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So when it comes to your property business, is it you main source of income, part or what?
And do you work on it full-time, part-time, or what?I'm self-employed, it's my main source of income although I do have another business. However, I don't spend 'full-time' on it thankfully.So it's a full-time part-time business for me!
Hi Adam,Been a landlord for 15 years now and still only part-time - in fact, the exact situation that you describe for yourself!I have additional income through consultancy work that I undertake for various clients.I think people new to property investment think they will be able to go full-time a lot quicker than they can in reality.I met someone the other day who said he had 2 x BTL and had handed his notice in and was going to go full time in property - he had a reasonable inheritance. When I asked him how he would get finance with no income, he went very pale.To go full time as a landlord takes a lot of planning and could be a transition that takes many years. It also makes financial sense to have multiple income streams so that you are not completely reliant on property.Here are some useful resources around this topic:Guide: Giving up day job to become a landlord - Property TribesConverting to full time professional landlordDay job vs. property investorCan I give up my day job?Don't give up the day job!Monday - Taking responsibility for your financial future and how to do thatTuesday - Get educated!Wednesday - Create your "income engine" and then turbo charge it!Thursday - Build your "wealth pyramid" to future-proof your wealth.Friday - Protect your assets within a "wealth fortress".
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I live full time? I work part time?
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Part time for me. Plan was always to go full time as outlined here - What is the best way to build a portfolio for a new investor? - A post I made over 7 years ago!However, the introduction of higher rate stamp duty and of course S24 put a stop to that. I could still go full time however it's more cost effective to remain part time and stick to my day job. For the time being anyway!
WOW! 7 years on PT Adam, that is remarkable. Thank you for being such a great contributor and so interesting to turn the clock back seven years with that link. The thread seems a bit corrupted because it would have been "scraped" from the old version of PT to the new version ... but there's still lots of good advice and I note Jonathan Clarke responds to you!I would be interested for you to start a thread along the lines of "7 years on Property Tribes" and perhaps outline your property journey and how PT (and any other resources you used), assisted you in shaping your property business.
I know! It's scary how quickly that has gone.
Likewise! You and Nick have created an amazing platform. When I started out I had a collection of property sites I regularly visited but this is one of the very few that has prevailed over time. So hats off to you both!
Yeh that sounds like a great idea for a post, will consider it when I get some downtime
BTL has been my main source of income for over five years, but it is very much part time.
Flipping 40%, run a handyman service 40%, 20% resale stuff of stuff I pick up at local auctions.
Re-sale items are good fun and can be fantastic profit, plus it keeps the buying/selling addiction fed. I think I'll be buying and selling until I pop my clogs!