Dean Welch: Property strategy and how to find funding

In this interview, we spent time with American accidental millionaire property investor and realtor, Dean Welch. Dean has written a booked called the accidental millionaire which should be out on Amazon in the next few months.

Just to make things a little different, we had a property investor panel consisting of Marcela Hede, Naomi Marquis, and Naomi’s sister Francine Marquis grill Dean about his property journey. Our last-minute panel was under strict instructions to prevent Dean from getting off with easy answers.

In this video, the panel discussed with Dean:

• How to set up a property investment strategy
• How to find funding

For those with bad connections, we’ve written up the interview in note form below. When you have time and a stronger internet connection, we do recommend you listen to Dean Welch’s top tips.

How to formulate your property strategy

The first insight that Dean shared with us is that you need to understand the demographic of the area you’re investing in such as students, holiday-ers, professionals, council renters and so on.

For example, some areas may not have the tenants that you want, while other areas may be more suitable for the kind of property business you’re looking to run. In the UK, if you focus on student lets, then areas that don’t have universities are not great areas.

Next Dean shared how you need to talk to people in the city about requirements that the city is going to need in the future. For example, in the UK, we talk a lot to the council to see what their plans for the future of the area are.

You need to find out whether people from your desired demographic will be moving to that area. You also need to find out what the communities needs are and see if your project and the community’s needs align with each other.

After you’ve made sure you’ve got all the legal documentation sorted, you need to decide exactly what it is that you’d like to do with the property. Be that; long-term rental, short-term rental, or if you want to flip (buy, renovate and sell at a higher value) the property.

You can bank on a bank

Finally, Dean talked about getting funded. Dean recommends using the conventional route i.e. borrow from the banks if you have good credit and a stable income. Obtaining funds via the bigger or specialised banks tends to be best as they offer the best interest rates and the most options for your property.

The interviewers wanted to know more about obtaining property funding beyond the major lenders so in part two of this interview they grill Dean on:

• How you can get into property if you have bad credit
• How to buy property with very little money
• What and how to use a lease option
• Which people are more likely to do a deal using a lease option

Part two of our Dean Welch interview will be out next week. In the meantime, see Dean Welch’s blog for more property insights

For more video and article property success stories check out the following articles:

• Property secrets of a 26 year old millionaire school dropout – Ryan Windsor
• 23 jobs to becoming a property millionaire by age 23 – Stephanie Brennan
• Money or Passion – Regan Anne Hillyer

If you are starting on your own financial freedom journey, you will find the following articles from our library helpful in spring-boarding you into a new chapter of your life’s dream.

• Achieve any dream with buckets of rubble
• Turn your dream into reality in four stages
• The seven deadly sins of business owners
• Five simple actions that provide a major life boost

Finally, if you are interested in the lessons from other successful people who attended the JT Foxx family reunion event check out the following articles:

• Bleeding is part of success – Paul Kanofski
• Fear induced obstacles to success – Damien Elston
• Solve this Japanese Multimillionaire’s Secret Riddle – Chris Okazaki
• Money or Passion – Regan Anne Hillyer

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