Wanting to get into Property Investing? What to do and What not to do
Are you thinking of investing in Property but don't have a clue where to start? Well hopefully this post will provide you with a few things to think about and I will go into more detail in future posts.
First thing you need to do if you are considering property investing is take a step back and ask yourself why you want to do this and what are you looking to achieve?
You might, like me, have received a lump sum from an inheritance, redundancy or even a win on the lottery, and want a safe place to invest this money to prevent it from sitting in the bank and depreciating. Or, again like me, you might have woken up to the realisation that you aren't getting any younger, your forecasted pension is pretty rubbish and your future finances are nothing short of depressing or maybe you want to be able to give up your job and, to coin an over used phrase, be financially free and live your life on your terms.
Most people who get into property want to create a pension, build a legacy or escape the rat race. These are all achievable but you need to get there in the right way. The right way for one person might not be the right way for another person and so the "trick" is to find the right course of action for you peronally that will enable you to get to where you want to be.
I have to admit, I had no-one to advise me so I did it the wrong way but luckily I saw my mistake soon enough to put things right but this isn't true of way too many people. There are a lot of "gurus" that make it all sound very easy and tell you that you will be able to double your cash or leave your day job in a matter of months, please believe me when I tell you that isn't true for the majority. I decided to create this site because I got genuinely worried about people who had been sold the dream and had put expensive courses on their credit cards and were then desperately trying to do property deals to create income to pay off their debts. Property can bring you a good income but don't just jump in with both feet until you have created your safety net.
If you have a reasonable lump of money to invest you could either team up with someone who has knowledge and/or experience, or you could work with a compliant sourcer who will be able to find suitable investments for you for a fee. I will cover more on this later because although a good sourcer is priceless a bad sourcer could ruin you.
There are different ways to invest in property, some methods (or strategies) will give you a monthly income, others will create a reasonably large chunk of cash 6-12 months later or a portfolio of properties that will fund your retirement or create your legacy. It is also possble for your portfolio to provide you with a monthly income.
To sum up, property can be amazing but you won't be "financially free" overnight. Almost anyone can be successful in property but you need to know what your end goal is and before you start you need to work out the best strategy that will get you there. Don't give up your job until you have replaced your salary (or at least covered your bills) with a monthly passive income. If you have a lump sum to invest it's better to use it to team up with someone experienced in a joint venture (but do you due diligence on them first) or hire a good sourcer. I really would urge you not to buy a training course to learn about property investing unless you already have some knowledge or experience and just need some specific help or instruction because rarely is one course enough.
First thing you need to do if you are considering property investing is take a step back and ask yourself why you want to do this and what are you looking to achieve?
You might, like me, have received a lump sum from an inheritance, redundancy or even a win on the lottery, and want a safe place to invest this money to prevent it from sitting in the bank and depreciating. Or, again like me, you might have woken up to the realisation that you aren't getting any younger, your forecasted pension is pretty rubbish and your future finances are nothing short of depressing or maybe you want to be able to give up your job and, to coin an over used phrase, be financially free and live your life on your terms.
Most people who get into property want to create a pension, build a legacy or escape the rat race. These are all achievable but you need to get there in the right way. The right way for one person might not be the right way for another person and so the "trick" is to find the right course of action for you peronally that will enable you to get to where you want to be.
I have to admit, I had no-one to advise me so I did it the wrong way but luckily I saw my mistake soon enough to put things right but this isn't true of way too many people. There are a lot of "gurus" that make it all sound very easy and tell you that you will be able to double your cash or leave your day job in a matter of months, please believe me when I tell you that isn't true for the majority. I decided to create this site because I got genuinely worried about people who had been sold the dream and had put expensive courses on their credit cards and were then desperately trying to do property deals to create income to pay off their debts. Property can bring you a good income but don't just jump in with both feet until you have created your safety net.
If you have a reasonable lump of money to invest you could either team up with someone who has knowledge and/or experience, or you could work with a compliant sourcer who will be able to find suitable investments for you for a fee. I will cover more on this later because although a good sourcer is priceless a bad sourcer could ruin you.
There are different ways to invest in property, some methods (or strategies) will give you a monthly income, others will create a reasonably large chunk of cash 6-12 months later or a portfolio of properties that will fund your retirement or create your legacy. It is also possble for your portfolio to provide you with a monthly income.
To sum up, property can be amazing but you won't be "financially free" overnight. Almost anyone can be successful in property but you need to know what your end goal is and before you start you need to work out the best strategy that will get you there. Don't give up your job until you have replaced your salary (or at least covered your bills) with a monthly passive income. If you have a lump sum to invest it's better to use it to team up with someone experienced in a joint venture (but do you due diligence on them first) or hire a good sourcer. I really would urge you not to buy a training course to learn about property investing unless you already have some knowledge or experience and just need some specific help or instruction because rarely is one course enough.
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