This is a book I wish I’d had available when I first started out on my own property investing career. It’s short and concise, but at the same time it’s a very comprehensive guide. It’s full of sage advice to help you achieve financial success through investing in property.
Investing in property - bricks and mortar - has long been regarded as one of the safest and most reliable ways to build wealth and even achieve financial independence. However, the journey to becoming a successful property investor is filled with challenges, complexities, and potential pitfalls. This brand-new publication, "How to Become a Successful Property Investor", was written by Maxine Fothergill, who has 25 years’ experience as an estate agent, a letting agent and a property investor herself. The book provides a detailed roadmap for navigating this intricate landscape and offers practical insights to help both novice and seasoned investors succeed.
One of the book's strengths is its emphasis on thorough research and due diligence. Readers are guided through the process of identifying good investment opportunities, analysing market trends, and assessing potential risks. The author provides practical tips on raising finance, conducting property inspections, evaluating neighbourhood amenities, and understanding legal and regulatory frameworks.
It never ceases to amaze me that people will pay out thousands, sometimes tens of thousands, to attend property investing courses where so-called “gurus” will lecture and mentor you to success. In reality many of them know little more than you do about investing in property, they will take your money and they will lead you into taking exorbitant risks.
If you are thinking you need someone to “hold-your-hand” when you first venture into this admittedly scary occupation, you can achieve this for free by, as Maxine says, building relationships. You need these vital relationships and their expertise to be successful, and they will provide you with unbiased advice and support, if only you will reach out to them. But make sure you engage only with trustworthy professionals: mortgage brokers, estate agents, letting agents, solicitors, builders and your trades people.
A book like this will teach you everything you need to know to get into property in a safe, risk-free way. Maxine, a former president of ARLA propertymark, the letting agent’s professional body, has used her 25 years’ experience in the business to produce a guide which is without doubt a “goldmine” of choice advice for anyone who cares to read and absorb the knowledge.
The book is structured into 12 chapters, each addressing the next logical step in the property investing and letting process, from a beginner’s perspective. If you’re not a beginner, don’t let this put you off reading it. With Maxine’s extensive knowledge as an estate agent, letting agent and property investor / landlord herself she provides some genuine insights and perspectives from all of these angles: some very useful information on how to approach and deal with these professionals and the purchase and management of an investment property.
The book covers the many different aspects of property investment. For someone starting off with little in the way of capital, through to ending a tenancy. All done in a logical chronological sequence, from the first principles of buying a property.
Don’t be fooled by the “no-money-down” mantra of the training gurus; in very few cases is it possible, certainly without taking the excessive risk of becoming a bankrupt. Maxine uses her own experience of starting out; how she managed to raise the necessary capital from small beginnings, to building a small portfolio to get started in property.
As she explains, starting off is the riskiest time in your investing career as owning just one property, should rent payments stop, puts your mortgage at risk. Own three properties and the other two will pay your mortgage which gives you time while you get the first tenancy sorted out.
So, this author uses a blend of her own practical experience, her legal knowledge, and the necessary theory to get her information across. It results in directly actionable advice and makes the content accessible and engaging.
It’s all about having the right mindset, she says, taking a long-term view, having a plan of where you want to get to, writing these things down (a business plan) so you have something to refer to when you speak to the experts. It also means they can see you know what you’re doing or at least know where you want to get to.
Maxine emphasises the importance of taking your time to do the necessary research: speaking to lots of experienced estate and letting agents in your area, searching the property portals to get a feel for the current market, and not rushing in to buy the first property you see – you need to make sure there is healthy demand for renting in your location.
Maxine emphasises the importance of setting clear goals, maintaining a positive attitude, and being prepared to learn continuously. As she says, you need to gain the essential knowledge about the property market where you intend to invest, the supply and demand dynamics, the local economy and timing market cycles.
So, thorough research and what is known in the property industry as “due diligence” are vital elements to success, don’t forget that as a novice you are dealing with people with years of experience and the way you deal with them. How you go about building relationships, Maxine emphasises, can be the difference from using their experience to help you or “being taken for a ride”. The world of agency is a competitive business.
You are guided through the process of identifying properties at the right price, finding good value investment opportunities, how to detect market trends, assessing potential risks and raising finance. This advice includes how to get in early to access off-market “under the counter” deals and she also covers buying at auction. She gives practical tips on conducting property inspections, evaluating the neighbourhood and its amenities, and understanding legal and regulatory frameworks.
Financing is a critical aspect of property investment, and Maxine here offers a comprehensive overview of the various financing options available to novice and experienced investors. From traditional mortgages to some creative financing ideas, she explains the pros and cons of each method. Additionally, readers are shown how to create realistic budgets, manage cash flow, and leverage financial tools to maximize returns.
The legal complexity of the purchase process is covered in some detail with advice on how to capture bargains in broken chains, how chains are sustained by agents to prevent sales “falling out of bed”. She discusses buying property when the vendor is the estate of a deceased person, probate and the general complexities of dealing with this type of sale, and also conveyancer property searches.
After purchase, the next logical step is effective property preparation, refurbishment, letting and tenancy management, which the author covers in some detail without becoming too technical or drawn out – it’s all done on a straight to the point practical knowledge “need-to-know” basis.
This is advice that’s crucial for ensuring long-term success in property investment. The book covers strategies for selecting reliable tenants, vetting them carefully, managing the tenancy and maintaining the property, by following all the rules and regulations involved.
The real skill of a property manager / landlord / agent comes in when things go wrong. So Maxine covers the handling of common issues that arise in property / tenancy management. She wisely focuses on building a network of trusted professionals, such as builders, electricians, plumbers and heating engineers, property agents and estate agents, solicitors and accountants.
I would say it's real strengths lie in its grounding in the real-world experience of the author, its concise no nonsense, easy to read style, and a thorough practical approach. The author doesn’t merely present the practical though, she backs this up with the legal – rules and regulation – knowledge needed to become proficient in this occupation. It’s a step-by-step guide to implementing the various strategies discussed. The real-life stories she tells of her own investing journey make the case for investing in property all the more enticing.
The writing style is clear and concise, making complex topics easy to understand. The author's expertise and passion for property investment shine through, instilling confidence and a desire in readers to take action and pursue their investment goals.
There are always areas for improvement in any topic rendition. There could be further expansion in a book like this, for example by including information on taxation and tax planning. But I found the book just about as comprehensive as is required, and as the title suggests, to make you a “successful property investor”.
Overall, "How to Become a Successful Property Investor" is an invaluable and concise resource, easily accessed for anyone looking to enter the world of property investment. It will enhance your existing knowledge if you are already experienced, but for the novice just starting out it really is invaluable. I would say it’s as good as any book I’ve read on the subject and better than most.
Whether you are just starting out or looking to expand your property portfolio, this book provides the tools and knowledge you need to navigate the complexities of the property market, deal sensibly with those professionals you will need to interact with, and it will help you achieve your financial success. If nothing else, the checklists provided are valuable in themselves.
Without the focus this book gives you: the mindset, research, financing, tenancy management skills, the essential knowledge of the market, and the rules and regulations involved in letting property, it’s doubtful you would ever achieve success as a property Investor.
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