Advice on Starting Out in Property

Property can initially seem like a daunting business to get into, as it can feel like there is a lot to learn. However, there are a few key tips when starting out that will help you massively in understanding the best way to move forward.

1. Firstly, study study study! It's vital that you become obsessed with property and learn as much as you can about it. One way of doing this would be reading books - two great recommendations are Rich Dad, Poor Dad (by Robert Kiyosaki) and The 44 Most Closely Guarded Property Secrets (by Rob Moore & Mark Homer). Alternatively, if reading isn't something you find useful, you can watch videos on YouTube/TikTok by already successful Property Developers. Learning from others' experiences is extremely beneficial, as it can give you a first hand commentary on the mistakes you should avoid in your own journey. You can also listen to podcasts on Spotify or Apple Podcasts for the same results.

2. Secondly, you need to work on increasing your income so you have a solid capital to begin investing. To do this, first start by working hard in whatever job you currently have. Either take more hours there, or even take on a small temporary side-hustle. Then, if you need a small helping hand in order to put down your first deposit, there is nothing wrong with taking a small loan from family, friends, or business partners who believe in your vision. The main thing is, BE SENSIBLE - never take more of a loan than you can afford, and make sure you spend it wisely. 

3. Lastly, learn from others. When Luigi first started out, he created a podcast and reached out to successful property developers in his area to interview them for his YouTube channel. This provided value to the developers because it meant they got more exposure for their business, and Luigi made friends with them and gained a lot of knowledge in the process. Another good way to get your foot in the door is offering to work for successful developers for free, in exchange for knowledge.

In an industry such as property, the importance and value of knowledge is priceless and will always be worth more in the long term than money in the short term - it is the difference between taking a good or bad deal, working with the right or wrong partners, and making or losing a lot of money. Building these personal relationships means that you will start your journey having valuable contacts and people who you can go to for advice and help during the times when you will need it most.

Overall, though it might sound like a lot of work, property is an extremely forgiving asset class, and if you put in the time and energy for the first few years of your journey, you will definitely reap the rewards for the decades following. And always remember to leave your emotions out of your business - every deal has to be an all-round great deal, and it is always about the numbers. Your first 5 deals are crucial, and getting them right will set you up to have the best start to your property journey, and although you are working in a business which helps others, remember it is all about MAXIMISING that profit - the Philanthropy will come later.