Yup, you guessed it… EXPERTISE trumps Location (no matter how you look at it)
I went on a trip to Nottingham this week to look at a potential property for my portfolio. I had been told by so many other Investors that Nottingham has past it’s sell by date with yields and finding good deals… instead they urged me to set my sights further north…Anybody else been told this recently? You’ve been looking around a perfectly great area and someone comes along and tries to put your idea down!
Nottingham was a lovely city, I felt safe being there, the area where I was looking to buy a property was beautiful, the yields stack up, the price is right, the level of work that needs doing excites me. In fact I would go so far as to urge other investors to look around Nottingham because there are still deals to be had!
This has highlighted a HUGE PROBLEM in the buy to let industry at the moment. Areas becoming ‘all the rage’. Somebody makes a sweeping statement, on a well watched blog or podcast, about a part of the country being the BEST PLACE EVER to invest and thenrather than doing their research all the investing sheep run around the same area trying to snap up similar bargains.
Let me tell you something… this whole thing of fad areas only means one thing, demand moves to a different section of the country thus FORCING PRICES UP!
You, on the other hand, want to be the SNEAKY INVESTOR. The person who is dedicated to their own portfolio. One who takes real pride in only buying things which really align with their goals and nothing else. In this scenario knowledge is everything. You, like me, spend the time researching areas that are ATTRACTIVE TO YOU. Areas that get the excitement rumbling around your belly.
If you don’t know an area well but are keen to know more, you pay someone for their expertise and you learn from them. Being a property investor has to be more than FOLLOWING THE CROWD, it’s got to be something that you do for the LOVE and PASSION of owning property and YOU’VE GOT TO BE PREPARED TO USE THE SKILLS YOU LEARN EN-ROUTE AND THEM USETHEM TO BUILD SOMETHING INDIVIDUAL TO YOU!
It’s something that I do with all of my clients. Give them the skills to go out and research a location without being worried that it isn’t a fashionable area to invest. After all the property market moves in cycles and areas change… pretty quickly I may add!
So, my point to you is this: Invest in places you love and DO YOUR RESEARCH, EXPERTISE TRUMPS AREA. And if you get stuck employ someone to advise you… trust me there are so many opportunities in the property market, all you’ve got to do is have your eyes open to it.
Now I want to hear from you, comment below, is there anywhere you have been investing that others have told you not to? Or are you happy to follow the crowd?
I respond to every comment so I would love to hear from you!