CONFIDENCE IN YOURSELF

This month I would like to talk about confidence. A bit strange you might think, for a property investing blog but it is so closely linked. Having the confidence to enter into a new arena such as property can be a big ask. Maybe it is an area that you previously thought of as a men only environment. Hopefully I am changing that for you? 

I was in your shoes. I lacked in confidence to enter into this space but I got there and it was in part due to following inspirational females already in the industry. It was good to read and listen to their stories and realise how much in common I had with them. I had a family, a 9-5 job, life was busy, really busy. I wondered how I would  have the time to learn and would I be accepted. What I grew to realise was that, if I wanted to learn I would make the time and being accepted became irrelevant. I went through a period of heavy self improvement, during which I put other people’s opinions to the bottom of the list. Hard to do but very much worth it! 

Getting around the right people was really important. I only spent time with those that were going to build me up at the same time as being honest. I had to cut the negativity out of my life. What a journey and amazing action to take. One that I highly recommend. 

I know that getting involved in property or anything new for that matter can be daunting, especially when committing large amounts of capital are involved and that is why confidence is so important. Self belief in your actions only come from knowing what you are doing, truly trusting your decision making abilities and leveraging the correct experts. 

I am a great believer in finding your who before the how and what I mean by that, is finding out who is going to help you get what you want. They will lead you to the how. Trying the how first, is time consuming, fraught with mistakes and learning, when finding your who will speed up processes and certainly limit the mistakes.

If you need help finding your ‘who’, let me know!

Business update

We are growing…..and fast!! When I started out on my own in September 2021, I never dreamed that my team would be up to five by April. It really is incredible what can be achieved when we really want something. I would like this number to grow before the end of the year, so it is head down and reach for the stars!!

We have been able to take on more clients than ever due to the increased availability of property. This is due to an increased reach within the property network in Northern Ireland and therefore access to property that we would never have had. All of this is great for our clients.

We have just sale agreed on three of our ‘flip’ projects making excellent returns for clients. We are now concentrating hard on the buy to let market with us agreeing many properties this month. As always, any of these that need refurbishment will be featured on my social pages if you want to follow the journey.

Your Questions Answered

Q How can I fund a buy to let property?

A This is one of the most common questions I get. The way most of my clients purchase property is by using an interest only buy to let mortgage. These require you to provide a 25% deposit and most have a minimum income threshold. The lender will then look at the property in terms of achievable rental income. Most of my clients will use our mortgage broker to avail of the best rates and assure that they are making the best decision with regards their current situation.

Q How much over asking should I bid for an investment property?

A In my opinion, the answer is simply zero. You should not pay more for a property than it is worth. You have to remember that this is an investment and is all about figures and making money. There are exceptions to that. I like to focus on the end market value of the property. What that means is that when I buy it and do work to it, what will it be worth at that point. When you know what that figure is and how much you have to spend on doing the work, then you will know how much you can initially pay for the property.

Q How do I set a budget for an investment property?

A You need to decide how much you want to invest. Then take that figure and subtract the essentials. These are the purchase price, stamp duty, solicitors fees, mortgage fees and agent fees. What you have left is how much you can set aside for renovating the property. Once you work out the cost of renovating a property you can decide whether you can afford it or not. 

Please keep the questions coming and I will do my best to get to all of them.

Eimear