Francis Dolley hosted his Multi Let Cashflow System training dayin September 2013 at the Holiday Inn (Maidenhead). He very kindly invited me to the event to speak about my latest Rent to Rent deal that I had completed for a house in Beckenham.
It was great experience getting up in front of a room of 60 people and going through the details of the project. The nerves were there in the background but I was a lot more comfortable up in front speaking than I thought I would be. Practice really does start to make perfect.
My latest deal nets around £711 cashflow per month after all fixed costs.
Naturally they’re may be other small mainteance costs each month, but I would say on average it is certainly around £650 taking every possible cost into account. As long as I can keep the property full.
Recently one of my tenants decided to stop paying, as and I was going through the process of notifying him, he decided to leave the house out of the blue. It is surprising when this happens, especially when a concerned mother had been calling promising to pay for her son.
I was rather pleased with the way I handled the situation, polite but firm, I was generous and gave the tenant over a month to sort things out. Even with him leaving and their being some minor damage to the room, I found myself taking it in my stride, its all part of this business. Thankfully I was partially covered with the deposit warranty I had the forsight to purchase at the start of the tenancy for him. Its a shame he didn’t heed my warnings as now the warranty company will be chasing him for the arrears and he could well have damaged his credit record for many years, but sometimes wise words fall on deaf ears.