Finding your Sweet Spot In UK Real Estate Investing
You’ve read the books on real estate investing, you read your favorite posts in Facebook or Twitter on real estate investing, you listened to YPN podcasts and suddenly you think you have the confidence to start investing in real estate. Great! Now what? How do you find your sweet spot? Go to a Local Pin meeting?
There are so many ways to do real estate in the UK. You can be a wholesaler, you can start building a portfolio, you can JV with an experienced real estate investor( yes you can…just find the a great deal, everyone is interested in great deals) , you can flip houses as well as you can do short term Airbnb ideas. Investing in real estate is based on your personality. Go with the flow…go with what matches your personality. Try different niches until you find your own personal sweet spot
Couple of suggestions in how to find your sweet spot in UK Real estate Investing that I have learned over my many years in real estate
- Figure out what fulfills you
Don’t chase money, chase dreams. Balance your quest for money and time. My life totally changed for the better when I started visualizing the life I wanted for myself and my family. Your real estate journey should start here. Know what you want out of life. Do you love being a contractor? Do you love going and picking out bathrooms? Do you love creating a WOW house that people get into bidding wars? If these things are part of your passions, maybe rehabs and flips are for you!
Do you simply love being with your kids & family, reading books, or traveling exotic places? If so consider building a portfolio prudently without alot of leverage that will cash flow that will provide you the money to spend with your family.
2. Follow Your Instincts
We all have this little voice in our heads… we already know what is right for us from our gut reaction. Unfortunately, we are also really good at talking ourselves out of those gut decisions. Go to a quiet place and write out your own personal real estate plan. Follow your gut & instincts. Real estate investing is not rocket science. You can learn and model from other successful real estate investors.
3. Fail Fast & Correct your Mistakes
You can only learn from a mistake after you admit that you’ve made it. Losers blame others for their mistakes. Winners learn from them. Real estate is a constant marathon. Quitting is easy…continuing and overcoming is not easy. I overpaid for my first buy and hold property. I spent too much on the house, too much on the rehab, and too much on insurance. I didn’t blame the estate agent the contractor, the architect or the insurance agent. I picked them to work with. My fault….I failed fast and corrected my mistakes and now focusing on big cash flowing HMOS.
4. Money Shouldn’t Be Your Obstacle
I’ve heard this a lot, too: “I’m going to save up some money, and then I can get started.”The problem is for many…that day never comes. Money is not a roadblock.. I believe that. If you are serious, you will find the money. Good deals are out there…Banks are not paying anything currently. JV partners are looking for honorable people who can supply them good deals. Lack of money is not an excuse.
Now, imagine what you will do when you get the money from investor partners. Will you make a list in rightmove of potential properties that you want to own? This is exactly what we do. We have lists by HMOs…commercial to residential etc. We have an in house document which details the exact deal. The fall back plan with rental rates if we can not sell the property. All is ready to show a potential JV investor.
Start a to-do list as if you have the money, and you’ll know where you truly want to invest your time and effort.
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