There are 7 steps to becoming a Successful Property Investor…….
- Step 1: Strategy / Plan
- Step 2: Team
- Step 3: Finance
- Step 4: Research
- Step 5: The Purchase
- Step 6: Settlement
- Step 7: Portfolio Review and Management
Over the next 7 weeks I am going to write a brief explanation on each of these key steps. Let’s start from the beginning.
Step 1: Strategy / Plan
First things first…… you need to form a strategy or plan; without it how are you going to hit your goals, targets, needs and wants? If you are just going to roll the dice with no direction, how do you know what to invest in? This is where you can make large losses and get burnt from the property investing game.
What are your dreams? Where would you like to take holidays? Where would you like to live – close to the beach, the city or maybe on acreage? Would you like to help the kids out? Would being able to pay the bills on time and having surplus cash available at the end of the week or month help out your family? By building wealth through property will it help you out in retirement with a passive income? Or would you like to give back and help out a charity?
This might start with a meeting with a property adviser, your accountant or your finance broker. This is where you would have an interactive conversation about your goals, what you are trying to achieve and your Why? Why are you doing this, what will it mean for you? This is where you will discuss, cash flow, capital growth, advance strategy, deposits, income, location, new V’s Old, renovating, developments etc.
From this meeting, you should have been able to outline;
- What you are aspiring to achieve?
- You would have a quick understanding of your current circumstances, income, expenses, assets and liabilities.
- You should also have an understanding of the type of investor you are; beginner, intermediate or advanced.
- You will know where to go from here and who you need to talk to next.
- You will have an outline strategy / plan, this strategy will be refined once you have the team in place and you know your numbers by talking to the finance broker and accountant.
So now you have a plan, a strategy for where you want to be in 5, 10, 50 years! Now it’s time to move onto Step 2 – “Creating your Team” stay tuned for my next blog where I go into details on who you need on your team and why.
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