Vincent Wong
Property Entrepreneur
This edition first published 2016
© 2016 Vincent Wong
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Preface
Whether you've been investing in property for years, or you are a complete newbie, eager to learn and frustrated by not having the money or credentials to get on the property ladder in the traditional way, this book contains some of the most important information you need to know. I wanted to write this book because, when it comes to finding and buying property, I have a wealth of knowledge I want to share. The methods I will be discussing are not those generally talked about. Why? Because none of them benefit the middlemen … the banks, the government and the estate agents! Whether you decide to use any of these methods or not, I believe you have a right to know about them, to have all this information at your disposal.
I think anyone who is serious about investing in today's property market should have access to this information. Everyone deserves to know all the potential options. I'm not suggesting that these new types of property deals are easy, and this is not the “one-size-fits-all” approach that is usually taken in traditional property purchasing. Indeed, some types of deals are only applicable in certain specific circumstances. However, if you want to be in the property business, I believe you have to think like an entrepreneur. And as an entrepreneur, you need to gather all the information you can lay your hands on so that you can always make an informed business decision.
The information in this book is based on all my years and extensive experience in the property business; I believe I have an obligation to share that with you. Every method I describe in detail in this book I have tried and tested myself. Knowledge is power and, for too long now, the balance of power has been in the hands of the people who are feeding you information based on what is best for them, not you. The estate agents, the lawyers, the lawmakers, the government and the media are not thinking of your best interests when they advise you, no matter how they dress it up. Do not let them convince you otherwise! My advice, to anyone on any issue is get informed, and then make the best decision for YOU!
I hope you enjoy this book, I look forward to meeting some of you some day and I wish you all the best on your journey through the property business!
Acknowledgments
I am indebted to so many people for helping to make this book happen. Firstly, thanks to everyone at John Wiley & Sons, especially Thomas Hyrkiel, Jeremy Chia, Gladys Ganaden, Tessa Allen and Caroline McPherson. Thanks also to Miranda Leslau for all her ongoing hard work and expertise in PR. My deep gratitude goes to my family and friends, for your love and support. I wouldn't be where I am today without the support and guidance of all my mentors; your wisdom has helped me become a proud mentor to others who are starting out or re-establishing their property businesses. We all learn from each other; the learning process never stops. I want to thank everyone who works within my property team for helping to run a smooth and successful business, especially my Dutch partner and dear friend, Marina de Haan, and my sister, Florence, for expertly doing so many deals on my behalf. But mostly I am hugely grateful to all the sellers who have ever put their trust in me; whether or not we made a deal, we worked tirelessly together towards a win-win situation. I am always honoured and often humbled to learn about your lives and the circumstances under which you become motivated sellers. You are the ones who drive my passion for the property business … which, for me, will always be a people business.
About the Author
Vincent Wong is co-founder and Executive Chairman of Wealth Dragons Plc. An internationally recognized and respected property entrepreneur, Vincent has generated over 100,000 motivated seller leads to date and has helped hundreds of investors acquire properties with little or no money down. In addition to building his own multimillion pound property portfolio, Vincent has taught dealmaking strategies, including lease-option deals – on which he is a world-renowned expert – to investors throughout the world. As an internationally-recognized public speaker and expert in the property industry, Vincent is regularly invited to speak to audiences of 1,000+ delegates at the prestigious Property Outlook Conference in Kuala Lumpur (the biggest property conference in Asia). Vincent is a graduate of The University of London's School of Pharmacy and holds an MBA from Cass Business School.
Introduction: My Property Journey
The first flat I bought was a beautiful Victorian conversion. It was a one-bedroom garden flat in Clapham, in south London, and I paid £73,000 for it in early 1998. At that time I was working as a pharmacist and earning around £32,000 a year, so the flat cost just over twice my annual salary. To put this into context, a similar flat in Clapham now, at the time of writing (February 2016), would cost you upwards of £500,000 and the top pay rate for a pharmacist is around £55,000; so, while the top pay for a pharmacist probably hasn't even doubled, property prices have more than quadrupled; the price of that Clapham flat is almost ten times what a pharmacist can earn today. This is a staggering gulf and does make you wonder