Why I love Multiple Streams of Income
As a Property Investor and Lettings Agent, several years ago when I was doing my property training, one of the courses I attended was Multiple Streams of Property Income (MSOPI). It resonated with me instantly, as I always believed in having all of your eggs in several different baskets. These days, life is tough for many people, there are constant updates, changes, it seems bewildering to keep up with it all. The internet has changed our habits exponentially, it is both a blessing and a curse. Most of us who network, do it because we are business owners and have to rely on ourselves when it comes to earning money.
The Bible identifies the essentials as food, shelter, and water. Nowadays, those essentials include Gas and Electricity, Broadband, TV package, systems we use to streamline our business processes, petrol, tax and insurance, accountancy services to name but a few. And all of this costs money.
So what are my current multiple streams of income? They are Lettings, Viewbering (conducting house viewings on behalf of other Landlords and Agents), Own Portfolio, Helping a Landlord colleague with managing some of their houses near me, Crypto and Forever Living. Most of these only earn me a few hundred pounds each per month. I have had my portfolio for several years, but to have a comfortable income from a personal property portfolio, you would need 15+ houses at least. We only have 7 and one of those is the one we live in. We are not desperately poor, we have enough to meet our needs, and working hard to increase income, security and legacy as time goes along.
My lettings agency is only 2 years old, and I don’t have a huge marketing budget to suddenly arrive and take over a whole town; I have had to grow it through social media, leafleting, word of mouth and networking, organically, as I didn’t have thousands of pounds to spend on a huge advertising budget. Plus they say that 15% of advertising works, except not many people have figured out which 15%. Although to be fair, Opal Lettings Ltd has had a nice little growth spurt just recently.
My Forever Living Business only started in March this year, and will also be a slow burn. Some of you may already know, that property in the UK is a precarious business at the present time, with Government and large homeless charities demonizing landlords every chance they get through the media. Current Government policies are driving landlords out of the private rental sector, with unfair taxes and penalties for any misdemeanours. When homelessness reaches even more acute levels over the coming years, the Government will eventually realise that punishing landlords isn’t the way forward. They did this in Ireland and Australia and learned by their mistakes the hard way in both countries. I am hoping to survive this, as I love property and helping people to find good accommodation. But who knows if I will survive? I might be forced to sell up! And that could happen to any one of us! That’s why developing other streams of income are vital in today’s uncertain world. If one thing fails, you have something else to fall back on.
None of us can predict the future, and why should we when we can enjoy living in the moment? However, we can prepare for it as best we can, and for me Multiple Streams of Income is the best way you can do this.