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  • New Members

    New to property and could use your advice.

    HI i'm Dave,

    I am currently a store manager in retail and really looking to build my knowledge in property, i'm currently working my way through the 300 property hub podcasts on my journeys to and from work, i would really love to make a few contacts with investors in my local area of Harwich/Colchester and spend some time getting to know them and build a network, I’m planning on attending a property meet up event in March with the property hub which i am really looking forward to attending but would be great to start talking to people before hand.

    Please if you live local to the area and wouldn't mind meeting for a coffee i would really appreciate you getting in touch.

    Also I’m really interested in getting involved in property while a gain my education through reasurch which is my primary goal for 2019, a change in career would be something I would consider but looking online withought experience or qualifications it seems very hard to get a property based job on a good salary, does anyone have any recommendations on a good paid job without this or a place to start to gain the experience. 

    Many thanks in advance

    Dave

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    Hi Dave.

    Unfortunately not in your area but would just like say wish you all the best of luck.

    If you are ever in Liverpool id be more than happy to have a coffee and a chat.

    Richard.

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    Many thanks Richard, il make sure to give you a message if I adventure up that way.

    Cheers

    Dave

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    Hi Dave,

    Before I answer, would be good if you could be more specific about what you're trying to achieve.

    Is it a case of you've already saved up deposit money and are looking to buy to let?

    Or do you have something different in mind?

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    Hi John,

    Really appreciate you taking your time to comment, I am very much a newbie in the world of property and plan on spending the next year really reasurcing as much as I can and meeting investors to discuss how they started and learn for their journey into property investment.

    My intention is very much to get into buy to let and I plan on spending this year saving hard to reach a total savings of £30k using my earnings and current saving schemes I have made in the years due to mature.

    Thanks again for your time.

    Dave

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    Hi Dave,

    A few comments based on what I've read so far:

    You mentioned you're a Retail Store Manager, but you may want to career change into Property to prepare yourself for Buy to Let. I'm not sure this is absolutely neccesary, you can be an excellent landlord without needing to have been an estate agent, in fact the best landlords I know couldn't think of anything worse than being an estate agent!! As you've correctly identified, agency jobs are very low salaries, I guess it may depend on where you are in your retail career, for example if you're managing a Halfords on 20k salary, then perhaps a career change is right, however if you're managing a Morrisons on 65k salary, then don't throw that away after all the hard work to get promoted to that level!

    Secondly, it's excellent that you've mentioned you're on the path to saving 30k, so many people forget that to benefit from capitalism, you have to start saving some bloody capital!

    The one question to think about is how long will it take you to save the next 30k, if it's a year, great, if it's a decade, you might want to think harder before tieing your entire capital up into a buy to let. There may be better investments to grow your capital faster and then buy some property later down the line with the proceeds. Another thing to consider is your plan for buying your own residential property if you haven't already done so.

    Lastly, you mentioned property education, start with the Landlord Associations (either NLA or RLA). They have no "Guru" sales agenda and will tell it as it is. They will have local networking meetings in your area where you can meet genuine landlords rather than "get rich quick" Muppets you'll hear about online.

    Next step would be to do a "landlord accreditation course" from either NLA or RLA.

    Pretty much all other property education out there is b*llocks, all you're doing is buying a house and renting it out, accreditation will teach you what you need to know, plus keep asking questions on this forum for anything that doesn't make sense to you - it's a free resource.

    Jonathan Clarke's "ten streets" strategy is on this forum somewhere, this is a great thing to read and apply.

    Lastly, be careful of the podcasts you're listening to, they often use NLP techniques to upsell a course to you which as mentioned above will be b*llocks!

    Good luck!

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    John your advice has been priceless, I can’t thank you enough and I am going to take it all in and really look into the advice you have given, I’m genuinely really greatful and can’t wait to continue to expand my education.

    Thank you so much

    Dave

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    You're welcome Dave, just make sure you expand your education the right way and don't get sucked into too many podcasts and drivel courses !

    Best of luck with it all!

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    I think you have a reasonable starting point. I can't give you any specific advice but as generic advice I would suggest:

    Avoid anyone who can make your dreams come true for a fee, there are very few shortcuts in property investment.

    Before you consider what to buy and where to buy, fully understand how to buy.

    Make full use of this forum, there is rarely poor advice here.

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    Thank you Gary, the advice has been great so far and can’t wait to dig into the forum even more and continue to grow my knowledge.

    Thanks again

    Dave

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