Project Life Success
Buy to Let Property Sourcing

Being a Property Sourcer

I’ve got to admit it, Saturday’s course was ace!

Twelve people in a room with one hugely successful property sourcer who usually earns over £12,000 a month – what’s not to love?

I knew much of what we were taught, which was great – confirmation that I’m on the right track. Because I’ve already been working with investors and already have my own portfolio I knew more than some people. And no doubt less than others.

One thing that worried me a little was the lady sitting next to me, who said she had got into sourcing properties because she wanted something easy.

“I love the thought of being able to package something up, send it off and collect my money,” she told me.

Now either I have been sourcing properties for investors wrong, or she is in for a bit of a shock. The two most stressful things in life are apparently divorce and buying a house.

As a sourcer you might deal with the first, and you will almost definitely deal with the second (unless you only source rent to rent deals, for example).

I’ve bought numerous houses over the years and each purchase has had its stressful moments along the way. Why someone would think managing a house purchase – or several at a time – dealing with both the buyer AND the seller – would not each come with its stresses I have no idea.

As usual, I was crippled with self doubt and immediately assumed I’ve been doing something wrong. But I don’t think I have. I suspect this lady has been sold a dream, or allowed herself to hear a dream, and she could be in for a rude awakening.

Anyway, enough about someone else. I have more than enough to worry about concentrating on myself.

With Sarah Poynton-Ryan, super successful property sourcer

I came away with a set of actions, for sure. I also realised I needed to do a lot of thinking.

Sarah Poynton-Ryan, the sourcer who ran the course, sources properties all over the country, never visiting any of the properties. I’ve always seen myself being much more of a local property sourcer, property professional. I’m working hard to get to know my area, get established here, get known. Once our new company – not the bathroom business, the next one (!) gets going, we’ll become synonymous with our local patch. The anonymity of sourcing nationally unsettled me.

I previously spent time with a different trainer, whose approach was far more hands on, and aligned better with my comfort zone. So do I want to be him, and possibly limit myself in this small and rural area? Or do I want to think bigger, harder, nationally.

Two days on I’ve given my subconscious chance to tell me what it wants. It told me pretty clearly that I don’t, currently, want to be a hardened, big-scale sourcer, although no doubt deals from around the country will come my way as I get more established.

Dean and I want to offer a refurb service to our investor clients. We want to work with them as partners, not just passing deals on. We’ll probably end up managing those properties later once they are let. That might change, of course, and maybe I’m just playing it safe?

Either way, it shows the power of taking time out to learn. Knowledge truly is power, even if it is the power to know that something is not for me. I picked up loads of tips and info on Saturday that will serve me whatever I decide to do.

I might kick myself later, because following Sarah’s path might be more lucrative more quickly, and I hate the thought that I might be playing it safe! But everything is fluid and movable and the journey ahead is long and full of opportunity!

 

 

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