Kim Raines from The Online Landlord talks HMO's, Self-managing your portfolio, Estate + Lettings Agencies

The Property Nomads Podcast

Welcome to part two of a very special mini-series in which Rob and Matt focus on investors, strategies, and people who’ve been successful in other areas of property. Today, we welcome Kim Raines, Founder of The Online Landlord.

Kim is a property investor with ten years’ experience, having bought her first HMO at the age of just 23. She has since gone on to establish The Online Landlord, a local agent specialising in HMO management.

In this special interview, Kim shares her wealth of knowledge about the property business, her insights into what has made her so successful, and her ambitions for the future.

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KEY TAKEAWAYS

• Kim entered the world of property investment at a relatively young age. She credits this to many factors, including the general state of the property market at the time. She was able to live with her parents, which allowed her to afford her first mortgage with minimal risk.
• Kim’s first property was obtained with the plan to let it out as student accommodation. Kim came from a student’s perspective on this, having been a student herself, and so could accurately assess the needs of a student tenant.
• Her first project was a learning curve and presented many challenges that Kim hadn’t been expecting, but she learned from her practical experiences with the property. She now has eleven HMO properties and has taken valuable lessons from each one.
• Kim’s approach has always been one of consistency. She took time between investments to assess her victories and defeats, to learn from each experience, and to apply this knowledge in how best to approach the next investment.
• The main growth of The Online Landlord has come from referrals and word-of-mouth, networking and recommendations. Attractive web design has helped also. Kim is very proactive with networking, attending events regularly, and always on the lookout to make new connections and develop business relationships.
• From Kim’s own experiences as an estate agent, she has found that sometimes investors confuse the role of the agent. She finds it much more beneficial for the investor to do the research on a property, instead of asking the agent to remember reams of specific details about the kinds of properties they are looking for. She suggests that investors should be more proactive, more concise, and that they be ready to move swiftly on deals they are interested in.
• The “cash buyer = speedy sale” equation that many believe to be true does not always apply. Many people are so desperate to sell quickly that they will accept a significantly lower sum.
• Self-managing properties - advantages include an increased grasp of knowledge about the properties themselves, the opportunity to build relationships with the tenants themselves, and the chance to build meaningful business relationships.
• Many people have bemoaned the addition of regulations regarding property investment, but Kim sees it as a positive. The addition of further regulations will only serve to improve quality in the long run. Kim also discusses the upcoming government ban on application fees, and how this will affect her own business.
• It’s important to make sure you follow the regulations regarding any properties you own. Things such as making sure your contact details are displayed properly in your hallways, making sure your certificates are being displayed, fire escape routes are clear. Kim advises common sense. And in those cases where a management agent is employed, always make sure that they are visiting the property regularly to ensure the regulations are being followed to the letter.
• One of the techniques Kim employs in order to make sure regulations are being adhered to, is to gain feedback from her trained cleaners, who visit the properties regularly, and who provide Kim with information about anything that might be going on at the property that she should be aware of.
• Kim uses a WhatsApp group for each of her properties. Everyone can see when an issue has been raised, and can simultaneously receive updates on when an issue has been fixed. WhatsApp has become an important and valuable tool in corresponding with tenants.
• Always look at whether a project is affordable. Before taking the plunge, ask yourself what the worst-case scenario is. If the property lies dormant for a year, can you afford it?
• Don’t ever believe that property is a passive income. Anyone who knows the business knows that it’s hard work, and requires persistent engagement

BEST MOMENTS

• ‘You live and learn’
• ‘Consistency is everything. It’s not always about going hell-for-leather in accumulating properties in the first year’
• ‘I never viewed this as a get-rich-quick scheme’
• ‘It’s having that passion about something and utilising those experiences’
• ‘As an investor, you do have to be quite proactive’
• ‘It’s worth remembering that planning and licensing are two completely different departments’
• ‘The less viable things are for a landlord, or the higher their costs are, the more likely it is that extra costs will have to be reflected onto clients, which is bad for everyone’
• ‘The sooner you get started, the sooner you’ll start earning money’
• ‘Work hard and find something you enjoy doing’

VALUABLE RESOURCES

The Property Nomads Podcast

The Online Landlord

ABOUT THE GUEST

Kim Raines is a local property investor who has been investing and working in the Hull property market for the past 10 years, having bought her first HMO in 2009 at the age of 23.

In 2016 Kim left her role as lettings manager for one of the large national firms to focus on managing her own investments and has since gone on to establish The Online Landlord, a local agent specialising in HMO management, along with complementary sourcing and refurbishment companies.

ABOUT THE HOST

Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?

Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions. They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.

Buckle up, sit tight and enjoy the ride that is life.

CONTACT METHOD

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