Rick Gannon - 45 Ways to Buy Property: Strategies and tactics to build your property portfolio

Copyright 2021

Published by Known Publishing, 2021.

The right of Rick Gannon to be identified as the Author of the Work has been asserted by his in accordance with the Copyright, Designs and Patents Act 1988.

All rights reserved.

This book would not have been possible without the valuable contributions from Lorraine Gannon.

ISBN 978-1-913717-44-5

This book is sold subject to the condition it shall not, by way of trade or otherwise, be circulated in any form or by any means, electronic or otherwise without the publishers prior consent.

www.get-known.co.uk

TESTIMONIALS

Innovative ways to find properties

Good help in finding innovative ways to find and buy properties, it made interesting reading and I had not heard of some of the websites.

Joanne, Amazon Review

Amazing is an understatement

Amazing book for beginners. It was like an action movie, you cant take your eyes off from the first page. Loved it.

Mercy Crystal, Amazon Review

Explicit instructions regarding property

It was a very enjoyable book. I really loved the book. It had explicit instructions regarding property.

PJ Candid Property, Amazon Review

No nonsense deal sourcing suggestions

A succinct, to the point, no-nonsense checklist which, as budding investors, provided practical suggestions which I hope will help us source more deals.

Sophie, Amazon Review

Very Helpful

Really enjoyed it. Simple, quick read, and various ways where you can find properties and different ways to put yourself out there.

Gero, Amazon Review

Gave me strategies that I never thought of!

Very informative and helpful and gave me strategies that I never thought of!

Mandy, Amazon Review

What an excellent book for both the newcomer and the more experienced

Ive been involved in property for decades, so typical of the experienced person, I believe that Ive seen and know all the opportunities but having just bought this book, I started reading it over breakfast and within minutes Id got the notepad out to remind myself of some action points that I hadnt done or forgotten to do for myself.

Well done, Rick Gannon. Ive had the pleasure and privilege of listening to Rick speak. Hes a foremost expert on HMOs and this book is typical of the man and what he brings to the market. Common sense, authoritative detail and excellent value.

The Tax Expert, Amazon Review

Good resource to refer back to

If youre stuck for sourcing property deals this will help you explore all avenues. A quick 30-minute read and good source to refer back to.

Ian Bluck, Amazon Review

CONTENTS

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THIS BOOK IS FOR

W hether youre just beginning to build a property business, want to take the next exciting steps or just want to take property investment seriously, this is the book for you. In fact, it is the book I wish Id have known about when I got started in 1997. It is for anyone interested in property investment who is wondering what the magic formula is.

Typically, most property investors are not just interested in property per se, it is more about what property can do for them and what it gives them.

What are YOU looking for? If its any of the following, this book will help you:

1. A secure income
2. A retirement plan
3. A good return on your cash, whether it is 20k or 800k
4. A way to buy back your time
5. A way to spread the risk outside of your main business or employment

Most property investors know how to buy a house but they dont know how to build up a portfolio with a healthy cashflow, so that they can actually achieve the things in the list above. If you want to know:

1. How to get infinite returns
2. How to Momentum Invest
3. How to grow a portfolio with a small cash pot
4. How to market your property business to get constant leads

Then you are in the right place.

THIS BOOK WILL

• Share all my experience and everything I wish Id known in the beginning.
• Teach you the basic process of how to buy property so that you avoid the pitfall of investing all your money into a few properties and then getting stuck. The aim is to create momentum to grow a small portfolio. Over a period of five years, it should be achievable to grow a portfolio of 10 15 properties.
• Help you understand how and where to find property that will help you build a portfolio and provide a consistent stream of leads to do so.

THIS BOOK WILL SAVE YOU 10 YEARS OF TRIAL AND ERROR

I know that most people know how to buy a house. If you have ever purchased your own home then somehow or other you have worked your way through the challenges and obstacles. What frightens most people about property investing is failing and buying the wrong property! Then there are tenants even scarier argh! Run screaming from the room!

Most new investors reach out to a letting agent to solve this part of the puzzle, and then the investor thinks theyve cracked it!

In 1995, I bought my first house for 45,000, which seemed such a lot of money at that time. We had a cashback mortgage (remember those?), and I think we bought a carpet with ours! The bank gave us 1,000 to move in and two years later, when I needed to relocate to Nottingham for work, I sold it for 2,000 more.

My next purchase in Nottingham was a new house for ,20. It was built on lots of mining shafts the house pack was huge with all the coal board reports and a knickers factory. Although none of that is strictly relevant, it was funny! Bit of a pants comment that! Quick, move on.

We lived there for two years before relocating again. A new house doesnt tend to grow in value as much at first, since the developer has normally made a good profit on it. When we couldnt sell it, we decided to rent the property out. The local estate agent found us a tenant and managed it for us. As nervous first-time landlords, my wife and I took the rent protection insurance a nd moved out. The rent wasnt quite enough to cover the payment on the mortgage, and we had to put money towards it each month. The agent was taking their share and with a fully managed service, we were paying a significant chunk each month. We saw this as saving, however, and we had no idea about how to ensure that our property cashflowed. If wed multiplied this by 10 houses then we would have had to find quite a lot of money each month to cover the shortfall and therefore there was no chance of us growing a property portfolio. This surely wasnt how property investors made money?

I then moved into commercial property and bought my first pub. My wife and I ran and grew a chain of pubs. We took on a dilapidated pub on a purchase lease option. This is a buying tool in property, where you rent the property to begin with and can have an option to buy in the future. Our business grew and we made a lot of money from the trading of property and developing the pubs.

A few years passed and we decided to sell the property in Nottingham, and despite the big recession in 2007-2008, the property doubled in value. We made a staggering 80,000 just from the ownership of a second home.

We had become accidental landlords and ownership had given us a fantastic nest egg and opportunity to grow.

But what next? Perhaps we could find another rental property that would rent for more in a cheaper area. That would surely enable us to make money and we would not have to top-up the rental account at the end of the month.