I recently had the pleasure of helping a couple who wanted to get started in property investing.
They came to me for advice as to how to get started. I was really pleased to be able to help them with their first investment property purchase.
It can be a daunting task but a bit of guidance makes it less so. I asked Liz and Jonny a few questions once they had completed their purchase.
When did you first start investing in property and why?
My wife and I are both self-employed so we wanted a secure way to invest in our future for when we retire and earn some extra income as we go along.
Were you worried about taking that first step and buying your first property?
Yes. For any first-time investor it’s an unknown quality and feels scary. But, with good advice from Julie (justdoproperty), our estate agent and a builder friend, it gave us the confidence we needed.
What type of property was your first purchase? What was involved in getting it set up as a rental?
An end of terrace house. We chose this very carefully, making sure it ticked at least 90% of the boxes. We looked (and discarded) many properties before choosing the right one.
Did it all run smoothly or were there hiccups along the way?
I think there are always going to be hiccups, but you have to expect this. We knew the property was ok and needed some work, but a few unexpected things popped up.
If you could have changed any aspect of that journey, what would that be and why?
None really. We did our homework and worked out what we wanted.
What is the best piece of advice you would give someone who is looking to invest in property?
Work out what you want from the property and then get as much info as you can. Julie was a great help with this, as was our estate agent. Also try and find some tradespeople you trust. A good builder can really help you understand, what does/doesn’t need doing and the costs involved
What is your next property goal?
Buy another property and do the same
Are you happy that you took that first step and bought your first buy to let?
Yes – although it can be a bit stressful at times.
How did the Just Do Property website help you along the way?
It’s a mine of good information on all sorts of aspects of property buying and Julie and Alec are super helpful.
A mortgage prisoner is someone who finds themselves trapped in their current mortgage deal, unable to remortgage due to a change in the way that...
The Financial Conduct Authority (FCA) — the regulatory body for lenders and mortgage advisors — sets out the rules associated with mortgage advice...
It’s an important consideration for engineers tasked on large construction projects – human footfall. Although, human induced vibration shouldn’t...