I bought my first investment property while I was still at university. I had a few lectures a week and too much time on my hands, so naturally I started learning about property. (Doesn’t everyone at 20?)
I’d bought my own house when I first started uni — and as it went up in value, I pulled out some equity and used it to buy another. A four-bed student house. On the surface, it looked like a smart move. Four students. Four rents. Seemed simple.
But I had no idea what I was really signing up for.
I didn’t understand that four students sharing triggered different rules — that I’d just bought an HMO without realising it. I didn’t know about licensing, fire regs, or the joy of dealing with student turnover.
I let it myself, which meant I quickly found out property investing wasn’t just collecting rent. There were repairs, compliance issues, term-time voids, and an endless stream of questions from tenants about broken hoovers and lost keys.
But the biggest mistake?
I didn’t really run the numbers.
I looked at rent vs mortgage and thought, “Great, it cash flows.”
I didn’t factor in management, maintenance, licensing costs, or the fact that the local university might change its student housing policy (which it did).
I also didn’t consider that I was buying in an area I never planned to stay in — which meant I was stuck managing a property from miles away, in a place I had no long-term ties to. Later, I built my own lettings agency… but this one was too far away to ever fold into that system.
Worse still, I didn’t have a clear strategy or exit plan.
I was led by the estate agent’s pitch and my own ambition — not by a clear investment checklist or an understanding of the market.
The Market Crashed — and So Did My Assumptions
A year or two later, the property market crashed.
Suddenly, my “great investment” was in negative equity.
I’d never even thought about what would happen if prices dropped. I thought house prices always went up.
I also didn’t understand that the student market is its own niche — with quirks around letting cycles, tenancy lengths, and demand that’s totally different from other types of rentals.
Most of all, I didn’t have anyone around me doing the same thing.
No community. No mentor.
So every question, every problem, every decision — I had to figure it out the hard way.
Why “Running the Numbers” Isn’t Just About the Maths
These days, I hear a lot of new investors say things like:
“The rent covers the mortgage, so I’m good.”
But that’s just the start of the story.
Running the numbers properly means thinking through:
- Management costs (even if you’re doing it yourself — your time is not free)
- Voids (because they happen)
- Maintenance, compliance, and contingency
- What happens if interest rates rise?
- What if the local council changes licensing rules?
- What if your target tenant type dries up?
It also means asking:
Does this property align with my wider strategy?
Do I even have a strategy?
And maybe most importantly:
What’s my exit?
You don’t want to be stuck with a property that’s hard to sell, hard to let, or hard to manage — especially if it’s miles away and you’ve outgrown the area.
What I’d Do Differently Now
If I could go back and talk to 20-year-old me, I wouldn’t say “Don’t do it.”
I’d say:
“Slow down. Run the right numbers.
Know what you’re getting into.
And get support.”
Because here’s the truth:
You don’t need to learn everything the hard way.
You can stand on the shoulders of someone who’s done it, got the bruises, and is still standing.
And that’s why I created the Property Investment Checklist — so you don’t miss what I did.
It covers what to look for before you buy, the questions to ask, and how to make sure the property fits your goals — not just the agent’s sales pitch.
Because Buying Blind Isn’t Brave — It’s Expensive
There’s a myth that you just need to “get going” — that analysing too much is analysis paralysis.
But not running the numbers properly?
Not checking if the deal fits your strategy?
Not planning for worst-case scenarios?
That’s not brave. That’s reckless.
You don’t need to become a spreadsheet wizard.
But you do need a checklist.
And you do need to stress-test your assumptions — especially if you’re new.
Because if you get this right at the start, it saves you a lot of trouble later.
If you want help getting started the right way, grab the free checklist here.
And join my weekly newsletter for real-life insights, cautionary tales, and smart tips to help you invest safely.
Because when it comes to property, it’s not about being perfect.
It’s about being prepared.
If you want to know more about this topic then check out my video:
Kelly Lemon
