BUILD A SOLID FOUNDATION FIRST!
When you are looking to start your property journey and to start building your wealth through renovations and property investment it is absolutely essential for you to have a clear understanding of what your end game is otherwise you will almost certainly never get there.
There are so many different reasons that people want to get involved with property. Some people might want to create a bit of side income while they continue to work at their current job, which they love. Some might want to make property a full-time career and quit their jobs. Many people want to use property to build up a retirement fund to help them exit the rat race as early as possible. Having a clear understanding of what it is you want to get out of your property journey will help make sure you take the steps to achieve your goals from day one!
The first step to building your foundation is to sit down and have a long think about what your end game is. Answer the question "what do you want to get out of property in 20 years time?" Please make sure you write it down so that you can refer back to it every day and make sure you are on the right track.
Once you have an understanding of the end game you can start to work out what are the best steps to get you there. Do you want to flip homes with a short turnaround and try to build up funds and scale your business or maybe you want to buy properties, add value through renovations and hold them as long term investments. There are a number of different strategies that will help you work towards different end goals but the important thing is that you identify the best strategy for you and then you use this as a base for your activities when buying, renovating and selling properties.
The final step to giving yourself solid foundation to start making some big profits in property is to evaluate yourself and your current position. You need to have a good understanding of your position in regards to cash/borrowing power as well as experience and ability to complete a project. If you have the knowledge but don't have the funds then you could potentially look for a Joint Venture partner. If you have the funds but you don't have the knowledge then reading property books and looking into property courses is a great place to start.
Once you have a good idea of where you are right now, where you want to be and how you can get there you can start to take real steps towards changing your life through property. Just remember to always review your goals and to keep them in your mind so that you are always moving towards them!
My final point is that you should be fluid in your planning and your approach. What I mean by this is that things are always changing and you need to be able to adapt to change and adapt your plans in order to make sure you can tackle any problems that come your way.
Thank you so much for reading! As always this article is based on our experiences and point of view and should always be read as such!
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