Hey guys welcome back to the fifth part of this month's free educational series
On how to start property investing For those of you who are new to my channel I’m James Bennett the property coach and it's my mission to bring you all up to scratch on all things property investing
In the previous blogs, we did a dive into the available methods of property investing to see what would suit you best
Hopefully by now you have a much clearer picture of what's out and what's going to be the best path for you to take
Like I said yesterday today we are going to look at what to do next and where to go from here that’s where a good solid plan comes in or you could call it a business plan 9 out of 10 successful people will have a good solid plan and stick to it
So how do we set a plan first of all we need to keep it simple as long as you keep it simple it will be easier to stick to so ask yourself 3 questions
Where are we now
Where do you want to get to, and
What actions are we going to take to get there to achieve this
Where are we now consists of
How much money have you got to invest
How much savings you can allocate to property investment for future investment
How much time can afford to invest each week or month
What skills and knowledge you can bring to your property business
The first thing you want to do is write down the answers for these questions and be honest with yourself leave your ego at the door then book yourself in to see a montage broker this way they will tell you realistically what your financial position is and how you could acquire finances to use for your property investing venture
WHERE YOU WANT TO GET TO AND HOW TO GET THERE
Now you know really what you have to play with
We need to find out what you’re looking to achieve money wise best thing to do is to put this into a monthly figure do you want an extra £1000 per month or do you want an extra £5000 per month
Now you have set a figure we now need to work out how we get to this figure each property investing method will entail a slightly different way of getting there
Ie if we have one rent to rent HMO deal that's going to make us £750 per month per deal and each deal costs us 5k you can safely say that 2 rent to rent deals with an investment of 10k for the two is going to generate you a monthly income of £1500
Or if we were to use the traditional buy to let method
We will need to purchase 3 houses for 100k each with a deposit of £27.500 that includes a stamp and legal ect each property should make you approximately £500 per month in profit So we have an initial investment of £82.500 that's going to make us the same monthly profit of £1500
So, by now we should have assessed our finances and built a clear picture of where we want to go from here
Now, what actions am I going to take to get there to achieve my goals?
TURNING YOUR PLAN INTO ACTION
Having solid goals are essential but nothing is going to happen until you actually take the necessary steps to execute whatever strategy you’re going to pursue
So let's break it down into bite-size individual tasks it might seem like you have a mountain to climb and many hurdles to overcome but the way you overcome them without getting overwhelmed is to break it down and do one small step at a time you need to take action in consistently taking action every day and always pushing towards my goals no matter how small the task is at hand
So set your daily tasks the night before wake up and pick them off one by one without these goals you will go round in circles and go nowhere
Set your tasks out in order of priority and set a deadline date by the side of them
Use a week by week a4 book and consistently use it to check back on your progress
So if your goal is to get a single let property under your belt
Your tasks should look something like this
Visit mortgage broker
Locate properties within your target area
Book viewings on those properties
Attend viewings
Call agents put offers forward
Negotiate the deal
Instruct solicitors
And so on all these tasks however small, they may seem all contribute towards your end goal
The basic foundations of all property businesses are the same:
Research
Financing
Acquisition
Refurbishment
Management
Refinancing or selling
So this concludes today's blog
Please go back over my past videos if you missed anything on our youtube channel
I will drop the links bellow
I would also love to hear what action you guys will be taken to make your property journey a reality
But remember always take action the clear route to achieving your goals
remember to jump on my youtube and catch up with anything you have missed and hit that like and subscribe button for all your daily hints and tips on all things property investing
I have been James Bennett thanks for reading have a great day