Rent2Rent: Massive Ca$h during a Massive Crash
How to make £10K a month without the sweat
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10/10/2010 I was now using my credit card to support myself. I only needed £800 per month to cover my very cheap lifestyle. £650 was towards my mortgage and the rest was for the bills and food. Then I had an idea. Why not rent out 2 rooms in my house and create some passive income? I called a couple of letting agencies and ask if they did houseshare? Most of the ones in my area only take on the whole property. So I decided to move out of my 3 bedroom house and go to London to live in a house share. At this stage, I was planning to return to a part time work in London and keep doing my property things remotely. I would come to Bristol whenever I needed to and stay at a friend's house for a couple of days. 11/10/2010 I gave my house to 2 agencies, Greenwoods and Smartmove. Greenwoods put a letting board in front of my house and the visits started pouring in. They decided to market the entire house for £695, I told them that I wanted £725 because of the standard of the house and it was going to be fully furnished. I had nowhere to store all my white goods and furniture. After about two days, I had several offers. Then three Italian men came to view the house, they were early so I let them in instead of waiting outside in the cold for the letting agent to show them around. We got talking and I told them that I had many offers already and I was reluctant to let my beautiful house to 3 men. They wanted the house so badly they told me they would pay me £1000pcm for it. I swallowed my tongue, took their number and asked them to come back after the agent had gone. So the agent came and went and the 3 men came back. I told them I needed a month's deposit and a month's rent. They brought that to me the following day. Within 24 hours, I went from having no money to having £1000 in cash in my hands. They told me they needed to move in within 24 hours because their hotel was costing them a fortune. I asked for a week, we settled on 3 days. 13/10/2010 I called my mother and we moved all my stuff into the garage. Off I went to live in London knowing that my house would not be repossessed. After 3 weeks of living in London, I thought to myself what if I could do this again? What if I could take over a property from a struggling landlord just like myself, let each rooms, pay them a monthly rent that covered their mortgage, give them the same peace of mind I was given when the 3 Italians walked through my door. I toyed with the idea for several nights. Then I became friendly with the manager of the houseshare in which I was living in London. I asked him who the landlord was and how many properties he had. He gave me a few information which I digested for several nights. I then went back to him and asked him if the landlord owed all the properties on his books, he said Yes, then I asked what if he didn't own them, would that be illegal? He said No. He was managing the houses for the landlord, so his profession could not be illegal. Then the light bulb came up! 10/11/2010 My tenants contacted me to ask if I had a bigger house because one of their friends was coming to join them and they needed a bigger house. I said to myself all I needed now was a bigger house, I already had the tenants. So I decided to give it a go and find a 4 bedroom house. I asked them if they wanted to stay in my area or wanted to be closer to the city centre, they chose the city centre, so I went on to contact all the agents near the centre. It was time for me to fake it again. So I put on my big girls voice and started calling the agents. Many said No to my requests, some asked me for information I couldn't provide. Then I changed my script. I was now an international representative working with foreign companies relocating to Bristol. I was in charge of accommodation. I had to find accommodation for international executives moving to Bristol. The story worked. I got to do some viewings. But not enough profit to make the deal worthwhile. I was looking to make at least £500 profit on each property. 13/11/2010 I found an advertisement on Gumtree. It was a 4 bedroom house 10 minutes by bus to the centre for £800pcm. I contacted the agent, she showed me around and I asked her how long the property had been empty, she said 6 months, I immediately reduced the asking price to £700pcm, we settled on £725. I told her I needed to move in within 2 days, I gave her my card number there and then to secure the house and I moved my Italian tenants in two days after. I moved back into my house. I had a business. This was my light bulb.
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About the Book
Rent2Rent formula is about taking advantage of the current economic situation. Banks are repossessing thousands of properties that cannot be sold. Millions of first time buyers cannot get on the property ladder. Rent2Rent is the strategy that gives the banks what they want and also gives to the first time buyers a way to get unto the property ladder. The sole aim of this book is to demonstrate step by step, how I created massive passive income stream for myself using other people's assets. This is your opportunity to step up and speed up your career in the property industry and then save time to focus on other things. At the end of this book you will learn: • How to invest in Property without having vast amounts of cash as deposits. • How to get into property investing for less than £4,000 start up capital. • How to gain control of a property for Corporate Letting. • How to make up to 100% ROI (Return on Investment) from a property you do not even own. • How to create a “Passive Income Stream” from Corporate Letting. • How to generate £10,000 per month in passive income within 10 months. You will learn in this book all my ups and downs, my mistakes and celebrations and how I finally nailed the financial freedom which many people seek in just 10 months.
About the Author
Taiwo Orishayomi was born in Nigeria, brought up in Paris where she had her BA in Languages and Economics; she later came to London where she tried her hands in many different careers. Upon her arrival in London, she set herself a goal to find a job within 24 hours. She succeeded by taking on a role as a leather garment retailer. Within 3 months she found her way into managing a designer shoe shop in Chelsea. Within one year, she became a fashion PR and 3 months later, she found her dreamed job in a fashion publication. After a year of working as a fashion stylist, she decided to have her own magazine. BOLZ magazine was launched in 2003. Taiwo ran this magazine until 2007 when she realised that the fashion industry was no longer her path to financial freedom. She worked as a publication marketer and an advertising manager for other publications until 2010 when she decided once again to move forward. Taiwo saw herself as a builder and a developer of business, not one to follow other people's ideas. She said that in 2010, after reading Rich Dad Poor Dad by Robert T. Kiyosaki, she found her new path into building a financial pillar. After several months of studying and searching for the easy way to get into the property business, she finally came up with her own strategy which she named Rent2Rent. This simple formula generated over £10,000 per month in passive income within 10 months. She now coaches others how to get through the labyrinth of the property business using other people's assets. According to Taiwo, one does not need tens of thousands of pounds to get started, just £4,000 would do. Taiwo is now a successful, self made financially free young woman just age 33.