Buying To Let: The Grant Cardone Event We Attended

We were at the Grant Cardone 10X business bootcamp on the 16th and 17th of November. We had a great weekend and thought we would recap some things we learnt at the event. Grant Cardone is famous for property investing (buy to let). We wanted to learn from the best as he has $1 billion in assets under management. Although we are simply humble conveyancing solicitors in Manchester – anything related to property is extremely interesting to us. You never know what can be learnt, who you can meet and what could happen. We recommend you go to an event of any kind of person or personality you like from the world.

You’ll meet people who have the same interests as you but are from different backgrounds. I had a blast and so did the other guys we went with. Be picky about the events you go to though as we heard some other people went to a Gary Vaynerchuk event and had a terrible time with all of the supporting speakers.

What does he do?

For those interested in buying properties to rent we are going to write a bit about what Grant does. Although we are conveyancers, we are completely interested in property. We feel this is important to be in the conveyancing / lawyering industry. When our clients are looking at deals we want to see where we can be involved and help where possible. Without any knowledge of the market there is no way we would be able to do this.

So Grant focuses his buy to let strategy on apartments or flats rather than houses. He prefers multi complex apartments because of the safety they afford you. In his mind he would rather have an apartment block with 200 people in it, have a 80% + occupancy rate he can turn a profit. His argument for not wanting to buy a house is that you can have one family in a house and if they leave you are suddenly without any rent money. There are pros and cons to both arguments.

Cardone is never going to have everyone 100% occupancy in one of his large non house apartment deals. Plenty of property moguls are making excellent amounts of money by renting houses. This is just his way of doing things.

From what we can gather, Cardone Capital (his property company) will have a good amount of lawyers and conveyancers working within the company. They are doing massive deals (he mentioned being in a deal worth £101m) and is always looking to expand his portfolio of properties. It is very inspiring to see.

Using debt

Cardone is a big advocate of using loans to fund his deals. He has plenty of money, raking in a whopping £150m a year in turnover from his sales training companies (among others). He believes that leveraging other people’s money (the banks) is better than using his own – which he can spend to make more money.

The premise goes like this: you want the apartment block worth £100m. Cardone will put down between £20-£30m of his own money. He will get the bank to finance the other £70/£80m. Essentially, he wants to get his rents to be paying him around 10% on his money. He will even take less for the flats. The interest in which he pays back the banks is between 3-5% because of his excellent history in making repayments. As you can see, he is making 7% on his money! If all goes to plan, that is. Seemingly everything has gone well for him in the property market and he does very well.

Meeting people involved with property

As Mr Cardone is so influential in the property space, there were lots of budding investors, developers and all other aspects of property. We met a boat load of people. We are still in touch with several and plan to help some people put together some housing deals.

Some are brand new looking for their first deal and some have a sizeable portfolio. If you want to meet people, events like these are excellent for finding a specific type of person. We knew that there would be lots of people looking to buy homes, buy to let homes and so on. We made good contacts and we are sure other people did too.

No conveyancers!

To our surprise, we could not find any other solicitors, lawyers or conveyancers. Obviously we did not speak to every single person there but there were no solicitors or conveyancers that we met! This was all the better for us as we got to meet plenty of people involved with property that needed a reliable conveyancer for projects moving forward.

Do we recommend events?

It really depends on the event you are going to. We knew this crowd would be very specific. Grant is from America and only a certain type of person knows about him. His content is very good and we knew that plenty of housing developers, property investors and so on would be there. Our prediction was correct.

So to decide whether an event is worth attending you have to weigh up what you want to achieve and how likely it is of achieving that goal. We wanted to find out more about buy to let in England, meet property people and enjoy good content. We knew that all three would be there and the ticket was in the region of £200.

So whether you are also a conveyancer, business owner or employee – get your why right, then you can decide why the event you are looking at might be worth going to. It is worth adding that we are not serial event attenders. This was the first in many years. It was completely worth it.

If you see upcoming events, think about how you might be able to benefit from them and if the cost is worth it. If you can justify the cost… go for it! We got a lot out of the event and would see Grant again as and when he comes back to the UK. If you need a conveyancer for buy to let properties we can absolutely help. We have dealt with a massive variety of different property projects all over the country. Just get in touch and we can go over your options. Thank you for reading everyone.

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