It was a long overdue review of his pension plans that started Mike Anderson’s journey towards building a property portfolio.
Following his departure from a high profile role in an American Automotive corporation, Mike took stock of his financial position as part of the process to determine the direction of his next career move. The results shocked him.
When he analysed his pension statements, it transpired that after twenty years of contributions, it was worth exactly what he had paid into it. By contrast, Mike had his home valued for re-mortgage purposes around the same time and it became apparent that the amount it had appreciated over the last eight years was double the amount of his pension investments. “It made me realise that I had to do something different. And quickly,” says Mike.
Another driver for pursuing an opportunity in property and not going back into the corporate environment was to spend more time at home. When Mike explained to his 11-year-old that he was looking for a new job, his son asked, “Dad, is this the job where you stay at home? I miss you.” Having spent the previous 20 years working 80 hours a week and spending a considerable amount of time away from home, Mike realised that not only did his pension provisions have to change, but his whole lifestyle too. “I came to the conclusion that starting my own business would give me more freedom. Given that I’d also realised property was a viable option, I decided to combine the two.”
Mike started to research the opportunities available. Thinking that buying into a franchise would offer a readymade infrastructure he started to explore franchises operating in the property sector. At this point, he discovered Platinum Property Partners.
Within months of joining, Mike had completed his first property in Stockport, and a second seven months later. Mike now has a portfolio of eight properties.
"I now have a lifestyle I could never have achieved previously."
Reflecting on the amount of equity he has acquired since becoming a Franchise Partner with PPP, Mike says, “I would never have achieved this level of financial security if I had stayed within the corporate environment, paying each month into an under-performing pension. Now, not only do I have a healthy monthly income, I am also building significant capital by redeveloping properties.” He continues, “But the best thing is that I now have a lifestyle I could never have achieved previously. My wife and I now have the time to nip for a coffee whenever we want, and if the family want to go on holiday, these days it’s a question of how long would we like to be away for, rather than can I get the time off.”
