Property Income Report, May 2020
Welcome to my first ever instalment of my Property Income Report, May 2020. When I set this site up, I did so with one priority in mind. Create a full disclosure, tracked journey into the world of property. My property plunge if you will, (excuse the pun). So here goes nothing!
It’s been an interesting month that’s for sure. Not just for me personally but for the whole world too. We’re in the midst of a global pandemic and COVID-19 has kept us in locked down in our homes. Although, where chaos lies – opportunity is often just round the corner.
At least that’s the approach I’ve taken to the situation. It’s given me a real opportunity to have a good hard think about the direction my working life is going. When I finished uni I got swept into the day-to-day grind that is 9-5 working. Whilst I enjoy what I do, there’s just something missing…
Don’t get me wrong – I’m a very lucky guy! So many people have lost their jobs during the pandemic. I have been lucky enough to keep mine. But I’ve always just had that itch to work and support myself. I’ve always wanted to start a business and have the freedom to work for myself.
So that’s what May 2020 has been about for me – making an official start to that journey of starting my very own business. I hope that one day, I am able to support myself well enough to hand my notice into my boss and go into property full-time.
My First Property Income Report
This is the first time I have ever written a Property Income Report. But I decided to do so for two main reasons:
- It helps me to organise my thoughts, and structure my plan for the months to come.
- It gives me a mechanism to be fully transparent with you all – I don’t expect the journey into property to be an easy one. My hope is that whatever I can share with you here will possibly make your journey that little bit easier further down the line.
So how do you go about starting a property related business? Beats me! But after a bit of time spent researching this, let me share the steps I’ve taken so far and the reasons behind them.
- I took the online plunge and created propertyplunge.co.uk to track and share my journey into property.
The reason I opted to do this was because I think it will give me a platform to start from. A way to record my journey and keep myself accountable!
- I created an associated twitter account @PropertyPlunge where I can hopefully broaden my reach and connect with others.
I don’t for one second think I have anywhere near all the answers I need to make a success of it. If there’s some things my career to date has told me it’s that every day is a school day, and the best way to learn things is to connect with other people.
- I managed to get a good amount of work done on my renovation project! I managed to finish off the kitchen, re-tile the fireplace, paint the downstairs and lay the laminate floor.
I’ll no doubt write more about my renovation project as time goes by and I’ll have to remember to link back to it here! Nevertheless, I own a house at the moment in Leicestershire, I didn’t buy it with the intention of selling originally but life has changed those plans somewhat. In the near future I’ll be looking to relocate to Derbyshire with the other half – I plan to sell this house and use the proceeds to buy another jointly, and then whatever is left – invest in my new property development business! But first – I need to finish renovating it to sale-ready standards!
- I became a student member of NAEA Propertymark
In my research into property, I discovered propertymark – there is loads of useful material on there so I thought I’d sign up for access. Membership comes at a fee though – but definitely good value.
- I ordered a copy of the MOL Study Material for a Level 3 Award in Residential Sales.
I’m not sure whether or not I’ll end up using this to it’s full extent or not, but I’ve bought the study material just in case. Linked into the point above, you need a relevant qualification for full membership into propertymark. I opted to go for residential sales, makes sense really given my plans around property development – I might even be able to sell my own houses one day!
The Property Income Report
Income = Nada, Zilch, Nothing… I haven’t earned a property related penny this month, but to be fair – I haven’t expected to. Probably unlikely for the next couple of months as well to be fair – but you’ve got to get started somewhere.
Expenditure = Not a great deal either, but there has been a few. Mainly for propertymark related items. I was contemplating whether or not to include the renovation costs for my house but decided against it for now. As it’s my home rather than my business I didn’t think it really “fit” here. Instead – I’ll probably do a round up post when it comes to putting it on the market.
So that draws me to a close for my Property Income Report for May 2020. So what’s next for me?
Well, I’ve made the investments I want to make at this stage, so I shouldn’t foresee too many expenditures coming my way next month. Income-wise, I’m not expecting to make anything either. The only mechanism I’ve got for that at the moment is the donate through Paypal button I’ve set up… So unless you’re feeling generous? 😉 …. It will be another zero on the income line next month…. So what are my actual plans?
- Build on the website.
Well, I’d like to get a bit more content on the website sorted out, hopefully start to build it up a little bit to help with those all important search rankings – I haven’t got a clue where to start with this, but I figure having some content for people to actually read will be a good start.
- Get active on Twitter.
I’d like to do a bit more on Twitter, nothing excessive but just start seeing who’s out there and what other people are doing. I mentioned this above, but I think the best way to learn is to connect with others.
- Get the En-Suite done in the house.
The En-Suite is the last big job i’ve got to do at the house, all the other biggies are out the way… After that, it’s just carpets and painting I need to get done. Oh, and some of the finishing touches downstairs like kitchen wall tiling.
- Start my studying for the Propertymark Level 3 Award in Residential Sales.
When I looked into this originally, MOL was the only credible resource I could find, but it was a touch on the pricey side. £120! And that was discounted too. As I keep studying for this, I might think about creating my own more cost-effective study guide for this. Just a thought, we will see!
That’s all folks!
Thanks for taking the time to read my first instalment (and my first ever-post!) Wish me luck, hopefully there will be many more to come!
If you want to stay updated, why not subscribe? Or donate – I could really use a coffee right now 😉