Can people still make money from property?
Is property still the best way to make money for your retirement?
What strategy should I go for?
How do I start in the property game?
How do I make money from property?
Have you asked one or more of these questions? I know we have. For centuries property has seemed to be the number one way that wealthy people have made money. Nowadays though the shift has been coming that the technology age is taking over. And people with no experience whatsoever are making a lot of money very very quickly.
If you want to make money quickly then this post is not for you, get rich quick schemes rarely work and are rarely legitimate.
Making money from property akin to planting a seed, naturing it and making it grow. Now we usually recommend that you do not buy a property in speculation that a property will go up in value. This is similar to gambling, you do not know what the future holds - no one does. Anyone saying that the property will go up by x after x number of months/years doesn't know. It's their best guess.
If you're buying an investment property then buy for yield or return of investment, not for speculative growth.
When buying a property questions that should be in your minds eye:
How much can I rent it for?
What yield (% percentage) do I get back from the money invested - ROI?
Can I add value?
What are other properties going for around here?
What has the property got that others do not have?
Can the seller move on the price or are they fixed on selling at the asking price?
Do you like the property?
Is there a lot of work to do?
Do I need extra licensing for it - Is it HMO? Do I need extra safety measures?
Will I make a profit after expenses and costs?
How much do I want to make from my property?
How much will it cost to finance the deal?
What stamp duty will I pay? This will increase the price of a property
Armed with the questions above it will put you in better stead to make money from your property. Let me know if you want a more detailed list of once you think you have found a property and I will put a quick spreadsheet together on finding out if a deal is a deal!