60-Second Interview: Tracey Woods
We speak to Tracey Woods, owner of HMO-Profit and Tanwood Property Partners. What is your company name?I own two companies, one is called HMO-Profit, the other is Tanwood Property Partners. What ...
We speak to Tracey Woods, owner of HMO-Profit and Tanwood Property Partners.
What is your company name?
I own two companies, one is called HMO-Profit, the other is Tanwood Property Partners.
What do you specialise in?
HMO-Profit provides training for Houses of Multiple Occupation (HMO) property investment strategy and Hands-Free HMO investments; Tanwood Property Partners provides a range of products and services that help joint venture partners, investors and existing landlords get the best from Buy to Let property.
Describe your property/investment credentials in one paragraph?
I have been investing in property for 15 years, focusing on HMOs over the last three and a half years. I have sourced and managed the HMO conversions on over 15 projects in the past two years.
When did you first become interested in property?
I fell into the Buy-to-Let property market back in 2000 when I rented out my own home and moved in with my husband.
Why were you specifically attracted to property?
In 2003/4 my husband and I bought some Buy-to-Let properties in South Wales and that was the start of my investing journey. What attracted me to property was the thought of having something that would become my pension and give me passive income.
Where are the best UK property hotspots at the moment?
Just outside of London is a great place to invest, as the prices are slightly lower than central London. Properties in these areas give great returns on investment, with over £1,000 per HMO.
Best piece of advice you’ve ever been given?
Have the skill set and the mindset to succeed, take action and it will happen.
Worst piece of advice you’ve ever been given?
Don’t take risks.
What are your top five tips for anyone thinking of building a property portfolio?
Know your investment area, do as much research and homework as you can to ensure you fully understand it
Build a great team around you – you can’t do it on your own. Don’t be afraid to use other people’s expertise and knowledge
Find yourself a mentor, someone who’s done what you want to do
Take a long-term view of property investment
Decide your WHY! It will be this that drives you forward and gets you through the tough times
Do you think it’s hard being a woman in the property business?
I have found it hard being a woman in property in some respects but it has also been a benefit at times.
Why do you think this is?
Property is generally a man’s world, however, today there are far more women getting into property; I was speaking at the Women In Property & Business Network event in London only this week. There are downsides to being a woman in property but there are upsides too. We have a feminine touch that means we're adept at turning horrible property into something beautiful that people will want to live in. We also have shrewd negotiation skills and can get round men sometimes better than a man would get round another man!
What is your proudest achievement, either in your personal or professional life?
My proudest achievement is building a property portfolio to give us financial freedom and building two successful businesses.
Where do you see your businesses in five years time?
I see my HMO-Profit business being an online portal and membership site where you can access anything and everything about HMO investments, helping thousands of people achieve maximum HMO-Profit from each and every HMO they invest in. With Tanwood Property Partners I will continue helping others to invest in HMOs in my area with the aim of getting 10 HMOs up and running every year.
Who or what is your inspiration?
My family and the freedom to have many different choices.
How do you relax?
I love holidays and travelling, that’s my way of relaxing.
Five words that best describe you?
Honest, professional, caring, friendly, focused.
Where would you choose to live if you could live anywhere in the world?
Probably the Caribbean, although I would have to take my whole family with me if I moved!
What three things couldn’t you live without in your home?
A nice comfy bed, space for my family to visit, my juicer.