My sister and I entered the world of property with no experience until a couple of years ago and are steadily building our property portfolio in South Wales. Amrit is a successful freelance graphic designer and I was a project manager of several years within the construction industry, before fully committing to property this year.
We focus daily on our ‘why?’ and use this passion and drive to help us maintain a positive mindset as to why we got involved in property in the first instance. For us, the Dhanoa sisters it means we can give back to communities with our time by empowering others with a good start in life. We provide accommodation to those that wish to become private tenants. We have also begun to speak with Charities in the local area and are in discussions to how we can support homelessness and assisted living scheme.
I have broken down into six sub headings the immediate challenges that come to mind when thinking to explore the topic of, ‘is property investing for me?’
I don’t know where to start learning about the facts and the property cycles I often hear about? Lack of knowledge when starting off in a new sector can always be a show stopper. It can be daunting and scary that you have to learn something new all over again. Some may feel overwhelmed about taking the first steps alone. Media also plays a big impact in influencing our thoughts and assumptions on just how complex the property sector can be.
Educating yourself with a qualified and experienced property network is a great way of learning from others. It also brings you into a new world of possibilities and connections.
Learn the investment strategies that currently exist within the property sector and then decide which one would works best for you and your ‘why?’.
Once your initial strategy is decided on such as Buy To Let or Service Accommodation, that’s when the fun starts of applying that to an investment area and beginning to conduct the desktop study to understand the supply and demand of property type in the area.