How To Start A Buy To Let UK Investment Property Business Or Portfolio | Property Market Tips
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How To Start A Buy To Let UK Investment Property Business Or Portfolio | Property Market Tips


How do you really start a buy to let property
investment business in today’s market? Let me give you the ten things I think you need
to consider. Hi there, my name’s Tony Law from your Your First Four Houses. My channel’s
all about helping you get to investment property number four as quickly and as painlessly as
possible. Let me give you these ten things, I feel, you need to have at the forefront
of your mind in order to be successful in this property investing world of ours. The
very first one is to, you need to understand your financial goals. Let me give you a specific
way you should do this. You basically need to understand how much money you’re spending
every single month. Download three months worth of bank statements,
work out what you’re actually spending every single month, and that is the target that
you need to hit, essentially, to be financially free. The sooner you hit that target, the
sooner you can basically give up the day job, essentially, and focus far, far more of your
energy on building your property portfolio. When you know what that number actually is
… Now I run a paperless office, largely, but when you know what that number is I need
you to do something vert manual for me. I need you to go and draw up one of these, it’s
effectively the kind of thing that you’d see if you were trying to raise finance for a
particular project. At the top of it, you’re going to have that
target, that number that you’ve just worked out. Running up the side, you’re going to
have integers at about, say, 500 pounds, little marks going up the side. Whenever you do a
deal that puts money in your pocket you need to colour that in. It may sound primitive
but it’s incredibly powerful. I’ve recommended this to a lot of people that use it and they
find it really, really helps them keep focused. Moving on quickly to point number two, you
need to work out how much time you can give to this. Really, if you’re working full-time,
that doesn’t mean that you haven’t got time to do this. You’ve got your lunch times, you’ve
got your evenings, and you’ve usually got your weekends. How much time can you give to this? The more
time you can give, the better and faster results you’re going to achieve. Next number three,
I need you to start building your education. Now, there’s a number of ways that you can
do this. You can look at podcasts, you can get books, webinars, you can employ a coach,
mentor, you can look at some courses. The sooner that you can build your knowledge,
the sooner you’re going to better achieve bigger and better deals. One of the specific
things I’d like you to consider if maybe this is an area of weakness for you, is to maybe
get some training on negotiation because this is a real key thing that will really help
you when you’re speaking to agents or when you’re speaking specifically to seller. Please
look into that. Number four, the sooner that you can focus
on picking your strategy, the sooner you’re going to be successful. Now, I like people
to focus on maybe one or two core strategies. Rather than having more of a shotgun approach,
it’s better to be more laser focused. See if you can work out which one or two core
strategies would work really well for you and start focusing on those. Number five,
research the different areas and work out where you should be actually buying. Now,
I did a video recently on this that basically gives you a really detailed explanation on
how to work out supply and demand in any area within about 60 seconds. You need to look
at other things. In the area that you’re actually looking at,
what’s the situation with regards to perhaps new employment? What about transport links?
Are they being improved, specifically? What about population? Is there an increase or
decline that you’ve noticed? All of these things can really dictate the better areas
to actually invest. Point number six, go and see a mortgage broker. You need to find out
what kind of mortgages you can get. Again, I did another video here on how to actually
improve your credit rating. I would strongly suggest that you watch that. That will give
you some real key tips to improve your credit rating, which is going to mean you’ll get
better access to better mortgages at lower rates. Number seven, you need to learn how to find
great deals. Now, I know that this is a massive topic and we can go into this in a lot more
detail. Essentially, you do need to understand how to find better deals. You need to learn,
very specifically, what makes a good deal for you. Honestly, this is a real key thing.
You may have no funds at all but if you can find and negotiate really good deals, honestly,
you’ll never have problem raising the funds. I’ll invest with you if you can find really
good deals. In essence, there’s lots of people around you that will be delighted to put money
into the deals if you can find them. Next, start building connexions. When I say that,
I’m talking about connexions with agents. I’m talking about connexions with deal sources.
I’m talking about connexions with people who can help you fund your next deal. The sooner you start building genuine, sincere,
honest, full-on relationships, friendships with people, honestly, the sooner you’re going
to actually be successful in this property world of ours. Number nine is simply exit
strategy. So many people I talk to have no clear exit strategy. They don’t really understand
their exit strategy at all. I always encourage people to consider two exit strategies. I
would love you to do the same. Even before you buy that very first property, just consider,
are you holding this for the long term? Is this a flip that you want to churn to get
the money out very, very quickly? If things don’t work out, is there a second way out
for you? Number ten, this is the big one. This is where
so many people stumble and that is, you have to take action. Now I know that seems bleedingly
obvious but so many people, they build their knowledge, they learn, learn, learn, but they
stop at the action taking point. Frankly, I don’t really understand this if I’m being
truthful with you. I think it’s largely down to fear quite often. Quite often, perhaps,
having somebody behind you that’s maybe got their hand in the small of your back and just
pushing you forwards or just giving you a bit of a shove to actually take that action
might be really beneficial for you. Let me ask you a question. How many properties have
you actually been out to see this week or this month? If they answer is none, then you’re not taking
any action, I would respectfully suggest. You need to take that action. I really hope
that you found that helpful. I just want people to be successful in this property world of
ours and to get to that magical place where the income that’s coming in surpasses the
money that’s going out. If this sort of stuff really helps you, I am absolutely over the
moon. My name is Tony Law from Your First Four Houses. I really hope you found this
one helpful. I look forward to seeing you in the next video. Before I go, please if
you can take a moment to subscribe to my YouTube channel, if you haven’t already done so. That
would be absolutely brilliant. If Facebook’s more of your kind of thing, please like my
Facebook page. Thanks ever so much. I look forward to seeing you in the next video. Thank
you.

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    Expat. Currently renting out a 3 bed house. No mortgage. No debt. Hardly any bills. Are there mortgage places for expats?

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