Which Approach to Property Costs More DIY or DFY?

Video Transcription:

How much money do you lose by using it done for you model versus do it yourself?  

Okay so first of all and let me explain done for you, and do it yourself so done for you yeah it means that basically you're going to and this is my key distinction here okay when it's done for you you're delegating the task but you keep the responsibility it's not like a pension fund or one of those sort of investments where you put the money in and they take care of it they do everything and you get no say in it okay you don't know you just you're just a passive investor okay I'm not talking about passive investment all right what I'm talking about is you are party to the decisions party to what's going on so at any point you can back out change firms do whatever you need to do and actually you understand the decisions that got to you where you are and the decisions that take you further okay so that's for me the distinction have done with you yeah delegate the task but not the responsibility which means you get other people who are professionals.

I mean to give you an idea if you're talking about property lettings and management there's over a hundred and seventy pieces of legislation I don't expect my investors to know all hundred and seventy pieces of legislation but by outsourcing to a professional that does so for instance I've got my level three certificate in property sales and property lettings and management  so the two of them. I'm currently doing my level 4 in both those you know because the regulation of property agents is coming in the UK and the reality is it's gonna be there you know probably within the next two or three or four years you know we'll have regulation wages and all agents will have to do that if they want to work in that industry.

So the bottom line is you know how much does it cost coming back the question ok oh so do it yourself if you do it yourself and yeah you're still gonna get people to do it so there is still going to be a done for you.

The distinction I think between the two the Done for you and do-it-yourself really is you gonna get somebody else to manage your property for you find your new tenants I mean you could do it all yourself okay but I'm not really you know that's probably a bit different because you're going to be a full-time investor if you do that and in fact you can be a full-time landlord not a full-time investor and for me there's a distinction.

An investor put some amount of money in and expects a return a landlord managers property and it's responsible for property okay so that's the distinction for me I want to be the investor not the landlord okay although I still understand my responsibilities as a landlord okay.

So what's the additional cost look you know the costs don't have to be that much additional yeah because actually you know there's a whole range of reasons why it doesn't have to cost anything extra really what I tend to find is it's more a question of do you want a premium service do you want the cheapy cheapy service you know basically if you want to pay professionals then you're gonna pay more than if you're gonna pay peanuts you know we're talking about monkeys all that stuff but the reality is you know that becomes more the question because actually it's not necessarily going to cost you more to have a done-for-you solution yeah if you factor in your time that you have to and the opportunity cost of your time when you do it yourself actually if you price that up most people eventually get other people to manage the property for them.

You know get other people involved in finding tenants for them and doing the maintenance for them and doing all these sort of things for them okay and certainly what I find is certainly starting out if you're a beginner and you're at that under five properties it's better to have somebody holding your hand it's better to have somebody who knows what they're doing who is their job and this is their profession they do a day-in day-out because they have the quantity of transactions.

You know I've sold over a billion pounds of property through my various companies you know in my career a billion pounds now you might be sitting there and saying well I've had two properties at 250 grand each that's 500 thousand that's a long way from a billion I've been in 25 years yeah you might have been in it for six months yeah so there's a level of expertise myself and my team have the perhaps you don't have yeah and and that's part of part of your process of assessing with you work with ours or anyone is you should be asking questions like that you know the person you speaking to on the phone how long are they been doing it how many properties they've got themselves you know what's their situation you know what are their goals what are they on about and when you start interrogating them like that you'll start to realise that actually a lot of guys are very shallow on because their sales deal hunters yeah and they're basically trying to sell you a deal as opposed to portfolio strategist which I talked about which is much more about getting you know really down and dirty with the strategy in the detail alright.

If you've got any questions whatsoever jump on my youtube channel Facebook and just message me and I'm happy to answer them either in video or text or wherever and look guys be sure to subscribe to my channel be sure to comment and I look forward to seeing you if you want to come along to one of the webinars jump on our website www.gladfis.com and we're more than happy to chat through and the guys can take you through getting your own plan and your own strategy.

Because let's face it it's all good watching YouTube videos it's all good watching Facebook videos it's all good being on LinkedIn it's all good being on the social media and learning all that stuff but until you sit down and get down and dirty with your detail and how it affects you personally and the opportunities that you have to make a difference in your life and your family's life you know really none of it means all this education doesn't mean anything until you take your first step so get and meet with the team you know if you do book - 

www.gladfish.com/book -a-meeting and go there book a meeting with the team sit down with him get away all your questions answered yeah it's not a sales pitch this is where we get your plan and we get your strategy together and we actually work out what it is you want to achieve where you're starting out and then we work out how we can help you get there and you know what if we can't help you get him in that's fine if you're going to choose a strategy that we don't get involved with fine you know what there's so much free education there that you can learn the fundamentals from you know I'm happy to give that away it's all free everything is there you know I've been doing this for years you know my education my free you don't need to go and spend 10 grand 30 grand whatever it is in you know two and a half three grand for a weekend you know to learn this stuff it's there it's available and it's you know if you're talking about my stuff it's very simple okay so guys any questions come back to me otherwise have a great day live with passion and look for the chatting with you again really soon 

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