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How To Start A Buy To Let UK Investment Property Business Or Portfolio | Property Market Tips - YouTube
Channel: Your First Four Houses
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how do you really start a buy-to-let
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property investment business in today's
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market let me give you the ten things I
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think you need to consider hi there my
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name is Tony law for your first four
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houses my channel is all about helping
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you get to investment property number
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four as quickly and as painlessly as
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possible so let me give you these ten
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things I feel you need to have at the
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forefront of your mind in order to be
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successful in this property investing
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world of ours the very first one is to
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you need to understand your financial
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goals so let me give you a specific way
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that you should do this you basically
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need to understand how much money you're
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spending every single month download
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three months worth of bank statements
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work out what you're actually spending
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every single month and that is the
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target that you need to hit essentially
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to be financially free
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the sooner you hit that target the
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sooner you can kind of basically give up
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the day job essentially and focus far
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far more of your energy on building your
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property portfolio when you know what
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that number actually is now I run a
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paperless office largely but when you
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know what that number is I need you to
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do something very manual for me I need
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you to go and draw up one of these it's
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effectively the kind of thing that you'd
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see if you were trying to raise finance
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for a particular project at the top of
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it you're going to have that target that
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number that you've just worked out
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running up the side you're going to have
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integers at about say 500 pounds a
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little Mark's going up the side and
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whenever you do a deal that puts money
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in your pocket you need to color that in
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it may sound primitive but it's
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incredibly powerful I've recommended
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this to a lot of people they use it and
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they find it really really helps them
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keep focused so moving on quickly to
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point number two you need to work out
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how much time you can give to this so
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really if you're working full time that
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doesn't mean that you haven't got time
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to do this you've got your lunch times
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you've got your evenings and you've
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usually got your weekends how much
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can you give to this the more time you
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can give the better and faster results
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you're going to achieve next number
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three I need you to start building your
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education now there's a number of ways
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that you can do this you can look at
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podcasts you can get books webinars you
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can employ a coach mentor you can look
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some courses but the sooner that you can
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build your knowledge
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the sooner you're going to barely
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achieve bigger and better deals and one
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of the specific things that I'd like you
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to consider if maybe this is an area of
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weakness for you is to maybe get some
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training on negotiation because this is
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a real key thing that will really help
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you when you're speaking to agents or
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when you're speaking specifically to
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sellers so please look into that number
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four the sooner that you can focus on
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picking your strategy
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the sooner you're going to be successful
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now I like people to sort of focus on
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maybe one or two core strategies while
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they're having more of a shotgun
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approach it's better to be more laser
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focused so see if you can work out which
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one or two core strategies would work
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really well for you and start focusing
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on those number five research the
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different areas and work out where you
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should be actually buying now I did a
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video recently on this that basically
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gives you a really detailed explanation
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on how to work out supply and demand on
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any area within about 60 seconds but you
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need to look at other things in the area
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that you're actually looking at what's
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the situation with regards to perhaps
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new employment
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what about transport links are they
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being improved specifically what about
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population is there an increase or
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decline that you've noticed all of these
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things can really dictate the better
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areas to actually invest point number
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six go and see a mortgage broker you
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need to find out what kind of mortgages
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you can get and again I did another
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video here on how to actually improve
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your credit rating I would strongly
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suggest that you watch that that will
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give you some real key tips to improve
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your credit rating which is going to
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mean you'll get better access to better
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mortgages at lower rates number seven
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you need to learn how to find great
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deals now I know that this is a massive
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topic and we could go into this in a
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much in a lot more detail but
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essentially you do need to understand
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how to find better deals
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you need to learn very specifically what
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makes a good deal for you and honestly
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this is a real key thing you may have no
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funds at all but if you can find and
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negotiate really good deals
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you're never honestly you'll never have
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problem raising the funds I'll invest
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with you if you can find really good
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deals but in essence there's lots of
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people around you that will be delighted
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to sort of put money into the deals if
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you can find them next start building
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connections so when I say that I'm
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talking about connections with agents
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and talking about connections with deal
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sources and talking about connections
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with people who can help you fund your
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next deal the sooner you start building
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genuine sincere honest full-on
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relationships friendships with people
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honestly the sooner you're going to
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actually be successful in this property
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world of ours number 9 is simply exit
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strategy so many people I talk to to
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have no clear exit strategy they don't
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really understand their exit strategy at
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all when I always encourage people to
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consider two exit strategies and I would
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love you to do the same so even before
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you buy that very first property just
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consider are you holding this for the
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long term is this a flip that you want
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to churn to get the money out very very
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quickly if things don't work out is
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there a second way out for you and
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number 10 and this is the big one this
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is where so many people stumble and that
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is you have to to take action now I know
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that seems bleeding lis obvious but so
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many people they kind of build their
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knowledge they learn learn learn but
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they stop at the action taking point
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frankly I don't really understand this
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if I'm being truthful with you I think I
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think it's largely down to fear quite
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often and so quite often perhaps having
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somebody behind you that's maybe got
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their hand in the small of your back and
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just sort of pushing you forwards or
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just giving you a bit of a shelf to
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actually take that action might be
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really beneficial for you and let me ask
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you a question
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how many properties have you actually
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been out to sea this week or this month
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if the answer is none then you're not
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taking any action I would respectfully
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suggest so you need to take that action
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I really hope that you found that
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helpful I just want people to be
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successful in this property world of
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ours and to get to that magical place
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where the income that's coming in
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surpasses the money that's going out and
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if this sort of stuff really helps you I
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am absolutely over the moon my name is
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Tony Lal from your first four houses I
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really hope you found this one helpful I
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look forward to seeing you in the next
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video or and before I go please if you
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can take a moment to subscribe to my
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youtube channel if you haven't already
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done so that would be absolutely
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brilliant with its face books more your
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kind of thing please like my Facebook
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thanks ever so much I look forward to
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seeing in the next video thank you
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