My thoughts are you will need a basic strategy plan for your property portfolio. You need some basic direction on how you are going to go about growing your business – well it is a business right? There is a lot of questions you will have to ask yourself:
- what type of properties would you like to buy (flats/apartments, standalones, multi-lets)
- which area codes would you like to buy in
- from who would you like to buy from
- will you lease your properties yourself or use an agent
- what property price range are you looking for
- is it a cash flow or capital appreciation strategy
- will it be cash purchase or bank loan
- what minimum yields or ROI are you looking at
Just a few questions you should be able to answer. i believe a strategy helps keep you in plan and focused. i also believe that strategies can evolve as you grow also or learn new tricks. Notice that there is a few fancy words floating around: cash flow, capital appreciation, yield and ROI. Don’t stress, it is part of the jargon used in property investing. Best you try understand and include them in your strategy.
i have attended a few webinars, seminars and trainings and i must admit i rather enjoy attending them and i have definitely learnt a tremendous deal from these sessions! As much as after a while, the information then seems to become similar and all too familiar. However i have noticed that i always manage to take away something new almost every time. The great thing about these sessions is that you get to hear about the different strategies out there and how different people are going about building their finances and portfolios. From this you, able to pick and choose which to use for yourself. Besides the property strategies i learnt, one of the best was a free session of how to manage your finances. i learnt or rather was shown a different budgeting template which then completely revolutionised my old budget and changed both my financial outlooks and outcomes. It was so different that it totally changed the way i started approaching or treating my journey into property investing aka my business. i greatly recommend that you look for free seminars and webinars on property and finances and attend them. It’s been said that one of the greatest investments you can do for yourself is to invest in knowledge. A great place to find webinars is definitely on facebook.
Hence in short and to conclude … Strategy is important, learning is important. Plan and equip yourself for the road ahead…