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‘I have a property portfolio worth £4.8M – here’s what I wish I knew before buying a home’
A man who owns multiple homes has revealed everything he wishes he knew before buying a home – including “hidden factors” about the process.
Ahmed Khan, despite being only 28 years old, already has a property portfolio worth £4.8 million under his belt.
The investor, from Hertfordshire, previously hit the headlines after revealing the key to his success – living at home for free with his parents – and said he believes moving out is a “waste of money”.
Since purchasing his first home at age of 23, and now owning 12, he’s learned a lot about the process, including the “hidden factors” which he claims would put many people off.
“I didn’t realise buying a house would be so difficult and that those in the industry who are meant to help would be so opinion-based,” Ahmed told http://NeedToKnow.co.uk.
“I think people already know the process is quite scary and complicated.
“Once you add all the complications in terms of leases, getting the financing, and making sure the building is structurally sound, then most would be put off.
“It’s having the mental energy and capacity to deal with all the issues and you can’t know everything – it would take years.
“But it’s so important to have a good team of people around you who know what they’re doing and can solve problems, rather than creating more.”
Ahmed, who assumed the process would be smooth sailing, was left “shocked” when he realised that the first step of getting a mortgage would be the most challenging of all.
He said: “I assumed the hardest part would be finding the property, not the buying of it.
“I thought past that stage, there wasn’t much to think about, as solicitors and brokers would be dealing with it all.
“I thought all brokers would be the same, as they’re trying to find you a mortgage, but when I started the process, I quickly realised they are more opinion based than fact-based.
“The first one told me I couldn’t get the mortgage I wanted because the property was too close to train tracks, and the next one said I wouldn’t be able to borrow any money on it due to the lease.
“I spoke with two more, and after many issues, I finally found one who got me the mortgage I wanted, but also helped me to borrow more money.
“It’s so important to shop around for all the key people involved and never settle on the first one you see, as like properties, they are all different and have their positives and negatives.
“Yes, it is a big challenge trying to sift through the good ones, as anyone can talk big game and drop in industry jargon, but find one that’s doing the best for you.
“Talk to people about their recommendations and research the companies to look at their reviews.
“You need someone who knows what they’re doing – not for them – but for you.
“I also didn’t realise that paperwork and legal fees would be so costly.
“When I bought my first property, I assumed it would be around £2,000 and that was it – but there are initial fees and costs for lenders, mortgage brokers, property valuation, building regulations, and surveys.
“And that isn’t all – there’s usually loads more depending on the property type.
“I wish I knew the extent of this before going into the process, as it came as quite a shock.”
Ahmed, who is currently converting a three-bed detached house into a block of flats, says that the most important thing to remember when buying a home is not to wait.
The 28-year-old said: “Everyone always worries about the market crashing, and says it’s not a good time to buy, but then there never will be if you keep delaying it.
“If I listed those views, I would have any properties today.
“I had a lot of fear of failure and self-doubt when I first started.
“I didn’t think I’d ever get to a stage of buying the first property, because I’d never find a good opportunity or something will go wrong, and so on.
“There wasn’t a specific thing or challenge which I could point to and say that was the issue I had, it was just the overall self-doubt that something, somehow, will not work.
“But I worked on that and made the jump before it was too late.
“Instead of getting bogged down with where prices will be in the next few months, which you’ll never be able to work out, it’s about finding the right home.
“Be smart when buying and don’t pay more than what it’s worth.
“Beyond that, don’t worry too much about what will happen in the short term – the longer you wait, the more it’ll end up costing.
“You don’t need to always buy something new either – it’s like buying a new car, it will depreciate in price straight away and won’t leave you any opportunity to make a profit – invest in something you can work on.
“If you buy properties that are rundown and add a lot of value, you can generally get the majority of your deposit back in six months and use that to buy more properties.”
Also, people assume you need to buy your own home first to start investing, but that’s not the case.
“It might be better to buy an investment property first depending on your goals, and you don’t need much money to do this – £30,000 can get you a long way.”
Currently, he earns £5,616 per month from his rental homes and hopes to continue his success so he “never has to work” in his life.
Ahmed added: “They’re an asset and living away from home would be a liability since it costs money each month.
“While I’m young, I want to use all the money I have to keep buying more and more until I’m settled.
“I don’t see the point in moving out and spending so much just to live in your own home – if I had it my way, I’d never leave my parent’s home.
“I’ve built a platform for myself where I never have to get a job and I’ve unlocked the true key to success.”
ENDS
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