HMO advice from PPP

“£160,000 annual income for just 5 days a MONTH”.

11.06.19

Robin Grant has never been a stranger to hard work, but by the end of 2019, he will be earning a six-figure income from property for just over one day per week of his time.

After 20 years in the import/export industry, having co-founded a pet accessory company in 2005 which he sold in 2012, he’d experienced the blood, sweat and tears needed to build a successful business.

Robin continued to work in the business for the Private Equity owners, which was now turning over more than 100 million Euros, but the ongoing early mornings, late nights and lots of time in airports or overseas led to him wanting a real change. So, he took the opportunity to explore businesses that he and his wife, Maxine, could do together.

Proven systems and a formulaic path

“I’d already trodden the entrepreneurial path, and decided I wanted a more formulaic path,” said Robin. “I’m never going to be the type to sit back and retire early, but we wanted a low-risk business with proven systems in place and that’s why we looked at franchising.”

In late 2016, Robin and Maxine came across Platinum Property Partners (PPP) at a franchise show. Their initial idea had been to look at fast food franchises as they needed to replace Robin’s salary from his previous role. When they heard founder of PPP, Steve Bolton, give his presentation, they were surprised and excited to learn that they could build their own property portfolio via a franchise system.

Robin added: “It seemed that burger and pizza franchises wanted your heart and soul, and whilst you could earn a decent income, you’d still be trading your time for money, with no assets to speak of or any long-term solution. In contrast, PPP offered all of what we were looking for and more.”

The couple had always been interested in property investment but had never been brave enough. They were fully aware of how easy it could be to lose hundreds of thousands of pounds as a result of just one mistake and were comforted by the fact that joining PPP would give them the expert guidance they needed.

A fast-track and full-time approach

Whilst many Franchise Partners join PPP for almost instant time freedom, Robin and Maxine took a full speed ahead approach. By April 2017, just two months after joining, they’d started the refurbishment of their first property. Two months into the refurbishment, they received the keys for their second project. By month three, when the work was finished, they had their first fully tenanted HMO (House in Multiple Occupation) in Watford and the builders moved on to start the second project.

“We never joined the franchise with the view to take it slow as we knew we needed to build our business and earn an income quickly, so we have been aggressive and non-stop since day one,” said Robin.

It’s not like they have been lucky or opted for easy conversions, either. Most properties have involved large scale refurbishments, including single storey extensions using Neighbourhood Consultation, loft and garage conversions, planning for Change of Use and Build Over applications as well as multiple Party Wall agreements.

Thankfully, the extensive training and mentoring received by PPP’s Power Team and continued support of HMO planning specialists, were invaluable for Robin and Maxine – not to mention the expert advice on managing tenancies post-completion provided by PPP’s letting manager.

As a result, the couple will have six HMOs with a total of 39 rooms up and running by the end of 2019, less than three years after their journey started.

Robin concluded: “Without a shadow of a doubt, joining PPP was the best decision we could have made when picking the right franchise for us. They have been crucial, not only to our success, but to going into property at all.”

Are you also interested in property, but not sure of how to get started? If so, download our specialist property toolkit here to start your property investment journey today!

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