Earning a Living as a Property Investor
How easy is it?
There’s no shortage of TV shows dedicated to the property market which show novice and professional investors turning substantial profits by selling or renting homes on the open market.
However, these shows generally show huge returns for very little effort and in record time; rarely is an investor seen making a loss. So how easy is it to make a living as a property investor?
People will always need places to reside or conduct their business from and this makes earning a living through property a relatively safe investment, but it’s not risk-free.
To become financially successful there are many factors to take into consideration but if you’re prepared for the following, you might just be taking your first steps toward generating an income and building wealth for the future:
Instability of Income
Depending on the scale of your project it can take weeks, months or even years to complete a renovation and during that time there will lots of outgoings to fund, not just for the building works themselves, but for your day-today living.
The return may be worth it, but how will you generate an income until you get the payoff?
Before embarking on any project, decide what you want your investment to achieve. Your choice of investment properties will be informed by your intention to either earn lump sums of cash from selling it on, or regular streams of income from renting it out.
Take care to calculate your living costs and plan how you will fund your lifestyle while you get your new career as a property investor off the ground.
You may be a skilled home decorator but turning your hand to viable business prospects is a different ball-game.
It takes hard graft to renovate property yourself, both in terms of what’s needed to make a property habitable and desirable on the resale or rental market, and the maintenance required to keep it that way.
For major works it pays to employ skilled labour who can complete a job to a high standard, on time and who can guarantee the works.
It takes market knowledge, capital and organisational skill to develop a high yield property portfolio and handle the running of it.
As an investor you can choose to manage your property yourself but if this is new territory or you have a growing portfolio, it may be wise to employ a property management service to handle the day-to-day affairs of it.
Any fees you might pay for such a service are worth it when you consider that they leave you free to focus on developing your assets or relaxing and enjoying the spoils of them.
It’s rare that you can earn a stable and significant income from one property alone. To become financially successful you need a property portfolio that works to generate several income streams and fund further investments.
If you want to earn a living as a property investor then the very first step you take should be seeking professional advice.
National Property Portfolio work with auction houses and financial institutes across the UK to secure quality properties at discounted prices. Our range of planning and guidance services can help you to find the right properties, in the right locations and at the right price to make earning a living as a property investor, as easy as possible.
To find out more, simply contact us on 0800 321 3975.