Your First Investment Property
Simon discusses how to acquire your very first investment property, and begins by acknowledging that the first property is always the hardest, but promises that it gets easier after that. He also offers various suggestions to make the process of acquiring the first property easier, focusing on individuals who already own their own home and want to invest in another property. KEY TAKEAWAYS The first property is always the hardest, but it gets easier after the first one. Acquiring your first investment property can be daunting and a big learning curve, but it's important to take that leap of faith and get started. Consider turning your own home into an investment property. If you already own a home, you can buy a bigger property than you need and rent out the spare rooms to lodgers. This can help cover the cost of your mortgage and provide additional income. Look for properties that are already investment properties. Buying a property that has been rented out for many years can alleviate concerns about rental demand and finding tenants. However, it's important to do thorough due diligence on the property before making a purchase. Explore the option of securing a purchase lease option on a property. This allows you to rent a property with the right to buy it in the future. It can be a good option if you're unsure about buying in a new area or if you want to upgrade to a bigger property. Consider renting out an inherited property instead of selling it. If you inherit a property and want to hold onto it, you can refinance it as an investment property and use some of the cash to renovate it. This allows you to rent it out and potentially generate income while still giving some money to other beneficiaries. BEST MOMENTS "Your first property is always the hardest and I promise you it gets easier after the first one." "I strongly recommend, when you think about buying your first property for you to live in, you find somewhere that not only meets your requirements now, but also when you eventually move on, will be suitable to turn into an investment property." "Maybe you move out of where you are currently, turn that into an investment property, and then you need less money to buy your next property, which is your home." "Why not rent for a number of years, work out where you want to buy and really get to know the area, then you can eventually buy." VALUABLE RESOURCES If you want to learn more about how you can use Purchase Lease Options, join Simon on this online training https://www.plotraining.co.uk/ To attend your first pin meeting as Simon's guest visit http://www.pinmeeting.co.uk/, find your local meeting, and at the bottom of the page where you normally pay £20, click on where is says "pay with a voucher code" and use this code: PODCAST. This will by pass the payment page and you can attend your first pin meeting for free. Find out about the Global PIN Meetings at www.globalpinmeeting.com To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone: http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/ Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.