Rent 2 Rent ROCKSTARS - Brenda got a £1k+ Deal in Kensington London - Rent to Rent Success — Rent 2 Rent Success

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Hello, it's Stephanie here and I’m getting very excited about bringing you another amazing Rent to Rent Rockstar interview.

Brenda's story is incredible – I’ve just picked my jaw up off the floor! She has been on the Rent 2 Rent Kickstarter program for just under four months when she got her first deal and it’s epic! It all happened so fast and the story is incredible.

So, I'm going to waste no further time and introduce Brenda to you.

Stephanie: Brenda, welcome. My first question is, can you tell us a little bit about you and what you were doing before you started the Kickstarter program.

Brenda: I’m 25 years old and I'm from North London. Before I went into property, I was an HR assistant and qualified with the CIPD. I quit my job in February 2019, and then I started on my property journey - finding out a bit more about properties and going to networking events.

I fell across progressive property of progressive community. And then I went to a PIN event in Canary Wharf around July time, and that’s when I came across you Stephanie because she was at one of the events. Then I signed up to the free event and I went on to become a mentee.

Stephanie: Can you remember what made you think ‘this is for me’ because you've obviously seen quite a few different programs before?

Brenda: Yes. I was part of PPN VIP, so I had a mentor once a month. I was looking for more of something where I could be engaged in every day rather than once a month engagement.
So the eight week program of having someone to be able to speak to in a group and that was what really attracted me to become part of the Rent to Rent Success because I had figured out exactly what strategy I wanted to do.

Whereas in the VIP with PPN it was a big community. We were discussing major things, and I just wanted to take the first step and have one to one engagement with somebody.

Stephanie: Yes, that's really interesting that you brought that up because I know with the mentorship a lot of companies are doing that and I know Progressive is a very good one - it's fantastic for the big picture and for the networking, but for the actual practical detailed implementation then a program like ours is really fantastic and a great compliment to what you're doing with your other course.

Did you have any fears or concerns before you signed up? Because I know that even myself, before I make a purchase, I sometimes get a bit nervous that it wouldn’t be what I thought it was going to be.

Brenda: My only concern was I didn't want to turn in to a training junkie where you constantly had training and painful courses and were not actually implementing anything - so that was my only worry.

But because I had met you at PIN and I'd seen what you had to say on the platform, but also when we went for the extra drinks and I was able to see you and communicate with you – I got the gauge of your personality and that you’re willing to strive, and it’s something that just happened within five years as well.

So, I thought, why can't I do that as well? So that is the reason why I thought, no, I'm going to do it.

Stephanie: Yes, absolutely - I love that phrase. The power of five, the transforming magic of five years when you put a little bit behind it every day.

So, you signed up, you joined the online program, now tell us about the start of the course - what happened and how did you find it?

Brenda: When I joined the course, I went through every week of the program and I just tried to implement bit by bit exactly what to do. So, going out and speaking to the estate agents, and I went to a couple of viewings. I went through the program - what to look out for when you go to viewings, how to speak to agents. And I did get a lot of attraction there as well, but when it came to crossing-over the line, it did get a bit difficult.

And I remember putting messages in the group like - I've got this, how do I do this? And I was messaging you Stephanie, what do I do here? So, I did have the one step backwards and then back a bit again, and then got to go again.

When I got to this particular deal, I felt I’d got a bit stronger and felt experienced from all the other ones that I had gone through. Getting to this deal, I felt I had the experience from using the things within the program constantly.

Stephanie: Let's talk about the deal. How did it come about? Start from the very beginning.

Brenda: The deal was from an estate agent, but funny enough, I'd spoken with a JV (Joint Venture) that I met the same day I met you at the PIN in Canary Wharf. And he knew I had joined you and was also looking at properties and he was going to estate agencies, but he didn't have the letters or the other stuff.

So, he admired the fact that I was being trained by a professional. And we linked together - I was doing this full time and he was still working.

Stephanie: He got a good deal out of this because you had all the documents and the time, what value was he adding?

Brenda: He had the engagement with the agents, and they had got back to him and said they had a property, but he didn't have the time to go to view the property. I went to view the property with a little bit of what I've got from the list that you'd provided on the course.

Then looking at the numbers with the deal analysis we met up and figured out if it was something we could go forward with.

As I’d been to see the house, I saw it was newly refurbished and I was looking out for things that we may have to do which may cost us, but as it was newly refurbished, I couldn't complain and it was in a nice area.

So, I said, let's do the numbers and if the numbers work, then we can go forward with it. And lucky enough I had a Rockstar call with you beforehand and we went through the numbers and you said, yes that sounds quite good. So, then we were quite confident to move forward.

Stephanie: I love this story. Can you tell us how the JV arrangement work with you and your partner?

Brenda: It’s 50/50. We said what are we going to put towards the deal, and we both said we were going to put equal amounts into the deal and we were going to split the profits of it and the ownership of the property 50/50.

Stephanie: And who is going to be managing it over the period?

Brenda: It is me because he is working, but during the weekends he does put in what he can, and he is a handyman. We both go through the contracts and stuff like that.
And he had previous experience with a deal he had done before, but he realised he needed some kind of assistance for the ones going forward because he is still working full time.

Stephanie: Nice - kudos to you both. I love the story and I love the JV. Let's talk about the refurb, because people really worry about this and if it’s going to cost them an absolute fortune.

We discussed our first project in the online training – which we spent a bloody fortune on, but you don't really have to, how much was yours?

Brenda: Because the flat was refurbished already, we didn't have to do much, and we negotiated with the agents to provide furniture which was the wardrobes and the bed units.

What we actually spent was on dressing up the property – things like buying duvets, mattress protectors, pillows, little decoration things just to make the house look nice. And the little details for the communal area. I think with the shopping I spent about £800.

Stephanie: That is phenomenal because everybody could really, if they tried hard, find £800 even if they haven't got it themselves to make a deal work.

So that is the refurb, which wasn't really a refurb as such, but let me take you back a step to another thing that worries people, which is getting deals from agents. And Brenda, you’re in Kensington and Chelsea, and a lot of people say that this doesn't work in London.

Brenda: It does.

Stephanie: I love the way you said that. I'm going to take it one step at a time, so firstly talk to me about how you got the deal from the agent, what did you have to prove? And then we're going to talk about the numbers after that.

Brenda: With this particular agent, they were struggling to get rid of a deal, this was the property my JV partner had taken in Balham. So, when he had done the Balham deal, they were happy to give him another one.

Stephanie: So that's why he was a good partner because he had already built up the trust with them?

Brenda: Yes, so then when we got the second property, they had already seen what he had done with the first one and that's when they offered us the second one because they were struggling to get this off the market.

Like what you've taught us, the agents normally advertise just empty rooms which doesn’t really engage with people. So, dressing up the rooms and putting up adverts on what he had done with his previous deal is what set us up with the second deal.

Stephanie: Brenda you’re so killing it! Now this is where I nearly fell off my chair because I asked you about the cashflow on this property because another thing people worry about is that the rent is going to be so high.

Your property is in London and you're in Kensington and Chelsea, which is an expensive part of London, and then you've got to guarantee this rent. People worry about that, so tell us about the numbers.

Brenda: The agents wanted £2,050 rent every month. We've got five bedrooms - we had two downstairs on the bottom floor going for £775 each. Then we had a small room which we put for £700 and we had two bigger rooms upstairs, one was £800 and the one closest to the bathroom was a bit bigger so we put it at £850.

In total the monthly rent is £3,900 and then we give the agents £2,050 and then we've accounted for bills at £100 for each room – which then leaves us with the £1,350.

Stephanie: Wow. Wow. Wow. Even though you may have a few extra bits and pieces here and there, that's how we show you all the time is at least put a bit of margin there - nothing in life is totally perfect.

But even when little things happen, over £1,000 is not a regular deal, it's not an ordinary run of the mill deal. That is something special to go all the way up to £1,350 on your first deal - it is incredible and fantastic work and I absolutely take my hat off to you.

We've talked about the agent and we've talked about the numbers and the refurb, now tell us how you found the whole process when it came to tenant the property?

Brenda: My heart was beaten for two days straight, literally just pumping and pumping. I had this huge adrenaline that was going constantly. I had my sister and my neighbour helping me, because I was so excited that I'd actually got this deal, it felt so surreal at some points.

We had a list of the things that we needed to buy to help me and we budgeted it and I told them this is exactly what we can do, this is how much we can spend.

Then we did the shopping and when it came to get into the flat, we were on a timeline because we had viewings at 6.00pm and we had to make sure the rooms were ready, and clean and all of this stuff.

It was a bit of a rush and the adrenaline was really high, but we got there. With the viewings I think I was a bit nervous I must admit.

I tried to keep a brave face and me and my business partner split the viewings because I had been there the whole day. So, he had come in after work as he was a bit fresher to do the viewings with the tenants in the evening.

Stephanie: You had viewings all day and all evening? Wow… that says that either the property was really nice, or it was under-priced or there's just massive demand in your area.

Brenda: We had viewings on the two days - Friday and Saturday, and then majority of them sent the security deposits on Sunday and Monday.

Stephanie: So, this again is not normal. You’ve picked up the keys on the Friday and then you've got all the security deposits and referencing for all the tenants on the Monday - that is crazy and so amazing. Well done.

What advice would you give to other people who are where you were before you started, where you might have been a bit hesitant that you might not be able to do it - what would you say to them?

Brenda: I would just say keep on going and being proactive. And I think one thing that I must admit, which is something you taught us and what PPN taught us about posting social media, is make sure people are aware of what you're doing as that's how I found my JV partner.

He could see that I was actually doing something, and he wanted to engage with someone that was doing something quite passionate and putting in the effort every time. Even though I may not be seen to be doing something live straight away, I was continuously putting an effort into trying to do something.

And you don't know who's watching you, you don't know who may want to work with you. So, I'll just say continuously go for it and be engaged with everybody in the community as you never know.

Stephanie: That is so true. What I was saying to you just before, was you have got that ‘can do’ mindset. And I've got it now, but I wish I'd had it at the age of 25. You’re really living from that place of, you know what, I can do this.

You might have felt a little bit scared at times, but you still got in there and did it. And what we've been doing recently is bringing our values throughout the training and through the business.

The values are to think bigger because that's the crucial way that we hold ourselves small. We think we can't do this, or we can't do that, or wealth creation is not for us that we're just consumers – think bigger and be bolder.

Be bolder, be visible and be willing to make mistakes, be willing to laugh at yourself. And the last one, which I think is so, so important and the one that I love the most of all is about being a game changer.

And it means that you get to change your life drastically. You get to change your family's life, you get to change your community's life. And as you go forward and start to build lasting wealth, you can use that wealth for good and really change the game in the world in the ways that you choose to.

That is what I love about doing this with people and helping other people to get that ‘yes you can’. But you didn't need much twisting because you’d already started to shift your mindset because you'd been on a mentorship.

Have you got anything that we haven't discussed at the moment that you want to bring up?

Brenda: At first when people say rent to rent is a no money down strategy and you get your money out of the deal, I always used to worry about that. Especially like you said, a lot of people said you put £12,000 in your first year and with this we put £7,000 in first.

But I've made my money back by that first week, which then makes it a no money down deal. Everything else now is profit from just putting in one week's worth of work.

As I said, I mainly went home and I was drained by the next Friday, but it was all worth it and everything that I've experienced in the last four months is all worth just that moment there. And as you said, it's a game changer from then on. Now I feel like, oh I could do it again!

Stephanie: Did you just say something about £7,000?

Brenda: We both put in £3,500, myself and my business partner. That was the deposit to the agents, one month's rent in advance, and other stuff that we had to do or buy.

We probably put in more like £5,000, but then we made £7,000 based on the security deposits and the deposits from the tenants, and the months’ rent in advance.

Stephanie: I was just going to ask about the agent because now you've got that relationship with the agent, has he come back to you with any other deals?

Brenda: As we speak my business partner has gone to see the next property, they offered us.
He has gone to view and is going to take videos and then we're going to see whether we can move forward with it.

Stephanie: Fantastic! I want to thank and honour you for being a game changer, for dreaming bigger, being bolder and changing the game and changing your world.

It's been an absolute pleasure and delight and it makes me so happy to have been a part of your success, and I really wish you all the best.

You're still in the Superstars group because we've got our ongoing membership group where we're there for you. If you've got any issues, difficulties, problems or if you just want to say “yes, here's this deal”. It's just a great support and community for people like you after you've completed the Rent 2 Rent Kickstarter course.

And now you’ve graduated from Superstar to Rockstar, which is incredible. I can't wait to catch up with you again when you're getting your future deals and in London, because I know a lot of people think is not happening there!

I’ll put a link below to the free training which gives you an overview of the course and then you can have a think about whether it is for you or not.

And you can also book a Kickstarter call with me, like you did Brenda, and see if it will work for you because it's not for everyone. But if you're an action taker and if you want to make a change, then it could be for you.

Brenda, do you want to say any final words before we go?

Brenda: I promised everybody in the Kickstarter group that I would put the deal analysis in there so everyone can see it.

Stephanie: Brilliant, that'll be so helpful. That’s it from us and it's goodbye from me. And remember to dream bigger, be bolder and be a game changer.

Speak to you soon and all the best,

Stephanie & Nicky

xx

Dream Bigger ⭐ Be Bolder ⭐Be a Gamechanger

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