In this video I give you 8 Property Investing Tips for Beginners to help you Invest in Property such as; the types of business connections you'll need to make, your personal spending and how it might need to change, how much time it takes to start Property Investing, if you need more knowledge, the different Property Investing Strategies, about your physical location, how to find a Property deal and also how to exit that Property Deal. These are the exact steps I took to start my Property Business and you can use these to start yours and become successful.
What kind of connections you'll need - 00:00 - 02:02
You'll need a good law firm to perform the conveyancing. Law firms can range significantly in quality and can be very responsive or take over 4 months to make a property transaction. You'll also need to find reliable tradesmen such as plumbers, tilers, roofers, builders & window specialists.
Personal spending - 02:02 - 03:26
Its really important to ensure that you have control over your personal spending and saving. You'll need enough cash for a deposit, refurbishments and probably a little extra in case of emergencies. Things can often go wrong such as a delayed refurbishment, something breaking or a vacancy.
Your current knowledge and how to improve - 03:26 - 04:32
Make a list of everything you know about property investing and some things you want to learn more about. Watch property investing channels such as Meet Kevin, Graham Stephan and my channel. There are also other free resources such as websites, blogs and books.
The time required for property investing - 04:32 - 05:12
Property investing might seem quite passive but actually its quite time consuming. You need to find the deal, go through the legal process, renovate it and find a tenant. You'll need to decide actually how much of your time you can dedicate to property investing and what kind of costs you'll incur.
Property investment strategies - 05:12 - 07:08
There are a number of property investing strategies such as BRRR, flipping/BRS, Property rental, Rent to Rent, Rent to Serviced Accommodation, Lease options etc. Some of these strategies are much better than others.
Learning more about your location - 07:08 - 08:30
I always recommend investing within 30 minutes from where you live because its really easy to drive there after work to take off damaged tiles/replace a damaged item. If your property is hundreds of miles away then its just not feasible. You also wont know the area nearly as well and might end up buying in a bad area with bad transport links.
Find property deals - 08:30 - 10:30
You'll need specific search criteria to find deals and you'll want to practice finding them and running the numbers, and remain consistent checking everyday or as close as feasible to this. You want to be looking for an ugly property that can be renovated. You'll be able to develop a range/average profit for deals in your area and be able to spot a property that is a really good deal.
Exiting a property deal - 10:30 - 11:35
You need to have an exit plan in place to avoid expensive holding costs & interest. You'll need to think of who you want to value the property, to market the property for sale or rent and who you want to re-finance with. There are a number of things to consider such as fees and the quality of the seller/mortgage company. Its best to give this consideration BEFORE you run out of time.
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The information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Thomas MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Thomas' videos. If you need such advice, please contact a qualified accountant, solicitor, insurance agent, contractor/electrician/engineer/etc. or financial advisor.
This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
Inspired by Graham Stephan, Meet Kevin, Shaf Rasul, Andrei Jikh, Nate O'Brien, The Credit Shifu and more
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