The Scottish Property Podcast

What really happens when a property deal goes wrong—and who should take responsibility?

Matt Morrison returns to the podcast after completing more than 700 property deals. He also revisits a Borders investment that did not go entirely to plan, sharing his perspective on how the strategy changed from buy-to-let to serviced accommodation, why the refurbishment costs increased and what everyone involved could have communicated more clearly.

Using the original deal pack, emails and costings, Matt explains the difference between the initial £15,000 refurbishment estimate and the final cost of £26,260. He also discusses why the property achieved the £90,000 valuation stated in the original deal pack and the lessons he has taken from the experience.

EPISODE HIGHLIGHTS
• How Matt progressed from around ten deals in his first year to more than 700
• Matt’s perspective on a Borders investment that did not go entirely to plan
• How changing from buy-to-let to serviced accommodation affected the refurbishment
• The emails showing a final refurbishment cost of £26,260
• Why clearer communication between the investor, sourcer and builder was needed
• How the final valuation compared with the original deal pack
• The ten deals Matt identified as having gone off plan
• Damp, delays and a break-in at a £25,000 flat
• Why a Home Report could have exposed non-traditional construction in Dundee
• The Edinburgh flat where RAAC was discovered after purchase
• How dry rot turned Matt’s £12,000 refurbishment into a £25,000–£30,000 project
• Why Matt refunded £1,500 after a buyer’s solicitor failed to submit an offer
• Whether property sourcers need stronger regulation
• The title problem that left Matt with approximately £12,000 at risk
• One flat being valued at £65,000, £45,000 and £70,000 within six weeks
• Growing a portfolio towards 40 properties while managing more than 200 rental units
• Why Matt wants to scale his marketing spend to approximately £20,000 per month
• How he decides which deals to keep and which to offer investors

CHAPTERS
00:00 - Meet Matt Morrison
00:38 - How Matt reached 700 property deals
01:50 - Revisiting a Borders property deal
06:20 - What the original deal pack showed
07:14 - Buy-to-let versus serviced-accommodation refurbishment
08:28 - The final £26,260 refurbishment cost
09:55 - Project management and the builder’s unexpected extras
12:00 - What went wrong with communication
16:18 - Why the £90,000 valuation matched the deal pack
20:03 - The ten deals that did not go to plan
21:06 - Damp, delays and a break-in at a £25,000 flat
22:11 - Why Home Reports matter on off-market deals
24:32 - A three-week refurbishment that took 16 weeks
25:41 - The Dundee flat only one lender would finance
29:14 - RAAC discovered after buying an Edinburgh flat
35:57 - Underestimated refurbishments and hidden dry rot
39:01 - Losing two Edinburgh deals and refunding the fee
42:22 - Should property sourcers be more regulated?
44:39 - The Westfield Court buyback
45:52 - Spending £12,000 before discovering a title problem
49:09 - One flat, three completely different valuations
51:37 - Matt’s business today55:01 - Building a 40-property portfolio
56:35 - Scaling marketing to £20,000 per month
59:30 - Why the same deal does not suit every investor
01:01:18 - Does Matt keep the best deals for himself?
01:02:55 - Matt’s advice for new property sourcers

NETWORKING EVENTS
View upcoming speakers and book your ticket:
👉https://scottishpropertypodcast.co.uk/events/

SPONSORED BY
Prime Property Auctions — know someone selling a property? You could earn £1,500 just for making an introduction.
👉 https://primepropertyauctions.co.uk/

💬 What due diligence would you insist on before buying through a property sourcer? Let us know in the comments 👇

Is serviced accommodation really a safer investment than a traditional buy-to-let—or does the potential for higher income come with significantly more risk?

In this listener Q&A, Nick and Steven compare the predictability of vanilla buy-to-let with the fluctuating nightly rates, seasonal demand and contractor-led markets associated with serviced accommodation. They explain why buy-to-let may be “boring” but remains one of the least risky property strategies, while a serviced-accommodation deal can quickly struggle when local demand changes.

They also answer questions about finding off-market deals, funding a first purchase, choosing quality assets over higher-yielding properties, living in a flip, starting a management business and raising private finance. The conversation then turns to property sourcing, who should take responsibility when a deal goes wrong and whether investors should scale or reduce portfolio debt.

EPISODE HIGHLIGHTS
• How to find off-market property deals using paid marketing, social media and networking
• Why Nick and Steven believe serviced accommodation carries more uncertainty than buy-to-let
• The risks of relying on temporary contractor demand and unconfirmed local projects
• Why ten quality assets may outperform 20 cheaper, higher-yielding properties
• Bridging finance versus borrowing from private investors
• Why a first Glasgow buy-to-let could require approximately £30,000–£40,000
• When refurbishment drawings, building warrants and professional designs are needed
• Whether live-in flips offering £50,000–£80,000 profit are still achievable
• Starting a serviced-accommodation management company versus a letting agency
• Why serviced accommodation can produce higher fees but requires a much faster response
• Who should take responsibility when a sourced property deal goes wrong
• The rent, refurbishment and end-value figures every investor should verify independently
• Nick and Steven’s best and worst property deals
• How to find private investors by consistently discussing what you are building
• Whether to keep scaling or reduce debt across an established portfolio

CHAPTERS
00:00 - Nick and Steven answer listeners’ questions
01:06 - How to find off-market property deals
05:13 - Buy-to-let versus serviced accommodation risk
07:50 - Ten quality assets or 20 cheaper properties?
09:02 - Bridging finance versus private investment
09:49 - Prime Property Auctions
10:34 - How much money is needed for a first buy-to-let?
13:38 - When refurbishment drawings are required
15:14 - Are profitable live-in flips still achievable?
17:01 - Buying serviced accommodation with a limited budget
18:14 - Starting an SA management business or letting agency
22:24 - Why serviced accommodation management is more demanding
24:31 - Who is responsible when a sourced deal goes wrong?
27:25 - Contracts, refunds and protecting a sourcer’s reputation
29:17 - Rent, refurbishment and end-value estimates
31:25 - The lack of regulation in property sourcing
37:19 - Nick and Steven’s best and worst property deals
40:23 - A property bought for £47,000 and sold for £95,000
42:11 - How to find private investors
43:16 - Should investors scale or reduce portfolio debt?

NETWORKING EVENTS
First Wednesday of every month
📍 Aberdeen | Dundee | Edinburgh | Glasgow
View upcoming speakers and book your ticket:
👉 https://scottishpropertypodcast.co.uk/events/

SPONSORED BY
Prime Property Auctions — know someone selling a property? You could earn £1,500 just for making an introduction. John and Luis handle everything from the first call to the sale. Over £350,000 in referral fees paid out so far.
👉 https://primepropertyauctions.co.uk/

🔔 Subscribe so you never miss an episode
👍 Like the video if you found it valuable
💬 Which strategy would you choose: predictable buy-to-let income or the higher potential returns of serviced accommodation? Let us know in the comments 👇

Could a self-employed estate agent build a six-figure business without sacrificing the personal service sellers expect?

Fraser Kelly, founder of Kelly Residential, joins Nick and Steven to explain how he moved from corporate sales and property sourcing into estate agency. In five years, the business has grown to an 11-person team with five self-employed agents and six operations staff, while becoming one of the West of Scotland’s busiest offices for new instructions.

Fraser breaks down the numbers behind the model, including monthly costs, commission splits and how agents can generate more than £100,000 in annual revenue. He also shares his view of the Scottish sales market, why some homes are being overvalued, the risks facing Glasgow city-centre flats and what it really takes to succeed in self-employed estate agency.

EPISODE HIGHLIGHTS
• Why Fraser left corporate sales and moved from property sourcing into estate agency
• How Kelly Residential grew to five self-employed agents and six operations staff
• The difference between a personal estate agent and the traditional corporate model
• Why overvaluing a home can leave it sitting on the market for months
• A Clarkston bungalow that sold for £140,000 above its Home Report
• Why new-build incentives make some nearly new homes harder to resell
• How factor fees and cladding issues are affecting Glasgow city-centre flats
• The skills Fraser believes matter more than previous estate-agency experience
• How some agents are generating more than £100,000 a year in revenue
• Why new agents should consider holding six months of savings
• The £350 monthly cost and 50/50-to-75/25 commission structure
• Why Kelly Residential’s average fee is around £2,200
• The discipline and long hours required to make self-employment work
• How Google reviews, social media and AI are changing property marketing

CHAPTERS
00:00 - Meet Fraser Kelly
00:46 - Viral AI property videos and online backlash
03:11 - Why US and Australian estate agents spend more on marketing
03:55 - From corporate sales to property sourcing
05:22 - Moving into self-employed estate agency
08:04 - Why the UK estate-agency model is different
10:33 - Prime Property Auctions
11:58 - Building Kelly Residential
15:05 - Personal service versus the corporate model
20:20 - Scaling without losing service
23:20 - What is happening in the Scottish sales market?
25:19 - Managing sellers’ Home Report expectations
31:07 - A bungalow sold £140,000 above its Home Report
34:10 - The properties struggling to sell
35:30 - Glasgow flats, factor fees and cladding
38:12 - What makes a successful self-employed estate agent?
42:06 - How the Kelly Residential model works
43:16 - How agents can generate £100,000 a year
45:20 - How much savings should a new agent have?
49:07 - Growing from a local office across Scotland
50:47 - Why Fraser is moving into lettings
55:12 - Monthly costs and commission splits
57:16 - Estate-agent fees and the race to the bottom
01:03:10 - The discipline needed to succeed
01:05:16 - Where to connect with Fraser

CONNECT WITH FRASER
Facebook: https://www.facebook.com/FraserKellyResidential
LinkedIn: https://www.linkedin.com/in/fraserkellyresidential/

NETWORKING EVENTS
First Wednesday of every month
📍 Aberdeen | Dundee | Edinburgh | Glasgow
View upcoming speakers and book your ticket:
👉https://scottishpropertypodcast.co.uk/events/

SPONSORED BY
Prime Property Auctions — know someone selling a property? You could earn £1,500 just for making an introduction. John and Luis handle everything from the first call to the sale. Over £350,000 in referral fees paid out so far.
👉 https://primepropertyauctions.co.uk/

🔔 Subscribe so you never miss an episode
👍 Like the video if you found it valuable
💬 Would you leave a salaried role to build your own estate-agency business? Let us know in the comments 👇

From 6 October 2026, private and social landlords across Scotland must follow strict new timescales when damp or mould is reported: investigate within 10 working days, provide written findings within three working days and begin any required repairs within five working days of the investigation.

Paul Newing of PRN Water Services joins Nick and Steven to explain Scotland’s implementation of Awaab’s Law and what landlords and letting agents need to do to prepare. They discuss when the clock starts, who can carry out an investigation, what evidence should be retained and why landlords can no longer dismiss a complaint as “tenant lifestyle” without investigating it properly.

They also examine condensation, penetrating damp and rising damp; ventilation and extractor-fan problems; four-week humidity monitoring; treating mould correctly; repeat complaints; and the complications caused by communal repairs and property factors.

EPISODE HIGHLIGHTS
• The new duties affecting private and social landlords from 6 October 2026
• The tragedy behind Awaab’s Law and why Scotland introduced its own regulations
• The 10-working-day deadline for investigating reported damp and mould
• Providing a written summary within three working days
• Beginning required repairs within five working days of the investigation
• Why landlords cannot immediately blame a tenant’s lifestyle
• How normal living, cooking and drying clothes increase indoor moisture
• Condensation versus penetrating damp and rising damp
• What landlords should check with windows, vents and extractor fans
• Using four weeks of humidity and dew-point data to establish the cause
• Why photographs, emails, reports and a clear paper trail are essential
• What “commencing repairs” means when parts or contractors are unavailable
• How to clean, treat and redecorate mould-affected areas properly
• When recurring problems may not require a complete new investigation
• How communal roofs, gutters and factors complicate landlord compliance

CONNECT WITH PAUL
Paul Newing — Managing Director, PRN Water Services
Website: https://www.prnwaterservices.com/

OFFICIAL GUIDANCE
Scottish Government: https://www.gov.scot/policies/private-renting/housing-standards/

NETWORKING EVENTS
First Wednesday of every month
📍 Aberdeen | Dundee | Edinburgh | Glasgow
View upcoming speakers and book your ticket:
👉 https://scottishpropertypodcast.co.uk/events/

SPONSORED BY
Prime Property Auctions — know someone selling a property? You could earn £1,500 just for making an introduction. John and Luis handle everything from the first call to the sale. Over £350,000 in referral fees paid out so far.
👉 https://primepropertyauctions.co.uk/

🔔 Subscribe so you never miss an episode
👍 Like the video if you found it valuable
💬 Are Scottish landlords ready to meet these new damp and mould deadlines? Let us know in the comments 👇

This episode is for general information only and does not constitute legal advice.

Jordan Kynoch started investing in property at just 23, with no money, no experience and a long-term goal: to build enough freedom to be fully present when he eventually became a father.

Thirteen years later, Jordan owns more than 30 properties across Scotland and Liverpool. The journey involved countless hours on the road, sleeping on building-site floors and using private investment to fund every property purchase—but that hard work now allows him to spend almost every day with his new son.

In this episode, Jordan shares the numbers behind his portfolio purchases and property flips, including a six-title deal bought for £192,500 and a derelict house that generated approximately £80,000 in pre-tax profit. He also explains why he is selling some Liverpool HMOs, how he manages projects across different locations and why straightforward buy-to-lets still form the foundation of his portfolio.

EPISODE HIGHLIGHTS
• Starting in property at 23 with no money or experience
• Why becoming a present father was one of Jordan’s original goals
• The years spent travelling and sleeping on building-site floors
• Building a portfolio of more than 30 properties across Scotland and Liverpool
• Why Article 4 restrictions increased the value of his existing Liverpool HMOs
• The reasoning behind selling profitable HMOs and reinvesting the capital elsewhere
• Why Jordan still believes straightforward buy-to-lets work
• Finding off-market opportunities through owners, neighbours and existing contacts
• Buying six titles in Forfar for £192,500 after negotiating almost £50,000 off the asking price
• Spending approximately £70,000 on the refurbishment and producing around £1,800 in monthly cash flow
• How changing the layouts added bedrooms and increased the value of the flats
• Managing projects remotely using trusted building teams in each investment area
• The derelict Errol house bought for £153,000 and refurbished for approximately £70,000
• Why Jordan marketed the property immediately before Christmas despite agents advising him to wait
• Making approximately £80,000 in pre-tax profit from the six-month project
• How Jordan has funded every property purchase using private investors
• Why he repays investors at the end of each project instead of continually rolling their money forward
• Turning investors away when their requested return makes the deal unworkable
• Why smaller, repeatable projects can produce better results than stressful large developments
• Building The Style & Staging Co as an additional income stream
• Using property staging to help developers, estate agents and homeowners sell
• How becoming a father changed Jordan’s priorities and attitude towards business
• His plans to acquire more portfolios and complete one or two property flips each year

CONNECT WITH JORDAN
Instagram: @the_style_and_staging_co

NETWORKING EVENTS
First Wednesday of every month
📍 Aberdeen | Dundee | Edinburgh | Glasgow
View upcoming speakers and book your ticket:
👉 https://scottishpropertypodcast.co.uk/events/

SPONSORED BY
Prime Property Auctions — know someone selling a property? You could earn £1,500 just for making an introduction. John and Luis handle everything from the first call to the sale. Over £350,000 in referral fees paid out so far.
👉 https://primepropertyauctions.co.uk/

🔔 Subscribe so you never miss an episode
👍 Like the video if you found it valuable
💬 How much would you sacrifice today to create greater freedom for your family in the future? Let us know in the comments 👇