Property Investment is not for everyone.
It may seem strange that I want to put people off UK property investment as I do believe that it is a fantastic tool for creating wealth and for securing financial freedom yet for some people its still isn’t for them.
If you fall into any of the following categories then I would advise you not to invest in property.
If property investment is going to cause you sleepless nights, or make you lose your hair or your marriage then it is definitely not for you. Some people get themselves so worked up over insignificant things that the prospect of property investment will be far too much for them. Let me be clear, if you build a property portfolio, things will go wrong at some point. It may be that a washing machine breaks down or repairs are required. These issues should not cause concern as you will have simple systems in place to deal with them. However, for some people they can be stressful incidents to deal with.
It may be possible to invest in property with little money down. If someone invests in a property that clears out all of their savings and leaves nothing in the pot then they are putting themselves at risk. You always need money to cash flow your property, to enable you to keep it in good repair. At Rescue my Pension we always make sure you have the resources to cash flow your properties before we will work with you.
Lack of patience
If you want to get rich quickly through property investment, then you are doomed to fail. There are plenty of property investment companies who promise rapid ways to wealth, I have yet to see a get rich quick scheme that works. Property investment can make you wealthy over the medium to long term. If you’re not prepared to wait then I would try something else. I would be careful though, fools and their money are easily parted.
Poor discipline with money
If you struggle to manage your personal finances then you should avoid building a property portfolio. People who regularly miss bill payments and have debt should not be investing in property, instead read the Richest Man in Babylon and start your financial education there.
The great news is if none of the above categories apply to you then you should be taking advantage of property investment.
If you are not considering UK property investment, why not? Take the first step towards building a property portfolio by educating yourself with our free newsletters below.