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In the May 2008 Issue of Property Investor News
Build to Let: Interview
Dave Wells talks to Property Investor Newsâ„¢ about how his career began as a car trader and how he then slipped into a different gear to become a full-time property landlord and, although the Government doesnt recognise this is a full-time job, Wells begs to differ.
So how did the company get started?
I started out as a car trader 40-odd years ago and some of our staff were looking for accommodation at the time. I decided to slowly build up a portfolio of 12 flats and houses and let them to our staff. And then I expanded further. In 1985, I bought more properties which were churning out a better return than the car business, so I stopped the car business and became a full-time landlord. Now I have 45-50 staff, 2,300 tenants and 500 properties.
What kind of properties do you buy?
If it fits the portfolio, we will buy it! We buy houses in multiple occupation (HMOs), land to build on, houses to demolish and then we rebuild property as well as building commercial properties on brownfield land. We predominantly build new build flats and houses.
Ive seen the recent horror headlines regarding new build properties, but this doesnt affect us. There isnt an oversupply of new build in the areas we work in and we get good prices for the properties. We dont see the point in reselling, as rents will always go up, and I intend to hand over the business to my sons.
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