Singing Pig

Massive:

It was the other way round when I was 17 - cheap ladies and lovely cider!

Absolute classic Massive!

wow.  I am liking this thread, and with such eager responses from everyone here on SP.

 Hursty, you seem very determined, as am i.  Its unfortunate i dont have much to offer you (i dont even think i have read half as much of SP as you either).  I certainly dont have the wise knowledge of some of the 'Oldies' on here. (that was a joke everyone, no contract killings please ).  I believe though, that at such a young age is always a positive thing.  You dont need to rush into it however, you need funds and you need to be confident that people cant pull the wool over your eyes.  People with more knowledge will try to do this.  it happens from childhood in order for others to benefit from your naiivity (did i just invent a word there?).  Anyone with children should think about the things they say to them or you hursty think of when you were a kid and some of the things your parents used to say to gain something (santa, lying making your tongue black?).  Only in the real world it involves money.  and within property development it usually means a lot of money.

 The comment i back 110% on this thread however is getting into a trade.  I am currently studying an apprenticeship in building services engineering and i am gaining knowledge about this industry day by day.  services are present in every property so eventually, when i do get into property development, i will probably have to deal with some plumbing or electrical refurb.

Might i be so bold as to suggest an apprenticeship in one of these services.  Plumbing or Electricity?   There are many reputable companies out there offering apprenticeship schemes and it is a good source of income.  The pay may not be great at the start but hey!  your getting paid to go through education.  Is that not a juicyer (possibly another made up word?) offer than uni?  Plus a fully qualified tradesperson can earn a heap!

 if your interested, the company i work for is a nationwide company and offers four year apprenticeships in both plumbing and electrical fit out.  The company is called NG Bailey

www.ngbailey.co.uk

 Hope this post is of some interest to you Hursty

 Liam

Thanks for all the posts here and have taken things from them all.

Considering taking a gap year before uni, to try my hand at BMV with guidance from a friend of my dad who has plenty of experience in property if not in BMV.

I also now have the financial backing needed 

I started from nowt several years ago, but only made it as I went through the 'school of hard knocks':

Things in my favour:

* I was not afraid of hard physical graft or working 7 days a week, my roots are as a musican - most muso's are educating themselves 7 days a week. I worked ad-hoc on building sites to fund different avenues in my life & learn different trades - one of the gaffas noticed my attention to detail & eventually got me doing more 'technical' work such as joinery/ plumbing as opposed to just labouring. 

* One aspect of my motivation was I needed a big house to play my drumkit in & not annoy my neighbours, I also needed the flexibility to earn money around my music ambitions. MONEY was NOT the prime factor.

* I understood money in the 'old school' tradition - ie. I had NO DEBTS & if I wanted something - I worked for it, moping up puke & wee in nightclub toilets etc etc...

* Being a musician taught me to educate myself - if I want to learn a new technique/ skill or song, I had to figure it out. Ask 20 guitarists how to do something & you'll get the basic idea.

* I was so poor I could not afford a TV - so I developed the habit of doing stuff instead of being lethargic in front of the box. Bought my first TV last Xmas, still don't use the bloomin' thing - I only got it to keep my live in tenant happy. I also developed the habit of DOING because I refused to wallow in self-pity caused by medical issues.

* I could not enter traditional employment at a higher level due to medical issues - employers were discriminating against me because I was partically disabled, most of the time I lied about my physical issues to get work. I had one part-time job on flexi-time where I typed with my feet for 2.5 hours before anyone came in the office, humilliating & degrading to say the least... took me twice as long, but I did not feel the pain in my hands, so I did not care. At University I had a scribe due to not being able to hold a pen properly - I felt more isolated than the other students due to certain exemptions & extra classes required.

* I did not have the luxury of relying on my parents (unemployed family members etc...) - so I was 100% independant at a young age. Not from choice, when I went to University, I was shocked at how much money & relaxation everyone had. Taking things for granted like parents paying for accomodation etc...

* I had an obsessive approach to organisation, caused by being responsible for all my affairs at a young age. This has stood me well in property, as there is a LOT of admin involved.

Things against me:

* My family & their beliefs about ambition/ investing/ my mis-diagnosed medical issues, so after many arguments I went & did my own thing behind their back (not the wisest move & the poo hit the fan on many occassions). A VERY BAD MOVE - luckily I became clued up on basic consumer rights in my very early 20's due to being taken advantage of many a time.

* No savings - I used credit, but was VERY clued up on the industry & my plan. This was when interest rates were at their all time low. Not like now. My initial plan was to set up a music tuition service using my student loans as advertising money... work from home, thus no extra overheads - only costs are pen, paper & burning CD's for pupils.

* No formal qualifications or relative experience (except for understanding credit cards & doing office admin work). I did a brief business plan once... I have various ideals & plans though which are always being adapted.

* My fingers did not work properly from Aug 2000 until 2005. I could only use my hands like spades (ie. no fine digit movement). At one point I spent 9 months of my life age 19-20 unable to put socks on my feet... not fun, but it taught me to think 'out of the box' as I could not rely on my hands to do basic things (like pick up a mug or brush my teeth) in a traditional manner. I got pulled by the police once for wearing gloves in summer (thought I'd been shoplifting), I was in denial about my medical issues after being diagnosed by incompetant members of the medical profession - the gloves where to hide my hands from my vision & to reduce day to day impact on them.

Once I got the use of my hands back I went crazy with joy!!! & got my touch typing skills up to scratch, hence I type lots & lots & lots... (that explains my lengthy posts!!!)

* No emotional support - disability forced me to think beyond the traditional job mentality. I spent a portion of my life on state benefits due to my medical issues (a good introduction to getting clued up on 'the benefits system'), the YMCA hostel where I lived housed people with minor psychological issues or who had just been released from prison. Due to the unpredicatable nature of some residents, your intuition is heightened.

===========

As I've done all the donkey work on my houses for the last 5 years (& for other landlords) - I now delegate & know what standard to expect, also what materials to use - not to mention how good they are to work with. I know how & when to cut corners with DIY.

********************

Hope this helps others see what 'general' skills gave me personally the capacity to move into property full-time... you can work 24/ 7 doing DIY type jobs, a great way to get started - I once worked with a shopfitting team painting city centre offices on night shift & used to turn up to my University lectures splattered in paint.

I'm 24 and actually regret having gone to uni, even though I achieved a law degree at a great university. I wish at 18 I had the property game in my head like you do. If I knew then what I know now I would be doing pretty well! However, I do think you need to get into a 'real' job for a couple of years and stash away as much cash as you possibly can. It wouldn't hurt to be in a property related profession - such as a letting agent or estate agent. I worked in a letting agent one summer whilst at uni and that experience, believe it or not, was invaluable.

Whilst I was at uni I had another business venture which allowed me to save quite a bit of money. I bought my first house at the end of 2006 with a 100% graduate mortgage. The second house soon followed which I got at a great price and have spent just a little on to add further value. It was re-mortgaged straightaway and I took all my money out. 2 more will complete soon..so that's 4 in 6 months with just £9,000 originally in my bank to set me on my way.

I took out a credit card to raise a further few grand for the deposit on the 2nd house and wouldn't hesitate at using this method in the future. If the deals are there and you are determined enough then you really shouldn't have any trouble raising the finance to get started.

I say forget uni, get a good job/trade for the next couple of years - be disciplined and save most of your salary, learn everything you can, read all you can. Don't listen to anybody who says you can't achieve your dreams.

If you haven't already then read this book (not necessarily property related) 

http://www.amazon.co.uk/Secret-Rhonda-Byrne/dp/1847370292/sr=8-1/qid=1171570915/ref=pd_ka_1/203-1056073-7066348?ie=UTF8&s=books

There's a book by Felix Dennis called "How to get rich" that has a chapter on the "employee mindset" and how if you work for others, you're not really an entrepreneur as your shouldn't be looking for a career in employement. Might be worth a read for all newbies.