5 Steps to Take If You’re Stuck Getting Started in Property
Andy Gaught
Notion Consultant building systems for Real Estate businesses to enable growth, save time and improve efficiency | Real Estate Investor | #andygaughtthoughts
Today I’m going to explain 5 key steps for you to take if you’re stuck getting started in property.
Being successful in property is no longer about just buying a house and renting it out. Investing is a business and if you spend time on each of these 5 areas you’ll ensure you buy deals which serve you and your goals.
Unfortunately a lot of people don’t invest time up front thinking about where they want to get to and end up wasting time and money.
I don’t want you to be in the same position. So let’s get going…
Spending time on each of these areas will create the foundations of a successful portfolio
Amateur investors don’t think about these things because they:
However you’re different. So grab a cup of tea, sit down for a few minutes and take action on the following key points…
Step 1: Set your property goals
Most of us don’t invest in property to be landlords - instead it’s a means to an end. So what do you want to get FROM your property investments?
In the same way you wouldn’t just jump in the car and drive, you shouldn’t invest with no end goal or destination.
For example:
Setting clear goals will help you make decisions
Step 2: List the resources available to you
Investing in property isn’t easy and takes effort and commitment. And two big parts of investing are time and money.
Do you have time to find deals, analyse them, view them, put in offers, chase purchases, arrange builders, check on progress, speak to letting agents, and everything else that needs to be done?
How are you going to fund your property deals? Your own money, working with investors - joint ventures or loans? How much money do you need?
Your access to time and money will have a big impact on how you invest.
Are you time rich but cash poor? - perhaps start with deal sourcing or R2R
Maybe you’re cash rich but time poor? - look at joint ventures or a turnkey solution provider
Don’t start down a path and then realise it doesn’t align with time / money you have (don’t spend time climbing a ladder, just to realise it’s leaning against the wrong wall).
Step 3: What do you know about property investing?
How confident are you about investing? Are you prepared for the large numbers different tasks:
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The list goes on…
What training have you completed, have you listened to podcasts, read books? Or do you need help from an experienced mentor?
Step 4: What property do you want to buy?
There are an overwhelming number of different property business models, each with pros and cons. So research which model aligns with your goals from step 1 and understand how it works. For example:
I often see investors attempting to use lots of different models, but the significant differences in deal structure, finances, experience requirements etc. mean they waste a lot of time starting from scratch, not making any progress.
So focus and get clear.
Step 5: Where do you want to Buy Property?
Finally, after you’ve chosen your business model, you need a location. Think about:
My advice to you is choose the area closest to you, that satisfies your investment requirements. Don’t jump on a social media band wagon!
There is a lot to digest this week, so if you need help, connect using the links below.
TL;DR
Step 1: Set your property goals
Step 2: Make a list of the resources you have available
Step 3: What do you know about property investing?
Step 4: What type of property do you want to Buy?
Step 5: Where do you want to Buy Property?
Andy
Whenever you’re ready there are 3 ways I can help you: