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Hi all.

I'm a complete newbie and I'm looking @ getting involved in property as it's always been something I'm interested in. Could somebody please advise on what they feel is the best route in and how they would do it? And how much money? 

Looking forward to receiving your responses.

Thanks

 

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  • 2 weeks later...

Hi Colin

 

Wow, what a big question that is! At my last count, there are at least 40 different property strategies you could follow (some claim over a hundred). The possibilities are therefore close to endless BUT are probably more realistically governed by 3 main components:

 

1. Your goals & purpose - what you want to get out of this, by when and why?

2. Your resources - usually a trade-off between time, money & know-how. A shortage in one will need to be compensated for in the others...or leverage other people & systems instead!

3. Your personal characteristics - your lifestyle, skills & competencies, personality and preferences.

 

Attached is a sneak peak into my upcoming article for YPN magazine, discussing passive vs active investing. This image captures the essence of the points above. 

 

To answer your specific question...how much money...could be next-to-nothing (e.g. rent-to-rent, deal sourcing, etc.), several million (e.g. large developments, large portfolio landlord, etc.) or somewhere in-between (BTL, refurbs, flips, conversions, etc.). Typical BTL would probably require a minimum of around £25k to get going, which implies buying a rental property costing around £100k, using a BTL mortgage. You can buy for less in many parts of the country, although there are still costs associated with any property purchase, so budget £2.5k-£5k for the associated costs of getting into pretty much any deal.

 

We have developed a strategy selector tool that could help give you some better direction, which picks up a lot of the components from above. Just drop me an email admin@thepropertyvoice.net with TPH Strategy Selector in the title and I will ping that across to you (or anyone else that would like it). Also happy to share a subscription-free copy of the article once it goes to press using the same email mentioned. There are also loads of blog posts and podcast episodes on my website that would help you...check out the mini-series on what to with £x for example.

So, I guess what I am really saying is this: get as much info on property investing as you can and then choose your direction based on YOU and what YOU want rather than the particular fad of the moment.

 

Best

Richard

 

 

Passive Income Infographic.png

Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

10%+ ROI property deals every week: check out PROPERTY DEAL TIPS
Amazon best-selling author Property Investor Toolkit & #PropTech, YPN Magazine columnist & PODCAST host

Web & Blog: The Property Voice | Curated property news & insights feed

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Let's connect...mention The Property Hub :)

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  • 2 weeks later...

Hi Richard,

Thanks very much for responding to my message. Very much helpful.

Im trying my best to read as many books as i can, and doing a little market research.

Then come August-Sept time, im going fore it! (hopefully)

Ill drop you an email as i would love to see this strategy selector tool.

 

Thanks again.

 

Colin

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