In the first of a new series of blogs interviewing property investors we speak to LandlordInvest borrower Lee Mullen.

As well as being a property investor, Lee Mullen runs Mullen Motor Group, a bespoke car dealership.

Why did you become a property investor?

From an early age, I have always had a fascination with property and the property market bubble. It allows you to diversify your investments whilst safely ring fencing them against other market movements. Whilst property, like every investment, e.g. stocks etc. will fluctuate, property value fluctuations are merely hypothetical… that is, until you sell.

However, until then, you have a product that is generating cash flow every single month, 6/7/8%+ per year, depending on the property. I have yet to see a high street bank offering that on my ‘savings’.

What is the most important factor to you when identifying promising investment opportunities?

LOCATION, LOCATION, LOCATION… Need I say more? Where your proposed property is located should be your number one factor. It affects how marketable your property is/may be. You need to consider vacancy rates in the surrounding areas, if the current tenants vacate tomorrow, how long will it be empty? If, for whatever reason, you needed to liquidate quickly, how saleable is the location? Every factor to question when identifying a potential opportunity will always, in my personal opinion, stem from location.

Which key qualities or skills do you think are most important for success in property investment?

In my opinion, whilst I am aware that everyone will have their own point of view on this, it takes very little skill! The two key qualities to succeed in property investment are patience and ambition. You have to be ambitious enough to visualise what could be and work towards that. But you also have to be patient enough to realise that it takes time, patient enough to put in the research, and patient enough to come to terms with the fact that, despite what you see on social media, property investment in most cases is NOT a get rich quick avenue.

What are some of the biggest mistakes you see property investors making?

Following on from the previous question, the biggest mistake I have seen investors make is a lack of patience. To simply rush into investing in a property without doing adequate research just because the initial points such as sale price, tenancy, and net ROI look good - remember, the property is for sale for a reason!

What are your thoughts on the current state of, and outlook for, the UK property market?

BLEAK, in this current state. In terms of commercial property, the high street looks quite uncertain with more and more retailers leaving and moving online. Residentially, I believe that throughout the UK and Ireland, residential markets are too inflated to justify. Rental prices are ever increasing a lot faster than the average salary, so for many, it is becoming totally unaffordable. This can only go on for so long before the bubble bursts and a price correction happens.

How was your experience working with LandlordInvest? Was anything different from your experience with other lenders?

Personally, my experience was brilliant. We were introduced to LandlordInvest via the sales agent for our commercial unit at the very last minute, after our original lender let us down. Not only were we impressed with how quick the turnaround was between the initial phone call and actually receiving funds, allowing us to complete the purchase, but we also loved the direct lines of communication we had with decision makers. No being passed from department to department like we are used to with other lenders. This proved most helpful when we required our bridging facility to be extended twice to allow for delayed legals when refinancing.

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