One year on...
Profi ting from property
Will Tsang lives in Buckinghamshire and joined Platinum Property Partners (PPP) with his wife Hoi in May 2015
What did you do before buying your franchise?
I was working in the fi nance industry in London and then Hong Kong. When I came back to the UK, I had some savings, a chunk of capital and no job, so decided to look into property as a way of generating an income.
How have you found the past year? Looking back, it’s amazing how much we have achieved in such a short space of time. There has been so much to
learn and I am still learning now. During refurbishment mentoring for example, we learnt an awful lot. We’ve now got two properties fully tenanted – the fi rst one was ready within fi ve months and the second within fi ve weeks!
Financing was a challenge for me because I didn’t have a recent track record in the UK. This was where being part of PPP stood out because we were able to use its approved broker who was able to fi nd good products for us. That’s been really crucial because this could have really hindered our progress.
What are the benefi ts of running a PPP franchise? Initially, we were very sceptical about joining PPP and did think about doing it on our own. But we knew investing in property would be very capital-intensive and the risk of losing all that capital if we made just one mistake was too big for us to take. The benefi ts of being part of the franchise far outweighed the cost and risk of going it alone. Also, being part of a community of like-minded people is defi nitely important. We can share ideas, successes and challenges and talk about best practice. Being partners with the franchise also helped us get up and running quicker than we thought was initially possible. And there are so many resources too. I’ve even found that once a property is up and running, there is very little time investment needed at all.
What has been your most memorable moment of the past year? For us, renting out the very fi rst room in a property was a great
112 |
BusinessFranchise.com | September 2016
achievement and key moment. It proved that the model worked and that the investment was all worthwhile. It gave us so much confi dence moving forward.
What are your plans for the next year? Our ultimate goal is to earn £70,000 a year net income, which we could achieve with four to fi ve houses. But that was our fi ve-year plan and we are almost halfway there within our fi rst year. So we are well on target for what we initially envisaged. Hopefully we’ll have at least one more
property by the end of the year, but we’re already able to survive on the income from the fi rst two houses so have the option to sit back for a while.
“Our ultimate goal is to earn £70,000 a year net income, which we could achieve with four to fi ve houses”
What would you do diff erently? We can defi nitely see that there is a demand in our investment area for slightly diff erent House in Multiple Occupation (HMO) models, and the fl exibility that Platinum Property Partners off ers means that we can adapt our off ering. We might focus on providing larger rooms for our tenants in slightly smaller properties. As we have already tenanted two properties and have some experience, we are now better placed to experiment, and that’s a really good option to have.
www.platinumpropertypartners.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122