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PT newbie, accidental landlord and determined investor here!
I have spent the whole of my weekend to date absorbing some fantastic information on posts on here and thought I would introduce myself properly and share my property experiences to date.
I’d love to hear what other people starting out are up to and also any advice in hindsight from those more seasoned!
My wife and I are 34 and are both in full-time employment with good salaries. Both jobs are time intensive and the spare time we have is mainly spent enjoying our baby daughter.
I have been considering investing in property in earnest for a while, with the aim to build a BTL portfolio to supplement our employment income so that we can reduce our working hours, spend more time as a family and explore other pursuits.
To achieve my goals within an accelerated time frame (by the time I am 50, hopefully!) I am conscious that I need to make the most of my capital and I have realised that I am yet to nail down the right strategy for me.
That being said, I already have investments in property with many lessons being learnt already. I have outlined my experiences to date in separate posts (to try and stop this becoming too unwieldy) below:
Property 1 – Accidental landlord - residential switched to BTL
Property 2 – JV with parents
Property 3 – BMV off-plan through sourcer
Property 4 – TBC
Having had mixed success to date and having learnt a lot more about investing, I am going back to the drawing board to reassess my strategy and what I can achieve given I do not have the time I feel is necessary to implement a more aggressive strategy to meet my goals.
If you’ve made it this far, hopefully my experience is of interest. It has at least been cathartic for me to summarise my progress to date!
Thanks for reading!
Welcome to PropertyTribes. Thanks for sharing, it was interesting to read your story thus far and I'm sure the members of this forum will be glad to comment on your story and give you some advice.
I want to ask how can one find a BMV property sourcer like the one you mentioned on your 3rd property deal?
Thank you for your response. I will PM you in respect to your query.
Thanks so much for your message.
Just so you know as you are a new member to the forums your private messages can't be replied to for a certain period of time, the 'probation period' (I believe that's the reason why).
Hi I have pm'd you re property 3 too.
Your property journey till date made an interesting reading
Well done for having come this far
Kept me glued to the screen
Being a newbie myself, I am also on this platform to learn, absorb and learn some more
Not sure about property 1, but I noted that property 2 &3 were bought off plan
From reading on this form, many experienced landlords eschew new builds
Mainly because they can be too small and boxy
As you said, initially it was a struggle getting a double bed in
Many older builds tend to be more spacious,
I have just turned a 2 bedroom house into a 3 bed...simply by dividing one huge room into 2
Still managed to get a double bed and a wardrobe into each room
That said, we are all here to learn from each other
Hi! Thanks for your message, I'm glad you found the read interesting.
The first property is in an older 1980's development and wasn't off plan.
I think the points raised about new builds are fair comments and I can see how more active investors can probably get more returns from older properties through both forcing capital appreciation through refurbs and higher yields.
At the vary novice stage that I was, Property 2 was definitely bought with the idea of location is king and Crossrail is coming, hoping both would provide capital appreciation; I still think they will given enough time.
Property 3 was again bought for long term growth but I had thought I had forced capital appreciation through buying at BMV. I think this remains to be seen and I will get better clarity once the development has been fully finished.
I'm sure I could have been wiser with my investments but being time poor, I had looked for opportunities where the properties were ready to go and ongoing management would be limited. I would like to implement strategies where capital appreciation/higher yields can be forced through improvements but I haven't quite worked out how I would do this with the limited time I have to invest at the moment.
If you don't mind me asking, what gains have you managed to force through splitting the bedroom?