Property Investing Tip - Listen to the Experts

This is harder said than done. There are so many so-called experts in the sector, and knowing who to trust can be tricky. Not everyone will give you correct information or advice. Let us start with some people who are worth talking to, firstly lawyers, accountants and financial advisers. Lawyers are able to give you information and advice (if required) on your obligations, rights and potential risks about purchasing property. This information maybe costly however, and if you are able to find a friend or colleague who is a lawyer then try to get as much free advice as possible. Accountants, and for the most part, financial advisors, are great on giving you advice about your finances and how to raise funds in order to purchase the properties you are interested in, and how to make the best tax-efficient property investment purchases, and set ups, for example if you are running short term lets. Surveyors are there to give advice on the property you are buying and its condition, as well as any potential repairs and the costs of those repairs. You will normally have a survey carried out when purchasing a property to ensure it is in sound structural condition.

If you don't know an area, go and talk to the local estate agents, they can give you great information on the property prices, rents and their opinion on the local market trends.

A common scenario when looking for advice on investing in property is family/friends offering up advice when they have no knowledge of the sector, it is merely opinion, and generally given out of wanting to protect you, but without any experience.

Also very common nowadays is the rise of the social media 'property expert' that offers advice and information, if you attend their property courses - don't get me wrong, there are some great courses online or in person with some bona-fide property experts, there are also just as many scammers, so called property experts making more money from their courses than from actually building property portfolios. There are no get rich quick property investment schemes, and although you can make a lot of money from flips, or from single deals, in the most part it is a long road, one where mistakes will be made. Do your research on these courses and trainers, read the reviews, don't be afraid to ask in forums what others thoughts are. Be very careful of property courses that are either expensive and/or promote financial freedom with minimal effort. Property courses are also only worth it if you actually use the information given to you, I have seen many people who have attended these paid for courses only to not act on the advice/information.

There are a lot of UK property investment companies offering free information and advice. Many of these companies will work by offering you a consultant to work with personally, and won't charge any fees to the investor. There are a lot of amazing investment companies that do provide some great advice and have amazing knowledge of the industry, the problem arises when they try to sell you a property, as many of these companies work by taking on developments to sell, rather than bespoke source properties for you. They will then try to 'shoe-horn' you into the developments they have to sell. More often than not, these developments will be apartments rather than houses, this is because it gives them a lot of property to sell, meaning more money/commission from the developer. That doesn't mean the development they have are poor investments BUT you have to ensure it fits you and your requirements personally. If you are unsure about a 'deal' don't be pressured into accepting it.

When it comes to taking advice from those offering, just ask yourself the following:

• What is THEIR experience in the subject, are THEY qualified?

• What do THEY stand to gain by offering this advice or information?

• What do YOU stand to gain by taking their advice or information?

• What are the risks to YOU by taking their advice or information?