The Short Lease Story and Secret Hacks with The Short Lease King Jason Patterson

Alex welcomes Jason Patterson, also known as "The Short Lease King." Jason shares his inspiring journey into the property market, starting from humble beginnings in 2001 when he purchased his first flat. He discusses the challenges he faced, including navigating the complexities of leasehold properties and the importance of understanding lease lengths. Jason highlights his strategies for success, including buying flats with short leases, extending those leases, and maximszing property value through refurbishments and reconfigurations. He also delves into the impact of recent legislation on leasehold properties and shares valuable insights for aspiring property investors. With a focus on determination, hard work, and the pursuit of financial freedom, this episode is packed with practical advice and motivational stories for anyone looking to venture into the property market. KEY TAKEAWAYS Start Small and Educate Yourself: The journey into property investment can begin with small steps, such as purchasing a flat. It's essential to educate yourself about the market, including understanding leases and property values, even if resources were limited in the past. Overcome Challenges with Determination: The importance of hard work and determination is highlighted, especially when facing financial constraints. Working overtime and saving diligently can help overcome initial barriers to entry in property investment. Leverage Short Leases for Profit: Investing in properties with short leases can be a lucrative strategy. By extending the lease and potentially refurbishing the property, significant value can be added, leading to substantial financial gains. Stay Informed on Legislation Changes: Recent legislative changes, such as the Leasehold Reform Act, can significantly impact property investment strategies. Understanding these changes can provide opportunities for investors to acquire properties more easily and at a lower cost. Diversify Your Approach: As experience grows, diversifying into areas like training, speaking engagements, and sharing knowledge can provide new avenues for growth and fulfillment in the property investment journey. This can also help keep the investment process engaging and rewarding. BEST MOMENTS "I didn't like working full time. I hated getting up early... I said to myself, right, how can I earn money without doing sweat labor?" "When you extend your lease, you have to go to the flat for at least two years in order to extend your lease. That two-year rule has been abolished." "There's a big element there of delayed gratification... you seem to be very clear in your vision, like where you want to go."  "You can always get a mortgage with a short lease flat and then you extend the lease, do any work, refurb, reconfiguration, and then after six months you can extract your uplift." "It always seems impossible until it's done. Keep on doing it, and then you break the barrier of like, oh, you did it."   ABOUT THE GUEST Property Investor of 20+years, purchased my first BTL in 2001 Multimillion pound property portfolio Properties located mainly in North London and in Dubai Specialise in leasehold properties 20+ years experience in lease extensions and purchasing freeholds Strategies used: BTL - Vanilla Buy to Lets BRR - Buy Refurbish Rent BRR - Buy Reconfigure Rent meaning I add value to flats by adding an extra bedroom by moving the kitchen into the front room BRRRR - Buy Refurbish Rent Refinance Repeat BER - Buy Extend Lease Rent meaning I extend the short lease of the flat creating instant equity in the property BERRRR - Buy Extend Lease Refurbish Rent Refinance Repeat BERRRRR - Buy Extend Lease Reconfigure Refurbish Rent Refinance Repeat Purchasing the Freehold to flat conversions Facebook:  Jason Patterson https://www.facebook.com/jason.patterson.37454 LinkedIn:  Jason Patterson https://www.linkedin.com/in/jason-patterson-797a1ba2 Instagram:  Jasonpatterson365 https://www.instagram.com/jasonpatterson365?igsh=MTJwczc5bm45ZXhwOQ== YouTube:  Jasonpatterson365  https://www.youtube.com/@jasonpatterson365 TikTok: Jasonpatterson365  https://www.tiktok.com/@jasonpatterson365?_t=8kqN3CL1Nyr&_r=1 ABOUT THE HOSTAlex is a prize-winning chartered accountant with experience in financial markets from trading finance, capital hedging, structural foreign exchange, and interest rates to operational risk from the world’s top financial and advisory institutions including Deloitte, RBS, and JPMorgan ChaseAlex has been involved in property development programmes across different types since 2008, building and managing a portfolio that includes standard buy-to-lets, student accommodation and other houses in multiple occupancy (HMOs).He specialises in raising finance, providing potential investors, investors, and joint venture partners with ad hoc (to their specific requirements), hands-free and hassle-free property investments solutions as well as coaching and mentoringAlex aspires to share business and financial knowledge with upcoming entrepreneurs and experienced business minds to learn and master the concepts and mindsets required to succeed, stand-out, have the edge and make a difference.Alex is also a keen traveller, cyclist, and photographer. CONTACT METHODFacebook: https://www.facebook.com/alexsapalaofficial/Twitter: https://twitter.com/alex_sapalaYou Tube: https://www.youtube.com/channel/UCgZ1DCPGAu5c2yhOkfGZRSQ