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you are a legend young lady. thanks
You will only really learn If and when you do it
We all make mistakes and learn from them but that's life
Even using a sourcer, the buck stops with you , so cut out the sourcer learn the game and get stuck in
Once you have purchased, you will rocket in knowledge and you will be a better landlord for it
No easy way other then try yourself ...
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.
I know my own area
I know where to buy and where not to buy
I have built my knowledge over years of meeting other landlords going to meetings learning the rules and then picking the sort of customer I want and the sort of property to provide then homes.
dl, honestly how is this helping me or any newbie?
How do you know where to buy and where not too? what do you look at? are you looking at crime rates, are you looking for good schools to attract families, are you looking for good transport links so as to be a commuter town. are you looking at areas which have more social housing?
Im simply trying to find out what due diligence processes you are using, if you dont want to share, thats fine, then why bother being on a forum in the first place.
Am i missing something about these forums? a forum is for users to help each other right?
I think you are receiving a lot of helpful advice, but some people's views might not be what you wish to hear - but that is constructive to you, not negative, should you choose to look at it that way.DL is saying to dive in and become a property "sponge" and that is good advice imho.Jonathan's 10 streets strategy is a good example of that. Pick ten streets strategyI guess DL is saying put in the ground work yourself, rather than relying on a third party. No one will look after your money better than you, as discussed in this video:
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**
Welcome and congratulations on starting your property journey. Due diligence is very important, also when searching for a sourcer. You need to check whether they are reliable and also what services are included in their fee as other people have stated.
You can access quite a bit of information on a property and its area online, maybe looking at historical house prices in that area would also help you. In terms of a checklist of questions, I personally look at ROCI and see if the property is beneficial to what I’m after. Everyone’s goals are different so tailor that to yourself.
What type of property are you looking at for your first investment?
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
A good sourcer will chat you through all your hopes and fears.
They will be patient and help you through the minefield
If they don`t and all they do is just send you a link and want 3K then walk away I suggest
There are many sourcers out there and some are total rip offs and some are great
This is the same in all walks of life
I`ve been sourcing getting on for 10 years and have built portfolios for clients
They like me because they come back again and again .
I like them. Its a two way thing
If you feel comfortable with a sourcer you meet progress to the next stage with them
They should answer all your questions to your satisfaction before you part with money
If you suspect they are having you over then they probably are
I apologise on behalf of DL .
She means well but gets a bee in her bonnet about sourcers ( as well as many other things in life)
Because she sources her own properties she somehow thinks automatically everyone should do it
Stick with the forum as most people are helpful
Jonathan Clarke. http://www.buytoletmk.com
thank you Jonathan
I have to say I am rather of the same mind as DL on this one. I have seen so many repo properties purchased by investors from 100s of miles away at way over market value. Many times I have found out that places were packaged up well and flogged to southerners who think that £200k for a 2 bed flat is the bargain of the century. I know you are looking for tips not opinions so I will try and be constructive but obviously just my opinion and only a handful to get going with.
You should preferably know the area well but it you don't know it then get your "take care" hat on.
If you buy a long way from home what will you do if an emergency happens (I drove 100 miles to turn off an alarm once!).
Learn to use Google maps/ earth. Walk the area and if necessary learn the area that way looking for less classy areas (sofas on the front lawn are the clue)
IMO if the yield is more than 8-9% then ask yourself why?... there is usually a reason and it usually isn't a good reason.
You can usually get comparable evidence on Right Move for sale price and letting... take into account the year sold etc and adjust accordingly.
I don't believe yield is everything, around 5% with the right homework will get you in a really good area with good tenants and good salability. I would rather carry stock returning 5% that was quality than hard to sell 15% ers that you wouldn't want to spend an afternoon in.
Remember your profit will come from having low voids tenants who pay on the button with little or no contact / issues. My biggest tip would be to interview yourself and don't use agents (well at least when you know what you are doing, initially you may want to of course). Sift out the R2R scammers (there are loads out there) don't bend on the paperwork required, always take bank statements (ALWAYS, no exception)… I worked in banking for 25 years and if |I saw 6 months of your bank and credit card stats blind of details I could tell you likely more about you that you know yourself (but I appreciate I have done it for years and years, its not easy to start with).
Im sure there is loads more you can learn but, like many things in life, if it looks too good to be true it usually is and quality wins over quantity every time and, if it looks like you could earn 15% per annum ask yourself why everyone else isn't buying it?
Good luck and have a good week. Cheers : Dom