Time Poor, Globe-trotting with work, but still wanting to invest in Property?
What if your full-time job takes you all over the world and you don’t have the time to find tenants or sort out problems with the current ones, but you still want to invest in property? With interest rates being at an all-time low and the stock market increasingly volatile, many investors are looking to invest their money in property and herein lies the problem; there is often no time to deal with the general day to day hassle and, not-with-standing the current situation with Coronavirus, many people are simply not at home enough to be able to deal with the problems that arise. This was the situation that Phil found himself in, and his mortgage broker told him about Northwood and their Guaranteed Rental Scheme.
As Phil says: “The properties were purchased as an investment, but I have a job which can involve foreign travel and I certainly would not have the time to run around after tenants and organising repairs. Hence, the Guaranteed Rental Scheme where Northwood look after the tenants and the repairs suits me down to the ground”. Were there any concerns he had before embarking on this course? “My main concern was more around whether the market would sustain its position or crash and I would lose my margin. But luckily everything has held firm and, in any case, Northwood guarantee a level of income.”
Knowing that Phil is a busy man, we asked how did he find the initial process? “Very simple. I met up with Mitch at home and he explained everything to me, and we went through the simple, standard forms. I think the entire process took less than half an hour.” Things have continued well ever since”. How long has the arrangement been running? “It has been going very well for around 5 to 6 years, and I hope it continues for many more years to come.”
Phil originally purchased two properties and arranged for Northwood to let them under the Guaranteed Rental Scheme, later he bought another 4 as new-build properties and then turned them straight over to Northwood once again under the Guaranteed Rental Scheme. They subsequently helped him sell the first one for capital gain and currently look after five for him.
Would he recommend Northwood to other potential property investors who are in the same position as him?
“If anyone is looking to rent out properties with the minimum of involvement, then this process run by Mitch at Northwood is the one for them. Mainly for the simplicity of the process and the way that Mitch and his team run it.”
