time with another agent.

I do make loads of money but it gives me satisfaction.

Jon

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Jon Bieri
The Potential2 Group (Lettings, Sales,Quick Sales, Portfolio build,Help for 1st Time Buyers)

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I've never thought about a lettings agency because that's not the side that I enjoy - my main love is the deal analysis, structuring, legals and due diligence (which strangely lots of people seem to hate). Then again I am qualified in accounting and project management which does seem to imply tendencies this way

Maybe I should start a business doing that for the people who dislike it?