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Property Investing Is A Real Business!!

 

A lot of people get into property investing thinking that its just about buying houses – you buy a house, develop it and then sell it on. Or you buy a property and then rent it out. And, in return for your efforts, you’ll make a load of cash!

Surely, if life was this simple, everyone would be investing in property. Right?

Before you throw in your job and embark on a lucrative career in property investing, you really need to sit down and try to understand what property investing is really all about. Property investing is a serious business. Treat it as a hobby and you will only ever achieve hobby profits. However, treat it as a business and you’ll get great results.

A successful property investor who buys and deals in property every day will:

• Understand what vital research is required before he offers on any property. This will include a lot of desk research including but not limited to ringing estate agents and letting agents to get the ‘feel’ of any one street in any one area.
• Perform essential calculations to assess the viability of the purchase before even stepping out of the front door to view the property.
• Know exactly which locations to invest in, and which to avoid like the plague.
• Have a system in place to enable him to source and buy property below market value time and time again.
• Know all about clever negotiation strategies that will help him to save literally thousands off any property purchase.
• Understand creative strategies such as options, no money down and cash back deals.
• Know how to invest not just for asset building, but also for cash flow.
• Be able to structure each deal to suit the property sellers situation.
• Understand both buy-to-sell and buy-to-let strategies.
• Know what to do with the property once he’s bought it.
• Have mastered the basics of property ownership and how to be a good landlord so that tenants never leave.
• Will know about property development and how to ensure that jobs get done on time and within budget.
• Know how to create a win-win situation every time.

So next time you think about investing in property, consider the above and start knowing exactly what will be expected of you to succeed. Don’t start investing in property thinking it will be easy money with very little effort.

Property investing will require a lot of hard work and dedication especially from the outset. Educate yourself on the subject and develop a list of like minded friends and mentors whom you can consult when you get stuck.

If you go into property investing knowing the above, there’s a good chance you will succeed. However, if you maintain a casual ‘lets see what happens’ approach you will throw in the towel much sooner than you initially expected, labelling property investing as a waste of time!

 

 

 

Make property your business and claim Your FREE Limited Edition CD and eBooks Right Now: 

http://www.PropertySuccessFormula.com

Property Success Formula CD Property Success Formula ebook 5 Golden Secrets To Property Success ebook

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Plan Your Property Purchase

For any new property that I buy and renovate, I will always make it compliant with any current regulations for that property type in that location. If I am unfamiliar with the location, I will contact the council and ask about minimum requirements. This way, there will be no ambiguity when I come to resell or let the property.

I will do this regardless of whether my intention is to use the property as a House In Multiple Occupation (HMO) or not. For example, I will aim to do the following works as a minimum during any property renovation:

• Install interconnected smoke alarms and heat detectors.

• Install fire doors to kitchens and bedrooms.

• Have the electrical installation checked and upgraded to current standards.

• Ensure gas fittings and appliance meet current safety standards.

This will save me time and money at a later date, especially if I decide to use the property as a HMO.

For any business, ‘Cashflow is King’. Whenever I buy property, I always invest for cashflow. There’s little point in buying a property in a great area for a lot of money, if you’re not making positive cashflow from day 1. Learning how to better manage cashflow can make the difference between your success and failure in business.

It doesn’t matter if you think that your favoured location will generate great capital growth. The question you need to answer is whether you will be able to sustain that capital growth on negative rental returns.

HMOs are a great way to obtain substantial cash flow from your properties. It is not uncommon to achieve up to 300% returns over and beyond single occupancy rentals in high demand locations all over the UK.

Since HMOs provide much needed affordable housing, particularly for younger people, there is a strong market for such accommodation.

A HMO property will not only give you additional cash flow, but you will also benefit from the usual advantages of owning property. For example, you will have good capital growth depending on location and market conditions. Furthermore, it is not always necessary to fill all the rooms to service any finance payments.

If you plan your property purchase carefully, you will be able to grow your portfolio quickly and with minimum effort. By applying some basic rules and understanding current market conditions, investing in property should provide you and your future generations an income for life.

A little bit of knowledge goes a long way:

http://www.hmopropertyriches.com/

HMO Property Riches Property Negotiation TacticsProperty Tax Strategies

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What Is A House In Multiple Occupation (HMO)?

 

Put simply, a House in Multiple Occupation HMO is:

• An entire house or flat that has been let out to three or more tenants who form two or more households and who share a kitchen, bathroom or toilet.

A household is defined as members of the same family living together.

• A house that has been converted into bedsits or other non-self-contained accommodation and that has been let out to three or more tenants who form two or more households and share a kitchen, bathroom or toilet.

(A self-contained unit of accommodation is one which has a kitchen or cooking area, bathroom and toilet inside it for the exclusive use of the household living within the unit)

If the occupiers need to leave the unit to gain access to any one of these amenities then that unit is not self contained.

• A converted house containing one or more flats which are not wholly self-contained and which is occupied by 3 or more tenants who form two or more households.

For a property to be classified as a HMO, it must be used by the tenants as their only or main residence. Properties that are let to students and refugees will be treated as their only or main residence.

If your property falls into any of the above categories, you may need to apply for a HMO licence. In order to find out whether you need to obtain a HMO licence, you must contact your local council and speak to the Environmental Health Officer, who will advise you accordingly.

Every council has their own guidelines for HMO compliance, so the final answer will depend on the size and location of your property. I always advise my clients to call the council before buying a property that they are thinking of converting to HMO usage.

One simple phone call could save you thousands of pounds as you may find that very little is required to prepare your property as a HMO.

Regardless of your property location, you will definitely NEED a HMO licence if your property

1. has three stories or more (including usable basements or attics), and
2. is occupied by five or more people, and
3. those people form two or more households, and
4. the tenants share the kitchen, bathroom or toilet.

If the above applies to you and you don’t have a licence, then I would advise you to contact your local council immediately as you are most certainly breaking the law.

It will cost a neighbour or tenant the price of a phone call to report you, and this could cost you up to £20,000 plus recoverable rent!

Applying for a HMO licence may appear like a lot of work. However, when you’ve gone through the process once, you’ll find it much easier for any subsequent properties that you purchase.

 

 

Increase your property cashflow from HMOs Today:

http://www.hmopropertyriches.com/

 

HMO Property Riches Property Negotiation TacticsProperty Tax Strategies

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Is It Worth Getting a Property Mentor?

"Seek mentors who have done what you desire to do and who have become what you desire to be"

If you speak to any successful person you will find that he has or has had great mentors to get him to where he is today. If you want to become successful in property, I would advise you to find someone you can learn from and who can help you to take that first step. If at all possible, find a mentor you can speak to personally, rather than someone who will only speak to you if you are part of a group in a seminar-style setting.

A mentor will be someone whose work you admire. He will be someone who has achieved what you want to and is in a position to get you where you want to be quickly. A mentor will also have access to a network that you may wish to be part of.

For example, your property mentor will have a team of property finders, solicitors, financiers, surveyors, architects and builders etc who he uses in his daily business. Good professionals often take years to source. However, you could greatly enhance your chances of success by tapping into the same team that your mentor uses.

As a property entrepreneur, I have several mentors who have helped me to achieve quick results that would otherwise have taken me several years to attain.

A good mentor will

  • Coach you
  • Guide you
  • Nurture you
  • Challenge and criticise you to get the best results possible
  • ……and much more until you succeed

So how do I find a mentor?

There are several methods you should be using to find your ideal mentor. I’ve listed a few here:

  • Network

By attending networking events and meeting other successful property investors, you should very quickly be able to pick out a couple of people you think could help you in your property career.

It’s then a question of approaching them and asking them if they offer any mentoring. If they don’t, ask them if you can help them in their business for free in return for some general guidance – this normally works quite well.

 

  • Surf the internet

Use the internet to research existing property entrepreneurs in your area. Again, look for someone who has achieved what you wish to achieve and looks like someone you could work with.

 

  • Ask a friend

If you have any successful property investor friends, you could ask them to guide you. Alternatively, ask them if they have any mentors that they wouldn’t mind you working with.

 

  • Source authors of property books and courses

If there is any book or program that you have bought in the past and learned from, you may want to approach the author and ask him if he offers mentorship. This is a great way to find an established and recognized expert.

Once you have chosen a mentor, you will be spending a lot of time with him so please ensure he is someone you are comfortable working with him. Good communication is essential. Common goals and similar interests will definitely help here.

 

 

Get yourself a Property Mentor here:

http://www.millionairepropertymentor.com/

Millionaire Property Mentorship Programme Millionaire Property Mentorship Programme Manual

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Property Investment Is Not A Get Rich Quick Scheme

 

I recently read that 8/10 millionaires made their millions through real estate. Whether this statistic is entirely true or not, I don’t know. However, what I do know is that A LOT of people have made their millions from property. In fact, I would even go so far as saying that more millionaires are created from investing in property than any other industry.

If you are interested in obtaining a good passive income, then I would definitely recommend you consider property as one of your strategies for wealth creation.

But be warned, property investing is not a short term get rich quick scheme. Done properly and with guidance, you will gain:

• Amazing capital growth – your portfolio will increase by £100,000’s a year.
• Great cash flow – you will obtain an amazing monthly passive income.
• A legacy to pass down to future generations.

If you are seriously considering property investment as a career choice, please note that you need to look at it as more than just a hobby. In other words, you need be put some effort in for it to work. If you do only look at property as a hobby, you will only ever achieve hobby profits. Your dreams of earning millions from property will remain just that – dreams!

Property investment, like any business, is a serious business and you need to start investing with the right attitude. Working just one day a week on this business is simply not enough especially when you’re starting out. I’ve known a lot of people who have started investing in property only to fail miserably purely because they expected too much in too short a time.

So how do you become a serious property investor? Simple.

As a minimum, you need the following three traits to succeed

• Knowledge

This can be obtained from mentors, books and seminars. To do well in any business, you don’t just need specialised knowledge but will also need to develop yourself personally.

I would encourage you to attend personal development events to help you to move forward quickly.

• Personal Motivation

You need to be motivated to do well any aspect of your life. A lot of people fail because they give up too soon! They try one or two techniques recommended to them, find they don’t work and decide property investment doesn’t work!

Model yourself on a successful property investor that you know. Keep going and don’t give up.

• A Team

To do well in property investment by your self is almost impossible. All successful property investors that I know have built a team of clever people around them. You need to do this also.

As a minimum you need access to good solicitors, accountants, financiers, builders, other property investors and finders. Become a prolific networker, show people that you are a doer and expect results in your business and allow like minded people to join you in helping you to grow your business.

 

 

Claim Your FREE Limited Edition CD and eBooks Right Now: 

http://www.PropertySuccessFormula.com

Property Success Formula CD Property Success Formula ebook 5 Golden Secrets To Property Success ebook

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The Property Business Is A Business Of Relationships

 

"You are the same today as you’ll be in five years except for two things,
the books you read and the people you meet" – Charlie Jones

To be successful in property, you need to develop lasting relationships with other people. What’s helped me to succeed in property investment more than anything else, has been the relationships I’ve had with other people.

If you want quick growth in property investment, you need to start building a team around you. This is something you need to work on from the outset. Your team should include solicitors, accountants, financial advisors, estate agents, letting agents, property finders, other property investors, plumbers, electricians, general builders and anyone else who could help you to achieve your goals.

Whenever I am looking for someone to join my team, I will always try to find someone based on referrals. I will ask family and friends if they know of anyone that could me help with my business. I also ask my current contacts.

For example, several years ago I had the need to acquire a new solicitor. Rather than going straight for the yellow pages, I asked my accountant if he knew of any proactive solicitors. He gave me the name of one such solicitor. I contacted her immediately and found her to be one of the best solicitors I have ever known and have retained her since. If I am unable to find anyone via my existing contacts, I will then search the local directories to source someone close to my offices. I always try to source local, as it will save me a lot of time should I need to go and visit.

When sourcing members of my team via this method, I always interview at least three candidates. My final decision is never based on price alone. I will always choose my advisors based on their knowledge of the subject matter and also any rapport that we build during our first meeting. I will never choose someone who appears to be very knowledgeable but fails to understand my business goals and personality.

Over the years, I have established a great team around me. We work together and have a good respect for each other. I always pay my advisors and workers on time and have a strong respect for them and their services. This works great because I am able to get jobs done quickly and efficiently as my team supports me in my endeavours. If you are new to property investment, I would advise you to find people that share the same work ethics as yourself to help you grow quickly in your business.

I offer regular advice and tips on all aspects of property investment to subscribers of my free property course.

 

 

Claim Your FREE Limited Edition CD and eBooks Right Now: 

http://www.PropertySuccessFormula.com

Property Success Formula CD Property Success Formula ebook 5 Golden Secrets To Property Success ebook

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