Property Income Report July 2020
It’s that time of the month again! Welcome to my third Property Income Report, July 2020. If you’ve not read the first two instalments yet and want to do it in chronological order, you can click through to the May 2020 or June 2020 link.
Another productive month has been and gone. I’ve seen some good progress on the house (although I missed my goal on completely finishing the renovation). The website has come on leaps and bounds, I’m starting to see some good traffic numbers come through now. And, most exciting of all – I’ve firmed up my plans on how I plan to make my first investment!
When I first started this site. I questioned myself at the beginning what the right length of time between reports should be. So far, a month seems to be a good length of time. Long enough so that enough has changed each time to provide some good content, but not too long so you lose the story with what’s going on.
So without further ado, let’s review whether or not I managed to achieve what I wanted last month!
A Review of Last Month’s Objectives
Completely finish renovation on the house.
Well, I’m afraid that I am going to have to carry this objective over to the next month as I didn’t manage to hit this deadline. I am very close to completing though so I will add to this and make next month’s objective both complete the renovation & get it listed on the market!
So what actually happened this month (and what’s left to do?)
The en-suite: Fully removed and replaced! As I said in last month’s report – I booked myself a week off from work to get this done. I’m glad I did that actually or I don’t think I would be in a position to complete this upcoming month if I hadn’t. Anyway, what did I actually do here?
- The old suite was completely removed, including a wall which used to sit between the toilet and shower (stud, non-load bearing).
- Re-tiled and grouted the whole room, including some feature wood-effect tiles in the new shower cubicle.
- Put a new Vinyl floor down.
- Installed new fitings: cabinets, shower, taps, toilet, radiator.
The one thing I’ve not done in there yet is my sink, and that’s because I’m waiting for a part to arrive – an extended waste tail. That’s due at the end of the week so once I’ve got that it shouldn’t take me any longer than an hour to finish up.
Downstairs: I finally finished putting down the laminate scoatia. It’s one of them jobs that needs doing to finish the room off, but I just kept putting it off for some reason. All done now though and it’s looking smart. That means the downstairs is now all done and dusted!
Upstairs: All the bedrooms are now painted and ready. All the old carpets are now up too. All that’s left to do is put down some new underlay and lay the carpets (ordered, just awaiting delivery).
Outside: The old gas & electricity box – the previous owner had decided to paint them bright blue at some point. Anyway, the paint was all cracked and faded + didn’t match my new garage door or front door. On the electricity box I managed to get hold of a new cover which slots over the top of the existing. The gas box however – I couldn’t find one. Instead, I had to sand it all down and re-paint it white.
Still to do outside:
- Put a new sign up showing the house number.
- Give it another whip around with the pressure washer, especially around the back patio where I have been set up for wood working + tile cutting.
I’ve still got blinds left to do, but it’s all ordered and just awaiting delivery.
Explore options for generating a small amount of revenue on this website.
Done! Although I’ve not earned anything from it yet….
I’ve opted to try affiliate marketing for services which I think will be useful to other property investors / landlords. After doing my research it seems to be a popular way to build an income through a blog whilst not losing the integrity of the site.
I was really keen not just to throw a load of random adverts on the site that weren’t relevant and ruined the experience. Instead – I’ve opted to put a couple of banner ads with relevant topics.
If you’re on a desktop, you can see these adverts over on the left of the page. On a mobile – they’re down at the bottom.
I’ve used a service called Awin to set these up. If you click through that link & sign up to their service through my recommendation then I will get a small commission. That’s basically how affiliate marketing works – Clever huh?
So far, I’ve set affiliate links up with the following places:
- Yopa: If you click through that link and book a free valuation, I get a small commission as a thank you for the referral. Further, if you go on to list with them they will send me a further commission!
- AXA Landlord Insurance: In the market for Landlord Insurance? Buy through this link and they will send me on a small commission.
- Look After My Bills: You might remember this site from Dragon’s Den, where they got offers of 5 investments! An auto-switching service to keep you on the most cost effective tariffs. Great for automating personal and business bills.
- Safestore: I’ve always been an advocate for staging your houses before sale, but what do you do with all that furniture between properties? Put it into storage.
- Sykes Cottages: I’ve recently wrote about getting into the holiday letting business, Sykes is a provider of just that. If you’re looking to book a holiday let, do it through that link and help to support this site.
- Currys PC World: For buying your electronics. Furnishing a property or just getting some bits for the home office? Buy through that link as a way to support this site.
So that’s the basics of how affiliate marketing works. I’ll keep you posted how it goes over the coming months. In the meantime – if you’re already in the market for any of those things… You can help by clicking through those links. It won’t cost you anything extra!
Continue to expand my networks across Twitter and on the web.
I have really enjoyed this objective to be honest. I love talking with other property enthusiasts and hearing their stories.
My Twitter followers have continued to grow over the last month. Plus – what’s also proving to be fun is talking to folks on the Property Tribes website. There’s so many interesting questions and discussions on there. If you’ve not checked that site out then I recommend you do so.
I’ve also connected with Josh, from On The Ball Property this month – you can see a write up from a recent interview I did with him here.
Continue to develop the website.
I haven’t done any major structural changes to the website this month, but I have continued to write new content each week and also introduced the affiliate marketing I talked about earlier. One other change is a new + improved subscription email. Click through to the subscribe page for details on this but basically I’m now giving detailed updates on each week’s activity. These updates cover more detail than the monthly ones to help people really drill down into what’s going on each week. After re-vamping the offer I saw a big spike in people subscribe! It’s proving popular so far.
I’ve also had some thoughts for new features which I hope to explore this month. I’d love to be able to introduce a mechanism where others who are on a similar journey can also share their stories. Need to give it some proper thought to see how it could work though.
Outside of that, I want to do some more cosmetic work to make things look and feel cleaner – especially on a mobile. It doesn’t look too bad now, but I think it could be better.
Now that’s last month’s objectives out of the way, it’s time for some of the key activities that I’ve been up to this month.
- I have continued to update and optimise the site, things are starting to organically grow now and I am getting a good feel for what I want to keep doing with this website. In my head I have these visions for a really useful repository of information for property entrepreneurs. A library of real-life accounts and how-to guides that will help others in their quests. How that plays out – time will tell.
- Monetisation. Having and building a blog is great, it really is. It’s a good way to keep myself accountable and pull together different bits of info that I think will be helpful. I’m not expecting this blog to start earning masses of cash, that’s not the goal here – but it would be nice to earn something. My goal here is to be able to give up the day job and go full-time into property. Anything that helps me get to that goal faster is a bonus.
- The house has come on leaps and bounds. I’ve spent a lot of evenings and weekends this month putting everything together. Fingers crossed in the coming month I should have fully completed works and be up on the market.
- I’ve settled on the strategy I’m going to take for my next investment – Holiday Lets. My plan once this place is sold is to buy somewhere in the peak district, do it up and then get it ready for next year’s holiday let season. My research tells me there’s lots of opportunity here, my next steps will involve making those dreams a reality.
The Property Income Report
Income = For the third month in a row now I have earned a grand total of zero pounds through property. To anyone who thought that this would be a quick way of making money – well, think again. I’m feeling comfortable with this still. I never expected to make any money this early into the game.
Longer term however, I can foresee two main sources of property related income.
- Through physical property. Once I have sold my main household and invested in the holiday let game – I won’t be earning until I’ve finished renovation and took it to the market. After that, I should be able to get a good (but variable) monthly income as well as additional capital freed up from re-financing. Even longer term than that, I’d like to be able to diversify into multiple options – commercial, buy to lets, buy to flips and holiday lets. One step at a time though.
- Through the online world. If I am truly going to put myself in a position where I can give up the day job I need to be able to give myself a monthly income I can rely on. As I kept on researching blog monetisation this month I found loads of different blogs who make a living online. Whilst I don’t want to do this per say, I do want to be able to free up enough time to work on physical property. There’s no part of this I enjoy more than actually doing up the houses.
I’ve put some time into affiliates this month so hopefully I may start to see some small numbers trickle through, although I’m still not expecting big numbers this early on.
Expenditure = Literally the only spend I’ve done this month is the increased server performance (£7.20 per month) I signed up for in June. This helps the site to run quickly for visitors. My website hosting fees were all paid up front in month one. I won’t start getting billed again for that until the first year’s contract is up. Outside of that, I’ve not spent any further money this month – my biggest investment has been time.
As has been the case with past reports, I’ve kept the residential renovation spends out of this as it’s not business activity. I will do a write up of the house in a similar fashion to what I did with my first house though, but at a later date.
The Financial Figures
It seems silly putting an excel snapshot in showing no changes, but for completeness I’ve included one anyway.
The Online Stats
Last month I shared how well the site was doing. I did this because when I looked around to compare with other new blogs I found it quite difficult to find anything which provided this level of detail for a similar site. So, I decided to start a trend and do it myself. In continuation of that theme – here are this month’s stats below. As you can see, it’s been a really positive month for the website & the numbers have all grown considerably!
|Number:||% Difference vs Last Month:|
|Number of Sessions:||575||+161%|
|Total Page’s Viewed:||1935||+241%|
That brings us to a close for July’s report. So… What are my upcoming goals and objectives for the month ahead?
- Completely finish renovation on the house AND get it listed on the market.
I think this is definitely do-able this month. To be honest I’m eager to get it up and on the market now. The more and more I research my options the more I just want to get stuck in and do it! Once that’s completed – my true Property Plunge will begin! Exciting stuff ahead.
- Tastefully review & expand on monetisation options.
I’m really keen not to over-do any adverts on the website. Above all else this is a resource to help people who want to take their own Property Plunge. So, in my quest to earn some income from the blog I will make sure it is all done tastefully. That’s why I have only included affiliate links to relevant websites – and with nothing I wouldn’t feel comfortable using myself. I’d like to keep exploring options but will be very selective on what I pick & how it is implemented.
- Introduce mechanism for collaborative sharing.
I talked above that I wanted to introduce a mechanism to allow others to share their journey’s too. I really enjoy hearing from other property entrepreneurs and I think it would be useful for others too to get more than just my perspective. I’m not sure how yet, but I would like to give people the opportunity to share their own story on this site. Whether anyone takes me up on that or not, who knows!
- Review the cosmetics for the website.
To say I’m a web-noob so to speak… I’m really proud of how the website looks and feels right now. I do think it could look better however, especially on mobile. I’ll look to explore that more this month.
That’s All Folks!
As always, thanks for taking the time to read. And if you have any questions or comments feel free to get in touch using the options below!