It still makes sense to buy property to let out, according to millionaire investor Emily Evans, who has built a property empire of seven houses and a lettings business that generates an income well into triple-zero figures each year. Could you follow some of her clever moves to make buy-to-let work for you?
Image Credit
Get Hands-On
After buying her first property to do up when she was 19, Emily Evans learned how doing it herself could make refurbishments affordable and that is employed in the housing business could give a useful perspective. Getting a job as an estate agent gave Evans good market understanding and an eye for a bargain, but it didn’t stop her getting her hands dirty by doing up the Victorian semi in Somerset.
Get Expert Perspective
Evans learned on the job as an estate agent how to assess market trends and judge suitable investment properties and form connections with people in the know before a property is formally listed with an estate agency. Getting expert advice from builders and conservators is also important when embarking on restoration and refurbishment projects.
Managing a property you’re letting out is helped by insight and information from sources such as property inventory software. Potential buy-to-let investors may ask themselves, why would I use property inventory software? But suppliers such as Inventory Base work with industry leaders to manage new tenant move-ins, keep an up-to-date overview of the property inventory and make status reporting and arranging property visits more streamlined.
Image Credit
Watch Out for Opportunities
It’s not always easy to buy to let. Marc Trup urges potential buy-to-let investors to be cautious in Real Business, but believes there is still a good return to be made by those who are patient and wait for the right opportunities.
After Evans used the profit she’d made from selling the Somerset semi, she invested in a two-bed end-of-terrace which needed a new kitchen but also had a garden big enough to fit in another property. She more than doubled her money on the new-build and has kept watching out for opportunities and building her portfolio since.
With the right strategy, there are still many who believe there’s a good income to be made from buy-to-let investments in the right place.
