In the latest Property Forum podcast Nicholas Wallwork and Paul Mahoney offer advice and assistance to property developers and landlords in these challenging times. This is a time to maintain your composure while many around you lose theirs. The podcast was very well received and for reference the details were as follows:-
DATE THE CHAT SHOW AIRED: Thursday 9th April, 12:30pm (Property Forum YouTube channel)
HOSTED BY: Nicholas Wallwork, Property Forum’s CEO
HOW TO WATCH: Watch the full recording now via This Link
GUEST SPEAKER: Paul Mahoney, CEO of Nova Financial
While there were a number of areas covered in the live discussion, a significant element of the podcast was put aside for a lively Q&A session. It is safe to say there were many questions asked and many subjects discussed in great detail. The range of subjects covered in the initial element of the podcast included: –
• Repayment breaks, different types of property finance and alternative measures to protect your business
• How can landlords protect their rental income while maintaining an amicable relationship with their tenants?
• How to address cash flow challenges with government-sponsored schemes covering emergency property finance/refinancing
• Challenges in the construction industry and property development delays
• Some great ways to attract tenants in these difficult times
• Are there any property types and locations which deal better with crisis and recessions?
• Mitigating the risk of cash flow issues in the short-term
• Property rental income, how to maximise cash flow but remain competitive
Paul Mahoney is the founder of Nova Financial Group as well as being an entrepreneur, bestselling author, property TV show host and award-winning speaker. He is also a qualified IFA, landlords and property expert and the go to commentator for media outlets looking for a property market overview. It is therefore no surprise to learn that Paul and Nicholas have worked together on numerous educational projects in the past. Paul has a deep knowledge of the UK property market and is well versed in the challenges faced by fellow investors.
For those who missed the original show back in April, you will be pleased to know that the full show is available on the Property Forum YouTube channel:-
Facing property development/rental issues head-on
If you read the mass media you would be forgiven for assuming we are on the verge of a property market crash after the Covid-19 induced lockdown is over. While property developers and landlords have faced numerous challenges in recent weeks, there is light at the end of the tunnel and ways in which you can protect your investment in the short to medium-term. It is safe to say the government muddied the waters somewhat suggesting that landlords were in line for a “mortgage holiday” when in effect this was a mortgage deferral. As a consequence of this misunderstanding, many tenants felt aggrieved and there has been some additional friction between landlords and tenants. It is vital that landlords maintain an amicable relationship with their tenants, offering a degree of flexibility in the short-term and ensuring that their tenants are aware of the finer details of government plans announced recently.
When it comes to property development many investors have been left with difficult decisions, do they continue, pause or mothball their current property developments? Thankfully, we have seen the emergence of various government backed schemes offering short-term financial assistance to those suffering cash flow issues as a consequence of Covid-19. Knowing what is on offer, how to apply and how to use funds raised as efficiently as possible is not easy. Sometimes it pays to take a step back and look at your situation from a distance – appreciating the various elements in isolation. Maintaining a clear head in these challenging times is vital. It will greatly assist in protecting your investments in the short-term while remaining appreciative of long-term opportunities for capital growth.
When it comes to property development and private rental properties there’s no doubt that Nicholas and Paul have been there, done it and lived to fight another day. It is worth noting all property investors are facing challenges, landlords are struggling with cash flow issues but there are various investment strategies you can use to mitigate short-term uncertainty. These strategies are discussed in great detail during the podcast with the opportunity for Property Forum members to ask questions during these discussions.
Looking further ahead, once the lockdown is over it is important to have a strategy in place to maximise short-term cash flow and minimise financial pressure. Deciding when to resume work on property developments is not easy, offering the right level of assistance to tenants can be difficult and while there are significant short-term pressures, you still need to keep one eye on the long term. Utilising government backed loan schemes will be extremely important in the coming weeks, offering property investors and private landlords an opportunity to reorganise their finances. As well as the subjects mentioned in the early part of this article, there were an array of probing questions but forward by those viewing the podcast.
Looking to the future
There are numerous issues to consider with regards to property development and private landlord investments. Incorporating a degree of protection in the short-term is vital, utilising government backed loan schemes/financial assistance will certainly help and maintaining a long-term investment approach will offer light at the end of the tunnel. Nicholas and Paul have experienced numerous downturns in their property careers and offer some great advice to both experienced and novice investors. Education is the key to long-term success in property investment/private rental and we know from feedback that many viewers went away reinvigorated and refocused on their individual challenges.