30+ HMO deals in the last 18 months with Property Filter conversation with Phil Bygrave
Last updated: 27 Sept 2024
Meet Phil Bygrave
In this episode of Deal Finder’s Corner, Guillaume Black, CEO and Co-Founder of Property Filter, hosted experienced property investor and entrepreneur, Phil Bygrave. With a background in recruitment and sales, Phil transitioned into property investing, where he has built an impressive track record, securing over 30 HMO deals in just 18 months. He is the founder of Property Portfolio Building, a company focused on sourcing, developing, and managing high-yielding HMO properties across Greater Manchester.
Phil’s extensive experience includes working in the recruitment industry for nearly two decades, where he honed his skills in sales, relationship-building, and project management. This experience has translated seamlessly into his property business, allowing him to build multiple income streams by sourcing and managing HMO properties for himself and his clients. His story offers valuable lessons in resilience, adaptation, and leveraging the right tools to scale quickly.
Throughout the discussion, Phil shared how Property Filter has been a cornerstone of his success, streamlining his sourcing process and allowing him to focus on building long-term relationships with agents and clients.
Building multiple income streams with HMO deals
One of the key takeaways from Phil’s discussion was his approach to creating three distinct income streams from HMO deals. By sourcing, managing, and letting properties, Phil maximised the revenue from each investment. This business model not only generates income at various stages but also ensures a hands-on approach to maintaining high standards.
"We get paid when we do the deal, we get paid when we do the project, and we get paid when we let the property."
The Importance of speed and relationships in deal sourcing
Phil emphasised that property sourcing is a race against time. Acting quickly when a property falls through or comes back on the market is essential. He highlighted how building strong relationships with agents ensures that when a deal is available, his team is the first to know.
"If it's a good deal, drop everything else and go for it. Speed is crucial in property sourcing."
Phil also discussed the importance of developing a reputation as a problem-solver in the property market, which has made him a go-to investor for agents in his area. This trust allows him to secure deals that may not even make it to the open market.
Systemising the sourcing process with Property Filter
Using Property Filter has been a game-changer for Phil. The platform allows him to cut down on administrative tasks and focus on sourcing profitable deals efficiently. His team uses a carefully crafted system of lead generators, follow-ups, and due diligence to ensure nothing slips through the cracks.
"Property Filter takes away almost all of my admin when it comes to sourcing. It's integral to our process."
By consistently using Property Filter, Phil can find deals that fit his exact criteria, whether it's in the back-and-reduced section or deals that have fallen through. This consistency has resulted in over 30 deals within just 18 months.
Case studies and real-life examples
Phil shared detailed case studies of properties he sourced, including a £250,000 HMO that had been a 'nightmare' before his team transformed it into a high-yielding, 10-bedroom property. By leveraging his knowledge of local market yields and building relationships with agents, he was able to purchase the property well below the original asking price and maximise its potential.
Another key example involved a five-bedroom HMO that Phil acquired for £170,000, despite it being listed for £210,000. His success in negotiating down the price was due to his thorough due diligence and strong relationships with local agents.
Actionable tips for aspiring property investors
Move quickly on deals: The best deals are often time-sensitive. Always be prepared to act fast when a good opportunity arises.
Build strong agent relationships: Cultivate trust with local agents so they think of you first when a deal falls through or comes back on the market.
Systemise your sourcing process: Use tools like Property Filter to streamline your search and ensure you're always working on the best opportunities.
Conclusion
Phil Bygrave’s success in sourcing over 30 HMO deals in 18 months demonstrates the power of strategic sourcing, relationship-building, and leveraging tools like Property Filter. His approach offers valuable lessons for any investor looking to maximise returns and scale their property business. For more insights and strategies from top property investors, watch the full episode of Deal Finder’s Corner featuring Phil Bygrave.
