🔑 Key Takeaways
- Focus on potential rental income, location, repair costs, and ask specific questions related to these areas during property viewings to make informed investment decisions.
- To make informed property investment decisions, research online using tools like Property B, ask questions during viewings about seller's motivations, and consider circumstances surrounding the sale.
- When considering a property purchase, research thoroughly, ask about service charges, ground rent, lease length, potential rent, and be persistent with agents for complete info. Offer agents rental business if securing property to build rapport.
- Research extensively before, during, and after viewings. Ask questions during viewings and consult with experts or potential buyers afterward. Join events like the Property Summit for concentrated advice.
- Rob and Rob emphasized the importance of staying informed, networking, and being open to new opportunities in real estate investing. They also highlighted the value of having a supportive community and the normalcy of setbacks, encouraging listeners to persist and continue learning.
📝 Podcast Summary
Asking the right questions during property viewings
Whether you're a seasoned property investor or just starting out, asking the right questions during property viewings is crucial. Chris from Liverpool, a new investor, asked for advice on approaching viewings for potential investment properties. Rob and Rob reassured him that it's natural to feel unsure, especially when transitioning from viewing properties for personal use to investment purposes. They suggested focusing on the property's potential rental income, location, and repair costs. Rob and Rob emphasized the importance of asking specific questions related to these areas, such as the rental market in the area, average rental prices, and any ongoing maintenance costs. They also advised Chris to consider the property's layout and its potential for multiple income streams, such as a separate annex or a garage that could be rented out. In summary, asking insightful questions during property viewings can help new investors make informed decisions and maximize their returns.
Researching a property investment: Gather info online and during viewings
When viewing a property as a potential investment, it's essential to gather as much information as possible beforehand and during the viewing itself. Start by researching the property online using tools like Property B for Firefox or Chrome. This will give you an idea of the property's price history and current market situation. During the viewing, focus on the circumstances surrounding the sale, such as why the vendor is selling and whether there have been any previous offers. Estate agents may provide biased information, so take their answers with a grain of salt. Asking these questions can help you determine if the property is a worthwhile investment and provide valuable insights into the seller's motivations. By doing your own research and asking thoughtful questions, you can make informed decisions and avoid potential pitfalls when investing in property. Remember, the more information you have, the better equipped you'll be to make a wise investment.
Gathering Info Before Making an Offer on a Property
When considering a property purchase, it's crucial to gather as much information as possible before making an offer. If a property has recently come on the market but you suspect it's been there longer, use this knowledge to inform your offer price. For flats or apartments, don't forget to ask about service charges, ground rent, lease length, and potential rent. Agents may not always have this information readily available, so be persistent and ask them to find out. If the property is tenanted, check the current rent and Assured Shorthold Tenancy (AST) terms. If it's not tenanted, determine the potential rental income. Remember, agents don't always have your best interests at heart, so be proactive in gathering information. A potential strategy to build a better relationship with the agent is to offer them the rental business if you secure the property. This tactic could benefit smaller agencies. Overall, thorough research and communication are key to making informed property investment decisions.
Don't Rely Solely on Estate Agent Information During Property Viewings
When attending a property viewing, it's essential not to rely solely on the information provided by the estate agent. While they represent the seller and want a sale, some may not provide accurate or complete information. Therefore, it's crucial to do thorough research before, during, and after the viewing. Beforehand, try to find out as much as possible about the property and its location. During the viewing, take note of any potential issues and ask questions. Afterward, continue researching and consulting with other experts or potential buyers. Additionally, consider joining events like the Property Summit, where you can network with other investors and receive more concentrated advice from experienced investors like Rob and Rob. By combining multiple sources of information and taking a proactive approach, you'll be better equipped to make informed decisions in the property market. To help you get started, listen to episode 119 of the Ask Rob and Rob podcast, which covers a property viewing checklist. Remember, the more knowledge you have, the more confident you'll be in your property investment decisions.
The Importance of Persistence and Continuous Learning in Real Estate Investing
Key takeaway from today's discussion is the importance of persistence and continuous learning in real estate investing. Rob and Rob shared their experiences of facing challenges and setbacks, but they never gave up. They emphasized the importance of staying informed, networking, and being open to new opportunities. They also highlighted the value of having a supportive community, like their Property Hub, to help navigate the ups and downs of the property market. So, whether you're just starting out or you're a seasoned investor, remember that setbacks are a normal part of the journey, and with persistence and the right resources, you can overcome them and achieve your goals. Stay tuned for more insights and advice on the Property Podcast and Ask Rob and Rob. Until then, keep learning and stay focused on your real estate investing journey.