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I set up a portfolio in my 20s and left work on my 30th birthday having had a ridiculously lucrative career in banking - well enough to have bought 8 decent rental houses in London suburbs and back then a fairly nice 6 bed detached house to live in too, With hindsight I think I should have stuck with that job, but sitting in front of screens was never my dream.
I'm now 46 and have had some years with not much on. Other years I have built large extensions or bought and carried out refurb projects etc. Since 2016 I have been working every minute I can bringing my portfolio up to scratch to sell some off. I need a change as the shine has really left BTL and it really doesn't bring me any pleasure now. Most jobs are like ground hog day! If I start a new venture I need to focus and not be hassled by tenants.
My wife left work just before me to have children and was a part time landlord with me throughout. This worked well with having 4 children. She has more recently got sick of tenant issues and got a job working in a school to keep an eye on the school from within as our youngest goes there. I don't think she has done anything landlordy in the last year!
Wow that's a very impressive story, you've done very well! Good to see how popular members on here got to where they are.
I would love to focus on developments too, but it always seems hard to see the profit in my area.
Next door to my house a new house has been built. The guy building it took 2 years and it is lovely. However he has put it on the market for what I think is a really high price and has told me that even at that price he probably won't make a profit which confirms my fears.
I`m part time descending into very little time
I worked overtime in the past so I could enjoy part time for the past 14 years
I get other people to work full time so I can spend less and less time
Its important to get life in right order
My window man @ 40 couldn't see this . He should have invested not spent
He earnt maybe 75K a year but kept having holidays
I said to him 20 years ago you wont want to be climbing ladders in winter @ 60
He said - Nah I`m ok
He turned 60 this year and is still climbing ladders working full time with no end in sight
His bones ache
My advice - Work loads of overtime 20 - 40 then take the rest of your life off
Jonathan Clarke. http://www.buytoletmk.com
We decided against buying an investment property for our first purchase as FTB, instead decided to buy something in a good area for us that can serve as a base or a future home, whilst we still work full time.
Plan is to use property amongst other investments to eventually generate a good income without the need to work, so we can think about doing something more 'fun' day to day.
Early days though.
I am full time in property now and have been for the last 18 months. I am now looking to slow things down and try to learn to relax and become slightly less full time.
I was able to go full time after just 6 months, which was more because of circumstances than intentions:
I had been in retail for just short of 20 years (12 as a store manager) and decided that I had enough of slogging my guts out for a poultry wage... the final straw was when some top dog came into my store and ripped me a new one (standard no hours for staff and a shit managed company). I decided I had enough and started to train as a primary school teacher and left retail in August 2016. To do this however we had to cut back at home, and one evening I just sat there with my home spreadsheet and looked where we could cut money each month. Sky TV went, phones went onto sim card only deals, we started shopping at Aldi etc. I worked out that I only needed to work around 20 hours part time for us to keep going, so whilst I did my teacher training I did 3 mornings part-time at my Local Asda (For my old deputy who was now my manager (lol)). This also gave us access to "whoopsy" reduced foods, so I bought literally all of our meat cheap and froze it. That Christmas of 2016 was the first Christmas that i had ever had "off." I say off as 20 hours at Christmas to me was like working a single day! I was toddling off at 12pm Thurs, Fri and Sat so it never felt like I was working. I was sat there over the festive period and was looking at getting a BTL as I did have some savings (This was what gave me the confidence to leave work). I noticed trends on Rightmove where someone had bought a house at 30k and 6 months later it was on at 60k.. I kept seeing this and that's when I had my "change the rest of your life" idea... I decided there and then that I wanted to get a flip, and before I knew it I was on my way, had told the Mrs I was "putting teaching on hold" for 12 months and the rest is history.
I now have 8 rentals of my own bringing in £3200 after mortgages. I am about to complete on my 20th personal purchase and I have sourced over 14 properties for clients and have 23 client rentals on my books with my lettings agency. To get to this point I have put in some serious hours, but most of the growth has been in the last 12 months. Last July I was about to get the keys for my 4th property and then it just snowballed and went crazy. I have logged my journey since the very first day, so if you have a spare few weeks and fancy a read you can read all about it here: https://www.propertytribes.com/hello-nor...27974.html and here has everything in detail that I have ever done: https://propertyhub.net/forum/topic/5604...rting-pot/
I must admit that I am now trying to slow things down. The idea of getting into property was to have a better work/life balance, but for the last 12 months I have just had a work work work balance, and I feel bloody tired. Last week I decided just to slow down and literally had most of the week off. I no longer need to kill myself so I am not going to anymore. I am now working sensibly and trying to enjoy my life. I have started at the gym (and lost 6kg in a month and half!) and plan to learn how to play golf. I could continue at the rate I have been going and could become seriously wealthy, but I do not want to replace the rat race job for something similar that simply has a bigger financial reward. I am doing ok and I am only 38. I have 10 more years until my youngest hits 16 and then that's when I plan to "retire" as such, as then me and the Mrs can go on holiday as often as we like... so now the next 10 years will just be carrying on at a controlled level of working hours so that they are still enjoyable and that I still enjoy property.
God, that turned into a ramble didnt it? So yeah, Full Time.........
Well done, very impressive stuff!!
I'm not full time or part time anything. I don't work and only have one BTL which is fully managed. I have been wanting to buy another but I'm waiting for the other half to sort out his tax affairs as some (or all) of the money I could use may be used for that. For now prices are still falling so I'm OK with waiting. I do feel once Brexit is done the market will move again although possibly after a transition period depending on what happens so he needs to sort out his tax soon!
Currently only part time evening and weekends when got refurbs happening, looking to go full time but its a big leap for me I guess. Other business 60% Rentals 25% Refurbs 15% roughly last year