On this episode of the Samuel Leeds coaching call. Junior doctor Adam wants to get involved in property investing so Samuel puts a call in to share the dos and don’ts within property investing.
A first-year junior doctor aged 23 Adam currently working in Liverpool. Adam faces the two issues in his quest to become a property investor he is lacking time due to his current job and funds.
In his current role as a junior doctor, Adam makes around £2,500 a month and is in quite a lot of debt due to his medical school expenses.
He has a goal of making around 24K from investing in property. This amount would allow him to significantly reduce his hours at work and spend more time with his family. Adam is motivated and wants a long term future in property which will give him the freedom he craves.
Although he isn't the most well versed in property. He does have some experience in managing HMO’s which is something he did during his time at university and was compensated in admin fees.
Samuel’s biggest query for Adam is if he is willing to make the sacrifices required. Currently he is struggling to commit either time or money into his plans which is a cause for concern.
The best strategies at the minute for Adam to consider would be using the rent to rent service accommodation and deal sourcing methods. These wouldn’t require huge amounts of time or money and can be done within weeks. Finally, Samuel suggests that Adam puts a strong effort into saving his earnings monthly which in time can be used at a later date for other property investments.
Adam is switched on and seems highly motivated to be a success within property, Samuel’s advice seemed to resonate and hopefully will give him the push needed to take the plunge.