Inspired by his family business, Sav Lotta decided to follow in their footsteps and start working for himself in the property industry. Within just 8 weeks after joining Sourced Franchise, Sav had 3 rent to rent properties and an offer accepted to purchase a HMO.
Following the Property Path
As a student and young adult, the franchisee was helping with his family business. “My family owns a large portfolio, so I’ve always been around property. I helped with property management and during the purchasing processes”. Sav shares. “I started looking at flips when I was still at university and decided to pursue property properly after graduation.”
Taking Next Steps
Having learned about buy to lets and flips, Sav was looking for his next steps. “I didn’t know how to scale up, buying properties and flipping takes a long time and you need a significant amount of capital to put into those deals” Sav admits. He came across learning materials published by Sourced and attended a couple of webinars, which led him to the franchise opportunity. Having realised the different aspects and earning potentials of property through Sourced, he bought the franchise with Cricklewood as his territory.
Focusing on Cashflow
The training that comes with the franchise allowed Sav to discover many ways of generating cashflow from property. Strategies like sourcing or rent to rent produce relatively quick income streams, to let you focus on larger projects in the background. “I am planning to use Sourced Capital, the funding platform, to start working on larger new build developments.” Sav said.
Diversifying Property Strategies
“Before joining Sourced, I didn’t know what rent to rent was. Now I have got 3 rent to rents which bring around £3,000 per month. I have been deal-trading too, earning decent sourcing fees.” The Cricklewood franchise is also in the process of buying his first HMO just outside Bradford, which is already tenanted and generates £1,220 per month. On top of that, he’s working on a flip with a purchase price of £87,000, costs of £25,000 and a GDV £145,000.
Currently, Sav is focusing on cashflow and transitioning to being in property full-time. His long-term goal is to do build to rent by using Sourced Capital’s funding. “I want to retain as many units as possible, ideally 20 per year.” The franchisee doesn’t want to put all his eggs in one basket though and plans to have multiple income streams from property.
“I’ve been speaking to my support person almost every day and the training has been brilliant, so I’d recommend Sourced Franchise to anyone with no prior experience in property” Sav shares. “And you also get the funding platform, so Sourced is great if you’re looking to scale up too.” The franchise package has been created to offer a ‘business in a box’, taking the hassle out of running a property business. On top of the resources already mentioned, the franchisees get pre-qualified property leads, access to an investor database, contracts, a bespoke CRM and much more.
To find out more, download your copy of the franchise prospectus now.