Wealth Killer Analysis Paralysis Not Buying UK Property
So many go to courses…spend countless hours trying to figure out the best path for UK property and end up doing nothing! This analysis paralysis is a wealth killer. I gave an example yesterday of my daughter who is getting married, instead of a more luxurious ,look at me wedding…take that money and buy either a professional HMO or a Social housing HMO. This way she will have income month in and month out. More so, there should be capital appreciation and wealth creation. Another example is I know many young property investors from the states , as they have a baby, they buy them a duplex or quadplex. These are a small block of flats. The parents take out a 15 year capital repayment for the property. This property ends up paying for university for the child. This is reality, this is not rocket science. One can create wealth by holding property. However, I would suggest one not only do this. One needs to be liquid. For example….my family holds Social housing HMOs that are on 5 year contracts without and any management and voids…plus we are constantly sourcing….refurbishing and selling both professional and social housing HMOS. Plus we are always looking for conversion projects. For example today we have 2 viewings. One of these is a grade 2 listed city center old office in which we can make 6 flats…and the other is a pub in which we should be able to make 14 flats. We will only buy with planning permission or permitted development. We run our numbers…yes..yes…No …No…
There is no analysis paralysis….we are motivated to continue to grow and create wealth for our families. Actually in my case, it is a process also to teach two of my older children. One of them runs the accounts and the second now is looking to do her first HMO as her wedding present…
Do not over analyze…Learn and do…plus do not over leverage…
Thoughts?
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