So, you may have read our post about the most common mistakes to avoid and we’ve also written about some high cash flow strategies, but where do you start?
How do you really set your compass, have clear goals and work towards achieving them? Take a look below for our advice.
Your End Goals and Your “Why”
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.
Your Starting Point
Like your goals, this is unique to YOU. There are many things that will determine your starting point but 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?
Once you have determined where you are, you can move onto establishing which strategies are right for you.
Your Strategy
The answers to the first two questions will somewhat determine your strategy. For example, if you’re starting with a smaller pot of cash and are looking to scale in 5-10 years, your strategy will be different to someone who has an abundance of available cash, a wealth of experience and a time frame of 2-3 years.
If you’re just starting out investing in property, it might be that you get a head-start and make your money work harder for you by investing with Brentor Property. Whilst you’re learning the ropes and working out which strategy is best for you, your money can be earning you a 7%-10% ROI to put towards your first deal!
If you’ve got more experience and you’re looking to scale and move into a new strategy like commercial to resi conversions, but haven’t got the full financial capability, we’ve got you. Invest with us and learn about a new strategy alongside.
The Plan
Once you’ve done your research, set out your goals and your starting point, picked the strategy that is right for you, you can really start to move forward and gain some momentum on the track that is right for you.
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.
If you ever need to refocus, go back to your “why”!
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