In this episode, Nick and Rick discuss buying property at auctions. They explain the different types of auctions, the pitfalls and perils, and provide tips for buying at auctions, and also caution against making impulse buys and getting caught up in the emotion of the auction. Overall, they highlight that auctions can be a good place to buy and sell property, but it requires a professional mindset and careful consideration. Buyers should view the property, review the legal pack, and ensure it fits their strategy. Financing can be obtained through specialist lenders including bridging finance and angel investors. Selling at auction can be a quick and efficient way to transact, but it's important to set realistic reserves and have a good relationship with the auctioneer. Rick shares his experience of selling two HMO properties at auction and achieving a good result. Overall, auctions offer speed and certainty, but buyers and sellers must be diligent and well-prepared.

*Do thorough due diligence before buying a property at auction

*Always view the property before making a purchase

*Understand the different types of auctions and their terms

*Be cautious of impulse buys and emotional bidding

*Take the time to understand the paperwork and legalities involved Auctions can be a good option for buying and selling properties, but due diligence is crucial.

*Buyers should view the property, review the legal pack, and ensure it fits their strategy before bidding.

*Financing for auction purchases can be obtained through specialist lenders like bridging.

*Selling at auction can be a quick and efficient way to transact, but it's important to set realistic reserves and have a good relationship with the auctioneer.

*Rick shares his experience of selling two HMO properties at auction and achieving a good result.

*Overall, auctions offer speed and certainty, but buyers and sellers must be diligent and well-prepared.

03:04 Understanding the Modern Method of Auction

06:24 Pitfalls and Perils of Auctions

08:09 The Importance of Due Diligence

19:09 Approaching Auctions Professionally

24:21 Understanding Legal Packs

28:39 Financing Options for Auction Purchases

36:38 Rick's Experience of Selling HMO Properties at Auction

40:19 Benefits and Risks of Buying and Selling at Auction

Stay updated with This Property Life Podcast by subscribing on your favourite podcast platform. Follow us on social media for the latest episodes, behind-the-scenes content, and more tips on making the most out of your property investments. Your journey to successful property investing starts with engaging in meaningful conversations and building a robust network.

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For any inquiries or collaborations, feel free to reach out through our website's contact form at thispropertylife.co.uk/contact. We are always excited to connect with our listeners, answer your questions, and help you succeed in your property investment journey.

Thank you for tuning into this week's episode of This Property Life Podcast. Remember, success in property investment is just a conversation away! Keep talking, keep networking, and keep investing.

Stay tuned for our next episode where we bring you more insightful discussions and expert advice on property investing. Until then, happy investing!

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This week's episode dives deep into the value of human interaction in property investing. Nick and Rick discuss how engaging in face-to-face meetings, building a local network of contractors, and talking to people in new investment areas can uncover significant opportunities that online listings might miss. Rick shares personal anecdotes highlighting the success that comes from consistently putting oneself out there and making connections, such as discovering a landlord with a large property portfolio through direct conversation.

The episode also touches on the significance of overcoming impostor syndrome in the industry. Both speakers advocate for taking small, proactive steps to build confidence and expertise. The hosts invite listeners to participate by sending in questions for future Q&A sessions, aiming to create an interactive and engaging community focussed on property investment.

1. Engage in Networking: Property investing isn't just about scouring online listings like Rightmove. It's about visiting locations, talking to people, and building a local network of contractors and service providers.
2. Build a Database of Contacts: Dedicate trips to investment areas to meet local subcontractors, such as roofers and builders. Referrals and face-to-face interactions are invaluable in this business.
3. Value of Human Interaction: Relying solely on online information might lead to missed opportunities. Real-life stories underline that talking to people can unearth hidden investment opportunities.
4. Hard Work Over Luck: Opportunities in property investing come more from consistent effort and networking rather than luck.

• [00:05:12] - Nick's personal experience: Discovering a landlord with a property portfolio through in-person networking rather than online listings.
• [00:15:43] - Rick's Strategy for Finding a Good Builder: Engaging with builders in investment areas and getting referrals from letting agents.
• [00:27:30] - Buying a portfolio in a pub: Rick shares a story of buying property after a chance conversation in a pub
• [00:35:05] - Remind people of what you do: Continuously talk to people about your involvement in property investing to generate leads and opportunities.
• [00:41:22] - Inviting Listener Participation: Nick invites listeners to send in questions to the podcast via the contact form or voice note on the website.

Do you have questions about property investing? Don’t miss your chance to get them answered in upcoming Q&A sessions! Submit your questions via voice note or the contact form on our website thispropertylife.co.uk. Make sure to follow Caroline on Instagram at carolineclaydon.property for more insights and updates.

Stay updated with This Property Life Podcast by subscribing on your favorite podcast platform. Follow us on social media for the latest episodes, behind-the-scenes content, and more tips on making the most out of your property investments.

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You can join Caroline, Nick, Rick and Sarah along with the rest of our team and a community of like-minded investors in the Property Wealth System Facebook Community https://www.facebook.com/groups/propertywealthcommunity

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In this enlightening episode of 'This Property Life Podcast,' we are joined by Gary Wales, a former professional footballer who has successfully transitioned into the property business. Gary and the hosts share invaluable insights into property investing, business growth, and the parallels between professional sports and property investment.

• Transitioning Skills
• : Gary emphasizes the importance of maintaining a clear vision and dedicated routine, leveraging skills honed in sports into the property and business sectors.
• Multiple Income Streams
• : Understanding the necessity of diverse income streams, including estate agency, property investment, staging business, and even TV work.
• Overcoming Challenges
• : The significance of resilience, dealing with rejection, and the psychological impact of setbacks, both in football and the property industry.
• Mentorship and Accountability
• : Encouragement for aspiring investors to seek mentorship, be accountable, and critically assess their lives to make confident progress in their property careers.

• [00:05:00] - From Football to Property
• : Gary discusses his transition from professional football to property and the disciplined approach required for success in both fields.
• [00:12:30] - Embracing Resilience
• : Gary shares his experience of overcoming rejection in his football career and how it shaped his resilience, essential for property investment.
• [00:25:15] - Building Multiple Income Streams
• : The hosts talk about their various income streams and how diversifying earnings can lead to sustainable success.
• [00:45:20] - Using Pain as Motivation
• : Gary highlights how personal challenges and losses were used as motivation to achieve greater heights.
• [01:00:10] - The Role of Mentorship
• : Advice on seeking mentorship and being accountable as key steps for those looking to enter the property market.

This Property Life - https://thispropertylife.co.uk

This Property Life is hosted by the team at Property Wealth System. We are a collective of experienced active investors passionate about all things property and helping and inspiring others to start their own property business.

Caroline, Nick, Rick and Sarah have over 50 years combined experience in investing in property as professional investors. Caroline and Nick have built their portfolio throughout the UK covering strategies from buy to let’s, social housing, HMOs, developments and more recently boutique automated hotels. Sarah and Rick have built their experience investing in BTL, HMOs, Hotels and more recently commercial serviced office space. Caroline has travelled the world training people since 2011 on how to invest, scale and accelerate their UK property businesses regardless of where they are based. Caroline loves helping people reach their full potential by changing their mindsets to money, debt, property and investing. Nick specialises as a property mentor, working with both new and experienced investors to start or grow their portfolios using proven systems and methodology.

You can join Caroline, Nick, Rick and Sarah along with the rest of our team and a community of like-minded investors in the Property Wealth System Facebook Community:

https://www.facebook.com/groups/propertywealthcommunity

Caroline Instagram: https://www.instagram.com/carolineclaydon.property/

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