If you are a seasoned BMV property investor you have no doubt made some or all of these mistakes its all part of the learning curve. However, if you are new to game of investing in below market value property, you may be able to save yourself a lot of stress by reading the below.

Make a plan. Like any good business you will need to plan ahead in order to be a successful buy to let investor. Look at your goals and objectives, both short and long term. Where do you want source property and why? As the name suggests you want to be a buy to let investor. This means you will be looking at any property investments with the long term in mind. Especially due to the current economy you cannot rely on price increases to make your investment profitable. You need to make your money from rental income. So it’s really important that the rent covers at least 125% of the mortgage repayments.

When you are setting goals be realistic and not greedy. If you become greedy and try to build a portfolio too quickly you could loose everything, don’t over expose yourself. Sourcing property can be addictive but many have been burnt during the recession.

Get the right mortgage. This sounds obvious but many people don’t look at the whole market and up with a less than favourable mortgage. If you can, use sites like go compare, moneysupermarket and also find a good life insurance broker you can trust. You need someone who can look at the entire market. The key thing here is to do your homework and spend time looking around.

One of the most common mistakes is that people get too emotionally involved with their investment property. Think about your target market instead of what you would like and make sure you are accommodating their needs, after all you will not be living there.

If you are a BMV property investor you will no doubt be very profit focused so the above may come across as common sense. However, we all make mistakes the key is to try and learn from others before you make them yourself.

Related posts:

1. Buy To Let Advice
2. Buy to Let Investing