Here are my top 10 tips for building a successful property portfolio
1. Do your due diligence and carry out as much research as possible.
2. Location, location, location.
3. Remember that this is an investment, you're not looking for a home that you would like to live in yourself.
4. Always go for growth if possible so you can refinance and buy again to keep building your portfolio.
5. Don’t buy anything smaller than 450 square feet.
6. Get to know the area you're looking to buy in - visit the shops, pubs and restaurants and speak to local people Ask them if it's safe at night, enquire about the schools etc, local people will tell you everything and these are the people who will rent your investment property.
7. Look for easy access to motorways, train stations and public transport links.
8. Always have a buffer or slush fund and increase it as you build your portfolio, this will cover for example, lack of rental or repairs or any mortgage increase and will let you ride any storm.
9. Research on rentals within the area and take £100 off to make sure you get it spot on.
10. You should not buy your first buy to let investment if you are not prepared to give it 5 to 10 years. Above all, have fun!
For more information download our FREE 31 page investment guide from www.midasestates.com
We have to stay focused on all the transaction which regards our business. Ensure all the things that is important and do whatever you need in this kind of business. I hope that you do what is the right thing to do as the owner of your own business.
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Being patient before we invest is what we should do specially in real estate business. There are lots of posible ways on how to do that. But we should be knowledgeable regarding that before we invest.
ReplyDeleteProperty Investing
Exactly right Chinitosky - we are in it for the long run for our clients - and we educate them about all aspects of their investments. A wise comment indeed. Thank you.
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