What is stopping you getting out of the construction trade and into property investment?
At property investment network meetings, I meet people in the trades who want to move in to property investment but are worried about making the switch.
Now by trades, I mean people in construction – plumbers, tilers, project managers, commercial building specialists, gas engineers and electricians – to name a few.
All of these tradespeople work with existing property investors, and they see them making money.
So, why aren’t you doing this for yourself?
While they are successful trades, many of those I talk to feel they don’t have the knowledge or skillset to start investing in property.
Which, in most cases, is wrong!
In this article, I want to give you an idea of how your current knowledge and skillset will start you further up the ladder compared to somebody that’s a complete novice in this space – because you have an understanding of the property industry and valuable skills, which can help you as an investor.
So, let’s take a look at a few of those things.
Regulation and skillset
The first thing is that you know regulations. You know the regulations from your own trade. So, if you are an electrician or a gas engineer, you’re going to know all the rules and regulations for making sure something’s gas safe or complies with MEES legislation for example.
So, you’re ahead of the curve.
You also have skills which means you can do some parts of the property development processes yourself – saving some money on a refurb for example.
You have a great network – you will have already met and worked with a number of landlords and other trades on-site, so you’ve built up a network of people that can help you. Don’t underestimate the value of a good network!
You know the market
You already know the local area that you’re working in because:
- you see the kinds of properties that come on the market;
- you know the estate agents;
- you see property developers and investors putting money into particular areas that you could already be working in.
This all gives you a good understanding of your local market.
You’ve also seen mistakes that property investors have made. You know when projects go slow and when projects don’t finish. Or, you’ve seen investors where they have overdeveloped a property and lost money.
You’ll be able to learn from these people’s mistakes.
What is stopping you getting into property investing?
You have the expertise and you have skills that are actually relevant to successful property investment.
Of course, there may be some areas where you may lack knowledge, but don’t let that hold you back.
For example, you may need to learn and understand the property industry language with acronyms such as OIEO or about finance and some of the other regulatory components of property investing – especially if you’re getting into something like serviced accommodation or HMOs.
But, there’s plenty of places where you can go and get this knowledge. You can get this in network meetings, you can get this by going on courses, or you can get mentor help from people that have already done this, and who are happy to help you on your journey. We can help you.
Further reading – Free copy of House Arrest
Get a free copy of my Amazon Bestseller, House Arrest. This is a practical guide to buying HMO property. Topics include:
- How you can buy HMO property
- Which properties will you buy?
- Clear, straightforward strategies you can follow.
Find out how to get your free copy of House Arrest here.