It’s an urban myth that property investment is easy, it’s not!
Sometimes it’s great and you want to shout and dance around the room. Sometimes it’s down right frustrating and you just want to give up. In between these times it’s pretty boring and life plods along.
The real skill of a property investment London comes in being able to handle both extremes without tearing your hair out or appearing crazy to your family and friends.
Wanting to be a property investor for the sake of it won’t be enough in the tough times to pull you through, you need a more motivating goal/purpose to help you ride the storm.
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The Interest Rate Lottery
Before I started investing in property I didn’t really follow interest rates and what rate the Bank of England had set very much. Now however as each month rolls around I keep my eyes out for any changes in either the base rate or changes in mortgage products (as they generally reflect how banks feel regarding the future of interest rates).
More than that, I’m also constantly assessing and re-assessing whether I’ve chosen the right products and wondering if interest rates will rise and how that will affect my cash flow bottom line. It doesn’t keep me awake at night (yet), but it does have me revisit my spreadsheets often and stress test each of my properties, and also ones that I’m in the process of buying or considering buying.
There’s so many mortgage products on the market that it’s important to understand all the different types of products and remember that there’s more than one product/solution for each situation.