Plan to Succeed in Your Property Investments

Planning to succeed in your property investments goes hand in hand with knowing your target and knowing your strategy. You have to have a plan set in stone of how you are going to succeed. It isn’t enough to solely have a goal; you have to have a detailed plan on how to achieve that goal.

I urge you not to make the same mistake that most other people make, which is to pick a goal out of the sky that is based on something you have read somewhere once about Joe Bloggs who bought 100 rental properties in 1 ½ years. Therefore you make your goal 100 or more without really understanding why and perhaps more importantly, how you are going to achieve it.

Let me try and make something clear. If you have the true inner self belief that you can reach 100 properties in 1 ½ years, then fantastic; however, for most people that haven’t bought their first property yet this goal is too lofty, it is more of a dream than a goal and they lack the inner belief to really make it happen.

It would be better for most people to start with a small goal, something that they can truly plan for and see happening, and then as their confidence and inner belief grows then their goal can grow also.

Let’s have an example:

Jane dreams of buying 50 properties this year, yet up until now she has only ever bought three and it took her two years to buy those. Is Jane’s goal too high? Well it is impossible to say without really knowing more about Jane and why it was she had only bought three properties up until now and whether she has suddenly gained more resources that might allow her to achieve this goal.

However, the first thing Jane needs to do before she sets her goal in stone is to plan how she is going to achieve this goal. Exactly what resources does she have already at hand? So if the goal she wants to set is 50 properties this year – does the resources she has at her disposal allow her to do this.

• Does Jane have a marketing campaign up and running that will bring her a few hundred deals a month to analyse?
• Does she have at least one (preferable more) excellent solicitor and mortgage brokers that have a proven record of being able to move quickly on deals?
• Does she know how she is going to finance these deals?
• Does she have a team of people she can call on for advise that have already been there and done that and own more than 50 properties?
• Does she have the time to deal with all the deals she is going to have to look at?
• Does she need to use a finder or some other means of getting other people to bring her deals?
• Does she have enough, or the right, property education to deal with this amount of properties?

These are just a few of the starting questions Jane needs to explore if she wants to know how to buy investment property successfully. If the answer is negative to any of these questions, does she have a contingency plan put in place to deal with any issues and turn a no answer into a yes? For instance, if she doesn’t have a marketing campaign set up that can bring her a few hundred deals a month, can she get one set up?