9️⃣ MASSIVE MISTAKES WE MADE IN INVESTING [Pt. 2] Number 9 is easily forgotten... 🎓 There's no pre-qualifications to enter property. 🤷‍♂️ We all make mistakes... 👨‍🏫 Learning from them is what matters... If you're a first-time landlord, trust me, you'll probably make more mistakes than wins at first. Our first few investments were a rollercoaster of stress, emotion and bad decisions. Here are Our Biggest Lessons - Part 2: Number 5️⃣: Not Having Contracts 📝 Money without a contract is a disaster waiting to happen. No matter how well you know someone, always keep it legal and professional. ⚠️ Contracts always. It protects both sides and avoids lost friendships and costly mistakes. Number 6️⃣: Overpricing Rent 📈💷 We thought we could push rents higher - originally to appease the mortgage company to let me raise more money from the property. Instead, our property sat empty for months, costing me more than if 1 had priced it realistically. ⚠️ Do you due dilligence. What is the average rent in the area. On that street. Don't just take the agents word. A rented property makes money. An empty one doesn't. Number 7️⃣: Buying in our Personal Name 🏡🤦‍♂️ When we started, we never considered buying in a limited company as we thought it was too complicated. That mistake cost me time and money when we had to restructure and forced us to sell a property than try and 'rebuy' it in the company and pay Stamp Duty again. ⚠️ If you're building a portfolio of 3+ houses, set up a company from the start. Number 8️⃣: Not finding Private Investors Sooner 💰🤝 We avoided raising private finance for too long thinking we had nothing to offer. Result: it slowed our growth. ⚠️ If you want to scale, you will eventually run out of money. Private investors are key to expanding faster and helping others make money too. Number 9️⃣: Not Thinking Big Enough 🏡➡️🏘🏘 We started small, thinking I'd do just one and see how it went. That mindset held us back. If we had crrated a planself earlier, we could have grown much faster. ⚠️ Focus on one, five and ten-year goals. Vision and mindset make the difference. 🛣 We've spent 5️⃣ years building our small portfolio and carving out my dream life. The mistakes we made we're still trying to fix. Property isn't easy, and it takes work. But if you learn from those who've been there, you'll get there faster. That's why we set up our sourcing business and community. Most will make the same mistakes we did. But work with us and you'll be: ✨️ the minority... ✨️ the few... ✨️ the VIP. Have you made any of these mistakes? Let us know below. Join Derbyshire and Yorkshire's most exclusive property club We SOURCE 🎯 We SUPPORT🤝 We MANAGE 🏡 We CONNECT ❤️ DM the word VIP

Posted by James Lovell-Smith at 2025-03-17 11:23:44 UTC