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How did you get your first three properties??


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Hi All,

 

I'm really interested to hear how you all got your first three properties.

 

I'm about to start investing and think that the first few investments will be the most difficult due to time, knowledge, money etc. etc. etc.

 

I'd love to hear your start up stories

 

* how did you get the funding?

* how did you find the time?

* what is your advice to people about to start investing?

* would you do anything differently looking back?

* did you live in the properties yourself or go straight into flipping them...

 

I'm really interested in learning how everyone got the ball rolling. Personally, I'm interested in doing buy to let but realise that flipping a property might be a way to make some money for me to help me get started. I'm also really interested to hear from people who didn't start off with lots of money (like myself) and who do this to break away from the 9-5 rat race... 

 

I look forward to hearing from you! Thank you! 

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I'm in the 9-5 rat race myself (and always hoping to win the lottery... ha!). Haven't bought any properties yet but I must say the majority of people I know, even the ones with high paying jobs, have some help from their parents re: down payment etc to get started. Shared ownership is also something to look into as it gets you started with less capital. I'd like to buy in the next year or so, would love to see what answers you get!

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I currently have a 9-5 - I bought my first property (residential) which needed a LOT of work doing to it for £100k - 10% deposit - 2 year fixed. 

 

I did the work (when I say I, I mean I paid for the work to be done) this took around 6 months and cost 15k. It’s now worth around £145k I have made (on paper) around 30k in equity that I plan on using in the future when my fixed rate ends.

 

I then bought 2 flats (54-60k each - tenanted paying 425/460) with my friend and business partner. Both funded with my savings, my friend then got a personal loan to pay me back his half of the deposits. 

 

All this his has happened in the last 12 months (less actually) BUT to get to this position, took over 3 years of skimping and saving. I earn £28k a year. 

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We have just bought our first project after 5years of saving and dreaming and dreaming

No bank of mom and dad, no help from friends, no magic, we saved it, with two small children while paying rent and we do not earn mega money. It's your dream and it all depends on how badly u want it.

 

it's a complete mess. We are flippers, It need about 40k Reno we have so far spent 30k from a personal loan, cc, ect.

It's hard work ( nothing worth it is easy) but we love it

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  • 3 weeks later...

iv not really bought my first but I'm lucky that I can aggressively save a minimum saving £1000 and sometimes more due to living at home and having a job which requires very little work so I just spend my hours educating so in essense I feel like I get paid to study! looking to work as an estate agent or something property related as I understand my market but want to be the go to person in my area. the idea will be to hopefully earn an additional income to plough into my savings. once I prove my model I will make sure my sisters get on board as there are great savers 1500-1700 a month but don't invest in ASSETS!  

 

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