A Derby hitmaker, known for crafting tunes for icons like Britney Spears and Paloma Faith, has turned his attention from the music scene’s glitz to rake in over £1 million ($1.2m) annually by renting properties he doesn’t own.
Before venturing into full-scale private business, Simon Smith, 37 years old, collaborated with Spears on the track “Private Show” from her album “Glory,” and stayed with her while recording. Not only did he write for Spears, but he also traveled the globe as a hype man for the dubstep duo Skream and Benga before transitioning into songwriting, according to the Daily Mail.
Reflecting on his transition from music to real estate, he said there is a stark contrast in earnings in the music and property business. He claimed that while he once made around £10,000 a month in the music industry’s prime, he now surpasses that with £100,000 a month solely from his property investments, even before rental income is factored in.
Before his financial breakthrough, Smith mingled with global superstars but he struggled financially.
One job that ushered him into stardom was a six-month stint in LA in 2015, during which he had the privilege of collaborating with Spears, which marked a significant moment in his career.
He recalled the awe-inspiring experience of collaborating with Spears in LA, describing her as amazing. He noted that her studio persona mirrored what fans see in her music videos. However, despite the fantastic experience, he didn’t earn much as a songwriter to sustain him.
Touching on his life-changing experience from couch-surfing in LA to becoming Derby’s leading rental tycoon, Smith said he found a trick that he capitalized in property ownership, which is not owning a property. He said with limited initial capital, he made a decisive shift from songwriting to property investment. He started by selling his expensive BMW sports car, took courses, and with some financial assistance from his parents, acquired his first property for £80,000.
After renovating it into a three-bedroom house share, he started earning £1,000 a month but realized it wasn’t sufficient. This led him to reconsider his approach and return to education, where he found the concept of rent-to-rent, which ultimately transformed his fortunes. Rent-to-rent is a sharp departure from conventional buy-to-let investment, which empowers renters to lease properties at their set rents, providing them the chance to generate profits.
Smith’s life took a dramatic turn when he adopted this approach, increasing his monthly income to £1,500 from just one property. This revelation led him to expand his rent-to-rent empire, amassing over 60 properties primarily in the Derby and Nottingham areas.
Smith’s property portfolio now yields around £100,000 monthly, a substantial leap from his music career peak, which was ten times less. While his initial success in music brought six-figure deals, he admitted that despite making good money, he lacked financial education. He had to pick that knowledge in the world of property investment.