No matter your age, race, religion or gender, property is for you. In a recent video, I spoke to John, a 76-year-old man who has been in property for 35 years. He came to one of my training events and said everyone should come down and see me. It doesn’t matter how old you are or what your background is, there is a place for you in the world of property.
I meet so many different types of people at my training events and have success students from every walk of life. Some people will try to tell you that property investing is only for the elites, or that you have to be a certain kind of person to be in this industry. The reality is, however, that anyone can succeed in this business with the right training and work ethic. In this article, we will take a look at the options to get into property for 3 different types of investor.
Little money, lots of time
If you don’t have much money but you do have time, there are options to get started in property for you. Two great examples are rent to rents and deal sourcing.
With rent to rent deals, you rent a property from a landlord and then rent the property out for more yourself. The way you do that is by either renting the property out by the room as an HMO (rent to HMO) or by renting the property out as a holiday let on platforms such as Airbnb (rent to serviced accommodation). As long as you use the correct contracts, with the landlord's express agreement, this is not subletting and is totally legal.
Deal sourcing is where you find property deals and then sell this information on to investors. You can make a few thousand pounds per deal. You will need some money to get correctly registered and compliant, but you can start out as a co-deal sourcer without this. A co-deal sourcer finds deals and hands them off to a fully compliant deal sourcer for a share of the profits. You can start out as a co-deal sourcer with very little money; all you need is the knowledge and enough for petrol or bus fare to go and view houses.
Some money, some time
If you have some capital and some time to invest into property, you could do a BRRR (Buy Refurnish Refinance Rent) deal. This is where you find a run down property, do it up and then get a mortgage on it based on its new value. As long as 75% of the new value is equal to the amount you spent to buy and do up the property, you can get all your money back in the form of a mortgage. You can then do it all again as many times as you like. This allows you to take a relatively small pot of money and recycle it again and again.
You will need to have a good team in place to carry out the refurbishment; have an excellent grasp of the local market; and a knowledge of costs. However, if you are able to do this type of deal, the sky is the limit.
Lots of money, no time
If you have the capital but don’t have time to do the work yourself, a joint venture is for you. You could be the funding partner for a BRRR or a development deal, for example. Even if you plan to be totally hands-off however, you will still need to know your stuff to ensure you are not misled into a bad investment.
Whatever route you choose it makes sense to get trained. The best place to start is the free Property Investors Crash Course. You can claim your ticket here. With the correct training anyone can make it in the property game.
