How to Invest and Get Your First Property
Hi. This is Samuel Leeds, your property guide. So, today I will tell you guys how you can invest and get your first property if you have not yet. So let’s get started, make sure to stay connected till the end.
How You Can Invest?
I called a person who is a footballer from Hull City Football Club. He showed his interest towards investing in property so I guided him for the investment purpose so that he will get hands-on his first property. We had some mutual friends as well because some of the Hall players also did an investment so I had a connection with them. One of my partners and friend Kevin is also his friend so yeah we have mutual friends.
As football players are now realizing that they need active as well as passive income to survive or for their future savings. And the person to whom I was talking on phone is just 20 years old like he is too young. I am literally very happy to assist him and open him the world of investment and property. He also started some finance courses to learn things.
The Plans and Strategies
He wanted to rent rooms in Hull as he recently had an operation and things got difficult so he wants to invest and expand. I asked him about his home what he would like to do in the future, will he sell it or not? He said it may be not because he makes a portfolio to grow in this field so he will hold it. What I suggested to him is to buy a house in Hull as a first-time buyer and I will speak to my mortgage broker where you can have to put only 10% to 15% then you can be chipped in.
You can bring a few lodges and fix it at home. Then after 2 to 3 years, you can sell the property at good rates. It gives you property exposure, you will get credibility in the industry and of course, you will get money from it. Also in a few years, I’d sell it then you will pay zero capital gain tax because it was your residence. You don’t have to pay any tax when you sell the property because you lived in it. Did he ask me that keeping the property and renting it out is not better but to sell it would be more worth it? To which I said you can do it but selling has benefits like you don’t have to pay any taxes and you can put your profit to some other deal.
I told him that his first deal should be three-bed residential to which he turns into four beds and fix it a little bit then get a few lodges. It requires just 10% to 15% grand to put down in the property. This will build up his credibility as well as the experience. He asked if he buys a property and add value to it what would be the benefits. I told him that it will be advantageous like you don’t have to pay the stamp duty as it will be his first property. That means he will get really cheap rates. What I said to him is that I prefer the property that needs low refurb like turning reception into a bedroom and little bit work or fixation not a whole refurb. It requires just peanuts to put down in the property.
HMO Property is Preferable for First Time Buying?
The footballer said what if he wants to buy an HMO property so for this I advise him differently as my student Alistair also buys an HMO property in Hull. He bought on lease option agreement and he didn’t put down too much because there is a lot of negative equity in Hull. So I don’t prefer it personally. Because you don’t need any landlord experience and not much kind of effort to learn. He understands and wants to expand his experience as this industry has so much to make profits.
The player showed his interest in property investment and asked about the strategies and everything. I explained to him but I told to get some training if he wants to get some experience and firstly join my training as he will learn a lot of things about the property. So I suggested to him that if I was you I would buy a house and get a good mortgage broker. I will be happy to connect him with a good mortgage broker and get tenants till July. I am glad that he showed his interest and has invested something and I would love to support him. But he surely has to join the academy for more learning and to know the steps of investing in a property.
Well, this is for today. Hope you find the video helpful. To watch more videos about property information and knowledge, hit the subscribe button for my YouTube channel. Take care!
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