Get Educated! Or Pay For it!
The Progressive Property Podcast has changed hosts. While Peter is spending more time in his Portugal villa Kevin McDonell is taking on the mantle as your host, and he has some great ideas on how to take this podcast to the next level. In his first solo podcast, Kevin talks through his property journey. Kevin explains how he has learnt from his mistakes in investing in property abroad and through education and meeting the right people he’s been able to build a multi-million-pound property business. Learn from the expert of No Money Down deals, and join this new chapter of the Progressive Property Podcast.
Key Takeaways
How did I get here? I’ve been involved in property for a number of years, I attended some property training back in 2003. I became really excited about property and what it could do for me. I’d seen how successful other people had become from property. The Celtic boom in Ireland was all based around property, and I didn’t think I needed any training.
I initially invested in Turkey. That property got built, but while it was being built I decided to look at more. I took a flight out to Estonia to build a two-bed apartment over a lake. I bought that for just over €36,000. Everything was going great, and I thought I was a professional property investor. I went and did this all again in a Bulgarian ski resort.
But then I had no contact from Estonia. It went dead. They had shut up shop and closed down the business. All the developments had been stopped, and we lost our money. Bulgaria and Turkey did get built, but there were expensive management fees. After we removed them the old management company took everything from that company. We realised that they were linked to the mafia in Bulgaria.
I had done nothing between 2009-2013 but then I attended a progressive property event. I met other people who had been in a similar situation, lots of debt, only a few years before, and had come through the other end really successfully. Since then I have focused on joint strategies, and using other people's money to get property. I have become an expert in no money down property financing and now teach on the progressive property courses.
The past is the past. You can set a new future. The one thing I used to do was focus on property in one hour before and after work. I didn’t lose an hour each side of my day only around twenty minutes because I avoided the traffic. I also got bigger pay rises and bonuses from my work because of the perception that I was working harder. I see a lot of other people waste time, by having a chat or taking a longer lunch. I wanted to use my time as effectively as I could.
We all have the time available to commit to property. Property in the last four years has changed everything in my life. I was living in a room as part of a HMO four years ago but last year I moved to my dream home. When you commit to property in the right way you can do it in quite a short space of time. I didn’t set out to build a multi-million pound business in the first few months. You don’t want to run before you can walk. Just start with one property, and then cookie cutter the process.
I love property. I love the lifestyle it allows me to have. It allows me to spend time with my family, see my son take his first steps. I’m not into posh watches and fast cars. I want to provide for my family. My parents sacrificed a lot. We weren’t wealthy but we were just ok. I don’t want to have to sacrifice as they did.
Best Moments
‘Make hay whilst the sun shines.’
‘Everything was going great, I thought I was a professional property investor.’
‘The mortgages never happened after that because of the 2008 crash.’
‘I got myself into huge debt.’
‘The only way you faily in property is if you quit.’
‘Having the right people around you helps accelerate your success.’
‘I see the money that I lost as an entrance fee.’
‘I have made lots of mistakes in property.’
‘I now make more money from property that I had lost.’
‘Property is very forgiving.’
‘The past is the past. You can set a new future.’
‘I bet you can think of time in your day where you can do stuff on your business.’
‘How are you making use of your 24 hours.’
‘Focusing on replacing your income, so you can get your time back.’
“If you bite off more than you can chew then it feels a lot worse when you fail.’
‘Use small steps on your business/property journey.’
‘I don’t want to sacrifice like my parents did to provide for my wife and kids.’
‘You need to get educated like I did.’
About Your Host
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
Contact Method
Facebook: https://www.facebook.com/kevinMcDonnellProperty/ Official Website: https://kevinmcdonnell.co.uk/ No Money Down: Property Investing by Kevin McDonnell