I was extremely fortunate to learn about the ‘power of property’ at a very young age. From that point, it took us just seven years to build a portfolio, which could really supplement our lifestyle and give us the choices we were looking for. It was then that we really understood ‘why property works’. We have learned a LOT along the way, so much so that I've written a book about it. Why Property Works was written and designed to help you make the most of being in property, whilst making sure you’re going about it in a way that is right for you. Over the course of the next few months, I will be sharing some chapters from the book, some of the best things I have learned and perhaps more importantly, the things to avoid! Firstly, I thought I’d give you a glimpse at the reason I went into property and what it has meant to me. It all started back in 1994. I was studying at Music College in London and was busy earning my way through with odd jobs, as many students do. When we worked out how much we’d be paying in rent versus paying for a mortgage, the difference was almost double! We felt the most logical thing to do was to see if we could buy somewhere. Together with our meagre savings, a student loan and raising a mortgage on my partner’s salary, we bought our first flat. At the tender ages of 20 and 21, we had embarked on what has turned out to be a fascinating journey! After five years, the property doubled in value and we moved into a house, which again doubled within three-four years (those were the heady days of the mid-late 90’s, early 2000’s!) To cut a long story short, we decided from that point (in 2001) to venture into the world of property investment and forge an investment strategy, which we could work alongside our careers. When looking at building your property business, here are some really important things to consider:
- How are your finances?
- What is your current family situation?
- How many other time commitments do you have?
- What are your logistical implications?