can you come up with the money? The answer to this question is limited only by your imagination. You could perhaps sell something you own, borrow from a family member, put your phone bill on a payment plan to free up some cash or take out a personal loan or a cash advance on your credit card. Although borrowing money to borrow more money might sound scary, you can pay it back once you are receiving rent by living frugally for a couple of months after the sale — that is, playing catch-up.
A principle I live by that has been crucial to my journey is that sometimes you need to go through some short-term pain on the road to long-term gain. A property that is producing rental income will eventually go up in value and give you more leverage with the bank for future purchases. This is surely worth a few missed nights out, new clothes and takeaway meals.
This sort of thing isn't for everyone, and I do highly recommend having that buffer set aside if you can. If you don't have that buffer however, and if you are just starting out and are willing to put in the work, and you want it badly enough, you can usually still make it happen.
One of my favourite sayings is fortune favours the bold. You can do all the research, and have all the figures and the right plans in place, but taking that leap of faith will require your total confidence in yourself and your ability to pull it off. With property #1, my hard work paid off and I managed to pull together the funds in time.
Buying my first property was a huge accomplishment and the realisation of a long-held dream. All the years spent saving and researching had finally paid off, and for a moment there I thought I was done. I set about doing what most young guys do — having fun, partying and travelling. I do believe that life is there to be lived, and I enjoyed myself at the time, but looking back I believe that waiting a year and a half before buying my next property was one of the biggest mistakes I've made.
To be fair, I was still young and was proud of my achievement, but my journey had only just begun.
Конец ознакомительного фрагмента.
Текст предоставлен ООО «ЛитРес».
Прочитайте эту книгу целиком, купив полную легальную версию на ЛитРес.
Безопасно оплатить книгу можно банковской картой Visa, MasterCard, Maestro, со счета мобильного телефона, с платежного терминала, в салоне МТС или Связной, через PayPal, WebMoney, Яндекс.Деньги, QIWI Кошелек, бонусными картами или другим удобным Вам способом.
