Welcome to the Slow Money Club Podcast. The show giving you realistic ways of attaining financial freedom. We share Get Rich Slow strategies to help you go from employee to entrepreneur and turn your dreams into income streams.
In this episode, we have a chat with Tina Walsh, a property sourcing specialist. Tina and her husband, Tony, are the founders of Sanctuary Property Sourcing.
Before becoming an expert in property sourcing, Tina covered quite a range of areas which helped build up her skills. She has not only worked in the police force, in a tile shop but also learned the historical nature of building and architecture. She’s also gone on to work as a PA and then in a school where she has managed the funding process. She left the school environment and went into the healthcare sector where she started out on her way to sourcing, initially businesses.
Tina also shared that while they always loved property, when they went attempted investing in 2005 in property, it didn’t go as what they planned. Wanting to pursue what they love, they used mentorship programs as a way to plug their knowledge gaps and very pleased with the outcome they got from their mentorship program.
It was through this process that they came to the realization that but their main interests were in the business side and wanted something they could do together, so this led them to the property sourcing business.
With Tina’s experience, she shared, ‘I know that a lot of people think that you should not have to pay thousands of pounds for mentorship but the most valuable thing that any one of us got is our time and it takes time to become an expert in any subject.’
Tina Walsh on Property Sourcing | Key Discussion Points
[27:02]We discussed what the process was like setting up the sourcing business side.
“It was hard work because it was alien to me. The first 10 to 12 months from that January in 2012 were a combination of Tony and I crewing for Kevin at his events because we knew that a lot of people attended those events were investors, high net worth.”
[32:22]Tina shares her discovery of other ways to get involved in property without actually investing in property:
“Whether you have the cash to invest or whether your warrior investing there are other structures you can use which you don’t have to implement that much cash.”
[33:31]Tina explains what is property sourcing.
“Basically, it’s linking a seller and a buyer with a property that one wants to sell and one wants to buy and taking a fee for doing it.”
[35:07]We also spoke about the kind of things an investor should look for in a deal that’s been marketed to them by a sourcer.
“I think if you are an investor and you want to invest into something you need to have separate pieces of advice to what strategy you’re going to invest in for yourself base on outcomes you are looking for.”
[45:45]Tina also provides advice to those looking to get into sourcing on what the key things steps needed to establish their sourcing business are.
“I think if you don’t have a lot of money find some resources online that is free, join some Facebook groups ask questions, don’t just learn about how to source but learn about how to source compliantly. Don’t expect that there would be money in the bank account in the first 3 months if you want to do it professionally and build a sustainable business. It just takes time to build up your reputation and if your heart isn’t in it if you are just doing it because of the cash then maybe you need to think about finding something else that your heart is in because you will never make a success out of anything that you don’t love doing what you doing.”
[53:43]What’s the best advice Tina’s ever been given?
“Even if you don’t know how to do something say yes and work it out later.”
[53:55]And what’s the worst advice she’d ever been given?
“Fake it till you make it.”
[55:31]Tina shares the main thing they look out for when they are sourcing properties for investors.
“Their willingness to go through the process that we put them through to prove to us that actually they are not and we can work with them in the future.”
[55:54]Lesson learned from the worst investment experience.
“Before you do anything that involves large sums of money you really need to have a certain amount of knowledge as to what you are doing just don’t take a punk.”
Acuity Scheduling – easy-to-use and user-friendly scheduling solution using which clients can quickly view real-time availability, and book their appointments accordingly.
Main website – www.getpropertycompliant.co.uk
Sourcing Site – www.spsuk.co.uk
Tina’s Email – email@example.com