I am currently writing my new book called HOW TO MAKE MONEY IN PROPERTY. The cover is here:
There are sixteen ways to make money in property and the first one I am writing about is rent a room.
If you have not dabbled in the world of making money through property and are very nervous then consider buying a property to live in and rent out some of the rooms.
Back in 1996 this is exactly what I did. I did not plan it to be that way. However I had a 2 bed house and I rented out the small room. Then I let the lodger have my room for more rent.
Since I was a boy about town I realised I did not need a fixed place to live so I rent the whole house out. Then I bought more properties and then 194 properties later here I am today!
Now I ask myself what would have happened if I did not let that room out back in 1996. I would not have got the taste for getting money for doing nothing. I got £50 per week purely because I owned a property. I had to do a days worth of work to get £50 back then.
It was this early experience of being a landlord that has led me to where I am today. My properties can work far harder than me! There is no way I could labour away and earn £60,000 per month. I know I am smart but I am not that smart! Only the top directors of listed companies can command a salary like that. Oh yes and the bankers!
So if you have no buy to lets and want to dip your toe then consider renting out a room. If you do not own a property yet then get on Rightmove, search for properties within a 40 mile radius of where you live, put minimum bedrooms 5 and see what comes up. You could just stumble across a property that can deliver more than your current salary……
Need help? Contact us.
Ajay
Posted on: 4th Dec 2009
del.icio.us
digg
Furl
Facebook
Reddit
Yahoo
Spurl
Smarking
Simpy
Stumbleupon
