I have just joined up to the forum after shadowingly browsing for a few months now. I’d like to say it is a whirpool of great knowledge and advice here, which I am thankful for myself.
A bit of background about myself. I’m 22 years old. I have been working in property since I was 18 starting as an office junior in an estate agent.
I have been a lettings negotiator and a sales negotiator for a few years working in the Nottingham area. Dealing mostly with residential sales and also the sale of student let properties within the student hubs around the universities. I now work for a company doing facilities management and property maintenance management on a portfolio of around 1900 properties within Scotland. There is also the potential for a portfolio of properties within the London docklands to come on board, which we are all looking forward to.
I just wanted to take the chance to say hello to everybody and potentially ask a few questions about things that currently concern me.
I would like to ask the landlords who are on here, how they started up getting properties and how they managed to step that up into something profitable, be it cash or equity. I’ve been working hard and saving since I can remember really, and it’s always been for a personal gain for me, in this case I’ve wanted a new car for quite a few years, so a BMW M3 at 12 grand has mostly been my current thing to aim for. But then as I grow and learn I always think to myself, would it be foolish to drop all that money on a car, when I could potentially keep saving for a deposit. Get myself a property - get that let at a decent rental income pcm? I still live at home, and thankfully enough rent free. Though I cannot say how long this will continue, before im asked to fork something out, or I feel I need my own place. I think probably the latter.
I guess im a victim of being at work and thinking, I don’t think that this is going to solely be enough to keep me ticking over at a happy rate my entire life. And Im looking for advice and thoughts about which direction to go and what people would do to effectively get maybe a few properties and hopefully some decent money. Don’t get me wrong I don’t want to be Richard Branson, but I wouldn’t mind with being able to have a somewhat comfier income in a few years time towards my late 20’s and be able to enjoy a nice car and a few holidays then, maybe even my own place. I just figure that the window of opportunity to enjoy any money you have might cut off one day, and I don’t want to be able to not have done anything with my time, nor have anything to show for it. I look at my clients and I always think, how have you got 68 properties? I wonder if they are all paid for and I just think, how can I get a few and see the rewards of this.
Anyway to cut a long story short how have you managed? Am I too young? Would I be better off just keeping my head down, gaining more experience within property industry and eventually attempt to get a higher paid job, then start this kind of thinking?
I have all the ambition in the world, but I don’t have much of an idea of how to get on the road to it all. Cash I guess is key. 15,000 a year isn’t the best. But you do what you can with what you have. I know there is a lot to bare in mind and I know that research is also key and preparation. But I feel I am in early stages and ideas/direction for one day in the future is my first aim.
Wishing you all well.