Saturday, 18 May 2024

I Used to Profit as a Landlord – Now I Make £11,700 a Month

I Used to Profit as a Landlord – Now I Make £11,700 a Month
Monday, 13 November 2023 08:58

When everyone else was avoiding the property market, Marcella Mickelsen started her rental business.

It was 2008, and the financial crisis had caused a crash in property prices.

But for Mrs. Mickelsen, it turned out to be the opportune moment to strike lucrative deals when competition from other buyers was very weak.

Now, her gross income from nine real estate properties is £11,700 per month. The income from her rental property portfolio allowed her to quit a job that made her unhappy and start her own business.

Mrs. Mickelsen, now 58, worked in the National Health Service as a scientist and found no satisfaction in it, so she hoped that building a real estate portfolio could be an escape.

About nine months before she bought her first property, Mrs. Mickelsen started attending networking events to learn as much as possible about real estate investing.

"I didn't have the means to pay someone for viewings or to help me, so I knew I would have to do everything myself and learn on the job," she said.

Mrs. Mickelsen, who lives near Manchester, recalls attending a landlord exhibition in the city and meeting a successful investor.

He handed her an A4 sheet of paper and told her to write down her goals, define why she wanted to invest in real estate, how much she wanted to earn, and how many properties she wanted to own.

This was a key moment that helped her shape her vision of how she would build her rental property portfolio.

Once a month, she attended networking events to meet other landlords and gain as much knowledge as possible.

"There were people along my way who just gave me advice, ideas, and support because I'd never had a business before," she said.

Books, events, and seminars helped her understand how to buy a house with minimal spending of her own money and how to avoid mistakes.

"I still remember my first networking event here in Manchester," she said. "It was shortly before the entire real estate market crashed.

"I came, and I had imposter syndrome big time, like, 'I shouldn't be here, I'm someone who knows nothing about property or business.'"

She said it took a lot of courage to just walk through the door, but after that, she buzzed. People were happy to help newcomers and answer questions.

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