Step 4…. Numbers!
Ok, step four in our 10 steps to GBP10k per month from UK property.
So far we've talked about discipline, goals, and timeframes. Now, let's get into the fun stuff - finances. This is where it gets real, but by taking honest stock of your situation, you'll be able to figure out exactly what you can buy, and by when.
It’s pretty straightforward, building GBP10k per month starts with a single property. The sooner you can purchase the property, the sooner you can start earning and income, and the sooner that property will start going up in value, giving you options to re-mortgage or pull out equity for example.
But, how do you figure out when you can aim to have your first property?
Grab a pen and paper (no, really, grab a pen and paper) – and see below. Start by figuring out what you can save on a monthly basis. It looks a bit like this;
Remember, every saved pound brings you closer to your goals. So be disciplined here.
Project Your Growth:
This helps create a clearer timeline for your property journey.
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Example Breakdown:
Imagine a £200,000 property requiring a 30% deposit and delivering a 6% yield:
Based on this, you could save the remaining £33,000 in 14 months, making your first purchase possible in just over a year.
What do your figures look like?
Visualise Your Progress:
With consistent saving and rental income, you could potentially acquire multiple properties over time. Our example could lead to 5 properties in 10 years, but remember, the income from those properties can further accelerate your journey.
We also have a podcast version of this step, check it out if you would like more detail - https://open.spotify.com/episode/1K17ztDwBW5sSGvGgKInnE?si=2bbca5aed3524e6c
Thanks
Callum