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New research for Precise Mortgages shows more than half (52%) of landlords use letting income to boost earnings from a full-time job.
The study found that even among landlords with bigger portfolios, many are still working full-time and have other earnings beyond letting income. Around 32% of those with 11 to 19 properties say letting income supplements day job earnings while 18% of those with 20-plus properties have other income in addition to rental earnings.Across the market as a whole one in three (33%) landlords earn their living purely from their property portfolios, rising to 47% among those with six to 10 properties. Around one in six (16%) landlords plan to add more properties in the year ahead with 71% funding purchases with a buy to let mortgage.Full/source articlesI think this article highlights how property is a very long term business and it takes significant time to build up enough rental income to give up the day job.On social media, I see people being told they can be financially free in a year and some are even advised to give up their jobs to go into property full time as soon as possible. I think this is erroneous advice unless you have a very substantial cash pot to work with.This is because there is the issue of accessing BTL mortgages when you don't have the income from a job, as only a handful of lenders will accept rental income.Here is a reminder of our fantastic video series about building substantial wealth:Monday - Taking responsibility for your financial future and how to do thatTuesday - Get educated!Wednesday - Create your "income engine" and then turbo charge it!Thursday - Build your "wealth pyramid" to future-proof your wealth.Friday - Protect your assets within a "wealth fortress".If you are full time in property, how long did it take you to sack the boss and rely solely on property income and when did you decide the time was right to do this? Are you a portfolio landlord, like myself, who still has to undertake other business or consultancy activities alongside a 10+ portfolio in order to generate enough income to maintain desired lifestyle and/or meet financial commitments?SEE ALSO - Guide: Giving up day job to become a landlordUP NEXT - Question of the Week 6: What does it take to give up your day job?DON'T MISS - Don't give up the day jobNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
My point exactly. I've just come across one contrepreneur who claims you can give up your day job in 90-days if you go on his training course!I must be doing something wrong - 15 years on and still battling on ... !
Funny how many of these gurus tend to be doing the regular circuits + weekend "discovery" days - inc late evening seminars in 2nd class hotels around the major cities. To me it seems like a super hectic and stressful lifestyle - far too much for a super successful multi millionaire in any business.
Agreed: 6 years in property and I'm still stuck in the day job. Reality is rather different to hype. And as we all know, the game is getting harder. In my area there are two main reasons:
1. The bubble has burst for the car industry, thanks to government legislation (petrol and diesel death knell), with thousands of job losses.
2. The ongoing war against the PRS - again thanks to our politicians.
(I could add "gurus taking money off people" - but that would be three.)
I am lucky I saw the best time to be a landlord 1997 to 2007
a lot of the RDPD stuff made sense and it worked out well for me and I left the rat race
Today BTL has become harder by the passing year
I cringe when I see others advising BORROW BORROW BORROW
Come into the water its great so Borrow to the Hilt
I have met quite a few Landlords who are worried about the BTL Game in 2019
You can still build a viable income but it will take 30 years The quick get rich is over
and I woud add if its going to take 30 years to achieve an income why not consider a Pension where you get help from HMRC and no Regulation to worry about
in the first place
If I had my time over again I would invest in a spread of Investments Not just BTL and I would Borrow but only on a very good yielding property deal
after the crash I reised Times had changed I cut back on Borrowing saved Deposits and then Osborne made me change my mind again
I now invest in a wide range of Investments now BTL is OK but its not the be and end all
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
If you were a doctor with a large portfolio, you could give up your "job" and do humanitarian or charity work.Most people would like to live a life of doing what you want, when you want, and with whom you want, while being of service to others in some way, whether that be family, friends, animals, charity, local community or such like.As you say, all about priorities.
One good reason to keep the day job is that it puts you in a much stronger position when applying for a mortgage.