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How Property Investing Without Money Works, When You Stop Negotiating the Price with Toby Spanier

Jun 11, 2026

In this episode, I continue my conversation with Toby Spanier, to explore creative strategies for acquiring property in challenging markets. Toby explains how to work effectively with estate agents and vendors, and how to structure deals that generate profit while reducing upfront capital. From managing under-rented properties to leveraging vendor finance and delayed completions, he breaks down how to make smart property investments with strategic thinking and relationship-building. 

Toby Spanier is a property investor and former management consultant at Deloitte who began investing in 2015. Starting with traditional buy-to-let and HMO strategies, he quickly evolved his approach after encountering capital constraints and market realities. Today, Toby specialises in creative deal structuring, including SaaS pension lending, £1 deposit exchanges, and 100% vendor-financed acquisitions. 

 

Expect to Learn:

  • How to approach vendors through estate agents and solve their problems first

  • The importance of building trust and long-term relationships with vendors

  • Using property management improvements to increase rent and create value

  • How vendor finance works and structuring deals without upfront cash

  • Techniques for exchange with delayed completion

  • Managing tenants and compliance while maximising profitability

  • Why starting with one property is key before scaling a portfolio

 

Episode Breakdown with Timestamps:

  • [00:00] – How to get access to vendors through estate agents

  • [04:50] – Building long-term vendor relationships for future financing

  • [09:41] – Increasing property value via rent and asset management

  • [13:54] – Identifying under-rented mixed-use properties

  • [22:13] – Handling properties with mortgages and bridging finance

  • [30:57] – Exchange with delayed completion strategy

  • [39:58] – Building a team and paying trades on time for smooth operations

  • [41:27] – Key question for property investors.

 

Follow the Guest, Toby Spanier:

Follow the Host, Vicki Wusche:

 

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