I'm a first-time property investor who grew my portfolio to $5.5 million in 3 years. Here's how I did it with minimal savings.
This as-told-to essay is based on a conversation with Alfred Dzadey, a real-estate investor who lives in Coventry, England, about building his portfolio. Insider has verified Dzadey's rental income.I pursued a degree in aerospace engineering. After graduating, I realized my degree wasn't going to help me get wealthy young, as I'd hoped. I started researching how rich people built their wealth and found that owning real estate was a key factor.
Investors in my network had shared which property investments were working for them. Using that knowledge and help from a local agent, I purchased my first property in February 2020: a mid-terrace house in Coventry, West Midlands, for £225,000. My aim wasn't ever to sell for a quick return. My long-term goal was to hold the properties and build equity.
For each new property I wanted to flip, I assessed how much capital I needed and raised it, as required, from my network. For example, if the equity on the property I was completing was £50,000 short of what I needed to purchase the next property, I'd reach out to my network and crowdsource it. Also, I researched how local authorities reacted to unit modifications in the area. Were they lenient about changes? Or did they make things difficult?
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
City Girls' JT Pours One Out for Her Friend in 'No Bars' VideoCity Girls' JT has dropped the video for her new song 'No Bars,' her first new solo track since 2019
Baca lebih lajut »
How to support the SAG-AFTRA and WGA strikes, Hollywood writers, actorsHow to support the SAG-AFTRA/WGA strike: Streaming TV shows, going to movie theaters doesn't cross the picket line
Baca lebih lajut »
Meet the typical shopper who participated in Amazon Prime Day 2023Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Baca lebih lajut »
10 under-the-radar towns for Airbnb and Vrbo hostsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Baca lebih lajut »
Elon Musk's Starlink satellites and the internet's futureInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Baca lebih lajut »
Stock market crash: Expert warns of bubble, says reversal is comingA top Wall Street strategist says the stock-market rally is due for a reversal as a bubble forms — and warns investors not to equate surging prices with a healthy underlying economy
Baca lebih lajut »