A Beginners Guide- How to build a successful property portfolio.
Quick Read- Hints and tips on how to build a profitable and long lasting property portfolio.
Thinking of investment? Building a portfolio sounds like a great idea but its important to know the pros and cons of becoming a landlord.
Seek Advice
You are reading this, so that's a start. It is often the case that property investors try and go it alone and end up failing. Seek advice, listen to others and most importantly learn. Talk to your local estate agent (us!) and get an idea of the market and what types of properties will get you the best yield and the least hassle.
Lay the Foundations
Of course we aren't asking you to actually build the house. Start slowly and think about your first property investment. Getting the first property right can be the difference between quick growth and falling flat.
Think About Timing
Don't rush into things because you are eager to make money. The market can change rapidly and its important that you don't overpay for property and lose out in the long run. If the market takes a turn for the worse then you need a solid portfolio to ride out the wave.
Create a Property Profile
Be clear on exactly what type of properties you want to go for and the type of tenants you want to attract. Whether you want to go for run down properties and renovate or turn flats into HMO's, there are so many possibilities but nail down your criteria and make a list of requirements.
Be a Good Landlord
Being a landlord comes with its responsibilities and don't forget that word gets around. Being a good landlord will make your tenants happier and in return they will speak highly of you and may stay for longer in your properties and look after them well, saving you money in the long run.
So what next...
To get started with building your property portfolio give us a call on 0151 644 6000.
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