Below you'll find our useful top tips for successful property investing!
#1 WHY
When beginning any venture, starting off by defining why you want to invest in property will help everything fall into place. From the size of your portfolio or business, your target tenant or buyer, investment location, exit strategy, the team you need, the list goes on...
#2 WHAT
What do you want to achieve from investing in property? Clearly defining your goals will help you to identify the right strategy and properties to purchase.
#3 CHOOSING YOUR LOCATION
When you have defined your why and what you're looking to achieve, you should then seek to identify where your property investments should be located. Generally, you don't have to go far out of your own area to find properties that can work within your investment strategy...
#4 YOUR TEAM
You need estate and letting agents, solicitors, mortgage brokers, surveyors, contractors, insurance specialists and more... The team you build becomes one of your greatest assets for investing in property and will be crucial for success.
#5 KNOW YOUR TARGET TENANT
Understanding your target tenant will help you to better serve their needs and increase the success of your property investments. Are you looking for Student tenants? Then you'll need property within walking proximity to colleges and university services and local amenities. Are you looking for Young Professional Tenants? Then transport links, entertainment and leisure facilities should be on the doorstep...
#6 KEEP LEARNING
Dedicate as much time as you can manage to learning. This could be learning new investment strategies, about growing your business, personal development, .... When combined with taking action, your growth and success can sky-rocket.
#7 KEEP AN OPEN MIND
Being open to using new business and marketing strategies along with new ways of working will keep you and your business on the right path.
#8 LEVERAGE
Using other people's time and money could support fantastic growth in your journey.
#9 USING MORTGAGES
As an extension to our point above, using mortgages can help to increase your potential returns when investing in property and help you to purchase more units, however you must understand the risks of using mortgages when investing. IT IS VERY IMPORTANT TO REMEMBER that the use of financial leverage can increase losses as well as profits so be sure to get the right financial advice from a qualified professional before using mortgages.
#10 STRUCTURING YOUR BUSINESS
Setting up in the right way from the beginning can save you thousands of pounds over the course of your investing journey. This is where having a property-specialist accountant will be an integral part of your team and they will be able to help you identify how your business should be set up in order to meet your investment goals.
For information on how RESONATE PROPERTY can help you reach your investment goals, visit www.resonateproperty.co.uk or contact our team by email to hello@resonateproperty.co.uk