HOW TO BE A SUCCESSFUL

PROPERTY INVESTOR

BY ALISE & JONTY CROSSICK

The couple who turned £300k into £3.5 million in under a year

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 INTRODUCTION
Hello – we are Alise and Jonty Crossick, directors of Ready2invest.

Our enthusiasm for property started when we sold our retail company in 2002 to
become full-time property investors. We turned our capital of £300,000 into an
equity stake of £3.5million in our UK portfolio. Not bad going in under a year!
People asked us how we did it and we are happy to share our secrets. This book aims
to do just that, with our 45 top tips for property investing.

Since our UK experience, we have sold over 200 million euros’ worth of off-plan
property in countries as diverse as Hungary, Romania, Spain, UK, Montenegro,
Bulgaria, Portugal, Morocco, the Czech Republic and Turkey. With an investor base
that is over 14,000-strong, our buying power is formidable, bringing great discounts.
These discounts can sometimes reach up to 50%.

Whether we are working in the UK, Eastern Europe or emerging markets, our
common sense approach is the same:

1. Buying under market value – locking in equity when you buy and letting the
discount help you to sell in any market condition.
2. Deal structure – making the most of leverage and getting your capital
working harder.
3. Capital growth – looking for hotspots where demand is triggered but supply
is constrained.

To succeed in property, you need to build a strong skills base and develop a robust
mindset. We address both in this book. Inside is plenty of technical information
interspersed with tips on how to develop a mental edge.

Jonty and Alise Crossick

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01 FINDING THE TIME
Have you ever wondered why you are always working and never seem
to have enough money? We bet you never have enough time either.

Before we became full-time property investors we had a retail company.

We worked hard and we worked a lot and it felt good because we
worked for ourselves. The truth is, we worked to spend and a fine time
we had of it too.

Later we realised that if we had only invested some of that money,

instead of spending it, we’d be in a very different position. We’d be
able to make choices, do what we wanted to do and not have to
continue working.

These thoughts made such an impact on us that we made

life-changing decisions.

If you want to make money you have to make time. Watch less TV, go
home on time and let a few more weeds grow in the garden. In effect,
this is the ultimate “me time”.

Look after yourself, your family and your future. Stop working for
money and let money work for you.

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 02 SET GOALS
To be successful you have to declare where you are heading and set
your targets.

Goals are important for many reasons:

1. They call you to action.
2. They help you make choices. Go for some things and reject others.
3. They introduce accountability.
4. They motivate you.
5. They increase your confidence to get you where you want to be.

When setting your own goals, be honest with yourself. A great tip is
to write them down on paper and refer to them. It’s a proven fact that
those with written goals perform better than those without.

A goal is a tangible result that is unambiguous and measurable.

Sir Alex Ferguson did not become one of football’s greatest managers
by telling his team to ‘just see how it goes this year’...that ‘hopfully
we will do well again’. He tells them ‘by Christmas we will be in
the top three and by the end of the season, on May 17, we will be
number one!’

“I want to own 100 properties as soon as possible”

– that’s not a goal.

“I want £1million in my bank account by December 31, 2008”

– now, that’s a goal!

Set yourself a clear, measurable goal now. Don’t stop until you have
crossed that line.

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03 STRATEGY
Goals are about WHAT you want.
Strategy is HOW to get there.

Here are some of the questions you need to be asking yourself when
setting your strategy.

1. Have I got my goals clear?

2. Has someone I respect double checked that my goals are realistic
and properly set out and written down?
3. How much do I need to make financially to hit my yearly goals?
Break down your overall goal into bite-size yearly milestones.
4. What kind of property investment meets my risk profile?
5. What kind of property investments are going to help me reach
my goals?
6. Property investments I can choose from include off-plans;
buy-to-let; renovations; flips (see tip 12); land development; We set a goal at the end of 2003 of achieving an income of £100,000
UK/Overseas. a year by December 31, 2004. Our strategy was to buy 100 properties,
7. How much time do I have on a weekly basis to make my each of which would contribute a profit of £1,000 a year through buy-
goals happen? to-lets in the north of England using local finders. We accelerated the
8. To whom am I accountable for reaching my weekly and process because we noticed how prices were rising faster and yields
monthly goals? dropping quicker than we had expected.
9. What reading and researching do I need to do each week?
10. What support do I need to buy in or nurture such as accountants, We stopped at 70 properties at which point we were comfortable that
lawyers, finders, lenders and brokers? we had met our goals.
11. Have I prepared a budget and a business plan?

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04 MENTORS
This is a great way to keep you on track.

A mentor:
• Encourages you
• Feeds back bad news
• Explains new concepts, teaches you new tricks
• Provides a reality check

A mentor works when he or she:

• Has experience
• Is someone you trust
• Is independent and has no vested interest
• Is able to be totally honest

Why would someone mentor?

Sometimes for extra money but usually:
• To give something back
• To play a part in a successful enterprise
• To feel valued

How do you find a mentor?

• Friends
• Family but not usually spouse, parents or children
• Through work
• Through property networks

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05 FIRM FINANCIAL
FOUNDATIONS
If you are managing your personal finances badly to start with, getting
involved with property will not help.

Whilst property investing can be a great way to create wealth, it

shouldn’t be used to paper over cracks in your existing finances. You
need to sort out the cracks first so that when you do invest, the money
you make doesn’t fall through them.

Manage your property accounts and personal accounts separately.

Use separate bank accounts.

If your personal income is subsidising your property income or vice

versa, be clear about how much and in which direction the money is
flowing. You need to have a firm grasp on your finances to prevent
problems.

The simple answer that will solve all your money problems is to
spend less than you earn and invest the difference!

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06 CAN YOU GET
PASSIVE INCOME?

Property investing is about as passive as flamenco dancing.

We all want passive income. It’s the Holy Grail of investing. But like
the Holy Grail, it isn’t that easy to find.

We look on it more like getting positive cashflow from your investments

rather than it being a passive income. The word passive is misleading
– it implies sitting still and doing nothing. Whatever you buy and
whomever you buy it from, you still need to do your homework and
you still need to understand and maintain your investments yourself.
We have learned from experience that there is always something that
needs our attention and action.

The word invest is a verb, an action word, a doing word. It’s defined
in the dictionary as follows:

Invest: (verb) 1. To lay out (money or capital in an enterprise, esp

by purchasing shares) with the expectation of profit.
2. to devote (effort, resources etc. to a project)1

Pay special attention to point two in the above definition.

1 Complete and Unabridged Collins English Dictionary

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 07 PROPERTY – MORE LIKE
A MARRIAGE THAN A FLING

Have you ever been in the throes of property lust? Fallen madly in love
at first sight with the latest deal? Have you been blinded by infatuation
so you don’t see the deal’s flaws and shortcomings? (By the way, this is
different to having strong instincts about a property.)

There is more to property investment than the initial thrill of the deal.
You need to be sure that the property you buy in the heat of the
moment is the one you want to wake up with in the morning and
spend a considerable amount of your time with. Property is a long-
term investment and the sooner you can adjust your thinking to take
account of this fact, the greater the benefits you will reap.

So if you find yourself getting worked up about a deal then go and take
a cold shower. Step back and look at the deal for what it is – a series of
facts and figures that may or may not stack up in the long run.

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08
MAKE SURE THERE’S ENOUGH
CAKE TO GO AROUND
If you want to enter into long-term, sustainable investment
relationships you have to think about building a good reputation as
someone people want to do business with. You do this by sharing the
cake out so that everyone gets something to eat. Build in motivation
for others and give them an appetite to help you. The Americans call
this a win-win situation.

So, for example:

• Pay finders well. Reward the people who bring you deals and
opportunities, otherwise they will take them elsewhere or offer you
less than the best available.
• Rent out properties that are in good condition and look after your
tenants. They are your customers and you rely on them.
• Leave something in the deal for the next investor. If you buy well
under market value you can still afford to sell to the next buyer at
a good price.
• Do what you say you are going to do. Have integrity even when
there is an easy, but dishonourable way out –
people remember this.

Remember, it is people that make property happen, so think about

how to create the best relationships.

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09 HOW TO FIND A FINDER
Some people like to do everything themselves. It can work but it does
limit you. You can’t move as quickly and you can’t go very far from
We always paid them what they wanted or even a bit more. It was a
crucial part of our strategy to be each finder’s number one customer.

You can’t do everything yourself especially if you are working full time.
You need to put the time in to find the right people to work with and
pay them for their effort.

It worked for us.

your own patch.

We bought 70 properties in the north of England in six months.

We lived in Brighton at the time. So we realised we would need help.

The question is – how do you find the finders?

Our solution was simple – instead of using local estate agents to find
our property we relied on local letting agents. If you want to let your
property long term, then it makes sense to have a letting agent find
the right properties.

We found our finders by calling them up on the phone. The phone is

a useful tool – are they helpful and friendly? How do they answer your
questions? Do they call you back? If you’re not happy with any of this,
then it’s time to look for another finder.

We gave them strict and clear criteria on what we wanted. The good
ones are generous with their local knowledge.

Often we bought properties that needed work. Again, letting agents

can help because they have reliable local tradesmen on their books. We
would pay them a fee for this, of course, and they would also find us
tenants – a one-stop shop!

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10 SHOULD YOU DIVERSIFY?
Diversification is a favourite subject of investors. It is a tool used for
reducing risk.
If you do have enough money to spread across a few investments and
you want to diversify then remember the following guidelines:

1. Focus on what you are good at – don’t sacrifice this on the altar
of diversification.

2. Look at the major external changes that can affect your investments.
Don’t forget to diversify, enough so that one such change will not
affect your whole portfolio.
However, the world’s second richest man said that if you are a “know-
something-investor” then spreading your bets across a large number of
stocks is likely to “hurt your results and increase your risks”. Given that
American billionaire Warren Buffett has outperformed the market by
a staggering 12% a year since 1965, you cannot ignore such advice.

What Buffett means is that knowing what you are doing is the best
way to reduce risk.

We agree with this. We encourage you to get really good at what you
do and accumulate your knowledge and experience. This is much
more important than diversification. Indeed, if you diversify fully
then you are less likely to be good at all the investments you make.
Whatever you save in mitigating risk you lose more in spreading your
effectiveness and skills thinly.

Diversification is a primary strategy if you decide to invest via stocks,

unit trusts and funds. As property often requires relatively large lumps
of money it is very difficult to diversify with £50,000 or £100,000
when investing in property directly. The only way this can be achieved
is to split the investment into smaller chunks and invest them in stocks
and funds, SIPPs or syndicates that require much smaller minimum
investment sums.

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11 CHECKLIST FOR
OFF-PLAN INVESTING
Off-plan means to purchase a property from a developer before it is
complete. The Investor often gets a discount and chance to benefit
1. Does the developer fully own the land? You can ask for evidence
of this.
2. Does the development have planning permission? Ask for proof.
3. How many years has the developer developed for?
4. Get proof of other completed developments.
5. Ask around about the developer. People in the market know
from capital growth as the property is built. For the Developer it is a
what’s going on and who is who. Talk to accountants, surveyors,
means to finance the development. It’s a win-win situation.
independent financial advisers, the competition and even the estate
agent, if you can.
The following points are essential to minimise your exposure to risk
6. If you can, visit a previous development. Check the furnishings.
when purchasing off-plan property. This is the checklist that we
Obtain the opinion of a surveyor regarding the quality.
use for personal investing and also when sourcing off-plan deals for
7. Carry out comprehensive comparable study (see tip 17).
Ready2invest.
8. Find out what proportion of buyers are investors. The greater
the proportion of investors, the greater the risk when it comes to
resale. There may be too many investors selling at the same time,
creating a temporary glut.
9. If your development depends on views, check on any current or
future threats to the view.
10. Define the kind of end buyers who will buy the unit and describe
their key needs. Verify that these needs will be satisfied, e.g. local
shopping centre, schools, hospitals, proximity of beach, restaurants,
nightclubs. These needs will differ for every development.

These are only the top ten points. For a more comprehensive list, see
our website www.ready2invest.co.uk.

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12 SHOULD YOU BE FLIPPING?
Flipping is the buying of an off-plan property and the selling-on of the
contract before the property is complete.

How and why does it work?

£20k Profit

£120k
£100k £80k Owed Sale Price
Price
£20k Deposit £20k Deposit

Flipping is leveraging without borrowing. You put down £20,000 to

pay for a £100,000 property that is ready in three years. In exchange
you get a legal contract that states you will own the property on
completion but must finish paying for it. The good news is that
you do not take out the £80,000 mortgage on that property until it
completes. If you can sell the contract for £120,000 after only one
year then the new buyer takes up the responsibility to complete the
purchase and provide the mortgage. You walk away with your initial
£20,000 and the £20,000 profit – a 100% return.
Í Caution! If you fail to sell, you must be able to complete.
When flipping, you never have the hassle of managing the property, Failure to do so will result in your losing your
and you also avoid all the buying and selling costs as you never have deposit. This can be a very risky strategy.
to register the property!

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13
MAKING MONEY FROM LAND
You can make plenty of money from land. This can be done without
undertaking any development.
Example Calculation

This example shows how to roughly calculate the cost of a plot of land
which that has the following criteria:

1.
2.
3.
4.
Square metres of land = 10,000 m2
Floor Area Ratio (FAR) = 2 (20,000 m2 potential floor space)
Local property sales price = €1,200 per square metre
Zoning = Zoned for building but no planning permission as yet
5. Market type = Emerging
One of the best ways to do this is to add value by improving its
planning rights and then selling on to a developer.
The Floor Area Ratio (FAR) is two, which means the actual value
per square metre of land is worth 2 x €1,200 (the local sales price).
Remember that a developer only buys land to make a return on his
Put another way, this is what the total sales revenue would be worth
money. The more profit the developer thinks can be made from a piece
to a developer per square metre of land – in this case €2,400 per
of land, the more they will pay for it.
square metre.
You can calculate, on the back of an envelope, what land is worth
The value of the land is worth a proportion of this figure, which is
or how much it could be sold for as long as you know the following
determined by using the following matrix.
details:
Not zoned* Zoned Detailed
Mature 25% 35% 40%
1. How many square metres of land
Emerged 10% 15% 20%
2. The floor to area ratio or FAR is the ratio
Emerging 5% 10% 15%
between total floor area you are allowed to
Nascent 3% 5% 10%
build and the overall area of the land *But in the Masterplan
3. The local market price of finished property Note: These percentages are illustrative only and should not be read as fixed or given.
They will be affected by other factors.
4. The zoning bracket that the land will be in
when you come to sell As the land is zoned and in an emerging market, it should be worth
approximately 10% of its sales revenue price of €2,400 per square metre
5. The type of market i.e. €240 per square metre.

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 14 CHECKLIST FOR
INVESTING IN LAND
If you are seriously considering buying land as an investment then you
should have satisfactory answers to the issues listed below. We checked
these (and many more) when purchasing €73 million worth of land in
Montenegro, Croatia and Bulgaria on behalf of investors. They work.

1. Check with a reputable surveyor that the land is the size you are
paying for.
2. Research the various levels of planning regulations to understand
the planning status of your land. Normally, countries have any
combination of master national plans, regional plans and
local restrictions.
3. When investigating the land planning rights, get at least two opinions
and educate yourself so you understand all the issues.
4. Is electricity available to the land and where is the nearest connection
point? Is the capacity sufficient for the developed land?
5. What is the access point? Are you sure the gradient can take a
road? How much road has to be built? What length? What will the
cost be?
6. Look out for neighbouring land that could, if built on, obscure key
views from your site. What are the planning restrictions on this land?
Could any future development augment or decrease the value of
your site?
7. If the land you are buying is made up of several plots, are these plots
contiguous and do they form a coherent whole?

Each piece of land differs from the next, and therefore this list is not
exhaustive. Please refer to our website for further details
www.ready2invest.co.uk.

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15 ANALYSIS PARALYSIS
This is a fancy expression for fear.

In investing, having to take the leap into the unknown is the thing
that causes the most anxiety.

Mostly people are afraid of what they don’t understand. Fear of the
unknown can protect you in some cases. However, it is a mistake to be
overly cautious to the point of indecision.

Educate yourself and don’t be afraid to ask questions, even if you think
they make you appear stupid or too aggressive.

Investing is about evaluating all the information you have and then
making educated forecasts about how you think your decisions will
pan out in the future.

There then comes a point when all the research is done and there’s
nothing for it but to take the leap.

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16 BUY UNDER MARKET VALUE
If you only read one tip, READ THIS ONE – it’s worth it!
How does it strengthen your upside?

• The greater the discount, the greater the equity locked in from
the start.

• Buying below market value is a leveraging tool. Your return on

Buying under market value property is the most effective way of
protecting yourself against risk, whilst offering an attractive upside.
If you can lock in equity at the moment you buy, it puts a lot less
pressure on you when you come to sell.
We typically aim for 20% or more under market value.
How does it protect your downside?
capital is strengthened as you get the same growth as the full-price
customer, despite having put less money in.
• The same is true for rental yield. You get the same amount of
income, but you paid less so your yield is higher.
Note: We must stress that we are talking about genuine under market
value property, not just an advertised “discount”. Use comparables to
work this out (see tip 17).

• The market would have to drop by more than the amount of your
discount for you to start losing money.

• You are not just relying on future capital growth.

• For an easy exit you can also sell at a discounted price and pass
on some of the discount to the next person. You will still make
a profit.

20% Off

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17 HOW TO ESTABLISH
MARKET VALUE
When making a purchase it is imperative to verify that the price on
offer is either a true discount or a true reflection of the market value by
Be aware that developers can measure apartments differently.

comparing against other properties. In most places everything is sold

Balcony Balcony
in accordance with its size.

walls

walls

walls
Common area

Common area

Common area
Therefore, gather as many like-for-like comparables as you can in
the immediate vicinity. Take the average price per square metre and
compare it to the price you have been offered. If you can measure
favourably against at least five comparables or more then you are
“Carpet” area Total internal area Total area
doing well.

However, property markets are not that simple and it can sometimes be
difficult to find five or more like-for-like comparables. Large cities like
London or Istanbul are easier to verify than new holiday destinations,
for example.
If your comparable apartment includes items that your apartment does
not, then deduct the total price of these items from the comparable. If
your apartment includes a parking space and the comparable does not
then add this price to the comparable.
The above three diagrams shows three of the ways that developers across
the world measure the size of an apartment. Sometimes developers
charge 50% of the sale price per m2 for balconies.
There is usually a standard form of measurement used within a country
but make sure to check every time.
For more information on methods, adjusting and finding comparables,
visit www.ready2invest.co.uk.

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18 CAPITAL GROWTH –
IT’S A SUPPLY
AND DEMAND THING
Have you ever tried to get tickets to the FA Cup Final on the day? Some factors that increase demand Some factors that restrict supply

Wouldn’t you pay much more for an umbrella in a rainstorm? • Economic growth. • Planning restrictions that limit
• Interest rates decreasing. land use.
These are the more extreme examples of intense demand coupled with • Planning restrictions for building
• Stable currency.
serious undersupply that causes prices to skyrocket. density.
• Higher wages and salaries.
• Bureaucracy leading to planning
The simple rule of high demand and low supply that also causes • Decreasing unemployment. delays.
property prices to increase. This is what you have to look for in a • Companies relocating. • Geographical constraints on
market to find capital growth. • Changing demographics, e.g. plots.
higher divorce rates, internal • Lack of debt finance for
migration. developers.
• Politics and reform that bring • Topography.
stability and credibility.
• Legislation that restricts foreign
• Changes in legislation. ownership of land.
• More mortgage debt available.
• Foreign Direct Investment.
• Government investment
increasing.
• Hotspot overflow – being near a
hotspot that is fully priced.
• Improving transport
infrastructure – road, rail and
flights.

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19 BE A POLITICAL
OPPORTUNIST

A politically stable country is a must for investors with a low

risk profile.

However, there are certain situations of political change that act as

trigger points and can shake up a country, causing accelerated growth
or, in some cases, a decline, in property prices. There are four changes
f o r
l e
to watch out for to help you invest well:

Sa
1. A change from war to peace or peace to war.
2. A change of system – communism to capitalism or vice versa.
3. A structural change – from dirigiste1 policies, to laissez-faire2
policies.
4. A change in competitiveness due to a higher or lower tax regime,
e.g. Lithuania has cut tax while the UK has a tax hike.

Countries to watch:

• France – if Sarkozy becomes President

• Germany – under Merkel
• Morocco – under King Mohammed VI
• India – continued reform under Prime Minister Manmohan Singh
• Ukraine – as it could leap forward or go backwards
• Cuba – after Castro

1 A country overly controlled from the centre.

2 “Leave to do”, letting people engage in commerce with a minimum of interference from the state.

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20 PEOPLE WATCHING
Demographics is a term commonly used in investing to describe
population characteristics.

People need housing. Changes in demographics which increase

population or, more pertinently, the need for more homes have a
positive effect on the property market, increasing demand and driving
up prices.

Changes to watch out for:

• Is the birth rate/death rate driving up the population?
• Is the population urbanising, i.e. are people moving into
the cities?
• What trends are occurring within the white collar sector in more
advanced countries?
• Are families fragmenting so that more singles, couples and
generations are living apart?
• Are people moving towards sharing or living together in order to
afford housing?
• Are divorce rates rising or falling?
• Are people buying second homes?
• Where is the population rising the most and in which age group?
• Where is crime increasing? Where is crime falling?

The answers to these questions help you to understand:

1. The broader trends e.g. Is there a long-term demand for housing?
2. The local situation e.g. Is a certain region of a city in demand?
3. The particulars e.g. Are one-bed apartments in higher demand
than family homes?

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21
5. Look for margins of 30% and over – especially if you are investing
in riskier markets. If the total estimated sales are less than 20%
more than the total costs, including land, then there is no point
RENOVATE TO ADD VALUE doing the deal unless it is a property to live in and a labour of love,
not an investment. In that respect, as it’s your primary residence,
you can avoid paying capital gains tax too.
6. It is also worth noting down how much time you spend on the
This is a numbers game. It’s important to have a budget and stick to it, renovation. You can then see how much the renovation makes after
and don’t get over-ambitious. There’s no point adding costs if you are you pay yourself a consultancy fee.
not adding value that the buyer will pay for.

Checklist for renovating:

1. Check all land due diligence items, e.g. title and plot size, etc.
2. Verify 5–10 sales comparables.
3. Verify build costs.
4. Verify a list of potential costs including:
(a) Full structural survey
(b) Any taxes to pay when you acquire the property
(c) Any taxes to pay when you renovate the property
(d) Any taxes to pay when you sell the property
(e) Legal costs when you buy the property
(f ) Legal costs when you sell the property
(g) Design and architectural costs
(h) Sales commission
(i) Planning costs.
(j) New goods such as kitchen, appliances etc
(k) Garden improvement costs
(l) Project management costs

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22 CHECKLIST FOR THE
INTERNATIONAL LANDLORD
The principle of letting out a property to paying tenants does not
change, wherever you buy in the world.
But the details do. You must be aware of where you stand as a landlord,
what you are responsible for, what happens when things go wrong and
how you can enforce your landlord rights in the event of a dispute.
Use a good lawyer and ask lots of questions.
Choose a reputable letting agency and ensure it is their policy to make
regular checks on the tenants and your property. Occasionally, verify
that the agents are doing what they say they are doing.
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Top 10 things to know/do in any country:
1.
2.
3.
How do you need to sign a tenancy agreement to make it legal?
What information has to be in the agreement to make it legal?
What legal obligations do you have as a landlord in the country?
It is important you know what you could become personally
liable for.
4. How much deposit can you request from a new tenant? This
protects you.
5. Understand who is responsible for what insurance. Not knowing
can be costly.
6. Ask if any additional regulations are due to be introduced as these
increase costs and hassle.
7. It has to be clear who is responsible for repairing what, as this
costs money and guarantees accountability.
8. Make sure that terms are clear about how the tenancy should end.
Who is responsible for what and what condition is the tenant
expected to leave the property in?
9. Ensure that tenants are checked regularly and, from time to time,
check the checker.
10. Discipline whoever manages the tenants to communicate in
writing. Follow up your call in writing. This ensures greater
accountability and helps if a dispute occurs.
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 23 THE INVESTMENT STORY
Retail businesses do an astonishing amount of customer research.
They study what sort of person will buy a certain dress and why. They
look at how much demand exists for such an item and what will create
a friendly and approachable environment that puts customers at ease.
They figure out who their customers are, how much money they have
to spend and what they will spend it on.

The same principle should be used in property. Ask yourself:

• Who will rent or buy my property?

• What are the factors that will attract them to my property?
• When and under what circumstances will they look to rent/buy?
• Where do people want to live?
• Why will they want to rent or buy my property above any other?

You must be able to answer these questions with confidence. It’s a

common sense way of evaluating property deals. Look beyond the
initially tasty deal and calculate what will happen next. Build up a
picture of your likely customer and invest accordingly. For example,
there is no point in buying a student property if you are miles from the
nearest university. Find the story.

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24 HOW TO SPOT
THE NEXT HOTSPOT

The simplest way to do this is to look at an established hotspot

(area of high capital growth).
Let’s take, for example, Croatia and Montenegro. Croatia is a gorgeous
place to go on holiday and much in demand by everyone, from tourists
to celebrities. Prices have risen to reflect this.

So what’s next door? Montenegro. It’s much less well known but
incredibly beautiful. It doesn’t yet have the upmarket hotels and
restaurants, but it’s only a matter of time. Since we invested in
Montenegro the country’s population has voted for independence
from Serbia. Prices are now rocketing.
Analyse all the things that make that particular place so popular.
For example: Can we automatically assume that neighbouring Albania will be the
next in line for dramatic growth? It’s not that simple. It’s a matter of
• Commuting distances. perception. Due to the lack of tourist market, political instability and
• Schools. weak relationship with the EU, Albania’s property boom could be a
• Places to work. long, long way off.
• Transport links.
• Nearby beaches. Spotting the next hotspot is about making educated forecasts, backed
• Beautiful views. up by copious research and data and a good dose of gut instinct.
• Great food and people.

A hotspot is somewhere where lots of people want to live or go on

holiday, i.e. demand is high and supply is restricted.

So what usually happens? The developers move on to the next town or

city or beach where the prices are lower.

If that location has enough of the same attributes that made the
original hotspot so popular, you have a good clue that you’ve found
the next big thing!

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25 GET THE TIMING RIGHT
Property investing is like a New Year’s Eve party.

You want to get there just as things are hotting up, have a great time,
and then leave before you’re stuck with the washing up.

If you can get in a bit after the market begins to rise and exit a bit
before it stagnates or corrects, then you’re on to a winner.

There are some really brave investors out there – the pioneers paying
€1 for land in a war-torn or politically unstable country. They get
rewarded for bravery but they have impressive battle scars too!

At the other extreme, there are investors who grab on the end of the
coat-tails, finally getting the courage to buy where many others have
already bought. But they miss out on the best returns because they get
in too late.

When we bought land in Montenegro, it was less established than

Croatia but it was half the price and we could clearly see where the
growth would come from. Big hotels and developers were already
sniffing around – and a buzz was building up around it.

You’ll get a feel for timing, but common sense can help you work out
the best time to hit a cycle. Also, learn how to compare cycles to prices
in a realistic way – don’t be tempted to pay heavily inflated prices by
hotspot hype.

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26 YOU HAVEN’T
MISSED THE BOAT
(THERE’LL BE ANOTHER ONE IN 20 MINUTES)

Prices in Byron Bay in Australia, where I (Alise) come from, rose

from $100,000 when I was 10, to $1,000,000 by the time I was
21. At the time I thought I had missed out on the boom. However,
due to the rarity and natural beauty of the area, prices continued to
rise. Now at the age of 38 some of those same properties sell for over
$10,000,000.

It’s all too easy to look back and see all the deals you should have
bought into. Hindsight is a wonderful thing but you must keep a level
head and look forward.

There are so many exciting, established, emerging and often

re-emerging markets to profit from that there is no need to panic.
The difficulty is often knowing which one to choose. Don’t make your
decisions even harder by acting out of regret or desperation.

“The deal of the decade comes along once a week”

Dolf de Roos

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27IS IT TOO GOOD TO BE TRUE?

Be prepared to look at unusual opportunities and don’t dismiss

£££
£££
something because it seems too good to be true. £££ £££
Property is an imperfect market – there are so many variables and not £££
everyone has the same information at the same time. Therefore you
could well be the person in the right place at the right time.
Half
Don’t forget to follow your deal criteria and checks, and remember: Price!
• Always stick to verifiable facts.
£££
• Don’t be rushed into doing something blind or with
insufficient research.
• Use your comparables.
• Do your research on the names and places involved in the deal.

It can also help to understand everyone’s part in a deal and what is

motivating them. Why are they selling so cheaply or offering a fantastic
bonus? If their motives make sense and offer you genuine benefits,
then go ahead and do business. If you still smell a rat, having done all
your research, trust your instincts and walk away.

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28 BE BOLD – NEGOTIATE
If you don’t ask you won’t get.

Is talking about money difficult for you? Are you scared to put a low
offer on a house because you don’t want anyone to think you are a
mean person?

Don’t be embarrassed, you are not the only one.

Property is a world for grown-ups and it’s up to the other person to

say no.

Be brave, be realistic and offer an attractive deal so that

everyone benefits.

If you are offered something you don’t feel is beneficial to you, say no,
or take a deep breath and negotiate.

If you’re in property, you need to learn how to negotiate. If investing is

a muscle then negotiating is an exercise that helps build it.

Try to step away from the personal and don’t get emotional – it’s about
the deal, not about you.

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29 INVESTING WITH
YOUR PARTNER
This might seem a strange thing to mention in a book about investment
but if we had a pound for every time we’ve heard couples tell us about
their seemingly incompatible attitudes to money and investing, we’d
be able to retire (except we love our work too much!).

This issue seems to cause much heartache, yet it needs to be addressed

if you are not to come to blows with your investing partner, married
or otherwise.

Money is one of those subjects that seems to cause a great deal of

embarrassment and yet it is vital that you have that discussion to
establish, amongst other things, your attitudes to risk-taking, where
and how you want to invest and what your non-negotiable areas are.

Here are a few tips:

• Show mutual respect. Listen – really listen.
• Security today is as important as preparing for the future. They are
not mutually exclusive.
• Remember – people first, then money, then things.
• Try to find solutions to problems that both parties can agree to.

However you decide to invest together, you must address your issues
because even if you ignore them, or think they won’t affect your strong
relationship, they won’t go away.

It’s dynamic and supportive when there are two of you. Jonty and I
balance each other and have complementary styles. We work really
well together.

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30 GROSS YIELD
If a farmer buys a cow for its milk, the profitability of this action
depends on how much milk the cow produces (or yields).

Property is no different. In property “yield” is a term used to describe

rental income in relation to purchase price.

For example: If a property in Cardiff costs £100,000 and it rents

for £500 per month, which is £6,000 per year, then the estimated
yield is:
6,000
= 6% yield
100,000

The great thing is that you can use this calculation to compare gross
yields in any currency with any property in the world. Let’s take an
office block in Sofia, Bulgaria. It costs €2.4 million with estimated
annual rental income of €288,000.

288,000
= 12% yield
2,400,000

Gross yield paints part of the picture. It’s net yield (see tip 31) that
completes it.
✓ Good use: Helps you get a quick feel for the property and its profitability.

Í Caution! Don’t stop there. This is rough, stage one, back-of-the-

envelope stuff. More digging is needed.

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31 NET YIELD
Gross yield is vanity; net yield is sanity. Profit is king.

Gross yield will help you separate deals from duds. But you cannot
base a property purchase decision on gross yields alone.

Net yield, on the other hand, helps you estimate the profitability of
a property. It tells you what percentage of the purchase price you will
make in cash, after all costs are covered excluding
mortgage repayments.
Annual rental income minus non-interest costs
Net yield =
Purchase price

Costs can include:

• Occupancy voids
• Marketing
• Managing
• Maintenance
• Repair and renewals
• Local tax

We always look for properties where even a conservatively estimated
net yield will cover the payments due on the mortgage. Staying in the
black is as important to us as any other aspect of deal criteria when it
comes to choosing which is the right deal.
✓ Good use: Helps you check whether a property will make you money.
Working backwards can help determine how much of the
property should be bought with a mortgage.
Í Caution! Easy to get costs wrong. Verify. Find primary information
where possible.

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32 THE PRICE OF MONEY
An interest rate is the “price” of money. It is the price you will pay to
have the benefit of the use of money for an agreed period of time.

Why do you need to be aware of interest rates? Bank of England base rate

1. Their movement impacts on prices. If interest rates go down they

affect prices positively as buyers can afford to borrow more and
demand grows. 18
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Watch out for:
• Inflation. The expectation of future inflation increases
interest rates.
• Interest rate base rates of the US Federal Reserve, the Bank of
England, the European Central Bank and the Bank of Japan.
• Currency movements. Increases in the interest rate can cause
an appreciation of the currency. These fluctuations can affect
your returns.

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33 WHAT IS LEVERAGING?
A lever helps the individual apply the same force for a greater result.
Another tip: Mortgages are not the only tool available to achieve
leverage. Buying under market value has the same effect but without
the payments!

Caution: Borrowing too much means you may risk your rental income
being less than your costs and repayments. If you don’t have enough
cash to cover the gap, the lender could foreclose. Borrowing also
increases how much you can lose.
And so this applies with property leveraging. For the same investment
of cash the investor can earn a more handsome return by
using leveraging.

The following example shows the difference when purchasing the

same £100,000 property, first as a purely cash purchase and then with
a 70% Loan To Value (LTV) mortgage.

100k cash purchase 30k growth

Cash purchase
30% growth = 30% profit
Turning 100k into 130k

30k deposit 70k mortgage 30k growth

Cash purchase with 70% LTV mortgage.

30% growth = 100% profit
Turning 30k into 60k

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34 MORTGAGES
Mortgages are the most regularly used tool by property investors to
achieve leveraging and affordability by property investors.
So what should you watch out for when choosing a mortgage?

1. The interest rate. This is likely to be the largest single cost to

How much to borrow? You must look at your outgoings, plan for a
worst case scenario and be confident at covering your payments by net
rental income even if interest rates jump 2%. Do not be guided by
the lender’s criteria. Just because they will lend it, does not mean you
should borrow it all.
your property.
2. Discounted interest rates. Banks love to seduce customers with
lower interest rates for 2 years. But check what the interest rate
will be once the discount ends. And check for extra fees where
banks may try to make up the difference, both at the outset and
when redeeming.
3. Broker charges. Mortgage brokers who don’t charge you a fee can
be more swayed by commission from lenders and not offer you the
best deal. Paying no broker charge is not always better.
4. Lenders’ fees in addition to their survey costs.
5. Redemption fees. Costs when settling the mortgage early.
6. Any hidden annual fees.
7. Ability to apply second charge or to refinance.

Remember: If you are paying a repayment mortgage then when

calculating your overall investment return only deduct the interest
element not the re-payment element – you get that part back when
you sell!

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35 CAN YOU COVER
YOUR COSTS?

Interest cover is a very important indicator of the health of your

portfolio. It measures the gap between your maximum gross income
and your mortgage repayments. If your research is good it also aids
you in determining how much you should borrow on a purchase.

Let’s take an example of a £100,000 property purchase with borrowings

of £80,000, an interest rate of 5% and a monthly rent of £400.

Property purchase £100,000

Borrowing £80,000
Interest rate 5%
Rent per month £400
Rental per year £4,800
Interest per year £4,000
Balance £800 positive
Interest cover 800/4,800= 16.6%

Notice that the gap is expressed as a percentage of the rent, not of the
interest. Lenders calculate this as 800/4,000 = 20%, which, ironically,
is too optimistic.

So if total costs exceed 16.6% of rental income or there is an increase

in mortgage interest rates then the property will dive into negative
cash-flow.

The recommendation is to have at least a 30% interest cover.

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36
THE NO MONEY DOWN HYPE
No money down sounds great. It is very seductive. But when the
numbers don’t add up, BEWARE!

Between 1999 and 2002 in the UK, some special circumstances existed
where it was possible to leverage 100% of the purchase price.

With high yields of sometimes over 20%, you can see how attractive this
was to investors and how 100% borrowing was perfectly sensible.

But, as the market matured and new (and existing) investors bought
many more properties, yields compressed and the gap between the net
rental income and the interest payable per annum narrowed.

As a guide, if the difference between the two is below 30% then any
increase in costs or in interest rate will put the property into negative
cash flow. In our minds, this is too close for comfort and it would be
more sensible to put some equity in or simply walk away.

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37 HIDDEN COSTS
REVEALED
Making good decisions and sticking to them pays.
Buying
Stamp duty
Buying and selling too frequently can cost a lot of money because Transfer tax
there are always costs incurred when properties are transferred. VAT
Legals
Survey
Mortgage fee
Agent’s fee

Selling
Income tax (local and UK)
Capital gains (local and UK)
VAT
Legal costs
Mortgage redemption fee
Agent’s fee

✓ Good use: Helps you to arrange your strategy for the investment.

Í Caution! These costs differ between different countries –

always make sure you know them.

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38 QUICK TAX GUIDE
There are three kinds of taxes that affect investors:
1. Acquisition taxes – on the way in.
2. Operational taxes – during the investment period.
3. Exit taxes – on the way out.

Examples of these taxes include:

ACQUISITION OPERATIONAL EXIT TAXES

Notary fees Council tax Capital gains tax
Stamp duty Municipality tax Income tax
Transfer taxes Service charges Transfer tax
VAT Notary fees
Land registry fees Corporate tax

Legitimate ways to minimise tax that you can investigate include:

• Setting up a company so that more costs can be used to offset the

income.
• Setting up an off-shore company so that management charges can
reduce local tax.
• Using double taxation treaties.
• Buying through family or trusted people.

Tax is a major issue that we feel is too detailed to investigate in this

book. However, visit our website www.ready2invest.co.uk for more
information.

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 39 IF YOU CAN’T MEASURE IT
YOU CAN’T MANAGE IT

Keep good records and take time to analyse your data so that you can
identify areas where there is room for improvement and
act accordingly.

KPI stands for Key Performance Indicator. Here are some annual
measurements from which you can choose to measure your portfolio:

1. Maximum potential gross yield

2. Achieved gross yield and achieved net yield
3. Vacancies per year in weeks
4. Average interest rate
5. Interest cover and net interest cover
6. Gross rental income and net rental income
7. Interest costs

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40 FLEX THE
INVESTMENT MUSCLE
Have you ever tried to get fit? We have, and while we hate the process
we love the results. And the more you train, the stronger and fitter
you get.

The same is true of investing. At first it may seem like you’re trying to
run a marathon, but nearly anyone can run a marathon if they make
the right preparations. Alternatively, if you try to do too much you
may get despondent and give up. It’s best to build up gradually and
take one step at a time.

The amount of knowledge and nerve required may seem daunting but
it does get easier. When we bought our first investment property we
spent three months solid working out our strategy, gaining knowledge
and doing research. It still proved to be a nerve-wracking experience,
but we kept at it, it became easier and we later bought 22 properties in
Scarborough in the space of a week!

We built up our knowledge and contacts and then we started running.

We haven’t stopped.

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41 HOW SAFE IS MY MONEY?
In property you often have to part with cash before you have received
the finished product. You must always ensure that there is some method
of protection in place to safeguard your money. Here are some of the
5. Paying cash directly to the developer without any form of security
can be very risky. You need to safeguard your deposit in case anything
happens before the building starts. There are circumstances where
it is acceptable but mostly we would not recommend it. Go to
our website at www.ready2invest.co.uk for more information on
this subject.

ways you can protect yourself.

1. A bank guarantee. Here, the bank stands between you and the
developer. The bank will not release money to the developer until a
work-in-progress valuation has been done. Not all bank guarantees
are the same though. Check your terms.

2. Escrow agent. Banks and lawyers often offer this service. The agent
stands as the honest third party between the seller and the buyer.
Each party contracts with the agent and cannot take the benefits of
the contract until that party has met its obligations.

3. Via a lawyer. You can use a lawyer to only pass money on when
certain conditions have been met. Check that the lawyer is a
member of its Law Society. Also check that the lawyer operates
fraud insurance.

4. In some less developed countries you may want to take a charge

on another piece of land owned by the developer such that in the
event that the developer fails with your money you have some land
to compensate you. This is easier when buying a lot of property or
through a club.

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42 EVALUATING RISK
Investing involves risk. It’s your job to reduce that risk to an
acceptable level.
You will make mistakes, but they can often teach you more than the
successes. We have two dud properties out of a portfolio of 70. Not
a bad ratio, but they take up a disproportionate amount of time and
Let’s look at three risk scenarios: energy. They’ve certainly taught us a lesson not to repeat the same
mistakes again!
1. Doing nothing. We’ve never heard of great investments made by
thinking a lot but doing nothing. For a more thorough risk assessment visit www.ready2invest.co.uk.
2. Managed risk, whereby you have thought it all through and
managed your downside.
3. Impulsive decisions – high risk, perhaps made out of desperation
or fear of missing out, or with unrealistic expectations.

We’d go for the second option any day of the week. Make lists of
potential problems and then you can work out possible solutions.
Have a clear, unemotional mind and try to think things through. Do
your homework, research and ask questions. Use our checklists. Then
you can assess risk reasonably.

The more you prepare, the less you risk.

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43 CHECKLIST
FOR LAWYERS
Whether you are operating in the UK or abroad, you must ensure that
you have proper legal title, i.e. ownership. This is the foundation of
11. Check that the lawyer does not engage in selling property.
12. Check that the lawyer has a paid up membership of the country’s
your security. Make sure to hire an independent lawyer who must be law society. If you can, check this with the law society itself.
local and who will make sure that you are not hoodwinked.
Don’t assume anything. Get the facts. Insist on the lawyer writing to
Knowing what questions to ask tells the lawyer you are on top of you and explicitly stating where you are in the process.
your game:
For a more thorough checklist on lawyers visit
1. Check the land title process. Ask how does property gets registered, www.ready2invest.co.uk.
how long this takes and how well organised the system is.
2. Ensure there are no charges against the property.
3. Trace ownership back to ensure no familial or other
ownership disputes.
4. Where a country has been communist, check that the property
has been privatised legally.
5. Ensure that your unit is unambiguously situated where you chose
it to be.
6. Negotiate penalties for late delivery.
7. Ensure controls over release of your money.
8. Always demand certified translated documents before signing.
9. Check the description of goods that are included and not included
in the contract.
10. Is the contract assignable? If so, on what terms?

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44 WHAT’S THE WORST
THAT CAN HAPPEN?
That very much depends on the kind of deals you do. We can’t stress
how important it is to do your due diligence before you sign on the
dotted line. Assuming you have crossed the t’s and dotted the i’s, a
better question is, “Can we cope if something doesn’t work out exactly
as we want?”

The key thing that we learned has been that we cannot control
everything that happens around us. There is, however, always a choice
as to how to react to events around you. This is the exciting bit. It can
be a struggle to accept how much you cannot control. But if you can
master your reactions then you are no longer a prisoner of the daily
vagaries of life.

This distinction – that you have the power to choose in all situations
– gives you a sense of power and possibility even if things don’t go
according to plan.

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45 TAKE TIME TO CELEBRATE
Property is a painstaking business. There are highs. There are lows.
There are people who reciprocate your trust. There are others
who disappoint.

So you owe it to yourself to acknowledge your achievement, pat

yourself on the back and reward yourself.

Property is a long-term game where you gradually work towards your

goals. Sometimes, when there is a clear goal in front of you, it works
well to say:

“When we achieve this we will take a week off to spend time and be fully
attentive to our family.”
or

“When we achieve this we will take two weeks off to go to that country we

have always wanted to discover.”
or

“We will buy that watch we want or those shoes that we’ve been
coveting.”

This is all about reinforcing winning habits. Some sort of celebration

of the win is key to encouraging you to continue the positive decision
and actions that led to that win.

It is important to acknowledge what you have done and not dwell too
much on what you haven’t done.

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 JARGON BUSTER! Finder:
A person or company who is paid to locate and select property according to
Capital Growth: your brief.
The increase in value of the property in the market as a whole.
Flipping:
Cashflow positive: Selling an off-plan property on or before it is completed (i.e. built).
Where your overall income is greater than your costs.
Hotspot:
Cashflow negative: A location where demand is high and supply is restricted.
Where your overall income is less than your costs.
KPI:
Comparable: Key Performance Indicator.
A process to measure the true value of a property.
Leveraging:
Density: Using capital in such a way that positive or negative outcome is magnified.
The ratio of total build area in proportion to plot size.
LTV:
Diversification: Loan To Value in reference to a mortgage or other borrowings.
Spreading your portfolio across a range of investments to reduce risk.
Portfolio:
Downside: Your collective property investments.
The disadvantages or hazards of a deal.
Title deed:
Due diligence: A deed or document proving a legal right to land or property.
The research and contract checking necessary before making investment
decisions. Under market value:
The percentage that the property is priced less than the verifiable average of
Equity: comparable properties.
The value of a property after deducting payment and other costs.
Upside: The advantages or benefits of a deal.
Escrow:
Money held in account by an independent third party to be released when Zoning:
pre-agreed obligations are fulfilled. Areas designated for certain purposes e.g. residential, agricultural,
commercial.

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 ABOUT READY2INVEST
We are, first and foremost, investors. We think like investors, we behave like investors
and we personally invest in the developments we launch.
Ready2invest grew out of a need to group together with other like-minded investors
in order to create the buying power to get great deals. We apply all the due diligence
you will find in this book, plus more, to bring you some of the best property
investment deals from around the world. Our deals range anywhere from 15% below
the market value to 50% below the market value in areas of high capital growth.
Good Teamwork
Alise provides much of the inspiration for Ready2invest and has been the prime spotter
of which new emerging markets to target. As well as being a dynamic communicator
both within the company and to investors, she has carried out much of the due
diligence on the ground both on her own and with Jonty. Jonty studied Economics
at St John’s College, Cambridge. Later he obtained an MBA with distinction from
The London Business School. His analytical and numerical approach to property
investing makes for a very strong team. Before launching Ready2invest, Alise and
Jonty built up together a nationwide retail chain, employing over one hundred
people. They have worked together since 1989, and married in 1993.
The Ready2invest team consists of 29 highly motivated team players. We would like
to take the opportunity to thank them for their work and dedication, not only with
this publication but with everything they do.
What We Do
Our job is to build trust with the developer and trust with you. If you know that
the properties we offer are well researched, superbly priced, judiciously selected and
located in prime spots, then you will buy through us. If the developer is confident
that we can sell a lot of properties quickly and efficiently, thereby taking some of the
pain out of his transaction process, we can negotiate unbeatable deals with him.
The result? You, the investor, wins. The developer wins. And we win.
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Knowledge Equals Wealth
We are committed to producing the best information that we possibly can for
each development. We like to explain to you how the country itself is performing
politically and economically, how the area is doing, what the background of the
developer is, as well as present properly researched comparables so you know that
your price is good and you can verify this.
We also publish research literature, hold free seminars about specific countries and
ensure that our customer service team is highly knowledgable about property as well
as each investment opportunity.
Service and Relationship
As our background is in retail, we are very attentive to service and try to please our
customers whenever we can. Can we guarantee results? No, no-one can. But we are
committed to doing things well and being attentive and open to our customers at
all times.
Contact Us
If you want to receive our information or make further enquiries, it would be great
to hear from you. Call us on 01273 627900 or email info@ready2invest.co.uk, or
take a look at us at www.ready2invest.co.uk.
“Having known Ready2invest for almost 3 years, I have been impressed every single one
of those days with their passion, trustworthiness and crystal-clear communications to
clients, both on the existing base and newcomers.”
Wayne Dejager,Watford
“I have been impressed by the high standard of Ready2Invest’s customer service and
even higher quality of property development opportunities.”
John Maitland, Sutton
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 FURTHER RESEARCH
The internet is an incredible resource for accurate information when it comes to
doing your own research for your investments. However, sometimes the amount of
websites on offer can be overwhelming. To get you going, here is a list of some of
our favourite sites:

www.economist.com
In-depth analysis on political and
economical statistics on a global,
national and local scale.
www.worldbank.org
Provides in depth economic statistics
and figures from across the globe from
which to draw your own conclusions.
www.transparency.org
A great site to measure corruption
around the world.
www.ft.com
Another source for economic and
political information.
www.imf.org
More analysis on world economy.
www.cia.gov
National statistics. A great source for
information regarding country size,
demographics, history, political stability
and much more.
www.wttc.org
In-depth information regarding
world tourism.
www.wikipedia.org
A general knowledge site. Great for a
brief history and the background facts
of an unfamiliar country.
http://finance.yahoo.com/currency
A great currency conversion site.
Provides direct exchange rates with all
currencies and trends with up to five
years history.
http://www.digitaldutch.com/
unitconverter
An international unit converter.
Converts all manner of measurements
you will need, e.g. square metres into
hectares.

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 “I’m a music person not a money person. I trust these guys
– they talk a lot of sense”
Chrissie Hynde, Lead singer of The Pretenders

WHY READ THIS BOOK?

Because we are investors. We have a strong track record and we love
what we do. We want to share this information with you because it is
sharing that makes the world go round.

WHO COULD BENEFIT FROM READING THIS BOOK?

Anyone who is interested in making money in property.

WHAT’S DIFFERENT ABOUT READY2INVEST?

We research and investigate assiduously. We visit and check every
development with great care. We stay with you until completion and
we have built a team who embody our commitment. We offer property
at up to 50% below market value.

WHAT NEXT?
Go for it! We want you to get loads of value from this read whether or
not you ever give us a call. We want you to be as successful as you can
dream and if this read is of any help then our job is done. Please feel
free to share your experiences with us either at info@ready2invest.co.uk
or by calling 01273 627900 or visit us at www.ready2invest.co.uk.

© 2006 Alise and Jonty Crossick

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