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As a first time investor, build your support network

When one asks property investors why they invest in property, some answer that they want more retirement income or to leave a legacy for their children; however, for the majority it is because they want financial freedom.

What does this mean? It means passive income. The ability to do the things you want to do, whilst at the same time money is being generated without you being there. Normally you work to earn money, which you then spend, and then work some more in an ever-revolving cycle. If you invest wisely property will give you passive income even when you are on a beach somewhere warm or skiing in the Alps! Wise investing includes numerous factors, such as a good location, buying from motivated sellers and ensuring you generate some profit after all costs are taken out.

People tell me that that they are fearful of making that first step, so I tell them “get support and surround yourself with people who are doing it already”. This is so powerful and will help you to avoid some of the pitfalls new investors may fall in to when they first get started, such as buying emotionally, paying too much for the yield a property produces and buying in the wrong locations. The property investors network is one way you can get that informal, sharing and friendly environment to help you make that first step or continue to make them to increase your property portfolio.

So imagine working once and then getting paid for that first burst of effort over and over and over again! Applied well, this knowledge can begin to give you that financial peace of mind that you and your family will be provided for in the future and as the saying goes“to know and not to do is not to know”.

Follow the Property Investors’ Network on twitter at @pin_cambridge. Christine hosts the monthly Cambridge Property Investors Network meeting at the Holiday Inn, Impington. The next meeting is on 23 April from 6pm. For details see cambridgepin.co.uk and use free voucher code ‘Cambridge News’ to attend.

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