Top Game Changing tips for property investors from Industry Experts




There are a few things that everybody thinks they know about property investment. One is that you make a lot of money. And two is that anybody can do it. But are these ‘facts’ both true? The answer is partially yes, and partially no.

While it is true that you can make money out of property investing, you need to be realistic. The stories you hear about landlords swimming in cash are rarely true. There is money to be made but it involves careful long-term planning, a cautious strategy with risk minimizing and an ability to be patient.

So, what about our second ‘fact’? Can anybody invest in property? Well, in short, yes. If you have the required amount of capital to invest or an ability to borrow either privately or through acceptable lending channels, then anyone can invest in property. However, property investing is a skill and involves an ability to emotionally distance yourself. Remember that investing is not the same as buying a home for yourself, and the sooner you realise this the better you will be at it.

With the above in mind, we’ve created this list of top tips on how to be a successful property investor.


Know Your Goal  

Before you start thinking about sourcing properties, you should always establish what it is you want to achieve from your investment. Are you looking for a quick turnaround and profit from a renovation or are you looking to build a portfolio in the long term?

Is the investment right for you?

Before you make any purchase, you really need to think about whether the house or flat is right for you. Will you be able to make the profit or yield you require? Do your research and view plenty of possibles’ before diving in and making a purchase.

Finance

Even when you find the right investment home, you need to be sure you have the finances in place to complete the transaction. That will involve having the cash either for a cash sale or at least for a 10% deposit. But you will also need a confirmed offer of a mortgage or borrowing from other sources if you do not have the full cash amount. As an investor, it is always a good idea to have this in place so that you can move quickly when then time comes.

You also need to be sure that you have done the numbers and can afford to pay back any loans. This will take into account the rental value of the property and whether this is enough to cover the mortgage payments, as well as having a contingency for renovations and maintenance.

Originally Published on https://www.propertyclassifieds.co.uk/blog/top-game-changing-tips-for-property-investors-from-industry-experts

Location: United Kingdom

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