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Time Rich, Knowledge Poor Newbie


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Hello all.

I just wanted to take a few paragraphs to say hi and introduce myself.

In summary ... I'm a time rich, knowledge poor (very!) accidental owner of 2 rental properties.  

I've run my own small business for the last 20 years and qualified as an accountant a very long time ago.

I'm right at the start of deciding whether a property investment business would be right for me and am just at the stage of understanding just how much I don't know! I found Property Hub through this learning process. 

I live in Bristol and the French Alps.

If any of you has any useful advice for getting going - in particular putting together an expert team - then I would be really interested to connect.

Thanks

Paddy

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Hi Paddy

And welcome to the forum - you've certainly come to the right place. 

The podcasts are a great place to start, the search bar on the podcast page can help you pick and choose which episodes you're most interested in.

The forum is also a great resource for others to share their experience with you, there are also a load of free courses on the website too which might be worth you checking out https://propertyhub.net/?ph_courses=university&s=&search_type=blog

Good luck with your journey, and please do keep us updated. 

 

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Hi Paddy,

Why invest in property? What's your motivation and goals?

And dont worry, nobody knows everything here  or elsewhere for that matter!

So building a great team around you is a sensible choice.

Work out your goals and seek out a great mortgage broker (I assume you want/need one) and see if they can work with you.

Finance and figures count more than bathrooms and kitchens in my book. It's fairly easy to source a bathroom fitter, but less easy to arrange the best finance to pay them.

Keep us posted

CONRAD

Conrad Paton

+44 7957 959851

conradpaton@yahoo.co.uk

https://www.linkedin.com/in/conrad-paton-424446110

 

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On 10/12/2019 at 6:20 PM, conrad_paton said:

Hi Paddy,

Why invest in property? What's your motivation and goals?

And dont worry, nobody knows everything here  or elsewhere for that matter!

 

good points there conrad. Why would 'Time rich, wealthy folks' (especially middle age to seniors) even get into property investing with all the T&E, stress etc etc?

for education & information purposes below - this is not advice to go do.

there are other ways of investing in properties or mortgages such as UK REIT'S (a google is needed) or what about something like a company & there are many like them 'The High Street group'  Check companies house records

always do your research & due-dilligence before investing in anything

https://bondreview.co.uk/2018/01/15/the-high-street-group/

https://www.fjpinvestment.co.uk/high-street-group-investment-review/

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Hi All

Thanks for taking the time to read my introduction and for the replies.

TJ - thanks for tips.  I'm busy working my way through the website, podcasts and courses and learning lots as I go.  A long way still to travel but I'm getting there and enjoying the journey.

Conrad - Thanks for the great advice regarding starting with motivation & goals. I'm in the process of taking some vague thoughts on that and turning them into structured goals which I can then use to produce to a property strategy amongst other plans.  It's a really cathartic process but is involving quite a bit of soul searching! Regarding mortgage brokers - I was thinking of speaking to someone locally to start to put some numbers in place as it would be good to get a face to face connection with them.  Do you use a local broker or someone remote?

Reinvestor - Thanks for the advice and links but I feel my original post might have misled you (my fault - poorly worded).  I meant to convey that I've got time to invest rather than comment on my wealth! My OP must have seemed hugely arrogant - sorry! :-).  I've considered property investment funds (I know a few from a trust I'm involved with) but I'm figuring that, in spite of my initial poor knowledge, I've got more motivation to source a very specific investment strategy which works for me. Plus it's fun to be learning something new.  That said ... I might soon come to realise that you were right all along and I should leave it to the professionals :-).  Thanks once again for your help.

Paddy

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Paddy, with all due respect I was complementing you based on the fact that you had indicated that you already had two income properties & that you had 20+ years of solid business experience.

my guess (a wild guess ) is there are many younger folks on the hub forums that are trying, starting out to doing property investments for passive income to wealth building. There also appears to be seasoned property investors,  including trainers, as well as property renovators, property sourcer, property mangers/estate agents to those 'professionals'.

even at my age 72, I'm here looking & learning new things, contributing where I can, asking questions, dialoguing, PM-ing posters for information/sharing, because I believe its not possible to know everything about investing/investments - someone will always come up with a better, smarter way.

good luck with any investments that you are looking at to do.

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  • 2 weeks later...

Hi Paddy,

RE: my Broker,

I use a broker that is local to me, but you can use a more remote person. My broker arranges Expat BTL mortgages too, and you can't get more remote to clients than that!

Personally, in a broker I look for:

1. Knowledge and FULL lending market availability.

2. Speed, communication and ease of contact.

3. Cost

4. Location.

5. Size of office, what their website looks like etc.

In that order of priority!

I'm happy to introduce you to mine if you like?

https://www.linkedin.com/in/conrad-paton-424446110

Find me here ^^ or conrad.paton@nu-move.co.uk

Hope this helps

Conrad

Conrad Paton

+44 7957 959851

conradpaton@yahoo.co.uk

https://www.linkedin.com/in/conrad-paton-424446110

 

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