So my answer about the value (in a previous answer) was the net value - ie the equity in the combined portfolio (and in hindsight, that was probably on the low side). The actual value is around 7m plus.
When we started out, we never, ever envisioned the path our life has taken - we were about 23 when we bought our first house in London and it's just snowballed. Luck has definitely played its part in various ways (but i would also say that we've taken advantage of the luck that presented itself to us), so we definitely didn't have focus or strategy!
Both DP and i are quite 'fuck it' people in general and we aren't cautious and we don't overthink and analyse and i think that that has had a huge part in how our life has turned out. I have friends that have wanted to invest, but they over analyse everything too much and become parellised with worry and then don't act. DP and i aren't foolhardy, and we assess and do some research. Some of our most life changing (in hindsight) decisions were made when we were young and childless, so didn't have to worry about schools and decorating all weekend and every evening wasn't a problem.
We moved about every 6 months for a couple of years - buying derelict houses, living in them and doing them up, renting them and moving on to another one - not really feasible when you have children. We literally had no social life!!
My parents, although not wealthy at all, have been so supportive and backed us and whilst DP's parent laughed us (they actually did) when we said that we were going to buy another flat and let it out (when we were about 24), my parents were excited and enthusiastic and helped us do it up. So that confidence in us really helped.
We have made mistakes in hindsight definitely - but mainly regret that we didn't buy a certain house in an area that has now shot up in value, so yes, of course i'd change that sort of thing, but we are both really content in our life now so i can't actively regret anything that we did or didn't do (as the eventual path has led us to where we are now).
We have properties in various locations, but mainly in Scotland and we don't live there anymore. We've started buying a few closer to where we are, but we aren't actively buying anymore and instead are concentrating on upgrading our portfolio. Our aim is to make every one of them new build quality inside.
Point 3: Hmm, fors and against that one. Less houses means less expenses (gas tests etc) but also all eggs in one basket (ie if you have 4 houses and one is empty/arrears, you are losing a 1/4 of your income, whereas if you have 8 smaller ones, but same value overall and one is empty, you lose 1/8)). We have a mix, and we are generally happy with our portfolio.
A lot of the flats that we have we've bought as portfolios as going concerns and that's always a bit of a mixed bag.
Point 4: We use specialist everything now - lenders, insurance, accountants and tax advisors, but of course we've used high street in the past.
In terms of adding value, one of things that helped us most is never having a kitchen with a window! If you look at a property with a kitchen with a window, that is a wasted bedroom (as long as it's big enough), so you need to relocate the kitchen (to a box room, or turn the lounge open plan).
Also, contact agencies and ask if their LL's are selling. Offer to pay a finders fee at purchase, and guarantee that they'll keep the management. Actually i'd do that even if someone is first time buyer, just to get themselves on the ladder.
Personally i think that getting on the ladder is the most important thing that anyone can do, and if i was starting again, i wouldn't be as fussy as i was with the first house we bought. And if people can't afford to buy a house to live in themselves, they could consider buying a cheaper property to rent out (and continue renting themselves).
Wow, that is an epic answer, sorry!