10 years ago the likes of Sarah Beeny and the countless TV shows were showing ordinary folks how they to could become property millionaires.
Back then it was easy you simply had to buy a property, hold onto it for a few years and make tens of thousands of peoples as property prices rocketed in the 2000’s.
I too was part of this BTL gang and made my fair share of profits through buying property, holding and then selling on for a very good profit.
Fast forward 10 years and things are very different
Everyone knows that the property market is a different beast nowadays and it actually takes some hardwork, skills and knowledge to make money.
With the rise of the buy to let landlord there is also much more competition today than there where back then. People are wise to it now, and it has become much more mainstream with every man and his dog wanting to become a BTL king.
What skills do you need to be successful in buy to let?
Here are a list of skills that you’ll need
- Tenancity – you’ll need to keep going even when things become tough, because sod’s law says youre going to encounter some issues.
- Determination – you’ll really need to want to succeed and not to give up at the first hurdle.
- Passion – those who have a passion it what they do often succeed greater, than those who are simply doing it to make money.
- Contacts – it helps to know the right people who can help you find good deals, tradesmen and a good letting agent
- A support family – this is essential and you’ll need the support of your family and close friends when things get tough or when you need help and support