How To Build an Income from Property

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(Free-Press-Release.com) August 23, 2009 -- My property related income varies from a personal property portfolio, property management service for other landlords, quick property sales otherwise known as flipping, overseas purchases and rentals, hotels and also land projects.

In the last ten years I have refurbished in excess of fifty properties and it’s been one of the biggest learning curves of my life! I’ve bought many a bad property and have lost thousands; at the opposite end of the scale however this business interest has brought me most of my success.

I have kept most of the properties I have purchased because part of my long term goal is to rent them out and hopefully sell them for a profit at a later date. In the meantime the difference between the mortgage and the rent provides me a passive income. The management is undertaken in-house and the whole process is automated.

If you have decided the property industry is for you, I urge you first to consider that buying a property is committing yourself long-term to a project. You need to think worse case scenario, always over budget and make sure you cover all bases. If you are buying it with another person ask yourself if you really need to.

I associate buying a property with someone the same as getting married to them. You are legally attached and to part company if the relationship goes sourer will drastically set you back.

Never over expose yourself and don’t think for one moment it will be easy money. Many people watch the endless amounts of property related television shows and think it is a fast route to success and massive wealth. This is not the case; buying properties is fraught with many financial dangers and in the early stages of learning it can be very stressful.

If you buy the right property, in the right area, in the right street and at the right price; you are sure to make money. Always do your research and never ever pay more that 70% of the asking price. The 30% difference or discount is your buffer zone. In todays chaotic market some developers are offering around 50% of the asking price; and are successful with their bid.

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