I get asked this question a lot. Lucky for you, I’m going to tell you exactly what I’d do if I started all over again, with knowledge I have now behind me.
Get Clear on Your Goals
The end might seem like a strange place to start but if you don’t know where you want to be, you can’t work out how to get there! Are your goals purely financial? Are you looking to leave your 9-5 job? Is it to subsidise your lifestyle? Are you looking to gain financial freedom?
Give yourself a realistic time frame of when you’d like to achieve your goals and work back from there to refine what you want to achieve within your time frames.
Top Tip: Use S M A R T goals. Specific, Measurable, Attainable, Relevant and Time based.
Know Your Starting Point
This is unique to YOU. There are many things that will determine your starting point and it might be different to other peoples’. The most obvious three are:
Experience - Have you been doing this for a while, but your goals have recently changed and you’re looking to level up? Have you never bought a property? Are you somewhere in between?
Time - Are you in a 9-5 job and only have evenings and weekends to work on property? Are you working alongside something else but have some flexibility and freedom? Or are you working on property full time?
Money - How much money do you currently have to invest?
Choose Your Knowledge Carefully
Get your information and knowledge from a select number of trusted and reliable sources.
Too much noise, too many different opinions and too many different sources can cause confusion and contradiction. Establish what information you can trust and stick to it.
Be Agile
Especially in the current climate! Agility across multiple strategies and even areas might just be the difference between continuing to be profitable and having to tighten your belt.
Planning is Power
Once you’re clear on your goals and your starting point, you can really start to move forward and gain some momentum on the track that is right for you. To make sure you do this efficiently, create a plan and stick to it. Break it down into achievable timeframes, consider whether you need support to achieve your goals, consider a project management tool such as Asana or Trello and make sure you’re checking in with yourself!
Your property journey is really personal to you, so try and avoid comparing yourself to other investors who are at a different stage of the process.
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