In our A to Z of Property Investing series, we’ve reached E which, amongst other things, stands for Experience.
All property investors have to start somewhere and not everyone is blessed with heaps of experience in the first instance. Whilst experience is not necessary to get you started, it certainly helps as you progress with your investing career and many property investors will agree that they’ve learnt and grown from good and bad experiences along the way.
Sometimes the first step on the property investment career is with a property that happens to be available at the right price and at a time when someone wants to have a go at being a landlord and making money from property. It can be a good starting point, helping people get to grips with the basics of working as a property investor, but it’s only over time, when you learn about what works, what doesn’t and how you could improve on your track record that experience is gained.
Some of the common areas in which people typically gain lasting experience include issues such as:
Where to buy property
What type of property to buy
What type of tenants to aim for
Marketing a property
What rent level is realistic
When to sell
Using effective letting agents
What experience have you gained since starting as a property investor? Is there anything you know now that you wish you knew when you’d started out? Leave a comment and share your thoughts.
To help build up your experience and knowledge, then you’re in the right place, with property experts HBF Investments.