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Really happy to have found such a wealth of information in one place, some log hours ahead reading through so much information!
I am finally in a position to think about starting to build my own portfolio however am wondering if now is a terrible time to think about this?
I have just sold my house and have another property to live in for the next 12 months free of charge (a friends place), I have £220,000 cash to and some experience in building/renovating property, with a strong phonebook of contractors I have worked with.
Although the simple answer seems to be take the first step and buy a property and get the ball rolling im keen to know the direction im heading in before I begin. The dream has always been to have a portfolio of properties rented out and bringing in a healthy income. I have read endless different tactics of people who have done this and many different strategies of how they achieved this but due to the amount of different ways I am now stuck wondering how to proceed.
I have begun looking at the idea of a 'mentor' or someone who is currently thriving in this strategy to help advise me along the way with how to build strategically. Would this be a sensible way forward to have someone else to guide me on starting out for the first few years?
Any advice would be warmly welcome!!
For me, it is like riding a bike: you can learn to ride a bike with training wheels, but i prefer to learn to ride a bike without the training wheels, fall over many times etc etc.. The fun, to a large degree, is in the journey, not the destination.
However, (and it is a big HOWEVER) that is probably why i am where i am and not sitting here with a massive property empire!
Welcome - You have just started reading the stuff on PT
Treat this as your mentor / educator initially
When you know a bit more about what you don`t know then maybe seek additional help
When you know a bit more about which direction you want then maybe seek additional help
Join local landlord groups . Chat informally to those who have done what you want to do
This will formulate your thoughts and ideas about how you want to do it yourself
There are dozens of directions you could go in so speak to a variety of doers
So a mentor for HMO`s will differ from a mentor for Holiday Lets
I used to mentor but no longer do
Some came to me not knowing some basic terms like LTV , completion, IO mortgages , yield
Someone will charge you £75 an hour to teach you those things
But you can learn that stuff for free by just reading
Only start paying for the stuff that its tough to write down in a coherent form
Pay for someones mind -
But make sure their mind is worth paying for - and its not just a money sucking machine
Jonathan Clarke. http://www.buytoletmk.com
This is a duplicate discussion.The original thread has had 23 replies:Bad time to start a portfolio? I am now closing this thread to avoid confusion and invite you to continue the discussion on the above link.
general operations director, site owner and moderator - propertytribes.com