Working on a Superyacht can provide you with some great opportunities such as property investment. But did you know what the result of this could be?
Early Retirement
We thought this would get your attention but it really is something that you can do. Lots of crew get to the point in their career where they start to think about leaving the industry. Whilst this is totally normal, most crew do not plan their departure properly. This normally means;
- They have not thought about what to do next
- Have no idea what they can do or how
- Don’t have enough savings not to work
- Have inaccurate salary expectations.
- Do not have any passive income
The bit we are talking about is passive income. If you have this you are basically getting paid for doing nothing. This is of course the perfect situation and what we all (not just crew) aim for in life. It’s called….
Retirement
In simple terms, retirement is the point where you can afford to stop working but still get paid. This is either because of a pension, savings, investments or a combination of all three.
Most people retire somewhere from their late 50’s all the way through to their 70’s. But, with Superyacht Crew this can be as early as your late 30’s to early 40’s. If you do things right.
We’ve talked about making an escape plan before, see here. But today we are just talking about the property investment part.
5 Tips for how to get started in property investment
- Start early. By the end of your 2nd year on yachts you should be buying your first investment property.
- Don’t do this on your own. Get professional advice as it will save you lots of time and money in the long run. We can help with this
- Be realistic. Nobody spends £400,000 on a rental property as it is much harder to make money with. £130,000 to £165,000 is plenty
- Don’t be emotional. Remember, this is an investment. You are never going to live there so you don’t need to “love it”.
- Don’t waste time. It’s easy to make excuses for not doing things. Don’t do it with Property investment. The longer you wait, the less money you make.
Some things to think about
- If you have 6 properties paid for by the time you are ready to leave yachting this can give you an income of approximately £55,000 per year.
- You should be looking at buying a property every 2 years whilst you are in yachting.
- Once you have 6 (or whatever you feel is appropriate) concentrate on clearing the mortgages. This then give you a passive income.
- Buy where property prices are sensible, not where you grew up.
- Remember, you are doing this to make money.
How can CREWFO help you?
Property investment is something a lot of people do, not just yacht crew. However, you never have much time in the country. Therefore here are some of the things we at CREWFO can do to help;
Our property investment specialist will guide you through the entire process. This includes
- Talking through the good and bad areas of the country to invest
- Look at budget, return on investment and rental income.
- Create a shortlist for you
- View properties on your behalf
- Negotiate on your behalf
- Buy the property for you. Only joking, you have to pay for it.
- Market and manage it for you once you have bought it.
So you see we really do provide a completely hassle free solution. More and more crew are using us to do this for them as it is the simple and easy way to get this done and start earning from your new property.
In addition to this we also have our team of mortgage brokers who have an unbroken record for getting crew mortgages. And guess what, unlike other companies they don’t charge for advice or an agreement in principle!
So, no more excuses. If you are ready to get the ball rolling why not get in touch by clicking here.