A Derby hitmaker famed for writing songs for Britney Spears and Paloma Faith has shifted his focus away from the glitz of the music industry to earn more than £1 million ($1.2 million) per year by renting out homes he does not own.
Simon Smith, 37, collaborated with Britney Spears on the single “Private Show” off her album “Glory,” and stayed with her while recording. According to the Daily Mail, he not only wrote for Spears, but he also traversed the world as a hype guy for the dubstep pair Skream and Benga before shifting into songwriting.
In reflecting on his shift from music to real estate, he stated that there is a significant difference in incomes between the two industries. He claimed that whereas he used to earn roughly £10,000 per month in the music industry, he now earns £100,000 per month from property investments alone, even before rental income is included in.
Smith interacted with global superstars before to his financial triumph, yet he struggled financially.
One job that catapulted him to prominence was a six-month tenure in Los Angeles in 2015, during which he had the honor of working with Britney Spears, which represented a watershed moment in his career.
He recalls the incredible experience of working with Spears in Los Angeles, calling her “amazing.” He observed that her studio persona mirrored that of her music videos. Despite the amazing experience, he didn’t earn enough money as a lyricist to support himself.
Smith spoke about his life-changing adventure from couch-surfing in LA to being Derby’s biggest rental tycoon, and how he capitalized on a property ownership trick that is not owning a property. He stated that he made a clear change from songwriting to property ownership with low startup funds. He began by selling his fancy BMW sports car, taking classes, and acquiring his first property for £80,000 with some financial aid from his parents.
He began earning £1,000 per month after turning it into a three-bedroom home share, but soon realized it wasn’t enough. This prompted him to reevaluate his strategy and return to school, where he discovered the notion of rent-to-rent, which ultimately changed his fortunes. Rent-to-rent is a radical departure from traditional buy-to-let investment, allowing renters to lease homes at predetermined rents while earning profits.
Smith’s life changed dramatically when he implemented this strategy, raising his monthly income from just one home to £1,500. This realization prompted him to extend his rent-to-rent empire, acquiring over 60 properties, mostly in Derby and Nottingham.
Smith’s property portfolio is currently worth roughly £100,000 per month, a significant increase from his music career high, which was ten times less. While his early success in music resulted in six-figure contracts, he stated that despite making excellent money, he lacked financial education. He had to choose that information in the realm of real estate investment.