Hi
I am new to this website, and would be grateful for some advice.
I bought and developed a property 4 years ago and this has been let out ever since. Since that went very well, I would like to start developing more properties, possibly leading to being a full-time career as a developer/landlord. I have tried very hard over the last 4 years to improve my understanding of the economy, market trends, mortgages, yields, tax etc but certainly would not consider myself an expert!
As I only know one professional property developer, I'd really like to find some more developers to talk to in order to ask them a few questions such as :-
• How did you get into this field? • What pitfalls/obstacles did you run into when you started your business? • Is there anyone else you would suggest I talk to, to learn more about this career? (I already have a good tax accountant and solicitor) • What skills/knowledge do you think are necessary to be a successful property developer?
Could someone please advise me if this website is the best way to find people to "chat" to? Or are there other groups I should join?
I noticed that there’s a gentleman called Alex who works in the mortgage industry and writes on this website a lot - he seems very helpful and well-respected, so perhaps he or someone else might answer one last question related to how people usually get started in this industry…....
As far as I can see, one common problem at the beginning of a property developer/landlord’s career is that when working full-time it is not easy to find enough time to develop property, but when not working it becomes more difficult to get mortgage(s), and I’m not sure what the solution is to this. [Perhaps this was not such an issue until after the credit crunch, but I’m not sure if there are many buy-to-let products left on the market where the lender doesn’t need to see proof of income?] Do you think that most developers/landlords get a few properties “under their belts” so to speak before leaving traditional employment, thus enabling them to prove income after they’ve left? If not, how do they get round this challenge?
Thanks for reading, and many thanks in advance for any advice anyone can give me – it will be much appreciated. Sorry if I’m a bit green! But this is a genuine enquiry from someone who really wishes to learn.
Clare
