Today is where all my property adventures begin. How scary?!?! Hopefully today is going to be a memorable moment in my life; a moment which I’ll look back on for years and think, “Yes, that’s when my success as a property investor started”
I’ve thought about this for some time now, and I’m officially ready to let go of my parents’ comforting, warm hands and do some growing up by taking on some responsibility. I’m about to take a head on collision with adulthood by purchasing a property with the intentions of becoming a landlord by letting it out.
It should be an interesting challenge because I can barely look after myself, let alone an isolated property that will occasionally need my management skills, or lack there of, should I say.
Why am I doing this?
I’ve been aware of the booming property market for a while and it has always appealed to me. You always hear about these property tycoons becoming millionaires- I wanted a piece of that action.
I wouldn’t say I have a passion for property right now because I haven’t even entered the game yet, but I definitely have a keen and growing thirst to start playing.
At the moment I’m in a position where I have idle cash laying around in a low-interest current account. The money is pretty much sitting there gathering dust, so I thought to myself, “why not invest NOW?”
So here I am, documenting my journey from property-idiot, to hopefully, successful property landlord.
Why am I documenting my story?
I don’t want to bore my uninterested friends with my property related tales, so I’m going to release all my verbal shit on here. I’m hoping other property enthusiasts will join me on my journey and give me useful tips along the way, or even learn a few things by reading my diary entries. I plan on making untold amount of mistakes, so hopefully people can learn from them.
What type of property am I after?
I have a budget of around £165k. I’m told I need about £25k deposit.
I’m looking to get a 2 bedroom terrace house, in a very specific part of town. I know the area quite well, and I already know it’s an extremely desirable location for renters. It’s close to town, there are good local amenities, and the transport links are more than efficient.
My First Steps- Approaching the appropriate Estate Agent
The town I live in is jam packed with Estate Agents, so I wasn’t entirely sure which one(s) to deal with. To narrow it down I looked on each of their websites and browsed through their stocklist to determine which one had most 2-bedroom properties in the area I was keen on. Bingo!!
So, this afternoon I got the ball rolling by popping into the Estate Agents. As soon as I walked through the front door I was quickly greeted by a young gentleman, who swiftly floated over me, while foam was starting to takeover his mouth. It’s almost as if he was waiting for me, like a predator hunting its prey. Only, this predator didn’t smell of hard work and sweat, it was more musky, like a bottle of Brut.
After having got the formalities out of the way; the meet, the greet, and general pleasantries, I told him exactly what I was after. He proved to be quite useful to be honest; he said he would arrange for me to view four houses for the following day, all of which fitted my budget and property requirements.
There’s really not much else to report on at the moment. How dull.