Today, I am delighted to share a conversation I had with Abraham Bolel, who after twenty years in the business as a landlord, letting agent, property introducer is now managing director of a family office private bridging company.
Listen, as we explore his path, including just a couple of wrong turns, before the life as a service provider and finance provider into the property sector flourished around knowing his strengths, what he likes doing and crucially…a good network too!
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Resources mentioned
Contacting Abraham Bolel
Linked In Profile
Call direct 07968 240786
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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, I am delighted to share a conversation I had with Abraham Bolel, who after twenty years in the business as a landlord, letting agent, property introducer is now managing director of a family office private bridging company.
Listen, as we explore his path, including just a couple of wrong turns, before the life as a service provider and finance provider into the property sector flourished around knowing his strengths, what he likes doing and crucially…a good network too!
Property Chatter
Abraham Bolel – Background
42-years old, parents from Johannesburg, born in Newcastle. Parents bought some properties locally.
Abraham took over the portfolio 20-years ago…refinanced and branched out.
Branched out to help other people to invest, so opened a letting and introducing (sourcing) company. Property Investment North-East sourced 150 houses full turnkey and after selling this business proceeded into bridging.
Why did you branch out? Use expertise, knowledge and contacts to help other people and also to help raise additional capital. This grew the network, which also helped to grow the scope of buying (contacts and discounts) and potential JV partners.
There is a distinction between investing on the side of having a job and being in property full-time. If full-time in property, Abraham looked to have multiple streams of income, which led to having different and distinct business interests.
The lettings side of the business was a necessary foundation if one that did not appeal too much personally to Abraham, which he had a partner to manage with him.
When buying properties ‘the uglier the better’ as this means an upgrade or refurb can be done to provide a sound investment for his investor client. This would lead to low maintenance, easily let and a somewhat reluctantly improved valuation too. Therefore, his model was more about a good quality property, with a good quality tenant along with a good return.
Abraham has some interesting views on below market value flips/resales. He believes it is better when looking to refinance and retain the property.
After selling the introducing business, Abraham went into buying and selling, which didn’t work out so well. Then, he went into bridging finance using ‘deep pockets’ of family as a family office funding. The benefit of private funds compared to institutional funds is a flexible approach based on the relationship instead of set policy and criteria.
The rewards of flipping were not there, whereas with bridging finance, you know exactly what is happening.
Abraham’s view as a private bridger has a large focus on the investor themselves, more so than the property – experience and having ‘street sense’ or know what they are doing. The focus is more on the person and their business acumen in other words.
Highs and lows…
Refinanced a portfolio and invested that into syndicates at the top of the market, which did not go too well. Don’t go into a syndicate as this also means no control!
Principles and values
Honesty is the most important part of this business, along with transparency. This then leads to trust and respect as a by-product.
An ‘out the box’ path…not direct ownership in all cases, in many cases acting to provide services and financing to investors. But always focusing on his key strengths and what he enjoys doing too. Equally, with a bridging finance company, it can be scaled…watch this space, the sky’s the limit!
Looking ahead…
Prices are stabilising and will increase over the next 5 years. Bridging will become more of a staple over the next few years.
Networking and connections
Linked In is extremely rewarding and powerful to build connections. Linked In is more business-to-business oriented.
Advice for those with a fire in their belly
Perseverance is extremely important, don’t quit, even when there are doubts in your mind. If you have a coach or a mentor, even better to help keep you going. Know you have a fire in the belly first and then surround yourself with the right environment and people. Make sure you have the right coach or mentor on board.
Even if you don’t succeed, you have at least tried...
Contacting Abraham
Linked In Profile
Call direct 07968 240786
Remember, if you want to talk about anything from today’s show, or just talk property investing more generally, email me 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.