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The property market is booming.
It seems everyone wants to be a property investor, however sadly many fall at the first hurdle, simply because they don’t have a plan.
A plan is essential and I promise you don’t need anything fancy. However before you get to the planning stage, can I suggest there’s one very important job you need to do first. You need to sit down (with your partner) and consider your long term goals. In particular, you want to consider where you’ll be in ten years time.
My wife (Lianna) and I know exactly where we’ll be in ten years. We know the area we’ll live in, the type of house we’ll own, the level of passive income we’ll enjoy and even the interests we’ll have.
I appreciate that may sound strange, and of course over time, we’ll modify this plan – if there’s a good reason to do so – but without a clear written set of targets to hit, how can you possibly know where to aim?
So can I suggest that regardless of your age, circumstances or financial situation, your first task is to sit down (with a nice glass of wine/beer/water – delete as applicable) and think about where you want to be in ten years time.
If you can picture yourself in ten years, you can work out where you need to be in five.
If you can picture where you’ll be in five years, you can work out where you need to be in three.
If three, then one.
I promise you… putting together a ten year plan changes everything.
Of course I appreciate this may sound tricky if you haven’t done it before, especially since we often live “day to day” and are more accustomed to thinking in terms of weeks or maybe months ahead… but the power of this exercise is immense.
If you would like some help with this, we offer 30 minute coaching calls for a modest fee and have (up to) 5 slots available per week. These go quickly however and so if you would like to take advantage of this service, can I suggest you contact us to find out when the next slots are available.
Once you have a rough idea of where you would like to be in 10 years time, you need to consider how property fits into this plan.
It’s no coincidence the super rich invest heavily in property and whether you just want a single house to feed you in retirement, or five houses in the next twelve months – to give you a £100,000 net income, we can help.
The truth is property investing isn’t rocket science… but you do need focus to achieve great results.
You can get started with as little as £1000 (and I know many who have) but naturally if you have some funds available, there are more options open to you.
However one word of warning…
If you do have some funds, please, please, please don’t do what so many people do and simply chuck a big dollop of cash at a property and leave it sitting there waiting until house prices go up, so you can then remortgage. Can I respectively suggest you have to work smarter than that.
When I buy a property I plan to have all of my money out within nine months and it must put money in my pocket every single month from day one. With perhaps one or two exceptions, this is the case with every property in my portfolio.
There are lots of ways you can achieve this and I’ll happily run you through as many as we can in the 30 minutes we’ll have if you prefer to use your 30 minute FREE coaching call for this instead.
There’s so many more things I’d like to share with you and so can I suggest you sign up for our Newsletter. I promise we won’t send you tons of rubbish, only tips, tricks, strategies and lessons we’ve learnt along the way.
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