Buy to Let is a great place to start, particularly if you’re looking to build your portfolio bigger and get into some of the bigger strategies further down the line. One of the great things about the Buy to Let strategy is that it works within many areas within the UK. One of the important things is knowing your area and working out what the demand is where you’re looking to invest. Area knowledge is really, really important as a Buy to Let Investor.
You really need to get to know your investment patch better than you know your own neighbourhood where you live. When it comes to Buy to Let, knowing your numbers is really important. Make sure you understand the relationship between the prices and also the rental prices in the area. When you get that part right, you’ll understand that Buy to Let is a cash flow strategy. This is something you’re looking at in order to build an income from. The key to Buy to Let is finding suitable properties. You really want to keep it simple here. You’re ideally looking for two to three-bedroom houses that you know will rent. You want to find nice smelly houses, where you walk in the door and it’s like going back in time to the 1970s – brown swirly carpets, avocado bathroom suites, you know the drill These are properties where you can look to add value. You want to look to make your money when you buy. Knowing your numbers is your primary importance.
You need to understand all the costs involved of turning those horrible smelly old houses into nice properties that somebody’s going to want to rent. Once you’ve worked out what all your costs will be, you really need to hone your negotiating skills and make sure you get the property at the best price. As a Professional Property Investor you need to start thinking a little bit bigger than trying to do everything yourself, which means that you have to go out and find other people to bring into your team, who could help you. These are properties where you can look to add value. You want to look to make your money when you buy.
Knowing your numbers is your primary importance. You need to understand all the costs involved of turning those horrible smelly old houses into nice properties that somebody’s going to want to rent. Once you’ve worked out what all your costs will be, you really need to hone your negotiating skills and make sure you get the property at the best price. As a Professional Property Investor you need to start thinking a little bit bigger than trying to do everything yourself, which means that you have to go out and find other people to bring into your team, who could help you.
