In the property business you can either do very well and live off the profits for life, or end up bankrupt if you dont follow some basic rules and principles.
When you start investing in property you need to learn how to do at least four things very well:
1. You must be able to find property deals which will make you money. You need to be able to distinguish between more profitable property and less profitable property. Know your locations and learn to distinguish between less profitable and more profitable neighbourhoods.
2. You need to learn how to raise finance. You will not be able to buy property if you do not have access to suitable funding.
3. You need to learn how to distinguish between a property that can be repaired for very little money and quickly resold, and a property which could become a builders nightmare. Never get emotionally involved in a property purchase. Always look at the numbers and only buy if the numbers work for you.
When dealing with builders and employees always ensure that you are on the right side of the law. Complete the correct paperwork including planning consents and building regulations where applicable.
4. You need to learn how to flip property. Ensure that you have other investors in place that may be interested in your deals. Also, have several estate agents who you can count on to re-sell your projects for you.
The every day role of an active property investor involves at least the following:
* Finding new lenders, tenants and home buyers.
* Locating and buying new properties.
* Dealing with solicitors, accountants, architects, builders, financiers
* Collecting rents.
* Dealing with staff employees.
* Dealing with local and national newspapers when advertising your services either as a property investor looking for property to buy or as a landlord looking for tenants to fill your property.
Dont underestimate the amount of time it will take you to set up a successful property business. Property investing is a real business and if you shirk your responsibilities especially earlier on, you will not last very long in what is in fact a very competitive marketplace.
Learn from other property investors especially those that have been active through several economical cycles. Try to spend time with others who are more successful than you and emulate their techniques and strategies to ensure that you too become successful in what can be a very lucrative business for you.
Author Resource:-
Dr Javaid Kiyani is a successful Property Investor and Internet Marketer. His vast knowledge of property investment is evidenced by the books he has written. For a FREE course including regular advice and tips on property investment, please visit:
http://www.hmopropertyriches.com
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