Most Common Mistakes to Avoid When Building a Property Portfolio

Most Common Mistakes to Avoid When Building a Property Portfolio

Building a property portfolio can be a great way to help you build life-changing income and achieve the life you have always dreamed of. For first-time investors, knowing the dos and don’ts can be tricky. Read on to discover common mistakes to avoid that could hinder your progress or success.

Not knowing why you want to be a property investor

A common mistake that often trips up new property investors at some point in their journey is not having an understanding of why they want to get into property. Failing to plan ultimately means that they end up planning to fail. Before getting started, you need to identify why you are starting in the first place, identify your goals and choose the right property strategy that aligns with your goals. Is the end goal to make high levels of income? Are you set on owning a lot of assets? Is the dream to create a legacy? Without knowing what you want to achieve, you’ll find it difficult to make any substantial progress in building their property portfolio.

Investing far away from where you live

I often see a lot of investors making the mistake of investing far from where they live. Of course, there are caveats to this; you can in fact invest in the north whilst you live in the south and vice versa. But a lot of investors, particularly in the early stages of investment journey, try the scattergun approach and buy properties dotted around the county. This then makes it very hard to manage their property portfolio and can demand a lot of their time. My advice is to invest within 60 minutes of where you currently live. There’s always a property strategy that works in your area.

Waiting too long before submitting an offer

Now this mistake is far too common. New investors usually have to learn the hard way when it comes to waiting too long to submit an offer. It’s important that you don’t overthink the process. Now I don’t by any means mean not doing your due diligence. It’s all about keeping things really simple. As a rule of thumb, you should find deals, analyze them, if the numbers stack up then go ahead and submit your offer. The worst thing to happen is that it doesn’t get accepted. The best thing is it could prove to be a really lucrative deal that you can add to your property portfolio.

12 Common Mistakes Investors Make When Buying & Building a UK Property Portfolio

For more property, business and wealth building tips and strategies, visit my blog  

Connect with Liam

To stay up to date with the latest news, insights, high-impact strategies, and property events, be sure to follow me on social media!