Patricia Ogunfeibo practiced as a solicitor for more than 20 years before deciding to turn her hand to property development and investing after enjoying being a part-time landlord whilst she worked as a solicitor.
‘Being a solicitor, I was aware of what was required to formally register a company. Registering with The Formations Company was an absolute doddle! It would have cost me so much more in both time and money to incorporate the business myself. I recommend The Formations Company to everyone I know; it’s user-friendly, and represents excellent value for money!’
‘I decided to become a full-time landlord, and at the same time formalise what I was doing by incorporating. Apart from that, incorporation was also a necessary step for me because a lot of merchants don’t consider you to be in business if you don’t trade through/as a company. Without a company, I couldn’t open trade accounts and access discounts available to people like me’
Whilst acquiring and renovating her portfolio, Patricia also started her social media venture Property Money Tree, to share her experiences – as it were, in real time. She also shares tips on how to get the most out of similar renovation projects.
Passion
Patricia lends her success to passion, knowledge and hard work. ‘The biggest piece of advice I could give to anybody looking to start their own business is to only do it if they’re passionate about it. It can be a hard slog and the hours can be very long. But if you love what you do, it won’t feel like work, you’ll enjoy it, even when the money isn’t coming in – it doesn’t always!’
‘Managing cashflow can be quite hard – I’ve learnt that the hard way. Now I always leave a bit of a cushion for any unexpected costs. Also, I try not to bite off more than I can chew.’
‘It can be difficult being responsible for everything as a landlord. The biggest challenge I face though is the negativity that landlords get from the Government and the media.’
Despite the bad reputation her profession has received from the Government, Patricia doesn’t think that Brexit will affect her business too much.
The future
‘In the short term I don’t think I’ll be affected because there’s still a housing shortage in the UK, so the demand will remain.
In the medium-to-long term, this will probably change though. With the drop in confidence alone, prices will continue to fall. Refinancing in the future could be challenging. I also suspect that negative equity might become commonplace again. This could mean that a few of us might not be able to respond to the market condition opportunities when they arise.’
Income is Patricia’s main priority. She markets her business completely online to ensure that she always has tenants lined up, and treats them well when she gets them. ‘I treat my tenants the way I wish I’d been treated when I was renting; I try to be the best landlord I can be. I’m always quick to fix issues and am very hands-on and approachable.’
If you’re thinking about setting up your own business and becoming your own boss like Patricia, it’s easier than you might think. We’ve helped more than 750,000 people turn their passion into their purpose. Find out more about making your business idea a reality here.