Today, you are able to access more information, more readily than ever before. A quick search online will provide free tutorials on anything from how to drive a car to how to fly a Boeing 737. Property investing education too has been covered in great depth, for free, albeit with varying trustworthiness. For the property investor at the start of their journey, the appropriate question may arise: Why pay for property education when I can get it for free?
Going in blind
There are many stories from landlords who, due to a lack of knowledge, have struggled or who have even experienced losses. Some of these often later seek professional education to learn ‘how to do things right’. Others may have been unable to sell a property and only became an ‘accidental landlord’ out of necessity rather than preference, and struggle to reap the benefits of their situation.
This absence of education is not restricted to accidental landlords though. The government’s efforts to increase rental legislation is a sign that mismanagement and poor practices are as prevalent today as they were years ago and changes in legislation to attempt to raise the management standards of rental properties are increasingly putting pressure on amateur landlords. Being unaware of such legislation or ignoring it can have very serious and far-reaching consequences.
What knowledge do you need?
There are many serious risks and pitfalls for the oblivious investor, and to be a respected landlord requires acquiring and implementing knowledge across a range of subjects and refreshing that knowledge regularly. For rentals alone the landlord must understand their responsibilities for repairs, maintenance, health hazards, deposits, rental payments, right to rent checks and fire safety, to name but a few.
Simply buying and selling property alone can be a roll of the dice without some knowledge to help you exit with both a profit and your sanity. Without doing your due diligence, understanding the area, accurately calculating the costs, having the right team in place or knowing the process, you may end up with a financial encumbrance that cannot be rented or sold easily. It is often a fateful error to miscalculate the costs and expected income through a lack of understanding.
There are a number of financial responsibilities the landlord must know to stay within the law and also in the good-books at HMRC. Legislation around property income can often change so it is important to stay ahead of the game. How your assets are managed can have significant impacts today, in the future, and in your family’s future.
Reducing the risks
Property investing is changing. There are now more regulatory hurdles and legislative hoops to navigate than ever before. Succeeding as a property investor requires a set of skills that will separate the amateurs from the professionals, whether they are gained for free or for a cost. In a similar way to learning to drive a car, it is the choice of the learner whether to seek professional education or risk a free resource.
There is no requirement to learn to drive with a qualified instructor in the UK. However, for the most part people pay for professional driving lessons rather than learning on Youtube. Why? Driving comes with risk and everyone wants the best chance of success first time around. It is a no-brainer to pay for professional instruction from someone who you trust, who has the knowledge and who understands how to make you a safe and competent driver.
Why pay for property education?
What does driving a car have to do with property education? Much like property investing, driving is the act of applying knowledge, therefore making it a skill. Both investing and driving are skills that can have serious consequences if you get them wrong. Learning on the cheap is a gamble that many are not prepared to make. Paying for professional tuition will reduce the associated risks and offer you support throughout difficult situations.
Just like driving, there are many questions and small details that you may not discover through free training. Until the answers are presented before you, you may be blissfully unaware that the questions exist. With hindsight, a particular skill like driving or property investing may be taken for granted. From the perspective of a complete beginner however, it can be difficult to know even where to start.
Having someone to guide you, especially at the start, can save you a great deal of time, stress and wasted resources.
‘If you ask any successful business person, they will always have had a great mentor at some point along the road.’ – Richard Branson
The importance of having a mentor cannot be underestimated if success is a destination your desire. The road will have many bumps, hills and obstacles for which you may need help to overcome without losing traction or stalling.
The bottom line
Property investing requires hard work, dedication and determination. With so many different ways to generate income from property, arming yourself with a variety of tools will better safeguard your chances of success. Free education may work for you if you can find trusted advice, can stay motivated, can find comprehensive information, are more comfortable with risk and can maintain momentum without the need for a mentor.
Good education can be a worthy investment. If you want to feel safe that you are gaining qualified knowledge, confidence to operate a proper property business and avoid costly mistakes good quality education can be priceless. It will also most likely fast-track your progress and save you money in the long run. One of our Trustpilot reviews summarises this very well:
‘Just one month into my development – already seeing so much support from the coaches and mentors. Lots of tools and resources – all structured in a highly professional way. I could not have done this myself by researching online.’
Be aware that not all property investment educators are the same. As with any learning, free or paid, it is your duty to authenticate the information. To understand how to do your due diligence and make a safe choice, why not read our informative post 5 Tips to Stay Safe. As responsible educators, Debbie and her team are invested in your success. We want you to stay safe and make decisions from a place of knowledge rather than guessing from ignorance, whatever you choose to do.
