Leicester, England · Member since 2014 · 1 post · 0 votes
Hi I'm Jack 22 from England and would like to gain some knowledge about setting up my own rental portfolio or any help I could possibly get ! I have nothing and no idea where to start to so would really appreciate any tips or pointers for a young beginner like me ! Thanks !
Start by looking at your current personal financial statement with assets versus liquidity. If you have no assets or liquidity then analyze your monthly expense budget. See what is a luxury expense and what is a need expense to see what can be cut so that you can start saving for your first down payment and reserves on a property.
If your job doesn't make enough to pay for your needs and you can't cut much then find another job that pays more money so you can build up cash faster.
Then decide if you will be investing in your country or out of the country for your first property.
I would recommend diving into as much educational information as you can find--both written/audio and "real world". Here are a few examples:
Read a Few Books
Equity Happens by Robert Helms and Russell Gray
Rich Dad Poor Dad by Robert Kiyosaki
Listen to Some Great Podcasts
The Bigger Pockts Podcast
The Real Estate Guys Radio Show
Get Some "Real World" Information
Find a property in your local area for sale, and ask the listing agent for as much information as you can get. Look at the flyers and online information they post. This is your chance to begin applying what you're learning in the books/podcasts, in a safe no-obligation way. Create a list of questins and ask those of the listing agent. Pretend you wanted to buy this property and do some some practice analysis to see if you think it would work as a rental investment.
In short, I'd recommend just getting as active as you can in consuming as much information through books, podcasts and people as you possibly can. It may seem scattered and haphazard at first, but you can't help but learn from everything you'll be exposed to.
We are buy and hold investors. We got started with buying personal. I have many friends who bought personals and than rented out all their extra rooms paying their mortgage. We don't follow any of the 1%, 2% and 50% rules. We have done very well following the Southwest airlines model. We have tight margins but buy class A properties where we are able to keep very tight control of the expenses, have little to no vacancies and self manage.
Another great resource is to check out the signatures of those who comments you enjoy. It is another great resource on what has worked for others. My website/blog that I just launched is all about land lording, self management from long distance, buying class A properties and turning them into rentals with lots of other good stuff :)
I look forward to seeing you around the site and learning a lot!
