If Buy-to-let is that easy, why aren't more people doing it?
The King of Buy-to-Let, Fergus Wilson, recently made a statement “anyone with half a brain could do buy-to-let”. I do strongly believe that more people could do it. But at the same time, it can be hard work. I bought my first Buy-to-let at the age of 20. I was in a fortunate position; my mother had been in the Buy-to-let business for many years so I was able to learn from her and she gave me the confidence to give it a go. If it weren’t for my mother I would never have considered owning a Buy-to-let property. I have spoken to many people outside the industry and the idea of owning a Buy-to-let property scares them. They have concerns over not being able to find tenants, rent not being paid and they can’t see how they can manage the property whilst having a full time job. I’ve proved myself that as long as you have the right property, in the right place you can manage a property effectively, to a high standard whilst working full time. So why don’t more people invest in Buy-to-let? Perhaps it comes down to lack of knowledge and lack of confidence? Rather than lack of intelligence?
Obviously a big barrier is having the capital and being able to obtain a mortgage and this is really where I see CrowdLords coming in. So if CrowdLords can provide the finance and access to more people, I wonder whether we can overcome the lack of understanding over what being a landlord entails so that more people can benefit.
I have many friends who have been saving for a home for 8 years or so and they still don’t have enough for a deposit. Most of them really wish they had done what I had, and put their savings into a Buy-to-let property as soon as they had the chance. But it's not too late. I am certain they'll be the first to become LandLords or Investors on the CrowdLords platform. If not, I'll definitely be telling them they have half a brain.
To read more from the King of Buy-to-let, Fergus Wilson visit the Financial Times.
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