Some would say that the title for this post How to Become A Property Millionaire would have been more appropriate a while back in 2007 before the property crash that resulted from the massive levels of credit that were being thrown at every would-be property owner and buy-to-let landlord there was.
At the time it seemed bizarre. People with no property development experience or even basic business sense were buying property unseen using 100 percent mortgages in the hope that they were seeing a profitable business opportunity begin to emerge. They were buying huge portfolios of properties in the hope they could retire in a few years as millionaires!
It is possible to make money, a lot of money, from property. You have to know what you are doing and like any investment need to be able to ride the rough times as well as the good ones. If you had bought property at the height of the market, as many did trying to get on the band wagon, you would have the sense to feel that the market was overheated and seek to obtain the best value for your investment as you could. This would be by buying from auctions - those properties that needed some level of renovation in order to add some value. Regardless of whether you were able to take advantage of the mortgages to cover the purchase price or not, this would at least give you some equity in the property to buffer you should the prices crash.
You would also ensure that you had a market for letting your property. Your site visit would include a review of the letting market in the vicinity. You would see were the local university was, for example, to see if your intended purchase was in a catchment serving the student population.
Buying property now when prices are depressed has even more potential for earning more money for you. You are covered for future crashes and will have even more equity because lenders require this now. Getting you finances in place before you start attending auctions is important, so that you have the ability to snap up a bargain should one cross your path.
By not following the popular trend and setting your property development goals carefully, it is always possible to build a long term business in property successfully.