Getting Started: 4 Expert Investment Tips for Beginners
Investing can be an intimidating process, but it doesn’t have to be complicated. With a few simple strategies and tips, even beginner investors can start to make their money work for them. Learn how to get started with investments and protect your funds with smart financial decision-making. Read on for 4 expert investment tips for beginners to get you started.
Bring an Experienced Builder to Viewings
It’s very easy to get excited when viewing a property that offers substantial options to refurbish but the last thing you want to do is underestimate the costs involved, having a builder assist with crunching the numbers when you first start out is vital!
Once you develop your relationship with your builder, you will begin to get an understanding of rough costs for various aspects of refurbishing a property and knowledge of the red flags that could spiral the costs out of control. This will then allow you to attend multiple viewings and quickly price estimates for refurbishment to analyse purchase opportunities quickly and efficiently.
Know Your Exit Options
Whether you are aiming to flip, hold for a buy-to-let or use as serviced accommodation, make sure you do your due diligence on the other strategies for a backup.
Having only one “out” could get you in trouble if things don’t go to plan!
For example, even if you have your mind set on flipping a property, make sure you know how much it would achieve on the rental market. That way, if it was struggling to sell for the price you need, you can always let the property until it’s the right time to try again.
Don’t Restrict Yourself By Area
Explore different locations to establish what works for you. So many people only want to invest near where they live but this could be a disaster if their area doesn’t hold a strong rental demand or capital growth. Whilst it may be beneficial for the property to be close to you if you are carrying out substantial refurbishment yourself, this can be a very narrow mindset for long-term investing.
I would always recommend using a local Lettings Agent to manage your buy-to-let investments and therefore there is no reason for you to need to attend the property. Even if you self-manage, the need for you to visit should be few and far between.
Ask For Help Then Take Action
“The excuse of “I don’t know” becomes a choice when you never ask anyone to help you find out”.
Social Media offers direct access to thousands of experienced investors across the world whom you can reach out to for advice and assistance. In property investment, you should never guess or take a stab in the dark when it comes to decision-making. The best way to build your knowledge and experience is to ask those who have already done what you are looking to do. It’s easier to learn from their mistakes than your own!
One of the best investment tips for beginners is to seek advice from more experienced professionals. When it comes to investing, there’s no substitute for expertise and knowledge, so find an advisor who can help guide you in the right direction.
Once you have the tools you need, TAKE ACTION AND BUY.
You can attend all the training courses, zoom sessions, networking events and coaching calls you like but you will never progress in property investment without taking that first step. Learn the fundamentals and make a sensible purchase that meets our requirements. The first property doesn’t need to be the deal of the century, it just needs to get you started. Once you have a taste for it, you won’t stop!
Working With Us
At The Portfolio Brokers, we are always looking for new clients to help build an investment property portfolio. If you are interested in finding out how we can help secure your first investment, get in touch today!
We source lucrative off-market properties across the whole of Scotland, irradiating the competition and minimising the stress. Find out more about the process here.
Our proven process and extensive network of sellers means you can get the property you want, that fits your budget.
The first step in buying your portfolio is just a phone call away.