Are you looking at buying property at a property auction in the UK? Do you know where your local property auctioneers are?
Well because of shows like "Homes under the Hammer" buying property at auction, became all the rage. Everyone was doing it and everyone thought they could do it. This one show alone was probably responsible for bringing more people into property investing and developing than any think else.
However, things changed recently with the credit crunch and many people that where thinking about getting into property now are not. And many people that dabbled in buying investment property have now turned their eyes to something else.
However, the truth is that because of the credit crunch there are actually many bargains to be had at auctions. Banks are selling off their repossessed property for dirt cheap and for the astute property investor with money in the bank to pay a deposit, the World can be their oyster.
If you haven't considered buying property at auction for a while, then now might be the time to look into it again. Before the credit crunch it was difficult to find a bargain because there was so much competition from other investors, both novices and experienced. However, now many novices and even many experience investors have disappear.
Buying Auction Property is now a good investment again. So you should seriously consider getting yourself down to you local auction house.
Don't follow the crowd when it comes to being successful at property investing, or anything else for that matter. be weary of doing exactly the same thing that everyone else is doing. Understand the process behind what you do in property investing and you should be fine, but if you fail to understand why a particular investment is a good investment or a bad investment, then you are building yourself up for a fall and you need to be aware of it.
It's now about reinventing the Wheel but it is about finding a good mentor and making sure that you understand the actions you are taking and why.
Make sure you know which lots you are going to buy before the auction and if you have done your figures right and you are confident in them then you can also put in an offer before the auction. Banks etc won't normally be able to sell to you in this way, but private individuals might welcome the chance to sell it quickly before the auction.
Wednesday, 4 March 2009
Thursday, 22 January 2009
Plan to Succeed in Your Property Investments
Planning to succeed in your property investments goes hand in hand with knowing your target and knowing your strategy. You have to have a plan set in stone of how you are going to succeed. It isn’t enough to solely have a goal; you have to have a detailed plan on how to achieve that goal.
I urge you not to make the same mistake that most other people make, which is to pick a goal out of the sky that is based on something you have read somewhere once about Joe Bloggs who bought 100 rental properties in 1 ½ years. Therefore you make your goal 100 or more without really understanding why and perhaps more importantly, how you are going to achieve it.
Let me try and make something clear. If you have the true inner self belief that you can reach 100 properties in 1 ½ years, then fantastic; however, for most people that haven’t bought their first property yet this goal is too lofty, it is more of a dream than a goal and they lack the inner belief to really make it happen.
It would be better for most people to start with a small goal, something that they can truly plan for and see happening, and then as their confidence and inner belief grows then their goal can grow also.
Let’s have an example:
Jane dreams of buying 50 properties this year, yet up until now she has only ever bought three and it took her two years to buy those. Is Jane’s goal too high? Well it is impossible to say without really knowing more about Jane and why it was she had only bought three properties up until now and whether she has suddenly gained more resources that might allow her to achieve this goal.
However, the first thing Jane needs to do before she sets her goal in stone is to plan how she is going to achieve this goal. Exactly what resources does she have already at hand? So if the goal she wants to set is 50 properties this year – does the resources she has at her disposal allow her to do this.
• Does Jane have a marketing campaign up and running that will bring her a few hundred deals a month to analyse?
• Does she have at least one (preferable more) excellent solicitor and mortgage brokers that have a proven record of being able to move quickly on deals?
• Does she know how she is going to finance these deals?
• Does she have a team of people she can call on for advise that have already been there and done that and own more than 50 properties?
• Does she have the time to deal with all the deals she is going to have to look at?
• Does she need to use a finder or some other means of getting other people to bring her deals?
• Does she have enough, or the right, property education to deal with this amount of properties?
These are just a few of the starting questions Jane needs to explore if she wants to know how to buy investment property successfully. If the answer is negative to any of these questions, does she have a contingency plan put in place to deal with any issues and turn a no answer into a yes? For instance, if she doesn’t have a marketing campaign set up that can bring her a few hundred deals a month, can she get one set up?
I urge you not to make the same mistake that most other people make, which is to pick a goal out of the sky that is based on something you have read somewhere once about Joe Bloggs who bought 100 rental properties in 1 ½ years. Therefore you make your goal 100 or more without really understanding why and perhaps more importantly, how you are going to achieve it.
Let me try and make something clear. If you have the true inner self belief that you can reach 100 properties in 1 ½ years, then fantastic; however, for most people that haven’t bought their first property yet this goal is too lofty, it is more of a dream than a goal and they lack the inner belief to really make it happen.
It would be better for most people to start with a small goal, something that they can truly plan for and see happening, and then as their confidence and inner belief grows then their goal can grow also.
Let’s have an example:
Jane dreams of buying 50 properties this year, yet up until now she has only ever bought three and it took her two years to buy those. Is Jane’s goal too high? Well it is impossible to say without really knowing more about Jane and why it was she had only bought three properties up until now and whether she has suddenly gained more resources that might allow her to achieve this goal.
However, the first thing Jane needs to do before she sets her goal in stone is to plan how she is going to achieve this goal. Exactly what resources does she have already at hand? So if the goal she wants to set is 50 properties this year – does the resources she has at her disposal allow her to do this.
• Does Jane have a marketing campaign up and running that will bring her a few hundred deals a month to analyse?
• Does she have at least one (preferable more) excellent solicitor and mortgage brokers that have a proven record of being able to move quickly on deals?
• Does she know how she is going to finance these deals?
• Does she have a team of people she can call on for advise that have already been there and done that and own more than 50 properties?
• Does she have the time to deal with all the deals she is going to have to look at?
• Does she need to use a finder or some other means of getting other people to bring her deals?
• Does she have enough, or the right, property education to deal with this amount of properties?
These are just a few of the starting questions Jane needs to explore if she wants to know how to buy investment property successfully. If the answer is negative to any of these questions, does she have a contingency plan put in place to deal with any issues and turn a no answer into a yes? For instance, if she doesn’t have a marketing campaign set up that can bring her a few hundred deals a month, can she get one set up?
Sunday, 4 January 2009
Getting Rich Quick from property
Why is it that people who are intersted in making money from investment property are so intent on taking huge risks to be able to do it.
Well the simple answer is that there are lots of answers. However the get rich quick mentality is perhaps the most prevalent. The truth is that this mentaliity is not just there in people who want to get rich from there property investments, it is also there in people who want to make money in all sorts of ways from the stock market to online to gambling.
This is perhaps especially true of people who are in a job they don't like and want to get out and taste some of the fruits of their labour and make money easily. They have dreamt of winning the lottery and to date this hasn't happened, so now they dream of other ways they can make money quickly and easily.
The truth is that the knowledge and the eduation you need to aquire when you think about
how to become a landlord in the least risky way possible, can be daunting. The the fact is that all you need to know is tried and tested rules and things to follow that will help you to be a success at property investing.
Many people get stuck on question like where is the best place to buy investment property? While this question is very important, there are also others that need answering as well. You should get to focused some of the things that others are focused on. Instead focus on having a long term view of your property investments. Take a long term view that will help you to get results not just today, or tomorrow, but in the long run as well, by having this type of long term view, you can weather the little property storms that come along from time to time and that throw others out of joint.
If you are a long term property investor and not a fly by night property investor, then you shouldn't be to swayed by the ups and downs of the property market you need to just make sure that you have the right strategy to begin with and then when you are sure you have a long-term strategy that can weather any storms then you just need to go for it.
The get rich quick mentaility might work for you, but if you play the percentages then you will find out that it fails many more times than it actually works, so you need to be sure of what you are doing and it is many times better to take things more slowly and less risky.
Well the simple answer is that there are lots of answers. However the get rich quick mentality is perhaps the most prevalent. The truth is that this mentaliity is not just there in people who want to get rich from there property investments, it is also there in people who want to make money in all sorts of ways from the stock market to online to gambling.
This is perhaps especially true of people who are in a job they don't like and want to get out and taste some of the fruits of their labour and make money easily. They have dreamt of winning the lottery and to date this hasn't happened, so now they dream of other ways they can make money quickly and easily.
The truth is that the knowledge and the eduation you need to aquire when you think about
how to become a landlord in the least risky way possible, can be daunting. The the fact is that all you need to know is tried and tested rules and things to follow that will help you to be a success at property investing.
Many people get stuck on question like where is the best place to buy investment property? While this question is very important, there are also others that need answering as well. You should get to focused some of the things that others are focused on. Instead focus on having a long term view of your property investments. Take a long term view that will help you to get results not just today, or tomorrow, but in the long run as well, by having this type of long term view, you can weather the little property storms that come along from time to time and that throw others out of joint.
If you are a long term property investor and not a fly by night property investor, then you shouldn't be to swayed by the ups and downs of the property market you need to just make sure that you have the right strategy to begin with and then when you are sure you have a long-term strategy that can weather any storms then you just need to go for it.
The get rich quick mentaility might work for you, but if you play the percentages then you will find out that it fails many more times than it actually works, so you need to be sure of what you are doing and it is many times better to take things more slowly and less risky.
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