In this interview with Dételina Duteil we talk about:
- her best advice for turning an apartment in poor condition into a great apartment for the LCD
- her essential keys to preparing for the resale of an apartment
- how to correctly prepare your bank file when you wants to launch into LCD
To contact Dételina:
Linkedin: https://bit.ly/3piZTQG
Website: https://business-we-like.com/
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Hello and welcome to the channel I display Complete. I hope you're doing well. The J'poster Complet channel is a channel that helps you, as seasonal rental companies, professional sub-renters, or seasonal rental concierge services, to increase your turnover with revenue management methods. I am delighted today to welcome our distinguished guest. He is a person who has an enormous capacity for adaptation. She has exercised, in her life, more than three different professional activities, in any case, in three different fields of activity: she has worked in culture, in legal analysis, she has been a political lobbyist, and she is today today a real estate investor. In three years, through purchase and resale, she has created capital gains of 500,000 and 600,000 euros, and she has today created 28 shared accommodations which she operates. I am delighted to welcome Detelina Duteil.
− Hello Detelina.
− Hello Élise.
− Could you tell us about your journey which is extremely rich, and which, I think, will be able to inspire and help many people who are watching us?
− Thank you for your invitation. With great pleasure. First of all, in my studies, I was destined to work in the cultural world. It was a passion: management of cultural projects, administration, communication. After five years in this field, working in different Parisian theaters, I opened up, and I arrived at Caisse des Dépôts where I worked for ten years with people who did political lobbying. My mission was to analyze the bills in order to defend the economic interests of this large French group. At the same time, I began to take an interest in investment, and especially in buying and reselling, because I saw the enormous potential, and we could accelerate growth. So, I started by investing abroad, in Bulgaria, my native country, and after having made 600% capital gains, I invested these profits in France, and that is how I continued in Île-de-France, and later, in another large university city, I did high-end shared accommodation. Real estate investment, in fact, was for me the vehicle that allowed me to acquire more freedom, to move towards entrepreneurship, and thus to move towards a choice of geographical area, a choice of lifestyle, a choice of the team, a choice of the type of collaboration. In short, it was really the beginning of another life that was richer, freer, and where I was a little more decision-making than when I worked as an employee.
− Great. Very interesting. I know you have a range of knowledge and skills that are extremely varied. Exactly, I was saying to myself that there are a lot of things that you know, which can be put, in fact, at the service of short-term rental, and which can help all the people who are watching us, who operate in short-term rental . I have lots of questions to ask you. And the first, which I think will help a lot of people, is: what are your tips for turning an apartment, which a priori is not necessarily in extremely beautiful condition, into a great apartment? for short-term rental?
− First of all, you need to realize the correctable defects: what can be corrected, and what cannot be changed in an apartment? Make plans. Start by making an overall plan of the apartment, and not thinking corner by corner, part by part. Think about light. Light, already, is a base on which we can build, we can beautify. So, I think it's important to create multiple showers of light. And then in the dark corners, go all the way, that is to say assume it, play with colors, play with decorative objects, even if it means darkening even more. I am thinking in particular of black paint. In the theater, in particular, black and red are really used a lot. The types of colors, you have to put two to three maximum: pastels, think of gray, think of taupes, also think of everything that is a little dark blue, dark green, and why not put different colors in the same piece. All this can be punctuated with posters, with very beautiful black and white photos. It can also be photos inspired by reporter types without borders, National Geographic... you see, this kind of beautiful landscapes, or children's faces, women's faces, slightly unusual situations. I also think of the mixture of modern and ancient. Often, we tend to buy everything from the same store, but if we make the effort to introduce a few objects that have a story, a few objects found in a flea market, it can really introduce a character, make the atmosphere unique. a bit vintage, something that doesn't come out brand new without history, but objects that obviously carry with them the history of their previous owner. Then, I think about comfort, therefore the quality of the materials, and the quality of the furniture: do not choose the lowest prices, especially not. Respecting your tenants means respecting your customers. This is how you build their loyalty so that they will later recommend your accommodation. So, very important: the comfort of the bedding, sofas, chairs. And why not combine something that is very classic, solid wood, natural materials that are noble and from all periods with colorful chairs, with quite simply a vase that is a little more silvery. The idea is to have a refined atmosphere where two or three colors stand out, and on this basis, to introduce precious objects or which just give this impression of luxury, glitter, light, joy , happiness. It could be a border on a wall, it could be wallpaper, very important. Wallpaper is making its introduction into modern decorations, and this wallpaper can be a landscape, but it can also be floral patterns, it can just be a trompe-l'oeil, too: a door where there is no There's no door. In short, create the surprise, create the unexpected, awaken the eye so that when your future tenant looks at the classified ads on his sofa, and when he comes across yours, he says: “Wow. I want to see him, he is extraordinary. He's not like the others. » So, here's some advice. For the comfort side, the cocoon side, think of throws, think of light garlands, think of textile materials; so the small cushions, the rugs. So. Think about the colors, not only on the walls, but also on the objects, especially in the kitchen, which is a technical room, and why not make it the place that we will love, spend time, receive, etc. So kitchen materials can simply be fuchsia, green, yellow, etc. It's all touches of color that bring joy, which bring dynamism, in fact, to our day, especially in the morning, when we wake up, when we need some pep.
− Very interesting. We feel that it's a subject that excites you, so it's nice, because suddenly, you can share all these ideas. Me, I'm not very good on this subject of decoration, and so for me, it's super inspiring to hear about decoration in the way we talk about it, because these are not ideas that would come to me in mind. So, it's nice. And I agree with you on a point which is capital, and which is even capital as far as revenue management, it is the point of the quality of the furniture. It's clear that when you have poor quality furniture in the photos, it actually shows. You can feel it. We all know it, because we've all bought furniture, and when we feel that we have plastic chairs with little legs, we say to ourselves: "If there's a rugby player sitting on that , it's not going to do it. The chair will give way. »
− In fact, we are botching the work. We're botching our mission, and it will show right away. As a result, we will be discredited very quickly.
− Exactly.
− We have more to lose than to gain, so be careful. Housing is a long-term investment, so you have to put the budget into it at the beginning, but afterwards, you have to capitalize.
− Precisely, on this “long term” story, there is also a point on which you are extremely experienced. We talked about it earlier, you have 500,000, 600,000 euros in capital gains on the purchase-resale. So if we now put ourselves in the shoes of a short-term rental company who would like, for example, to also seek to exploit unexploited avenues of value in a property, because potentially, one day, he says to himself: “ If I have to resell, I still want to be a winner”; Do you have any recommendations regarding this?
− Yes, absolutely. Precisely, currently, with the crisis, the LCD is going through a slightly more difficult period, and I think that there are quite a few people who have had to adapt, and find solutions: either to pass, for a limited time, long term, or perhaps sell, for some. So, how can you make the most of a property for short-term rental? And how, if necessary, can we resell it and come out ahead with a very nice added value? Everything happens with the purchase, with the choice of our property. First, the geographical location: you can do everything in a property, but you cannot move it. So really think about location as the key word. Your property must be located near a strategic center, we will say train station, university, certain important jobs. Or a neighborhood which is expanding, where the public authorities are investing significant sums to create dynamism, to clean up, for greater quality of comfort for residents; and also public transport, very important. Where there is a metro station, a train station, inevitably, it is a guarantee of growth and an increase in real estate prices. So already, the geographical location. Next, look for properties that have untapped potential, i.e. hidden value. In my case, what was very successful was that I bought the home at a low price, because the sellers themselves, who were real estate professionals, were not aware of aware of what they were selling, but also goods with correctable defects, that is to say everything that is unused basement, everything that is dark and somewhat abandoned attic. There, where we can possibly create a piece of roof, a suspended terrace, where in a dark courtyard, we can put large pots, lush vegetation, unusual objects, where we can create, from scratch , a universe that resembles us, but also which charms the visitor, and which makes them want to stop, to linger. Then, in this property, we can sometimes create high ceilings to bring in even more light. Light, in fact, is a natural material, inevitably, which beautifies everything. There is artificial light, but as long as you can benefit from natural light, you shouldn't be bothered: glass roofs, high ceilings, and why not a completely glazed part? In this way, if we also green our exterior, we bring nature into our home, and on the other side, we create an airlock of rest, harmony, decompression. And in fact, everyone wants to either buy, or stay there, or simply take a visit, or have a meeting, or visit a friend in an environment like that. So, think about nature, everything that is inspired by natural objects, natural materials. But we are also thinking of introducing plant frames. There are companies that offer that, green walls. It's a budget, certainly, but it can also be a stretch. We can also create areas of natural sculptures: a tree, branches, etc. We can, as I said in my previous answer, start with refined atmospheres, with atmospheres that look a bit like a theater. So, think about staging. You have to put yourself in the head of the visitor, of your future buyer. He wants to buy a place to shine, therefore a place that highlights him. So, you have to create a strong identity, and ultimately, a brand. And in this case, we have to think about the codes of luxury, so everything that is rare, everything that is qualitative, unusual, and everything that is therefore precious, everything that is expensive. This is how you will be able to charge a high price. Then, I think that when we create an unusual good, when we create a good that we want to resell extremely well, we must above all create an experience, because people buy an emotion; they don't buy walls or furniture, they buy an emotion. So, firstly, the decoration must be refined, there must be nothing in excess, it must not be a museum, a gallery, each object must weigh, each object must have a function. Everything you put in should highlight the resident, your buyer. And then everything that surrounds it. Vegetation, we talked about it, but also a key object. In my case, it was an 8 meter high bookcase. But you can imagine a wall with frames, posters, photos. Not necessarily from you. It could be characters. Think about interiors where you offer them a very strong experience. So, the location, look for usable square meters, in addition, a form of negotiation at the beginning, and then each place must in fact be a separate experience, a separate atmosphere. If it's aimed at children, in children's rooms, you have to create hiding places, perched cabins, little reading nooks, lots of garlands; everything that makes you dream, everything that takes you back to your childhood. And then when it comes to adults, obviously, more prestigious and refined spaces, where it's not the objects that are the stars, it's the inhabitants, it's the visitors who are the stars. So.
− It’s almost philosophical, what you’re telling me.
− Yes. It's important to go a little deeper to understand the psychology of man and how he makes his decisions. This is how we can, if we wanted, persuade him, without appearing to do so.
− Seduce him.
− Influence your decision. Exactly.
− You were just talking about negotiation earlier. I know you are very expert, too, on the subject of real estate loans. There are, I think, among the people who are watching us and listening to us, people who have not yet started, who are precisely at this stage, who want to start short-term rental, who will be brought , obviously, to face the bankers. What advice would you share with them to cope well with this stage of their project?
− Precisely, it is increasingly difficult, currently, to obtain a real estate loan, so you have no room for error. Everything happens beforehand. Before you knock on your banker's door, you have already lost, you have already won. In fact, I published two videos on this subject on my YouTube channel. Go check it out. Your banker is not your best friend. You must be extremely well prepared. Nothing in your file should be left to chance. First of all, you cannot go see him and ask his opinion: do you think it is appropriate for me to buy this property? Is it a good investment? He's not a real estate expert, generally. You should not ask for his opinion. You go there with your file, after having done your investigation beforehand, after having requested estimates from local agencies, after having spoken with investors in this area. You will see this with your borrower profile, where you clearly expose your family situation, your professional situation, where you expose whether you have potential in your career, if you are banking on a well-paid position, if you are thinking of moving to another domain, etc. In short, you obviously show yourself in your best light, but also, you put in your file all the documents necessary for a good understanding of your file. Know that bankers receive a lot of requests. On average, they allow three minutes for each file. In these three minutes, your file must hold their attention. He must stand out from the crowd. Often, bankers say no, and it's not because the file doesn't hold up, it's because it is poorly presented. They don't have time to understand, to get the right information. That's your job. So, once you have done your investigation, found the right property, once you have negotiated it extremely well, this property must be profitable. You must then put the right arguments in your file: why is it profitable? What are the rent estimates? In what form will you use it? Currently, I am not telling you a big secret by sharing with you the fact that you should not highlight that you are going to operate in short-term rental. We have to wait for tourism to resume. You can use it in shared accommodation, you can say that part of it is for you as a main residence, part of it, if there are possibilities of division, it can be used as a year-round rental, like that, that can pay you for your help, and you start from scratch. On the other hand, you should not highlight the fact that you are targeting short-term rental, which moreover, at other times, is a tool and a strategy for yield, that is indisputable. Then, your file must be clear and must be well presented. You must speak the language of the banker, put as many tables and graphs as they like to see. Don't forget that opposite you have a salesperson. He's there to make a profit for the bank, he's there to make money. So sooner or later, he will offer you insurance products. Why not ? Do not hesitate to subscribe, even if it means questioning these contracts later. You will have plenty of time. But it has to be a win-win relationship. You should know that today, bankers do not earn much by granting credits, they earn on taking out the insurance contract: home insurance, car insurance, whatever you want, but not on real estate credit as such. So, it's a lot of work for them. You have to understand them. It's not much, in the end. So, we must also go in their direction. Then, you always have to contact a decision-maker. If you can, ask for a meeting with an agency director, because he knows the files, because you will not have an intermediary who will repeat, perhaps not in the best way, your words. And this way, you will save time. An investor banker, if it's possible, it's even better. This way, you will speak the same language. That is found through a network, on the other hand. You can't know who is investing like that. Then, there are two main categories of banks: cooperative mutual banks such as savings banks, Crédit Agricole, Crédit Mutuel; and then the capitalist banks, where decisions are made at headquarters. I am thinking in particular of Société Générale. It is much more difficult, when your file is not completely solid, to go through the capitalist banks, because it is the head office which decides on credit requests. Whereas in a cooperative bank, the local branch manager has the decision up to a certain amount. And if you have good relationships, or if you are going to meet him for the first time, but you are able to prove that this project is promising, that in addition, you are promising, because it will not be the last ; afterwards, you will bring them other business and they will earn on your investments each time, it can be a great collaboration over many years. So, keep this in mind: there are mutual banks, on one side, and capitalist banks on the other. So, it’s true that you have to start your thinking from the fact: are you an employee? There you can go and knock on all the doors. But because we are entrepreneurs, it is perhaps the mutual cooperative banks that are better able to listen to you. So, it is also in relation to his personal situation. What else am I going to score? See several banks. Just because you have a very good relationship with your banker doesn't mean it's not worth going to other banks. Yes. Because he doesn't have much interest in granting you credit. Once you are already allied with his cause, once you have already been a customer for many years, in fact, he does not have much to gain. Loyalty often doesn't pay off. This is valid in the banking world, it is valid in telecoms. By going to two banks, on the other hand, you will already have a much greater basis for comparison, but also, you will have more chance of selling your project, of showcasing yourself, and thus, a banker will be able to be seduced and do this. effort to link you to his bank. So don't hesitate. Another piece of advice: don’t fight for a 0.25% rate. The interest rate is important, but having the business is even more important, so being able to obtain a loan which will allow you to finance a profitable property, which will create passive income for you over the coming years. So, honestly, go for it. Don't fight for so little. Very good preparation: leave nothing to chance. You rehearse as if you were going to give a performance on a theater stage. It's exactly the same thing. You repeat. You are targeting decision-makers, as high-ranking as possible; to save time, there is no intermediary. You ask yourself the question before: am I an employee? Am I a civil servant? I still have balance sheets that are not the best, because my business was created three years ago. Mutual banks are there for you. Then, very important, before you start, clear out all your bad debts: consumer credit for the purchase of a car, for the purchase of a TV. It doesn't make you rich. And then not discovered for the last three months. Everything must be truly perfect on your accounts: no overdraft possible.
− Super interesting. Thank you very much, Detelina. It was extremely interesting, everything you shared with us. You were talking earlier about videos that are available on your YouTube channel. So can you tell us where we can find you? What are you doing ? Tell us more about where we can find you, and what you do?
− Absolutely. I have my site businesswelike, on which I have been publishing articles, videos related to real estate investment, growth, etc. for over two years. I am on the social networks YouTube, Instagram, Facebook. I support my audience and my clients on two main axes: the creation of high-end shared accommodation based on the model that I created and that I validated, so generally, it is the purchase of a house in very poor condition that we are completely renovating and rethinking for shared accommodation; and also people who want to invest, but don't know how to put together their banking file, so it's really personalized coaching, we'll say. And then the third main axis is: how to maximize the potential of a property? How to create an exceptional property based on what I presented a little during this interview, but by looking much further into the particularity of each property, each city, each neighborhood, the budget, of course , and then the target we face.
− Yes, that’s it. In support, stop me if I'm wrong, you're really going into something very concrete, very specific with the people you support. It's not just truths thrown around like that, however true they may be. Really, you don't hesitate to be concrete with the people you help. I think this is all the value that the people you support on their journey can gain.
− Absolutely. I listen a lot, at the beginning, to their desires, their needs, their possibilities, where they want to go, where they come from, and from there, I adapt, and we really try to get the most out of it. of benefits, the maximum of pleasure, and then the maximum of lessons so that afterwards, the clients are more and more independent.
− Top. I would put all the links we talked about, so that we can just click to find your website, the YouTube channel, and be able to contact you directly. I really thank you warmly, Dételina, for the time you gave us, and all these nuggets that you shared with us. It was really super interesting. Thank you so much.
− With great pleasure. Thank you.
− Please.
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