You are here: Home - Mortgages - Buy To Let - News -

BLOG: Why amateur property investors shouldn’t go it (totally) alone

Written by:
Roly Weaver started investing in UK property in 2002. By 2008, the income from his property portfolio exceeded his salary. In a message to novice investors, he reveals the benefits of building a support system of experts.
BLOG: Why amateur property investors shouldn’t go it (totally) alone

As a professional property investor, I have found that while people enjoy the financial benefits of owning investment property they do not want the worry of buying the right property, finding and managing tenants, or dealing with maintenance issues. They do not want, nor have time for, another job.

Property investing is a professional business. You must learn the fundamentals of property investing before starting out, then buying and running your own property does not have to be hard work.

You will be able to use other people’s skills and experience to manage your portfolio for you, whilst having the basic knowledge to be in control.

The fundamentals include knowing: –

• ALL the expenses in buying, running and maintaining the property even allowing for contingencies

• where in the country properties give good cash flow and where they go up in value more quickly

• what makes the right property to buy for you and your tenant

• how to reuse your initial deposit over and over again

• how to check out purchase propositions from home with confidence

More often than not, the best property for you may be outside your locality. You can direct ‘property finders’ to look for a property that meets your criteria in other areas, and because you know ‘how the numbers work’ you can check out their propositions without travelling all around the country.

A good property finder will often be able to negotiate a better buying price than you could. This discount builds in equity in your property from day one.

You can then arrange for a letting agent to find a tenant and manage the property for you on a daily basis.

You need to check that your predicted rental income exceeds ALL your expected expenses, even allowing for empty periods. It is also highly beneficial to buy in a location where there is a continuing high demand for people to buy their own home.

Many new investors try going it alone and realise after a few years that they have made costly mistakes.

I suggest that you find a mentor who you can trust and who understands your specific needs and desires; someone you can work with and supports your personal development. You will achieve your goal more quickly.

My passion is to help people, through my education and mentoring programmes, to accomplish financial independence so you do not have to rely on others to provide you with a salary or pension.

If you would like to find out more, I discuss this topic and much more in my book, Retire Early Retire Wealthy – Your essential guide to Successful Property Investing (£14.99 Panoma Press).


Related Posts

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Transferring money abroad: Is your bank ripping you off?

High street banks charge high prices for international money transfers, yet execute 90 per cent of transactions. Your Money looks...