Reflecting but no regrets
Linda and Damian’s time with PPP has not been without its difficulties. They joined when the market was high and interest rates were low and have subsequently had to deal with huge market fluctuations, not to mention the pandemic.
Alongside some issues with builders and planning, they also faced difficult neighbours, high build costs, the proposed Renters Reform Bill and even more legislation as well as a negative media bias against landlords.
But the couple are determined to turn these challenges into triumph, and say they would not have wanted to build their HMO portfolio without PPP.
Linda explains: “The myriad of legislation and the complexity of building and operating HMOs means that we would have made many more mistakes, and possibly fallen foul of legislation purely through ignorance, without the expertise and support of PPP.
“Also, since coming out of covid, we have had the opportunity to take advantage of the network that we’d heard so much about – and it delivered all that it had promised – and more. As well as making new business contacts we have made many new friends, and have an informal support network comprising Partners with a wealth of experience of HMOs and PPP who we can call on whenever we need help – and if the person we’re talking to can’t help us, they can always tell us who can!”
Although the process has been slower than they would have liked, and not without hard work, they still believe this can give them the time freedom they desire and a legacy for their children.
“Our only regret is not doing it sooner,” says Linda.
“Yes, it’s given us more grey hairs (or fewer hairs in Damian’s case), but also many more options for the future. It’s been hard work, but we expected that for higher returns, and it’s actually been enjoyable. We’ve gained so many new skills, and so much confidence. The personal journey as well as the professional one has been well worth all the trials and tribulations.”
Their goal is to expand to six properties by 2025, a plan adjusted for the realities of the current market and personal circumstances, and at some point, take a step back from the management side.
While the business hasn't fully replaced Linda’s salary yet, it is steadily progressing and generating overall a pre-tax net profit of 8.7%. As a result, Linda was able to leave her job on her 55th birthday, and they still remain confident in the model, so much so, that they are now Affinity Partners, managing two properties for another Franchise Partner.
Reflecting on their journey, Linda emphasises the importance of resilience and community support.
Linda concludes: "The sense of achievement and the supportive network have made it all worthwhile. The expertise and knowledge of the PPP head office team, mentors and Power Team of suppliers, who cover not just property development and management, but assistance with running your business too, are the things that make PPP so unique and successful.”
