Today, Helen and I are joined on the show by Tara Coley, who has seen great success in her property business. In fact, she used her 9-month pregnancy and a further 9-months of maternity to become financially free to generate £10,000 per month in passive income through property.
Tara has developed and learn a lot over the years and shares lots of tips with us around JVs, systems, delegation and life principles during the course of our conversation.
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Resources mentioned
Property Deal Tips & How to Reach me By Telephone
Link to the Podcast feedback survey
Contact Tara Coley:
Facebook Group - here
Website - here
Email: tara:taracoley.com
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#PropTech: A guide to how property technology is changing how we live, work and invest – a link to the latest book.
Property Investor Toolkit – here is the book link on amazon.co.uk & amazon.com in case you would like to get yourself a copy to accompany this series
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Transcription of the show
Hello, and welcome to another episode of The Property Voice podcast. My name is Richard Brown and as always, it’s a pleasure to have you join me on the show again today.
Today, Helen and I are joined on the show by Tara Coley, who has seen great success in her property business. In fact, she used her 9-month pregnancy and a further 9-months of maternity to become financially free to generate £10,000 per month in passive income through property.
Tara has developed and learn a lot over the years and shares lots of tips with us around JVs, systems, delegation and life principles during the course of our conversation, so let’s dive straight into that right now then.
Property Chatter
Discussion summary between Tara, Richard & Helen.
Tara has a financial services background professionally, although a performing arts/creative type. Aimed to be financially independent based on a ‘car-crash childhood’.
Role models – seeking to follow the flexibility and freedom of an in-house mortgage advisor at the bank she worked in.
Starting a family meant Tata wanted to change her career and lifestyle to be able to be the mother she wanted to be. Chose property as a way to create income replacement at £10,000 in monthly passive income, which she achieved in 18 months during pregnancy and maternity leave.
Strategies
- BRR Multi-lets with a JV finance partner buying a property each month
- Rent-to-rent HMOs
- Portfolio building on behalf of other investors
- Commercial conversions as an investor
- Then back to building own portfolio using JV finance, especially BRR to holiday lets and serviced accommodation in the New Forest, which is now the focus
Highs and lows
Quitting work to work full-time in property, support family and have a more transient lifestyle with quite a lot of time travelling. Challenges, some assumptions made about her occasionally, such as being very surprised at level of success. Some backlash from neighbours when they see her, but not really know why…tries to ignore this.
Biggest learning – always have a contract with JV partner!
Working with JV partners…attracting JV finance. First £400k came from a JV partner and simply passed on some advice and knowledge on property forums. One woman asked to meet for coffee and despite being busy, Tara agreed to go. But at the end of the meeting was offered £400k and wanted to work together. Learnings: don’t judge a book by its cover, give advice freely, believe in yourself and have confidence in your answers, so be prepared (don’t wing it!). Be open, build the relationship, get contracts in place.
Greatest successes & the odd mishap
Replicated BRR on own home…£300k to £600k, then bought an £800k property revalued at £1.2m, resulting in a lovely home in the New Forest all from a single deposit. These properties are still owned today. Home as an investment ‘serves us for a season’ rather than a ‘forever home’.
Struggle - bogged down finding a decent agent for multi-lets, so brought in-house. No real understanding of systems, so a huge learning curve…but this side of Tara’s business is the part she hates the most! This held her back a bit, but not sure what could have done differently. Managing HMOs is not easy.
Systems and people
Have a virtual team working overseas. Some people on the ground to do local stuff. Hardest part was to find good team members and train them. Now it’s pretty seamless at 1 hour per week worst case. Systems, systems, systems too but make sure you have the right people in place to manage them.
Systems tips
Call answering service, Asana, Evernote, Google Drive, Dropbox, WhatsApp, Banking Apps, Arthur, Xero, paperless/online where possible, scanning system (UK Postbox), outbound calling, sifting emails, etc. Allows focus on motherhood and building the business. This has evolved and expanded over time, it does take time. Systems have allowed more flexibility and to let go more…allowing others to do things that she was not as good at.
Principles and values
Ensure have balance to avoid burnout…keep things simple. Integrity. Look after myself and not just other people. Learning how to say no. Look after the family. Focus time, which also means shutting off communications at time.
General tips and advice
Mange first, leverage second and then do last.
Get support to avoid loneliness in terms of mentors and if you are a woman then look to have other women around you, those that have been there before.
Have a massive ‘why’, which in Tara’s case was the catalyst to success.
Don’t beat yourself up…don’t overthink things…have quiet times of gratitude. Wildly Simply Free – Facebook Group.
Know you are great, have gratitude, pursue your dreams and don’t be afraid to take massive imperfect action!
Get educated, get support, get female investors around you and remember that you are not alone. Ask for what you want and if you don’t get it, what have you lost?
Contacts to share
Email: tara@taracoley.com
Facebook Group: https://www.facebook.com/groups/1477692315646556/
‘I am afraid, but I am going to do it anyway.’ Be courageous and step out.
OK, so that’s all for this week. If you want to talk about anything from today’s show, or just talk property investing more generally, email me or Helen at podcast@thepropertyvoice.net, I would be happy to hear from you! The show notes can be found at our website www.thepropertyvoice.net
All that is left to say, is thank you very much for listening once again this week and until next time on The Property Voice Podcast…it’s ciao-ciao.