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I want to know from experienced members here if it is right decision to venture into a property business while you are in full time employment.As I can guess you will only get weekends effectively Saturday for your new business, estate agent don't work on Sundays.You might manage an hour on weekday evening but again agents office closed by then. Is this manageable for a common person like me/us to take a leap. Your advice is greatly appreciated.
I started my non property training business in 1989. I bought my first BTL in 2002. 30 years later I still work more than full time in the training business, and I have five HMOs and several other BTLs in various parts of the country, plus a house that is about to be blown away in Florida. I suspect 99% of the professional landlords on this board did a full time job for the first few years. It's hard going with building one business, let alone two. You'll get periods of intense activity when you are working 18 hours a day, seven days a week. And you'll get periods when it is manageable.
If you are short of time, one tip is to never do something yourself when you can pay someone else to do it better and faster. You'll get your money back by getting the property rented quicker.
If you want it bad enough you'll find a way.
Yes, it is, provided that you have done your research and decided that property is the right investment vehicle for you.See - Questions to ask yourself before becoming a Landlord.I have been a landlord for 15 years and still have to "work" to some degree as rental income is not sufficient for me to be relaxing on a beach somewhere.Property is "get rich slow" ... very slow!You should continue in your full time job and have your properties fully managed by a reputable agent like PT's lettings partner Northwood.Continuing in a full time job also means you will be able to access BTL finance. Without a job, you might struggle so its a bit counter-productive if you wish to keep growing your portfolio.See - Guide: Giving up day job to become a landlord Hope that assists?
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**
Slowly working towards financial freedom
Yes 100% feasible . BUT
Not all full time jobs are the same though . Depends on shifts and bosses and your role
If you work 9 am -5 pm and are tied to a desk and have a boss looking over you it can be tough
If you work 9 pm - 5 am and your job is just to be there you can perhaps work on your business
Then sleep from 5.30 am - 11.30 am and work in your business in the afternoon
If you put the management with an LA then yes you can easily build a portfolio
I saw life as 8 hrs work 8 hrs play and 8 hrs sleep
Many people do that for 45 years and are knackered at the end when they are 65
Whilst you are younger and have energy work harder and invest
So when energy levels drop you dont have to work
I did the 8/8/8 thing for 20 years and just enjoyed ticking along
But one day I woke up and thought - Hey i dont want to do this for another 25 years
So i upped my game for a few years
So then I did 12 hrs work( 8 job / 4 property ) 6 hrs play and 6 hrs sleep for 6 yrs
That gave me enough property income to go part time at my day job
Then I did 10 hrs work ( 5 job / 5 property ) 8 hrs play 6 hrs sleep
Then I took the rest of my life off
Jonathan Clarke. http://www.buytoletmk.com