If you aspire to be a buy to let king then take a leaf out of this prince’s book:
Aim for a 10 per cent yield. If the annual rent is £5000, add one nought (£50,000) and try not to pay more than that.
Don’t be scared to borrow off banks, credit cards, friends and family. Always put down the least deposit possible. Preserve your own hard cash. I made my wealth borrowing and reinvesting using other people’s money.
Never speculate. If they say they’re going to build a train station and prices will double, ignore them! It is not a guarantee. If a property makes money now, it will make money in the future.
Don’t get emotional over property. It’s about the Cash, not the Laura Ash.
Never furnish a property. The fridge will go wrong; the chairs will get broken and you’ll have to fix them.
Never refurbish a property. Don’t be swayed by all those magic makeover programmes on TV. Invariably you’ll overestimate the selling price and underestimate both the time and cost of refurbishing. Do the bare minimum.
Do not pay for expensive property seminars. Invest in a few good books (especially by me). You’ll learn far more and save yourself a couple of grand.
Do your research. Use the net, visit the area, see what the agents are selling and what the letting agents are letting. You can quickly gauge if the figures stack up.
Be an individual thinker. Letting agents know what they can let properties for and know about collecting rents, not about making money. If an agent says you’ll never let a property in that area, don’t believe them. There is a housing shortage in this country.
NEVER EVER GIVE UP!