Patrick Souiljaert

From: patrick@sussexpatrick.com [mailto:patrick@sussexpatrick.com]
Sent: 08 January 2012 23:25
To: patrick@sussexpatrick.com
Subject: Welcome to My Property Network 8

Hello People

Welcome to the new people I’ve added in the last week to My Property Network (now in excess of 400 members). If you’re not sure who I am, I am the first and only property investor with Cerebral Palsy (www.sussexpatrick.com).

Thank you for your replies to my last update. I appreciate them all and have posted them on my blog http://sussexpatrick.com/2012/01/03/welcome-to-my-property-network-7/#comments

On Wednesday I viewed my 2^nd prop with Paul Howard and Frank Sumner – and made this video

I would like to sincerely thank both Paul and Frank because without their help, I couldn’t do what I am doing. I’m really pleased because Frank says he can replace the bay window for less than Vale Management have quoted and I’ve asked Paul liaise directly with Helen at Vale, to get the work done ASAP. It’s nice to be working with such good people.

This video is just of me walking down the stairs

I knew I could do it because I had done so on two previous occasions. (The first time, I wasn’t focussed because I’d slipped over walking up the path to the prop. The back of my shirt had landed in something I wished it hadn’t! The second time, I spent a couple of minutes figuring out how to do it).

It wasn’t easy – but it was simple. All I did was use the wall as support and took one step at a time. Of course there was a chance I could have fallen down the stairs – but I knew, if I concentrated hard enough, I would not fall.

Paul didn’t realise it but he really helped me. When I want to do something and someone advises me not to, it motivates me even more to do it! I’ve always taken chances in life (but I’m very risk-averse). Over the last 18 months, I’ve learnt that successful people take chances. To me, taking a chance is when you’ve got nothing to lose.

I think everyone should take chances in life because you’ve got nothing to lose.

One of my goals in 2012 is to start joint venturing (JVing) with people. I’m planning to have tea and coffee (I drink both but not at precisely the same time!) with two separate investors in my area this week.

Following on from my previous update:

• My 1^st prop is going to take about another month to fully dry out – and it’s not a problem!
• I’ve given the vendors a deadline, on the 1 bed flat in Bognor, of 5.30 on Tuesday to fully accept my offer.
• As promised, here’s the update on ‘my 3^rd prop’. Please see the email to Whiteheads below.

The only thing to add to it is, about the Excel extract in my email – it comes from my Property Analyser that I’m currently developing. It will contain all of the associated costs and tell you if a potential prop is worth buying. I love Excel. When I was at BT I created lots of Excel macros.

From: ‘Adam Gregg’

Sent: 05 January 2012 10:07
To: patrick@sussexpatrick.com
Subject: RE: Flat C, 4 Linden Road

HI Patrick,

Thank you for your email.

Have spoken to the vendor unfortunately this is unacceptable for them to take £85,000, so I’m sorry to say this one is not going anywhere and I believe that they will stay where they are.

we will keep you informed of anything else that comes on that we think may be suitable.

Kind regards

Adam Gregg
Branch Manager

Whiteheads Group Ltd
70 Waldwick Road, Bognor Regis, West Sussex, PO21 2PE
Tel: 01243 870044 Fax: 01243870077 email:adamg@whiteheadsgroup.co.uk

Disclaimer:  This e-mail from Whiteheads Group Ltd contains information, some or all of which may be confidential and privileged.  If an addressing or transmission error has misdirected this e-mail, please notify the author by replying to this e-mail.  If you are not the intended recipient you must not use, disclose, distribute, copy, print, or rely on this e-mail.  Whiteheads Group Ltd has endeavoured to ensure that this e-mail is free from computer viruses, however, you are advised to carry out your own virus check prior to opening any attachments.  Whiteheads Group Ltd does not accept any liability for any damage sustained as a result of any software viruses following opening of any e-mail or attachments.  This email may be monitored for quality and training purposes, in replying to this message you are giving consent to this.  Important communications should always be followed with a phone call, fax or printed copy by post.

From: patrick@sussexpatrick.com [mailto:patrick@sussexpatrick.com]
Sent: 04 January 2012 22:57
To: ‘Adam Gregg’
Subject: RE: Flat C, 4 Linden Road

Hi Adam

Hope you’re well. I’ve had a long day!

All I can be is honest with you.

I’ve spoken to 5 EAs/surveyors in Bognor. The estimates I now have on Flat C, 4 Linden Road (after a refurb) range from £100K to £110K One guy said he has viewed the prop and it’s in a bad block (I remember seeing a large crack in the communal front door window when I viewed the flat, which may be a tell sign)

Another guy said he read (in the full details of the prop, inaccessible at the mo on http://www.rightmove.co.uk/property-for-sale/property-32223394.html) the remaining lease is 68 years. I think it’s 85 years. Please could you clarify?

Linden Road is at the low end of the PO21 2A’ postcode, when it comes to sold prices (average £93,630). The last recorded sale in the 2AN part of Linden was in 2006

Sold prices of Flat C, 4 Linden Road

27 Jun 2003      £78,000

23 May 2002     £49,000

I’ve done a Rightmove search for 2 bed flats within 0.5 mile of PO21 2AN:

These 2 comps (sold STC) are both ground floor with a garden

http://www.rightmove.co.uk/property-for-sale/property-31537402.html

http://www.rightmove.co.uk/property-for-sale/property-35806751.html

On the market since March http://www.rightmove.co.uk/property-for-sale/property-29262877.html

On the market since May http://www.rightmove.co.uk/property-for-sale/property-33836033.html

With all of the above in mind, my original maximum offer of £85K was about right.

Purchase price	80	85	91
70% mortgage	56	59.5	63.7
Mortgage deposit	24	25.5	27.3
Refurb	5	5	5
Total cash in	29	30.5	32.3
Revaluation	110	110	110
75% remortgage (after refurb)	82.5	82.5	82.5
Cash back from remortgage	26.5	23	18.8
Cash left in	2.5	7.5	13.5

As I am a people-person, I would like to work with you and Whiteheads. However, when it comes to buying props, it needs to be a good enough deal because my analytical side will prevail.

Apologies for any inconvenience caused.

Best regards

Patrick Souiljaert

I am the first property investor with Cerebral Palsy. Follow my journey – www.sussexpatrick.com

Like me, you can achieve anything you want – just take action and stay focused.

From: patrick@sussexpatrick.com [mailto:patrick@sussexpatrick.com]
Sent: 03 January 2012 02:59
To: patrick@sussexpatrick.com
Subject: Welcome to My Property Network 7

Hello humans

Happy New Year to you all!

Welcome to the new people I’ve recently added to My Property Network (now in excess of 400 members). If you’re not sure who I am, I am the first and only property investor with Cerebral Palsy (www.sussexpatrick.com).

I’ve had an action-packed few weeks. I’ve secured the purchase of 2 props in 2 weeks and my first prop (which I completed on in May has been flooded! It’s all good fun!

The flood in my first prop was caused by a bust pipe in the flat above. I haven’t done anything about it myself. Howard & Co www.howardestateagency.co.uk (the best letting agency in Worthing) have sorted it all out. My tenant (and her baby) stayed with her mum for 5 days, whilst the flat dried out. The maintenance company are going to do the required redec work. All I need to do is ensure the work is done properly so I can get the flat re-valued and refinanced.

(The best tenants are people who have got no ambition of owning their own home – because they will treat your property as their own home)

My 2^nd and 3^rd props are going through now.

My 2^nd prop is a 1 bed flat with a yield of over 10%, right by Worthing Station. The flat was due to be sold at auction but I bought the prop beforehand – and I should complete on it on 9 Jan. The flat needs a refurb. It has a big bay window (which was going to need a lot of treatment, due to damp). However the maintenance company have applied for planning consent to replace the window with a new UPVC one. They estimate the window will be replaced at the beginning of Feb but I would like to try and get it done sooner. I like a challenge! All I need to is try and get the planning consent rubberstamped ASAP. Paul Howard is a Worthing Councillor and has said he can help! Thank you Paul – it’s great working with you.

What I haven’t mentioned above is all of the dealings with solicitors, EAs, letting agents, builders, maintenance companies etc.. It goes without saying because we all do it. My point is this, if non-investors were to read what I’ve written they would probably say something like “property investment and owning properties is so difficult. All you get are problems with tenants, damaged properties, having to apply for planning permission…”.

I love property investment, all I see it as is people. The hardest thing I find is viewing a load of props. Everything else is simple and easy. I really like liaising with people – and doing the analytical work.

My 3^rd prop is a 2 bed flat in Bognor town centre (near the station). It’s on the market with Whiteheads (www.whiteheadsestateagents.co.uk), one of the biggest EAs in Bognor and I’ve built a good relationship with them. I was the first person to view the prop when it came onto the market for £100K. The EA said the vendor was very motivated, wanted a quick sale and would accept a low offer. After viewing the prop on a Friday, I started at £70K, and then after the weekend, I told the EA my highest offer was £85K.. The EA came back saying the vendor wanted £94K.

I left it for 2 weeks and phoned the EA and offered £85K again. The EA came back with £90K. At 90K the yield is 9.2%, I thought it’s a bit low but had another look at all of the figures and concluded it was worth buying the prop for £90K:

• I compared the maintenance charge and remaining lease with my 1^st prop (10% yield):

Prop 1 maintenance charge & GR £950

Prop 1 remaining lease 68 years

Prop 3 maintenance charge & GR £546

Prop 3 remaining lease 85 years

• I would like to work with Whiteheads and they have offered me a rental management fee of 7%.
• After the refurb the prop would value up to £125K

On 23 Dec I received an email from Whiteheads, saying the vendor now won’t accept anything less than £91K. This prompted me to have another look at the figures, and another search for comps/sold prices. It appears that £125K is a little optimistic and think what I originally thought about the prop only valuing  up to £110K. Hence I phoned the EA last week and explained my concern. They said they’re going to email me sold comp prices of £125K. I would still like to buy the prop if it will value up to £125K.

I’ve decided to call some surveyors and other EAs I know in Bognor and ask their opinion. I’ll then let Whiteheads know if I still want to proceed with this purchase.

I have had another 1 bed flat, 10% yield offer accepted (through another EA) but the vendors aren’t very motivated to sell (if at all). The vendors are a husband and wife, and a business partner in Majorca. It took them over 3 weeks to make a counter-offer of £62K to my offer of £60K. Hence I offered £61K, waited another 10 days or so and then went with £62K. The EA said “The vendors are very happy accepting your offer of £62K but the business partner is now thinking about buying out the husband and wife.” That was over a month ago. What I’ve decided to do here is, phone the EA and say my offer will only last for another 7 days.

I always say to people that I’m looking for a yield of 10%. There are different ways of calculating yield and I would like to clarify how I do it. Some people include the maintenance charge, ground rent, refurb costs etc. I go by the gross yield hence only use the purchase price and the annual rental income – and there’s a good reason why. I know what the rental rates are in my area so when I’m browsing Rightmove, I can quickly ascertain if a prop is a potential deal. When I find a potential prop, I then phone the EA and ask for more info.

This is how I calculate yield:

(the annual rental income / the purchase price) * 100

My motivation to try to secure 2 props in 2 weeks came after Rob Moore emailed to tell me he had entered me into the Progressive VIP competition. This led me to take massive action and I posted a number of updates, throughout the 2 weeks, (and my competition video) directly on my blog. Go to www.sussexpatrick.com and scroll down a bit!

Many congratulations to Iain Wallis for winning the competition – you are a worthy winner. Iain is going to buy a BTL prop and donate the proceeds to Cancer Research (in memory of his sister-in-law). I would also like to thank all of the people who voted for me.

When someone issues me with a challenge and a deadline – I go for it!

My updates always seem to end up longer than I intended! I’m going to write another update to run through the figures on my 3^rd prop and whether I decide to buy it. I’ll also outline my plan for 2012.

Other blog updates in the pipeline:

• Another one on Mindset (I love mindset stuff!)
• A blog inspired by the Wealth & Lifestyle weekend I recently attended.

Thank you for reading!

Best regards

Patrick Souiljaert

I am the first property investor with Cerebral Palsy. Follow my journey – www.sussexpatrick.com

Like me, you can achieve anything you want – just take action and stay focused.

I’ve hit the studio flat on the head because there’s not much profit in it and because it wasn’t worth getting into a bidding war. Funnily, I had a voicemail from the EA late this afternoon, saying he’s got another prop that I might be interested in. I’ll call him tomorrow.

At 6.15 this evening I made an offer of £90K for the 2 bed flat, should hear back tomorrow whether I’ve got it. I’m not really concerned if I don’t get it tomorrow. I’m prepared to wait a little longer and see if I can get it any cheaper. At £90K and with a rental fee of 7% (after remortgaging) the net cashflow will be £182, which is good enough.

I had a call from Howard & Co yesterday re my flooded prop. They said the flat has now dried out and the tenant can move back in. The maintenance company are going to redecorate in a couple of weeks. I’ve bought Howard & Co an Xmas hamper, I’ll deliver it on Friday and find out more info.

I love this property game – it’s all about building relationships.

Looking forward to the VIP Xmas party tomorrow night. I’ve bought new shoes and a bow tie but might need to borrow a mask!

Thursday’s action

(I wrote this on Thursday morning)
In the post this morning I received confirmation from Accord, who processed the transaction, I faxed yesterday. Just spoken to Sue Laird, I was very appreciative to her and Tracey for their help. Sue said “When you need to make another transaction, just give me or my team a call and send a fax.”

The key to overcoming these types of obstacles in life is to speak to someone with authority and who understands the situation. I’ve done this sort of thing so many times before

Left a voicemail with Vale Management, who manage the block of the flat I’ve just exchanged on, asking about any outstanding/planned works.

Spoke to the EA manager about the repo I really want to buy. It’s a case of waiting for the bank to authorise access to the prop.

Chased up the prop I thought I had secured last week. This is the one the vendors are a husband and wife and a biz partner in Majorca. I think the biz partner is still debating whether to buy out the husband and wife. It takes them ages to make a decision.

I’ve also got my eye on 2 other props. One which I offered on 2 weeks ago when it just came on the market. The other has a very complicated lease and has fallen through twice so far.

Friday’s action

Had a call at 8.50 this morning from Joanne from Howard & Co (01903 212210) to say that the fire brigade had been called out because my flat in Worthing has been flooded, due to a burst pipe in the flat above. My tenant (and her baby) stayed the night at her mum’s. I phoned back to give them the details of the management company who maintain the block and spoke to Paul Howard. I phoned Paul back at 10.30 to double check the insurance situation:

Paul: “Yes, you’re covered. The damage isn’t as bad as we first thought. The carpets are soaked through tho.”
Me: “Oooooo, I needed to get new carpets!!”
Paul: Leave it with me, I’m going over there this afternoon. Don’t worry about it”
Me: (having stopped worrying) “Thank you – I really like working with you.
Paul: “We like working with you too.”

I would like to nominate Howard & Co for another customer service award.

I had a call back from Vale Management re my new prop. The old damp-damaged windows are going to be replaced with UPCV ones imminently. The owner had paid £2K to have the work done but, annoyingly, Vale have paid the money back to her, due to the delay in having the work done. The good thing is it will significantly reduce the £6K refurb

I’m off to Peterborough now for a fun, fun weekend at the WEALTH AND LIFESTYLE SUMMIT. I better get dressed first!

I’m pleased that I secured a prop yesterday but am not satisfied yet because I still want to secure the 2nd prop I’ve got my eye on. When I saw the EA manager a couple of weeks ago, he said that he would make sure I would be the first one to view the prop. I phoned up today and don’t think I’ll be able to view it until Monday. The EA said the repo is being cleared on Saturday, of all of the previous occupants’ belongings. I asked the EA if I could view the prop before it was cleared. She said no because it may contain some health hazards(???!!!!). The EA manager is back from holiday tomorrow.

This morning I overcome what would have been a major obstacle, before going into the EA at 4 PM today to give them a 10% deposit cheque for the prop I secured yesterday.

Yesterday I phoned Accord (where my residential offset mortgage is) to transfer funds into my Santander bank account to cover the 10% deposit cheque. I asked “I need to withdraw money from offset savings account please.” The answer I got was “You need to send a letter to us in the post in order to do that.” I wasn’t expecting this to be the case, as I can pay money into the account over the phone or via the web.

I then kept getting the robotic response “Sorry I can’t help you”, which I hate. I kept going and spoke to loads of people. The excuses were ridiculous:
“We haven’t got the facilities to do that”
“We can’t do that, it’s in your terms and conditions”
“We need your signature”

I kept asking “Please can I send you a fax?” Eventually I got through to the right manager (Sue Laird), who said “You can send a fax.” which I did last night.

This morning I phoned up to chase my fax and spoke to Tracey. At first Tracey was very unhelpful and she didn’t know who Sue Laird was. I started to go through the same thing I went through yesterday on the phone (I knew the best thing was to stay calm and polite). Then Tracey directed me to their website and suggested I download and fill in a transfer form:

Me: “I’ve got CP and I can’t handwrite properly.”
Tracey: “Have you got someone there who can help you?”
Me: “I wish I did but I haven’t.

After a more minutes on the phone Tracey remembered who Sue Laird is (Sue has just joined the company). At which point Tracey became more and more helpful.

Tracey went to find Sue and tried to locate my fax from last night. Tracey asked me to resend my fax to another fax number. I tried to do so but I was using the phone line! Tracey phoned me straight back on my mobile. We kept getting cut off because my mobile reception isn’t great at my desk!

I sent the fax and phoned Tracey back. Sue now had my fax and was going to deal with it today.

I said to Tracey that I’m a property investor and will be making withdrawals and payments on a regular basis. She said that Sue will be setting up a better system for me (either by phone, email or the web).

I was on the phone to Tracey for about 50 mins and it ended like this:

Tracey: “Sue is going to phone you with an update later on. My shift ends at one o’clock but if you need anymore help please give me a call tomorrow.”
Me: “You have been so, so helpful I feel like giving you a hug.”
Tracey: “That’s so kind of you to say that. I’m here to help you.

I felt drained after the phone call but with a great sense of achievement, having turned the situation right round and into a positive outcome.

On my way to the EA, Sue left me a voicemail to call her back. Sue had left for the day when I got home and phoned her back. But the guy I spoke to seemed to think Sue had made the transfer for me but left her a message to call me in the morning.

Just to be on the safe side, I’ve phoned my back and they were more than happy to give me a £5K overdraft!

I’ve never worked so hard in my life but I love it. Property investment is the best job in the world – and I’m inspiring people doing it! With my analytical and good people skills I know I’m going to be very successful. I feel I’m still at the start of my journey because I haven’t taken off yet.

This is my video to win a Mercedes for a year (or £6K), Thank you to Pete Mcintosh for your help.

My mind is now focussed on finding 2 props in 2 weeks.

Hello people

First of all, thank you to Sylvia and Juswant for bigging me up at Monday’s BPM and to the 250 people in audience who sang happy birthday to me! I would also like to thank Glenn Armstrong for his kindness and generosity for then offering me a place on his two day Advanced Strategies course (www.glennarmstrong.com). It was a very humbling and overwhelming experience and I’m very much looking forward to the course. What a birthday present!

Welcome to the new people I’ve recently added to my network. If you’re not sure who I am, I am the first property investor with Cerebral Palsy (www.sussexpatrick.com).

It’s been a couple of months since my last update, in which I mentioned my next update was going to include a piece on Mindset. This update is all about mindset (including a bit on location, location, location). This is the piece I had in mind when I wrote my last update:

Success = 90% Mindset and 10% Action

Here are some mindset traits which help me to achieve in everything I do;

1. Stretch and grow yourself by doing something that slightly scares you every day.
2. If you’re not happy with your current situation, change your situation – you have the power to do so.
3. If it is impossible to change your situation – accept it – then you will able to move on.
4. You create your own reality. This is difficult for some people to realise and accept. The most obvious example I can give you is me: I could decide that life is too hard and live in a home for the disabled. However I have always accepted my CP and achieve everything I set my mind on. It is the difference between taking responsibility or deciding to become a victim.
5. Focus on NOW (being in the NOW). People get depressed or worry when they think about the past or the future. Here’s the thing: the past cannot be changed and the future hasn’t happened yet. When you live in the present moment (right NOW) then it is impossible to feel negative. This takes practise to achieve.
6. If you really want to do something but something is stopping you. Ask yourself “What’s stopping me?”
7. Activate yourself. Make a ‘to do’ list every day and tick each item off when you’ve completed it. This will give you a great sense of achievement and satisfaction.
8. Making mistakes isn’t a problem. It only becomes a problem if you don’t learn from each mistake.
9. You cannot fail if you never give up.
10. When you believe it you will achieve it.

Over the last few weeks I have overcome a number of (mindset) obstacles which had been holding me back. Someone said something to me a couple of weeks ago, which has proved to be my turning point. I now KNOW that I am going to become very successful. I feel calm and contented and no longer worried about the future.

For the last couple of weeks I have been taking massive action and could have secured my 2^nd property today but decided to try and negotiate a lower price for it. I also waiting to hear back from 3 other offers. It’s all good fun!

If you want to know what brought about this change in me – read on!

1)       Location, Location, Location

I secured my first BTL prop back in February. I focussed my mind on doing so and within 7 days found a 2 bed flat in Worthing town centre for £79K. At the time I thought “Excellent, Worthing is a great town to invest in – and I know the place well.”

It took me up until a few weeks ago to fully accept that Worthing isn’t the best place and to fully commit to focusing on Bognor and Littlehampton. Like in any town, you will always get the odd good deal but house prices are considerably cheaper in Littlehampton and Bognor.

One of the things holding me back was the reluctancy  to get out of my ‘Worthing comfort zone’. The silly thing is, it only takes a couple of visits before you get the feel of a new place. Although Bognor is a bit further away than Littlehampton, I think it’s a slightly better investment area.

(Just had a call from an investor who saw one of the ads I placed on Guntree. The prop he was phoning about has now gone but we spoke for about tens mins and he could become a JV partner).

2)       Focussing on one strategy

I’ve learnt so much about property investment over the last 18 months, I could write a good book on it. There are so many ways to make money from property, I’ve been like a kid in a sweet shop and wanted to try all of them. Hence partly why I haven’t got very far yet.

I am now focused on one BTL strategy: buying a prop which needs a refurb, do the refurb and refinancing the prop 6 months after purchasing it.

For those of you who aren’t aware how I’ve got the cash to do this: I bought my flat (where I’m living now) in 2002 for £100K and I paid off the mortgage on it by the end of 2009. I’ve since remortgaged onto a flexible offset mortgage. Hence I now have cash for several BTL deposits and can get mortgages of £50K+ with TMW.

The hilarious thing I found out last week is, because I longer have a £25K+ job, I’m unable to get a mortgage for under £50K. If you would like to JV with me and host a mortgage under £50K, it will be great stuff – please let me know.

One of the things I love about being in property is working with estate agents (EAs), I am good at building working relationship with them. Property is all about working with, and helping, people.

3)       Leaving some money in not a bad thing

I can quickly evaluate whether a prop is a good deal. However this studio flat caused a lot of indecision but I’ve learnt a lot from it http://www.rightmove.co.uk/property-for-sale/property-19377708.html

I’ve changed my mind about buying this prop more times than I’ve changed my underwear this month (and I do that every day)!

I agreed a purchase price of £36K, giving it a gross yield of 12.5-13%. However it doesn’t need a refurb and comps are difficult to find for it. On the plus side, it’s already tenanted.

My first plan was to package it and find a buyer for it (which I tried very hard to do) – no luck. It was then that my indecision started, I kept thinking “It’s a great yield but not a good deal”. I spoke to so many EAs and surveyors to see if the prop would value up to £50K (so I could get all of my deposit out after 6 months). A lot of investors said it wasn’t not a good deal.

It wasn’t until a few weeks ago in my last VIP session with Rob Moore when he helped me to realise that I have been over-analysing every potential prop. I have been fixated with being able to get all of my cash out of every potential deal. The net result is that I haven’t bought any more props!

I now realise that leaving some money in props is not a bad thing. Here’s why: in a few updates ago I said that my only focus at the mo is on becoming financially free. If for example, I’ve got £70K in my investment pot – and If I could get an 80% mortgage on the £36K prop – I would only need £7K from my pot. In my position, it’s worth sacrificing £7K for a yield of 13% on a prop of £36K.

I finally made the decision a couple of weeks ago to buy the studio flat. Only to discover I’m unable to get a mortgage on it! Godiva and Northern Rock won’t give me a mortgage under £50K and they don’t lend on studio flats. (Many thanks to Chris Holland and Scott Rawlings for your help)

Now that Virgin Money has bought Northern Rock I might have more luck. Has anyone got Richard Branson’s number?

I have also leant not to get caught up on one prop. However the prop has been on the market since July, had 2 FTBs fall through on it and now that EA knows it’s unmortgageable, it will be even harder for them to find a buyer for it. I’m going to try and introduce the idea of a delayed completion to the EA. It might suit the vendor, as she is moving overseas and wants to cut her ties (I’ll give her some scissors!). Property is about helping people and solving problems. It’s good fun trying new things and it doesn’t scare me.

4)       Standing on my own two feet (and crutches)

For those of you who aren’t aware, I produce a radio sports show on Saturdays (you can read more here http://sussexpatrick.com/2010/07/13/radio-time)

My turning point was a couple of weeks ago when my friend and colleague, Pete Mcintosh said this to me:

“The problem is mate, you have let so many people influence you about this studio flat. You think other investors are better than you are because they’re more experienced than you. The truth is you can work out if a property is a good deal, far better than a lot of other people. You need to have the confidence to go with your own judgement. If I didn’t think you were going to become very successful in property I wouldn’t have encouraged you to leave BT.”

Thank you Pete – you gave me the push I needed by hitting the nail on the head!

Since then, I have taken massive action and made a lot of offers on props. I still need to lower the bar slightly by being pleased with buying good deals, rather than trying to find a great deal – but I am going to great there.

I liken my journey into property like my one into radio. I spent years working my way into ratio (climbing stairs every day) because I knew eventually I would get to where I wanted to be. I started working in radio in 1997 and got the job I do now in 2003. I love it and am very good at it – and am very grateful to have it (it’s unheard of for someone to be paid for producing  a 4 hour commercial radio sports show).

My point is this – I now know that I’m going to be very successful in property. It doesn’t matter how long it takes me because I know I’m going to get there. The hardest part is becoming financially free because it the only thing I NEED to do and I’m being careful with the money I have to invest.

I’ve been to see so many first floor flats lately, it feels like I’m eating stairs for breakfast, lunch and dinner.

Here are some of the props I remember going to see:

http://www.rightmove.co.uk/property-for-sale/property-20030022.html

http://www.rightmove.co.uk/property-for-sale/property-14466099.html

http://www.rightmove.co.uk/property-for-sale/property-31542667.html

http://www.rightmove.co.uk/property-for-sale/property-30067438.html

http://www.rightmove.co.uk/property-for-sale/property-34891667.html

http://www.rightmove.co.uk/property-for-sale/property-20337345.html

http://www.rightmove.co.uk/property-for-sale/property-34681934.html

http://www.rightmove.co.uk/property-for-sale/property-20560806.html

http://www.rightmove.co.uk/property-for-sale/property-35252207.html

http://www.rightmove.co.uk/property-for-sale/property-31779064.html

http://www.rightmove.co.uk/property-for-sale/property-31830811.html

http://www.rightmove.co.uk/property-for-sale/property-20661939.html

http://www.rightmove.co.uk/property-for-sale/property-35505653.html

http://www.rightmove.co.uk/property-for-sale/property-34972748.html

http://www.rightmove.co.uk/property-for-sale/property-19935237.html

When you believe it you will achieve it.

Thank you for reading my update

Remember: You can now follow me on Twitter and Facebook:

http://twitter.com/sussexpatrick

http://www.facebook.com/patrick.souiljaert

Best regards

Patrick Souiljaert

I am the first property investor with Cerebral Palsy. Follow my journey – www.sussexpatrick.com

Like me, you can achieve anything you want – just take action and stay focused.

Hello property people

When I was planning this update, I wanted to include a piece on mindset because this is the key to my success in life – and I wanted to share it with you. However I didn’t realise how long this email was going to be! Hence I’ll shortly write another email on mindset.

In my last email I mentioned that I couldn’t find my virtual PA. Well, she recently materialised! Hence I now added another 60-odd people to my network (I don’t mean to infer that any of you are odd people, it’s just what’s come out of my computer keyboard!).Welcome to you all.

Regular readers will have noticed that my email updates have become somewhat sporadic. This is because I’m now the hardest working property investor with Cerebral Palsy! And my email updates are time consuming to write. Therefore I’ve decided to start tweeting updates and also post updates (photos and videos) on Facebook (or as I call it Bookface). This will give you more of an insight of what I’m doing on a daily basis.

You can follow me on Twitter http://twitter.com/sussexpatrick
Add me as a friend on Facebook http://www.facebook.com/patrick.souiljaert

Anyway, enough waffling. On with this update.

It’s been another action-packed few weeks and relentless property viewings. It’s almost difficult to remember all of the properties – but here are a few of them:

I’m currently buying my 2nd property – a one bed flat in Worthing, with a yield of over 10%. The prop has only 48 years remaining on the lease which I looking to extend.

Finding a BTL prop with a 10% yield is like finding a needle in a haystack. I find a lot of props which, initially look like very good deals, but on closer inspectional they aren’t so good. It can be demoralising. However If I didn’t know that I am going to succeed in property, I wouldn’t have left my job (for life) at BT. I sometimes feel I’m a Duracell battery!

The following prop looked like a good deal at first:

• A repossessed one bed basement flat
• The previous occupant had completely trashed the place. He had drilled massive holes all over the ceiling and demolished the kitchen (include the surrounding walls).
• I initially estimated the refurb cost would be £5K-£6K (based on the refurb we did on my first BTL prop a few months ago).
• As it was a repossession I decided I would exchange on it fast using bridging finance (thank you very much to Jason and Chris, from Progressive Property Finance, for getting me an agreement in principle and a good deal so fast).
• When I went to view the prop a second time with builder Frank, the damage looked a lot worse and it was a shock when Frank said the refurb would cost £10K-£11K
• I phoned Paul Wick (from Graham Butt estate agents) thereafter, explained the situation and asked if I could put in a lower offer. He said a cash buyer had made a slightly higher offer. Understandably, that’s whom this prop went to.

It was five days of hard work but a great learning experience I learnt:
• I need to be much more methodical when viewing props – and have now produced a detailed checklist to take with me on viewings.
• You can buy a prop quickly using bridging finance, then after doing the refurb, get a valuation and a long term mortgage. The 6 month rule doesn’t apply with commercial bridging finance.
• To be aware that basement flats have a tendency to flood.

I am a very reliable person – I do what I say I’m going to do. Therefore it hurts me when I feel I’ve let people down. I liked to also thank Steve (from Howard & Co), Mandy Wallace and Sarah Miles.

The experience cost me some money. However, psychologically, this didn’t cause me a problem – I just accepted it, and paid it. If I hadn’t accepted it straightway, it would have caused me a problem.

Thank you to Paul Howard and everyone else at Howard & Co for their excellent service managing my first BTL property – and I really enjoy working with then.

I viewed a prop with Paul Howard a while ago, where there was already a buyer in place but she was ‘dragging her feet’ with the purchase. (I used to drag my left foot but I had an operation which fixed it!). Paul phoned me, on a Wednesday morning, a few weeks later because the buyer was un-contactable. It looked like she had pulled out of the sale and the seller wanted me to buy the prop quickly. I contacted my power-team and got everything sorted out by Wednesday lunchtime. I had to contact everyone by phone (which was very easy because it didn’t involve much typing!) because it was on the day my broadband was being transferred from BT to Plusnet. However Paul phoned me on Friday morning because the original buyer surfaced and was going to exchanged on the prop by the end of the day.

Paul was extremely apologetic and hoped I wasn’t too disappointed. I said it was nobody’s fault and I don’t let every potential prop get to me – because if I did, I wouldn’t get anywhere.

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I always enjoy it when the vendors are at the prop when I go to a viewing. On one such occasion the vendors were a couple in their 50s/60s, as I walked into the house, the lady said “I know you…” but she didn’t know where from. (I am often recognised by people but I often don’t recognise them!). I spent about 30 mins viewing the prop. In the end we deduced that the lady worked at the school I went to in 1984!

My friend Selina would like would to buy her aunt’s house in Stratford, East London – and I’m helping Selina find ways she can finance it. (Thank you to Sel, Jason Oakley and Rory O’Mara for the options you have already provided me).

Please let me know if can help fund the prop and are interested in doing a JV on it. Here are the details:

3 bed semi detached house – with 2 reception rooms
Postcode: E15 4AE
Purchase price: £249K
Comparables: £275K-£300K
Refurb: £10K
Rental (as a 3 bed house): £1400 PCM
Rental (as a 5 bed multi-let): £1625 PCM
The property is in the heart of the 2012 Olympics.

There are a couple of props I’m particularly looking forward to viewing this week.

Remember: You can now follow me on Twitter and Facebook:

http://twitter.com/sussexpatrick

http://www.facebook.com/patrick.souiljaert

Best regards

Patrick Souiljaert

I am the first property investor with Cerebral Palsy. Follow my journey – www.sussexpatrick.com

Like me, you can achieve anything you want – just take action and stay focused.

From: patrick@sussexpatrick.com [mailto:patrick@sussexpatrick.com]
Sent: 17 July 2011 22:19
To: patrick@sussexpatrick.com
Subject: Welcome to My Property Network 4

Dear property people

Please forgive me, for it’s been a fair few weeks since my last email update!

Welcome to all the new people in My Property Network (I’ve still got a lot of biz card to add to it. Where’s my VPA….!)

I have been taking relentless action.

At the beginning of June, I set myself a goal of visiting 30 EAs in said month. By the end of the 3rd week I had been to 26 EAs. (I think I did so over 6 afternoons). By the end of June I’d counted 35 EAs.

I have now stopped counting how many EAs and properties I’ve been to because it’s now my full-time job and a way of life.

Over the last few weeks, I have made offers on 5 props that I would have liked as my second property. However I don’t get emotionally attached to properties nor despondent when my offers aren’t accepted (because I wouldn’t get anywhere if I did). I just move on.

I did have one offer accepted – but then got gazumped the next morning!

I am working on getting a gross yield of 10%. I know it’s quite high and I need to start analysing deals more closely.

I went to an auction and bid on one of the props I was interested in. I already had a good relationship with Joseph (the EA) beforehand (who asked me for advice on property investing). Joseph wished me good luck before the auction started, only to then find myself bidding against him on the property I wanted to buy (as Joseph was representing a phone bidder)! I had decided what my maximum bid was going to be, prior to the auction, and stuck to it. I find it funny that I cost the person who bought the property, at lest £1K.

After the auction someone else said to me “You just lost out there…”. On the contrary, I didn’t lose anything. If I had continued bidding and got the property, it would be more of a liability than an asset.

Joseph has now left the EA he was working for to open his own EA in Kent.

I am finding it tiring viewing props and visiting EAs every day – but it’s also great fun (and sometimes a good antidote for my insomnia!) My only focus at the moment is on becoming financially free. All I need to do is buy 2 or 3 more props and rent out my flat (and find somewhere else to live!). Once I’ve done so I’ll be free to relax a bit and use other investment strategies. It’s like making a cake – I’m currently building the base of it. Once that’s done, adding the filling and the cream on top will be easier.

I can understand why some new investors become disillusioned when they start out in property (it’s not easy). I was hoping to have secured my 2nd prop secured by now. It takes a time, effort and determination to succeed in property (especially here in Sussex, one of the most expensive places outside of London). However if I didn’t believe that I am going succeed, I wouldn’t be doing what I am doing. I am 100% determined. I know that when I keep taking action I will succeed. I also know that giving up is not an option because I wouldn’t achieve anything! And I leave BT in a couple of weeks!

Virtually all of the EAs I have met are really nice and helpful – and I would like to thank just a few people:
• Paul Howard and everyone else at Howard & Co – for finding a good tenant for my first property, the day after the refurb had been completed. It’s really good working with you.
• Tom at King & Chasemore and everyone at Graham Butt – for your help.
• Mandy Wallace – for your advice.
• Frank Sumner – for going to see 3 properties with me.

Until my next update, I like working with you all.

Best regards

Patrick Souiljaert

I am the first property investor with Cerebral Palsy. Follow my journey – www.sussexpatrick.com

Like me, you can achieve anything you want – just take action and stay focused.