Show Notes
Steven Clark built 10 buy-to-lets while working offshore. In 2016 he quit a £70K salary with money in the bank and a couple of grand a month coming in from the portfolio, and he says that cushion was the worst thing that could have happened to him.
If you're working a job and building a portfolio on the side, thinking about raising private investor money, or trying to decide whether now is the time to buy, this one is worth your time.
David and Steven go right back to the early days. We hear about the weekend night shifts he nearly took to cover the bills, the side job that ended with him arguing his own case in court, and flipping up to 13 properties a year to keep the lifestyle going. Steven also shows how a few years of posting on Facebook turned into his network, his investors and his deals.
In the second half we talk about the market. Steven explains the everything crash theory, why higher loan to values remind him of 2008, and the house he bought in April 2008 that left him in negative equity for ten years. He also tells us why he has never given a private investor security, and how one investor's thank-you message changed the way he raises money.
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In this episode: - Why quitting offshore with money in the bank made him lose his edge - The £5K kitchen job that ended with a day in Kirkcaldy Sheriff Court - Doubling the mortgage before quitting, then flipping 10 to 13 properties a year - The tenant who set fire to his flat twice in one week, and the £100K offer that video brought in - Buying an old school in Lochgoilhead with cash, then finding 18 bats and a stop on the build - The everything crash theory and why 85% mortgages worry him - The 2008 purchase that put him in negative equity for ten years - Why he has never given a private investor security, and the £60K that came from social media alone - The Union Street deal in Aberdeen that came out all money out with £26K profit - Why he thinks it has never been easier to start in property
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