To Your Success with Ian Jackson Ian Jackson

7 Streams of Income (Part 3):

The final installment of this three-part series on the 7 different streams of income. In this video, we talk about capital gains and another stream of income that you may have never thought about before.

Connect with Ian on LinkedIn: https://www.linkedin.com/in/eppbelfast/ 

7 Streams of Income Part 2 of 3: In this podcast, Ian continues to talk about 2 further streams of income that can help build your wealth, one of them being his personal favourite: Rental Income.

Listen to find out what the other stream of income is!

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As 2022 fast approaches, I thought this might be the time of year that you may be thinking about how you can hit and achieve your goals in 2022. When considering this, it is important to have in mind different ways you can make money. There are currently 7 different streams of income. 

In this first part Ian talks about the first two streams of income: Earned Income & Profit. 

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Today I want to talk about GOALS. They have helped me build a successful property business. One of the things people who join Ethical Property Partners get access to is a progress log.  It is much, much more life-changing than it sounds!

(00:01):

Hi, Ian Jackson from Ethical Property Partners. One of the things that help us to help people build a successful property business is goals. And one of the things we have in the Ethical Property Partners people get access to when they join us is what we call a progress log. But it's much, much more than a progress log. It's a very custom-built Excel format that's been done over the last 10 years by the early people ahead of us who've been extremely successful. And of course, one of the things with goals is that somebody asked me the other day, what would you lead your success to? And of course, I've been doing goal planning for the last 20 years, but one of the things we teach that's very different, that clicked with me was, okay, so it's now 2021. Where would you like to be in 2031?

(01:03):

And one of the things I would like to have been in 10 years time worth, I have achieved that now, but I'm doing this to help you to understand is I'd like to have to say 35 properties. So you start off by saying it's now 2031 and I'm delighted to tell you I have 35 properties that are making me at least 200 pounds each cash flow per month.

(01:27):

And I love to see the 7,000 pounds a month coming in and that's the net profit you have to go and spend. So that keeps me in a lifestyle I want to be, but of course, there's a lot more to it than that. We break these down into five years, one year, monthly and weekly. And that's where the richness is in the progress log. But just wanted to share with you that's a way where you can build a successful property business. And if you were thinking of joining us at any time, that will help you. That's one of the first things we do is build your business funnel and into the progress log. So this is Ian Jackson helping you to understand how we build a successful property business. Thank you.

(00:00):

Hi, this is Ian Jackson again, it's good to see you all again. One of the things we do in building a successful property business is help people through our knowledge and our par team. I was speaking to a client the other day over in Great Britain, [inaudible 00:00:17]. I think they live close, or maybe in London, and they have a residential [inaudible 00:00:25]. So they're thinking of moving out of London into the country, and they were thinking of how they were going to get a mortgage.

(00:36):

So, call the mortgage broker to say, "Look, I'm going to buy a house in the country. How would I get a mortgage for it?" And of course, immediately the broker said, "Look, you won't be able to get on a low mortgage, because you already have a residential mortgage, so you have..." and he was sort of trying to say that "You won't be able to get any more." And when they discussed that with me, on passing, and we met them at a networking event, I was able to say, "Look, this is not true at all. You probably are working with a broker who's more residential-geared than they are geared from the point of view of building a successful property business."

(01:21):

So one of the things you get in the partnership with us, is that we have our own power team, and we have our own mortgage brokers, we have two, and they're selected specifically. One of them I've used since 2004, and he is really geared up to working with people in the property business. In fact, when you ask him to do a residential, he has to think, "What information do I need different?" as it were. But that's all because that I've spent the time, built the business and built the par team, so we can build a successful property business. Now, of course, I'm going to share this contact with the person that we met in London. And I know that the solution for this person is most likely to be that just switch your residential mortgage into a buy-to-let, or just buy your residential on a buy-to-let mortgage. They have also got another two investments, so there's cash in them that possibly could be taken out. So there's lots of ways.

(02:30):

So when somebody says no to you, this is where we strive forward, because we built associations with professional people. They assist us, and add into our par team. So, wish you well in building a successful property business. If there's anything we can do to help, please let us know. If you even just want to ask a question, we're happy enough to give you some guidance and advice. So, look forward to hearing from you, this is Ian Jackson.

Ethical Property Partners NI

https://www.eppbelfast.com/home-page/

Ian (00:00):

Hi, it's Ian again. We've been speaking over the last couple of [films 00:00:03] about flips and some of the challenges in flips is with your tradespeople, and of course, you need to convey to them what it is you want. What standard of finish that you expect, because let's be honest, if the house is only going to be 100, 125,000, it doesn't need the same standard of one at 250,000. So sometimes these trades can go overboard and start to bring in more expansive... And this is where a scheduled works is very, very important.

Ian (00:39):

Because then the scheduled works, you can sort of list down the sort of values that you want to spend in each area. Will it be a bathroom... a bathroom suite, you can buy a bathroom suite now for something like £250, and it's fine for a hundred grand house. If somebody tries to suggest more, no, you don't to spend it. You can get a kitchen from Mica's, hundreds of sources but we would normally get a kitchen from somewhere like Howdens, B&Q, or someone like that there.

Ian (01:10):

And with [inaudible 00:01:11] can buy a complete kitchen with electrics and everything for around a couple of grand. Because it's when you add the fitting charge onto that for somebody to fit the kitchen and stuff, they got you into a few hundred pounds more. So a schedule of works is good to get an idea of what the areas are. And also it'll tease out of you what type of rooms you have to do. Whether it's a living room or it's a bathroom, or whether it's a kitchen, of course, and the stairs.

Ian (01:41):

What type of carpet you're going to put down. What's that likely to cost? Where are you going to get the carpet? Where are you going to get these bits and pieces that you need to do the job? I buy a lot of stuff from B&Q because I know they have it in stock. I can go and get it and put it in the bathroom, and the plumber comes and puts it in. And to me that's... Sometimes the price is important, but there's no point in getting the best price and that guy can't get to you for six months, because the market could have changed.

Ian (02:09):

So while price is important? Your [inaudible 00:02:13] is important, and I get that, but we've had to in recent times, just that somebody come, so we've had to say "Right. Okay. We'll bring this other guy in, we've got to pay more and just accept that's what it's going to cost because it's a cost of doing business as it were. So if you think that you could use a schedule of works. I do have PDF, or maybe it's a spreadsheet, that does ask you for those things. I'm happy to share it. So, I mean, if you connect with me on LinkedIn you'll get my details and I'll gladly send it onto you.

Ian (02:49):

So those are just some nuggets that we go through and remind, and then the process of doing a flip, I hope that's been helpful. If you have any questions, you're welcome to reach out and I'll gladly answer them. Thank you.