19yr old thinking about property

[Harry Doolan]

Hello, i am a 19 year old studying interactive media at northumbria university (first year) and i am looking to enter the property development scene at some point, i hope to have a fairly structured plan by the time i've finished my second year of uni, just wondering if anyone has any helpful advice or guidance for a young beginner.

 

[Nicholas Wallwork]

Hi Harry,

The main thing to concentrate on is your education... Ready as many property books as you can (we'll shortly be adding a bookshop to the forum with our best recommendations!).

Also join in here as much as you can, ask questions, listen and stay connected. Lots of professional property investors and developers here so lots of tips to pick up.

Well done for starting your learning now, the sooner the better and there is no bad time to start!

 

[KGeeson]

Hi Harry,

welcome to the forum! Well done for being inspired to start in property as soon as possible (wish i'd been interested in it earlier!).

Are your parents / family members in property in any way? Just wondering if you have any existing contacts / experience and what has inspired you to get involved? Are you want to create a working career in property, or create an income from it alongside your media career? My dad is a builder so that created my interest in it and i learned alot on that side of things.

I agree with Nicholas, definitely read as much material as you can, and also start to build a network of people with experience (this forum is a great place to start) and you can also use Linkedin.

What are your aims for the next 5-10 years in an ideal world? I'm sure you'll get lots of helpful advice from forum members

 

[Harry Doolan]

Thanks a lot for the advice Nicholas, as for the questions @KGeeson I do not have any family members in this industry and as for myself i have no experience. Since I started university a few month ago I had the idea to do something else alongside media and hopefully one day that will be creating a portfolio full of properties. I have not decided any details yet as i just want to dedicate myself to learning the ins and outs and seeing where it goes from there. For my long term plan i hope to leave the media industry and focus solely on property.

 

[Nicholas Wallwork]

Thanks a lot for the advice Nicholas, as for the questions @KGeeson I do not have any family members in this industry and as for myself i have no experience. Since I started university a few month ago I had the idea to do something else alongside media and hopefully one day that will be creating a portfolio full of properties. I have not decided any details yet as i just want to dedicate myself to learning the ins and outs and seeing where it goes from there. For my long term plan i hope to leave the media industry and focus solely on property.

This is the perfect approach... don't risk any money on property itself until you know what you're doing. Get your education up to speed first then do your due diligence on the deal until you find the right one. Be a sponge for property info and visit every event and property show you can. Learn from others and their mistakes and get a good mentor when you're a bit nearer to starting.

Learn Learn Learn... go for it!

 

[Jeff Djevdet]

Timing is everything. Get in and (more importantly) out at the right time. Treat people fairly. Remember that most people also hold down a job as property is hard to make a living from if you borrow the funds.

 

[Harry Doolan]

how would i go about finding a mentor?

 

[Nicholas Wallwork]

I offer mentoring based in Reading:
http://www.propertyforum.com/property-mentorship-course

Otherwise given you're at uni maybe your uni can find a work placement for the summer breaks to get valuable experience? Just a thought...

 

[Ricky Bhurji]

Hi Harry, Property is a people business. You'll be liaising with a number of people throughout your travels - Agents, Brokers, Investors, Lenders, Tenants, Tradesmen, Builders, maybe even Partners. My best tip for you is that you need to be a likeable personality and its vital that you 'do what you say you're going to do'.

I agree with Nick that educating yourself, using reputable sources before you part with substantial funds is the first part. Second is finding an experienced mentor that you can learn from who will help you identify any potential pitfalls (you're first one is always the hardest one!). Third is to build a network of reliable people who can help you source property and introduce you to more people within the industry, and lastly, its important to take a medium-long term view!

I do recommend Nick highly as a mentor as he has done very well in property and has probably made all of the mistakes that most will go through themselves - he will save you time and money without doubt.