Exciting, isn't it?! Being a landlord, being a property investor, being involved in property altogether. Most certainly that's true! But is this always
the case? From my own experience, and having worked with over a hundred and fifty personal clients over the years, NO, it isn't!
What can be a very appealing and rewarding industry to be in could
turn into a nightmare, if you don't know what you are buying, or who you are buying from. With the vast array of properties now available from so-called 'investment companies' or 'sourcing agents', etc, it can be difficult to know who to trust or where to begin when deciding where to put your money. You see, it is all too easy to be swept away by smooth-talking companies or individuals who promise 'Below Market Value' deals or 'significant returns' on your money when buying properties from them, but the question is, how much do you really
know about those people or the property/ies you are being offered?
Having helped many people to 'pick up the pieces' after their property dreams have come crashing down as a result of certain deceitful and unethical individuals in this business, I thought it high time we all take responsibility and truly get to know what we are getting into on a property-by-property basis. Unfortunately, by virtue of the fact that this industry involves 'big money', whilst there are plenty of great estate agents, sourcing agents, deal brokers and investment companies, there are also plenty of unscrupulous ones who are quick to cash in on naive investors who are looking to make the most of their hard-earned funds and get into the business of being a landlord.
As such, I have put together a guide of the 'do's and don'ts' in relation to safe property acquisition so that you can rest easy in your endeavours:
ü Get properly educated on the subject of building and running your property business efficiently and effectively
ü Figure out your own objectives and strategy first in order to give you clarity
ü Watch out for 'BMV' deal finders/companies - some are great - many are not!
ü Always run your own due diligence and research on any deal you find or are presented with
ü Run a Google search on the individual or company you are looking to work with - if they are a Limited Company, check them out at www.companycheck.co.uk
ü Make sure each property you buy is a 'best fit' for your overall strategy
ü Collate the facts, ask for others' opinions and advice...and then come to your own best conclusion
- Just take someone's 'word for it' - this is a BIG mistake
- Invest in the wrong area for your overall strategy
- Get wrapped up in the 'hype' - remain level-headed and calm when making important (and costly) decisions
- Be fooled by someone you think is more of an expert than you - remember, only YOU know what's best for you
- Get caught up with the 'Get Rich Quick' brigade who offer expensive property courses with relatively few tangible results
- Let other people 'run the numbers' for you - get to know your calculations thoroughly - this is the basis of your investment and business success
If you always apply the principle of 'buyer beware', then you will be going into each and every deal with your eyes wide open; this is by far the safest route to success.
For even more useful tips and hints to avoid making costly property mistakes, hop across to download your complimentary copy of our special report by clicking here.
To safe, sound and solid portfolio-building!
Hazel de KloeHazel's last Property Success Accelerator workshop was so popular that she's decided to run another one. This time she's made the booking process even more simple...
So what is it all about?
The workshop is designed entirely for you if:
- You’re a property investor
- You’re thinking of being a property investor
- You’ve got experience and a portfolio already
- You’ve got no experience and no portfolio yet
- Want to make good money from property
- Want to do it in an ethical, safe, solid and secure way
- You are fed up with the industry ‘hype’ and want to ‘Cut the Cr*p’! and get clarity
Hazel has been writing articles for Martin & Co for 2 years and is known for her no-nonsense, straight-talking approach which helps people to GET RESULTS when working in property. She will be presenting at The National Self Build and Renovation Centre, Swindon in November, at which YOU can be a part. Click here
to book your place NOW. Only 18 places are available at this next event. so book early to avoid disappointment.