Property Coaching Network Podcast

Alex Coghill was David's first ever hire. Just over a year after leaving to go out on his own, his serviced accommodation management company, Recharge, looks after close to 90 properties across Scotland, with well over 100 in sight. If you're weighing up serviced accommodation against buy to let, thinking about rent to SA, or trying to make sense of short-term let licensing in Scotland, this episode is worth your time. It all started with a rent to SA deal in central Edinburgh that went badly wrong. The sourcer was taking Alex's rent and not paying the landlord, and Alex only found out when the landlord phoned him out of the blue. Just over £10K down, he drove to the landlord's house, agreed to clear a £15K legal bill and kept both flats. Last year the upper flat netted £50K profit on its own. From there, Alex and David get into how licensing really works council by council, why planning is the real blocker in Glasgow and Edinburgh, how business rates and the Small Business Bonus Scheme work for SA, the team and systems behind 80 to 90% occupancy, and why SA can make three to five times the net cash flow of a buy to let. ⸻ In this episode: - How David's first ever hire ended up running his own SA management company - The rent to SA deal in central Edinburgh that left Alex just over £10K down - How that same deal's upper flat netted £50K profit last year - Serviced accommodation vs rent to SA, explained simply - The four short-term let licence types and what a control area means - Why planning, not licensing, is holding things up in Glasgow and Edinburgh - Business rates: 70 nights let, 140 available and the Small Business Bonus Scheme - Why five SAs could net £5K to £8K a month when five buy to lets barely move the needle - Pricing every gap against three comparables, and why PriceLabs alone isn't enough - How SA management companies turn Airbnb guests into direct bookings Chapters: 00:00 Intro 01:01 Alex, David's first ever hire 02:43 From 6 rent to SA units to nearly 90 in a year 03:50 The Edinburgh rent to SA deal that went wrong 05:00 The phone call that left him £10K down 06:30 Driving to the landlord's house to save the deal 08:28 The flat that netted £50K profit last year 09:41 Why Alex left, and what he learned as the first hire 14:38 How AI is changing degrees and CVs 18:03 Serviced accommodation vs rent to SA, explained 22:18 Why the licensing system helps nobody 24:58 The 4 licence types and control areas 26:05 Why planning is the real blocker in Glasgow and Edinburgh 30:55 Licensing in the Lothians, Renfrewshire and Inverclyde 33:05 What happens if you run without a licence 35:42 Inside Recharge: two shifts and a team in the Philippines 42:01 Pricing every gap by hand, not just PriceLabs 46:56 Party guests, damage and deposits 49:47 SA vs buy to let: the real numbers 53:23 How seasonal is SA, really? 57:11 Business rates and the Small Business Bonus Scheme 59:30 How to get started in SA 1:02:41 Members' questions: the hardest part of SA management 1:04:59 How SA management companies get direct bookings 1:07:10 Would they ever go back to buy to let? 1:09:59 What's next for Recharge

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. ⸻ 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 ⸻ Subscribe for weekly conversations on property investing, raising finance and building a property business in Scotland. Would you lend £60K to someone you only knew from social media? 🌐 Join Property Coaching Network: https://propertycoachingnetwork.com 📚 Property Coaching Intensive (PCI): https://propertycoaching.com/ 📲 Instagram: https://www.instagram.com/david_smart_property/ 📲 TikTok: https://tiktok.com/@davidsmartproperty 📲 LinkedIn: https://uk.linkedin.com/in/david-smart- 📲 Facebook: https://www.facebook.com/david.smart.7393/ 🏠 Steven Clark / This Is Property: Instagram: @stevenclarkproperty [CONFIRM] 🎙️ Scottish Property Podcast: https://scottishpropertypodcast.com 📩 Business: [email protected] ⸻ #PropertyInvesting #ScottishProperty #PrivateInvestors #RaisingFinance #BuyToLet #PropertyFlipping #PropertyUK #AberdeenProperty #FifeProperty #OffshoreToProperty #PropertyPodcast #StevenClark #PCNPodcast #PropertyCoachingNetwork

How to grow a scalable property business, from someone who has done it. John Morris started Prime Property Auctions in his attic and grew it to £1.45m revenue and 23 staff in two years. Episode 41 of the PCN Property Podcast with David Smart. John spent 11 years at Scotland's biggest auction house, working up from an unpaid intern after the 2008 crash to general manager. He left to build a personal brand on social media, funded the launch by refinancing a flat and selling a watch, and ran the first auction three days after his daughter was born. The company bank account was approved that same morning. They sold two properties, and year one finished at £764k. WHAT MADE IT SCALABLE Most of this episode is about the decisions that let a one-man business grow without falling over. John kept £100k in the bank before hiring anyone, so when the ads started working there was already a budget behind them. He explains why a £250 lead that becomes a £7k fee changes how you think about marketing spend, and why he tells every new founder to make money first, because systems and websites can be fixed later but a business with no sales can't. He also walks through how the team is built now. Instead of everyone doing everything, Prime has a sign-up team of five valuers who win the properties and a negotiating team who sell them, with admin and media staff behind both. Deals are flagged on Slack the moment they sign up, and John often has a buyer lined up before a property reaches the website. TRUST AT SCALE When a buyer has to send £16k upfront on a £100k property, they need to know you're real. John explains why social media, YouTube and a city centre office matter for that, including the buyer who drove up from Liverpool just to check the office existed. A SECOND ENGINE: TRADING Growing a property business isn't only about the core service. John trades property through a separate company with no overheads, which he calls the lazy man's flip. He bought one for £20k and sold it for £32k without touching it, and another for £65k plus a £7k sourcing fee that sold for £110k. He explains why volume beats margin, why an auction house buys its own stock, and why he still buys just one buy-to-let a year on a capital repayment mortgage. The next target is £1m a month in revenue within three years, which would make Prime the biggest auction house in Scotland. He's also honest about the cost: starting a business and a family in the same month, the role Stacey plays in keeping it running, and the 12-week fitness challenge that changed how he works. CHAPTERS 0:00 Intro 1:33 From unpaid intern to general manager 4:37 Why he left to build a personal brand 7:36 Funding the launch: refinancing a flat and selling a watch 10:42 First auction three days after his daughter was born 12:19 Two sales, a reality check, and advice from other founders 15:22 Scaling faster by asking people who've done it 19:25 The fear of failing in public 24:47 Make money first, everything else can be fixed 25:13 £100k in the bank before hiring, and a £250 lead worth £7k 27:28 £764k in year one, £1.45m in year two, 23 staff 28:52 Building a scalable team: sign-up valuers and negotiators 32:17 Selling properties before they reach the website 33:35 What he'd do differently: document everything 35:52 Why social media builds trust with buyers 37:10 The cost of a city centre office 37:58 Scaling a business and starting a family at the same time 43:54 The 12-week fitness challenge 57:15 Trading property: the lazy man's flip 58:15 £20k to £32k, and £72k to £110k 59:24 Why volume beats margin 1:03:27 Why an auction house buys its own stock 1:09:24 Members' question: starting again with nothing 1:12:09 One buy-to-let a year, on capital repayment 1:14:16 The plan to reach £12m a year 1:17:16 Where to find John FIND JOHN Instagram: @john_property_auctioneer LinkedIn: John Morris Prime Property Auctions PROPERTY COACHING NETWORK Join: https://propertycoachingnetwork.com Property Coachin

Working abroad property investing, done for real. Mark Downie left £15,000 a month tax free in Saudi Arabia for property investing in Scotland: 8 units, £8,200 a month cash flow, a £2m portfolio. Episode 40 of the PCN Property Podcast with David Smart. Mark spent three years running £250m construction projects in Saudi and walked away in May to invest full time. Before that: a dad who had him breeding rabbits and printing business cards at eight years old, and who died when Mark was 16. He failed every Higher a month later, appealed on medical grounds, got to university, and worked up to project manager on £46,000. Then a £750,000 home he couldn't afford, a mortgage going from 1.4 to 5.2 percent, and a phone call offering three times his take home pay to go to Saudi. What working away actually looks like: six to eight week rotations, one stretch of eleven weeks, camp based two and a half hours from the nearest town. He started on £8,000 a month tax free and left on £15,000. What sent him home was a colleague of 25 years who told him his sons no longer speak to him. The property side started with a Facebook ad at Easter 2023 and a first completion that June. The first flat was sold as a two bed and turned out to be a 42 square metre one bed. Then Mears Group leases, a serviced accommodation buy that never got its licence, and refurbs and refinances to eight units at 74 percent loan to value. He is straight about the cost. £49 in the bank one week, £60,000 the next after a refinance. £15,000 on training in year one plus £6,000 a deal in sourcing fees, which he says is the best money he has spent. IN THIS EPISODE - Why £8,000 a month tax free became £15,000 inside a year - What a six to eight week rotation does to a family with three kids - The 42 square metre "two bed" and how to never get caught that way again - Mears Group leases, and the serviced accommodation deal that failed on licensing - Why he now buys at valuation with a known exit instead of chasing a discount - Running a portfolio at 74 percent loan to value and what that leaves in the bank - What he paid for training and sourcing fees, and why he would pay it again - When you stop raising investment and start enjoying the cash flow FIND MARK Facebook and Instagram: Mark Downie PROPERTY COACHING NETWORK Join: https://propertycoachingnetwork.com Property Coaching Intensive: https://propertycoaching.com/ Business: [email protected] David Smart Instagram: https://www.instagram.com/david_smart_property/ TikTok: https://tiktok.com/@davidsmartproperty LinkedIn: https://uk.linkedin.com/in/david-smart- Facebook: https://www.facebook.com/david.smart.7393/ Subscribe and hit the bell. One episode a week. CHAPTERS 0:00 Intro 0:46 Rabbits and business cards at eight years old 4:10 Losing his dad at 16 8:16 Failing his Highers and the appeal that got him to uni 11:47 Setting out engineer to project manager on £46k 17:35 A £750k house and the call about Saudi 22:18 Telling the wife on Saturday and the kids on Friday 27:06 Rotations, visas and the eleven week stretch 29:24 £8k a month tax free, £15k by the time he left 30:04 Camp life two and a half hours from anywhere 32:57 Easter 2023 and the Facebook ad that started it 35:49 The two bed that was a one bed, and a failed SA 39:20 Handing in his notice 42:21 Coming home and going full time 45:14 Two years in: 8 units, £8,200 a month net 49:44 Buying at valuation with a known exit 55:23 £49 in the bank one week, £60k the next 57:52 The friend who invested on a five year term 1:05:05 Turning around 1960s flats 1:06:46 Advice #propertyinvestinguk #workingabroad #scottishproperty

Investing in Aberdeen with over 100 units in the city: trap or opportunity? Sam Dyer of Apex Property Group on Aberdeen buy to let, where 12% yields are real, and why the £40k flat market is a trap. Episode 39 of the PCN Property Podcast with David Smart. Aberdeen ran the opposite course to the rest of the UK. In 2008 the UK crashed and Aberdeen grew. In 2015 the UK grew and Aberdeen fell, and ten years on it still hasn't bounced. Sam's case is that it isn't broken, it's adjusting to an economy that no longer runs on oil, and the gap between flat sale prices and rising rents is where the yield comes from. He's also honest about the cost of building a portfolio on investor money at over 100 percent leverage: it doesn't pay him an income yet, everything goes into clearing debt, and the true value of a property is what you can sell it for tomorrow, not what a surveyor writes down. EPISODE HIGHLIGHTS - Around 40,000 to 45,000 people left Aberdeen after the 2015 oil crash, from a city of about 228,000 - Rents bottomed in 2019 to 2020 and have climbed since while sales prices flatlined - Why £40k flats are worth £40k and not the £55k to £60k investors hope for - City centre two bed at £70k to £80k renting for £750, West End two bed a few streets away valued at £200k renting for £950 - Why a scruffy communal area can knock around £10k off a valuation - The £1m buyer who only wants a 12 percent yield and doesn't care about discount - Where Sam would put £100k today: Rosemount, Old Aberdeen, city centre, and why he'd avoid Torry - Peterhead and Fraserburgh flats yielding 29 percent and the exit problem nobody talks about - 100+ units, over 100 percent leverage, and why there's no income from the portfolio yet - Lettings run in house with no outside clients, and the 50 unit portfolio he's hunting now - Aberdeen red flags: ex local authority stigma, factors, and a city short of roofers - Why sourcers are estate agents, and why sourcing works best as a bolt on CHAPTERS 0:00 Intro 0:53 Why Aberdeen crashed while the rest of the UK grew 3:41 What replaces oil: GB Energy, renewables and reading the periphery 9:23 Peterhead and Fraserburgh: 29% yields and the exit problem 12:22 Bought too early in 2019: quality stock, low yield 15:36 £100k in Aberdeen: Rosemount, Old Aberdeen, not Torry 17:25 Refinance problems and the £10k communal area rule 20:20 The £40k flat trap 21:47 Stanley Street: £80k two bed vs £200k two bed 23:35 Cheapest city in Scotland: value play or value trap 24:37 How Apex went from co-sourcing to off market 26:04 The £1m buyer who only cares about 12% yield 29:01 Seasonal rents, a transient city and SA on Union Street 33:07 100+ units in Aberdeen: how healthy is it 35:40 None of your own money: the truth, and what a property is really worth 38:25 In-house lettings, the next 50 units, and why units are vanity 41:14 Mistakes: trusting someone else's refurb price and the £200k West End flat 47:15 Sourcing is glamorised: sourcers are estate agents 54:47 What makes a good Aberdeen deal, and the red flags 57:33 Members question: what's the end goal 59:51 Starting again, and the hardest thing in sourcing now 1:03:27 Goals: Apex, a 50 unit portfolio and staying bullish 1:05:08 Where to find Sam CONNECT WITH SAM Website: https://samdyerinvestment.co.uk Instagram, Facebook and LinkedIn: Sam Dyer Investment Apex Property Group: sourcing across Aberdeen and the North East Sam is actively looking to buy a 50 plus unit portfolio in Aberdeen. If you have one, get in touch. PROPERTY COACHING NETWORK Join: https://propertycoachingnetwork.com Property Coaching Intensive: https://propertycoaching.com/ Business: [email protected] David Smart Instagram: https://www.instagram.com/david_smart_property/ TikTok: https://tiktok.com/@davidsmartproperty LinkedIn: https://uk.linkedin.com/in/david-smart- Facebook: https://www.facebook.com/david.smart.7393/ ABOUT PCN PROPERTY PODCAST Real Scottish property investors, real numbers,