What route to take to quit our jobs?

[Johnc2020]

Hi all, me and my wife’s goal would be to quit our jobs and go into property full time ( or at least me ).
In 2 years time, we would be looking to have at least £300k equity in our home. What would be the best route to take, to eventually making me be the first to Quit our jobs then my wife to follow suit straight after?
Do we go down the buy to let route or do we buy property/s to do up and sell? If we went down the buy to let route, would it be best to buy place/s ready to rent or do the place up and rent afterwards to potentially bringing in more rent, or
if we went down the route to buy, do up and sell, at first it’ll be just cosmetic stuff like new kitchen, bathroom, heating system and maybe wiring, but nothing structural at first until we have maybe done a few already. At the moment we have a repayment mortgage, so would we do the same with the others or interest only mortgage? We both earn over the £30k mark, so we would need to plan to make sure we have that amount of income coming in to cover my income and hopefully both of ours.


Thanks in advance

John

 

[Longterminvestor]

Hi @Johnc2020

You have obviously done your homework on each area of property investment but I think you need some focus. I dont know if you are aware but there is a mentorship scheme on this forum:-

Nicholas Wallwork Mentorships

If 2023 is the year you’re ready to take serious action with your property investment goals, then a tailored mentorship session with leading property developer and accredited property trainer Nicholas Wallwork can help you reachRead more...

www.propertyforum.com

It is provided by the owner who has been there and done it in the world of property investment. I believe there is an introductory chat to see if he can help you - then take it from there.

 

[realdeals]

There are also some very useful free ebooks which will help you:-

Educational Ebooks

Property Investment Strategies, Mindset, Tax, Rental Income Spreadsheets, Buying Overseas, Entrepreneur Top Tips and much more. Learn how to build a holiday let portfolio. Download Now An introduction to the Rent-to-Rent investment strategy. Download NowRead more...

www.propertyforum.com

 

[Nicholas Wallwork]

Hi all, me and my wife’s goal would be to quit our jobs and go into property full time ( or at least me ).
In 2 years time, we would be looking to have at least £300k equity in our home. What would be the best route to take, to eventually making me be the first to Quit our jobs then my wife to follow suit straight after?
Do we go down the buy to let route or do we buy property/s to do up and sell? If we went down the buy to let route, would it be best to buy place/s ready to rent or do the place up and rent afterwards to potentially bringing in more rent, or
if we went down the route to buy, do up and sell, at first it’ll be just cosmetic stuff like new kitchen, bathroom, heating system and maybe wiring, but nothing structural at first until we have maybe done a few already. At the moment we have a repayment mortgage, so would we do the same with the others or interest only mortgage? We both earn over the £30k mark, so we would need to plan to make sure we have that amount of income coming in to cover my income and hopefully both of ours.

Thanks in advance

John

Hi John!

Great to hear you’re starting out on your journey! Lots of questions there and it kind of depends on many factors including: financing, cash available, location, end goals (investing for yield or capital growth) and may more factors. You need to get some fundamentals in place before you start looking for deals, firstly educate yourself as much as you can (here is a great place to start!). Then read lots of property books and then get the right advisors in place to help minimise mistakes and help you grow faster.

Always treat property investment as a business and to answer your question directly I’d always advocate doing actual development work to add value. Without that you’ll be getting an average return and your capital will be used up more quickly. To grow past that phase you’ll then need to JV or raise alternative finance (trickier when you don’t have a good, long track record).

Fell free to ask more questions on here and we’ll do our best to help!

Kind regards
Nicholas







Sent from my iPhone using Property Forum

 

[realdeals]

Hi @Johnc2020

It is always good to see people taking the plunge into property which can be very lucrative if you do your research and keep to your game plan. I could only estimate the thousands and thousands of people who have the same thoughts but never do anything about it.

As long as you dont run before you can walk and dont over stretch your finance you stand a good chance of doing well. As @Nicholas Wallwork said, if you can add value in the form of renovations then even better

 

[PostBrexitInvestor]

If we look at the average uk wage of circa £25k, how big a property portfolio would you require to earn this and what is the average rental yield you would use for your calculations. Or do you also include a degree of buying and selling, redevelopment, etc in your forecast income, etc.

 

[imiS]

seems like mentally you both have decided to give up on the rat race and venture into property - congrats.

if I was to approach this I would look at your current salaries - 60K for both and reverse engineer what you need to do in order to make that money via property and in what timeframe - that would form the basis of your business plan.

Secondly - Leverage - if both of you quit your job - how do you plan on raising finance to fuel your prop business?

Summary - build out a plan and then execute.