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Word Count: 385 Character Width: 60 Resource Box: Peter Stanley at www.bookshaker.com
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"Property Investing - A Numbers Game Or As Easy As 123? "
- by Peter Stanley
(c) Property Made Simple. All Rights Reserved. http://www.bookshaker.com
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People think that property is complicated and that you need to be a rocket scientist to get involved, but I can promise you it's an urban myth.
Other people think that my finance background makes it simple for me, but whatever you're good at can be used in the property arena - you can use spreadsheets for the numbers.
I was talking with a novice investor recently about how to get involved and we spent some time talking about the investment process.
Let me spell it out for you - work out the cost to buy, add the refurbishment costs, then take that number away from the value when you've finished your work.
See, I told you it's simple.
I'd go a step further and say that if the numbers don't stack up, then don't buy it. There are many people who are looking for a renovation project and when they run through the simple calculation above, they find out that they've paid more, in time and money, than it would have cost them to buy a house in good order. As my dad says, if you want to work for free, you'll never be short of work!
As some of you will already know, I try to manage the systems rather than work on the houses myself. Whilst I can do the work, I'm slower than a tradesman and the results are noticeably that of an amateur - so I price in for someone to do the work for me.
Again, it's a matter of calculating the costs for each of the jobs, but it also means I can leverage my time more effectively and run more deals at once.
For other people, this means that they can build a portfolio, whilst holding down a day job, which also means they can invest without needing an instant income.
When I speak to my clients about a new deal, they ask me for the numbers first and the detail second.
But going back to your individual skills, I still take the opinion of someone who was a local visiting chiropodist, as she knows all of Tameside like the back of her hand and can tell me in ten seconds what an area's like.
If you're still not convinced, read my book or get in touch.
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= Do you watch the property investment programmes thinking that this is the way out of a job you hate. . . but don't know where to start? Then you need to read Property Made Simple. Buy it here. . . http://www.bookshaker.com/product_info.
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