For many investors the following quote are just words: “Hard work beats talent every time. Working hard and smart at the same time has driven us to where we are now.” However, for Miro and Ivo Gospodinov they don’t just believe them, they have actually done the work along the way to generate the results to prove it.
The brothers are originally from Bulgaria and got the idea of moving to and working in the UK after serving beer to British tourists whilst working in Cyprus. They were told they would make great security guards and the UK was the place to go; so they did. With just €200 in their pockets they landed in the UK in 2009. However, it wasn’t quite as simple as that and they soon realised they weren’t able to work as freely as they had expected and it wasn’t long before the money ran out. After a few months of sleeping in their car they managed to find work and made the move from Scotland to London.
Their property journey started in 2012 when they rented a five-bedroom apartment in London as their parents prepared to join them and make the move to the UK. However, a last minute change of plan meant the parents stayed in Bulgaria and Ivo and Miro had a problem to solve. With four empty bedrooms the brothers decided to let the rooms individually and were pleasantly surprised when they ended the month £300 up after paying all the bills and effectively living for free. That’s when the brothers realised there was money to be made from property.
Using the same model Miro and Ivo went on to rent another two properties and sublet the rooms individually with the landlord’s permission. “We were using the money saved from our jobs as security guards to pay the deposit and the first month’s rent up front. We borrowed from friends and returned the money once we got our salaries and the properties were rented and producing a profit.”
As well as learning about property and all the multi-let strategy had to offer the brothers were also learning about themselves and credit their success to their journey in personal development.