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  • Entrepreneurs

    Full time job whilst in property business

    Hi,

    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.

    Rav

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    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. 

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    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?


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    Absolutely you can and should start when you have a full time job.

    My advice would be stay local, find an area you like (fits budget, good choice of rental properties that fit your strategy, good quality tenants, do some research and narrow it down to small number of streets) build some relationships with other landlords, tradesmen, EA etc. And start your journey with a small refurb of a small ish terrace if possible.

    Don't worry about the profit focus on quality of tenant and refurb (don't go mad but make it decent) learn a few lessons and the cashflow should sort itself out if you did your sums

    Good luck and enjoy
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    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

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    Jonathan Clarke. http://www.buytoletmk.com