Logical choice? I'm new...

[Kally]

Where to start...

I'm 18 years old and have recently read and self taught myself a bit about property investing although I'm still completely new to the topic. It became an interest to me from when I dropped out of college after completing my first year and started working alongside my dad, I was always money hungry and couldn't stand book work although my grades were always top. My dad agreed to let me take the business over once I knew the ins and outs so I'm still currently working my :reddy: off to prove myself. The business is good and the money it generates is substantial but for me, not enough. With ideas of expanding we're currently looking for another A3 premises to open another but that's besides the point. The money the business can make alone is ok but I'd like to invest my money into something that could make it grow. Originally I thought stocks having being excited about the Wolf of Wallstreet life style which I became to realise wasn't realistic in my current circumstances so I then turned to property. I've bought a few books on property investment and I'm currently reading 'The complete guide to property investing success'. I guess what this thread's really about is whether it's realistic for me to expect a high earning off of property investment as well as guidance from some of the more experienced posters and postette's (bad joke LOL) that are more knowledgeable on the subject itself who could enlighten me. At the moment I have a drafted vision, whether it can or will work is a different story.

Any tips, advice or anything that could be of help to me would be great.

Thanks all!

Kally

P.s - I've never joined a forum before so I don't know if I'm doing it correctly?

 

[totallyproperty]

Hi Kally

First of all welcome to the forum and I think you have come to the right place to get different views and different opinions.

I will post more points and comments when I have a little more time but my first piece of advice is that there is no short cut to riches from property. We see people who invest heavily and make quick money but there are probably hundreds or thousands more who do the same, fail and we never hear of.

I see property investment as a long term project. You will make mistakes, we all do, but if you make them early on and learn from them (with limited financial loss) then this bodes well for the future. Some of the most successful property investors have taken many years to build up their portfolios, seen their up and downs but spread their investments sufficiently to ensure they are never in a position where they could lose everything.

What kind of time scale do you have in mind?

Regards,


Mark

 

[Kally]

I appreciate the time you've taken out to reply to my thread Mark, also thank you for the warm welcome. In terms of time I haven't really thought about it in depth like that, I'm still trying to contemplate whether it's a rewarding path to go down being only 18 although I'd agree it's best for me to learn from my mistakes earlier on. Could I make substantial earnings by 21? being 3 years or around 3-6 years at most? I'm giving you figures but to me I have no idea how realistic they are, hopefully you could re assess my answer and could direct me to something perhaps more realistic if what I'm saying now seems overly ambitious

Regards,

Kally

 

[totallyproperty]

Hi Kally

There is no rule of thumb about how long it may or may not take to make good money from the property market. However, history shows that investors who take a long term steady approach to property investment have the highest success rate. As you mentioned, you are only 18 and if you were to begin building a long term property portfolio now, can you imagine how big it could be by the time you are 40, etc?

It might be sensible to continue full time with you family business and start your property portfolio in your "spare time". After a few years it may be that the property side takes over from your current employment and actually becomes your full time job.

Whatever you decide I wish you all the best.

Regards,


Mark

 

[totallyproperty]

Perhaps if you have specific individual questions you would like answered you could post them on this thread?

That would allow myself and other members to go into a little more detail on specific subjects.

Regards,


Mark

 

[Kally]

Thanks for the reply once again Mark. My initial plans were to expand the current business which is reasonably successful at the moment and has been for the past 15 years or so in order to increase income. I'm currently working full time working around 77 hours a week just so I can learn the business like the back of my hand for when I take it completely. I was considering taking a few days off and attending either some sort of property investment course classes or getting a part time job in an estate agents in order to get a front row view at the industry itself as well as understand lettings and sales a bit more. I don't feel I'll learn all i need to know through books. What is the best approach in my position or what would you do yourself? Do you recommend that I should do specific courses? Do you agree on the part time estate agent job as being beneficial for my current circumstances? At the moment I have so many ideas and property being one I favour most and am hoping to pursue but it seems as if there are 100 doors available to me and one being the right way, I feel kind of lost. I'm just so determined to be successful it's causing stress lol. Sorry if I'm being bothersome.

Regards,

Kally