Who wants to be a property millionaire? Ex-Harrods manager did it…and so can you!
Published by Together on 11th December 2019 -
Kim Firmin has forged a new career buying and refurbishing houses with her husband Keith after she suffered burn-out while working at the famous Knightsbridge department store.
The 34-year-old had been commuting for two hours each day from her home in Stevenage, Hertfordshire, which she shared with husband Keith, who had been working in the capital for the Metropolitan Police.
Both were finding their well-paid but high-pressured jobs were placing a huge strain on their lives.
Kim said: “I ended up on medication for depression and seeing a counsellor, so I knew that something had to change and the London career path
During one of her daily train commutes, Kim spotted an article in a national newspaper for an event on how to become financially independent.
“I thought, ‘I should do that,’” she said.
Kim, who had since left Harrods and was managing Basler’s flagship Knightsbridge fashion store,
She took more property courses and workshops while extensively researching the property market.
“I could see the potential of building a property portfolio and knew it was a better
Meanwhile, after nine years with the Met Police, Keith
He said: “I’d had no interest in property up to this point - that was Kim’s passion. But because of the pension cuts, we
The husband-and-wife team snapped up their first property, a run-down three-bedroom Victorian red brick terrace in Liverpool for £49,000.
They spent £8,600 completely refurbishing the property into a smart home in just under a month.
Buoyed by their initial success, Kim and Keith soon started buying more properties, continuing to target areas where they could achieve good rental yields, across Merseyside and Lancashire.
Using short-term bridging loans provided by us, they would buy tired and damaged houses - often repossessed or in probate, and use their own money for renovations before letting them out on longer term buy-to-let mortgages.
However, while living in Hertfordshire, they’d been travelling to their investment area multiple times a
So, to reduce costs and grow their business further, they
“I can start and finish work when I want. I have the freedom to choose my colleagues and clients, and can grow and develop my business skills on my own terms. My confidence has grown massively since regaining that control.”
Keith described the couple’s new life as “incredible.” He said: “I honestly didn’t think it
KIM AND KEITH’S PROPERTY INVESTMENT TOP TIPS
Make sure to doyour research and know the market before you start investing –it’s an ever-changing landscape soit’s important to keep abreast of what’s going on Spend time buildingpositive relationships - business is all about relationships, with brokers and lenders, for example
- Plan the finance for your project ahead of time
–ensure you have accounted for all costs at the start of the project
- Find an experienced finance broker
–discuss your projects with your finance broker to help them find the most suitable products
- Don't compare what you’re doing to what others are doing
–every house, project, aim is different andthat’s what makes the process so exciting
- Invest in a way that works for you
–set yourself an objectivein the beginning and work towards it