How hungry survivors, riddled with court judgements, formerly bankrupt and repossessed can become multi-millionaire property investors.

Last month’s article (2009 will be MEGA) has resulted in my inbox bursting at the seams. I really enjoyed writing it, thank you all so much for your positive feedback.

The recurring thread in these emails, has been asking me to
explain how “ANYONE, no matter their background, no matter
their knowledge, no matter their credit rating, no matter their
location, no matter how much cash they have, ANYONE can
achieve massive things in property in 2009.”

Some people are saying yes, ANYONE else can do it, but not
me. Something has happened in the past, or I have this issue
to overcome right now. I can see how other people can achieve
MEGA things in property, but not me.

Successful people say that if you have a big enough reason
WHY you want to do something, then HOW to do it will
appear. They also say “If your WHY is big enough the
HOW is irrelevant.”

This is clearly not sufficient, sometimes you need to know
HOW so you can picture yourself achieving those dreams and
start believing they are possible.

I would like to share my HOW with you….

5 strategies that I am currently using to achieve massive
things in property.

Discounted Property Acquisition using Buy to Let
mortgages. It is important for current lending purposes
that you have an income independent of property, that
your credit rating is excellent and that your credit score
is high. Discounts can be turned into deposits by using
specialist third party finance companies.

Joint Venture with other investors who meet all the
above criteria and are happy to obtain the mortgages in
their names. With joint ventures you both have the advantages
of motivating each other, planning together and
sharing management responsibilities. It is also simple to
tie up legally using a Deed of trust. Just make sure that
you like each other and that you are either very flexible,
or share similar long term aims, before you start.

Partner with Passive Investors. Most long term private
investors in the property community, if comfortable,
will lend funds at returns of around 12% - 24% pa. This
sounds like a lot of money but for quick cheap purchases
(under 25k) and improvements, such borrowed money can
be very useful.. We bought a flat for £5,000 mortgage
free, it rents at £325pcm and our investor will be repaid
in full within 22 months. Recently we used £3500 to
convert a garage in a 3 bed house to a room and increased
the house rent by £350pcm.

Lease Options or Exchange with Delayed Completion (EDC). I first used my EDC system in 2008 to take over a BTL portfolio. We are now fortunate to have Rick Otton and David Lee teaching us how to do
this kind of thing properly. We can instruct brilliant solicitors like Paul
Gelder at MSLaw who can tie the paperwork up legally and add massive
credibility to the whole transaction. A typical case study is the Vendor of a 4
bed house who had moved to London. Mortgage was 137k costing £850pcm,
he used to let it at £750pcm. Value in 2007 was around 165k.

I assumed responsibility for the mortgage using a Lease Option, Power of Attorney and
Letter of Authority. The vendor paid the legal fees and £1400 cash to me (equivalent of a previous years
rental shortfall). The Vendor is overjoyed that I took this property off his hands and it rented within
3 weeks via the council at £1100pcm. There is not always a need to deal with the mortgage lender, in some cases, we simply take a long term lease option with the Vendor and they pay their own mortgage
on an ongoing basis. LO/ EDC are very flexible services and can be tailor made to suit the needs and
plans of vendors.

Deal Packaging and Selling. Source, Negotiate, Secure,
Sell. Within YPN and the online property communities you
will see pre-negotiated deals for other investors. Selling
deals is an excellent way to generate income. Each
investor’s criteria is different so take the time to
network and befriend other property buyers. Find out
what they are looking for in a deal and you will
maximise your chances of that deal completing and
of your promises to the vendor being honoured.

Do not rely on any one strategy but try to use at least 3 at any
one time.

Nurture your dreams, grow your dreams and put yourself in
the environment where property success is expected and
taken for granted.

Build your reasons WHY very big, and you will build your
property business very big.

In total support,
Phil (I’ve got a friend) Martin

This article is taken from the fantastic ‘Your Property Network’ magazine - the fastest growing property magazine in the UK. To get your FREE 90 day trial of Your Property Network, click here.