Property Mentor - Buying a property as an investment is a huge step and you may very well feel a lot better if you have the help of property mentor to guide you through the process.
Property Mentor - The question is what to look for in this mentor. Make a wrong move in this respect and you will end up counting the cost later on, as a poor purchase decision is something which will have long term financial repercussions for you.
The good news is that it is possible to find a class mentor by considering a few of the key criteria you need them to fulfil. Below you will find a few tips to help you along the way to making the right decision.
Lots of Experience
When it comes to buying and selling properties there is nothing to beat years of experience in the field. Just as you wouldn’t want to be your brain surgeon’s first patient or to see your dentist looking up “The Dummy’s Guide to Fillings”, you really don’t to leave your money in the hands of someone with good intentions but no experience to back it up. Do this and it is a recipe for disaster. You would actually probably be better doing it yourself than relying on an inexperienced mentor.
Active in the Market
We need to add current activity in the market to the last point about experience. This is because the UK property market moves so quickly that if your mentor gained their experience selling apartments in the 1960s then that isn’t completely relevant to today’s buy to let investments. If you choose to lean on someone then make sure it is someone who knows what the current trends are and how you can take advantage of them. This combination of long experience and current knowledge is what will help you along the way.
Good Contacts
The final point on the list is your new mentor’s database of contacts. If they have the experience and the current activity which we just mentioned then there is a good chance that they will also know where you can get hold of some top deals. This is the end product which you should be after. The amount of profit you make from a buy to let investment is going to be largely determined by how good a deal you get on the property when you buy it. There are bargains out there and while looking for them alone is a tall order, you can get some expert help to guide you in the right direction.