Here is our 8-Step Plan to Get Started (or Restarted) With property Investing
🏠Identify Your Financial Stage: You need to identify where you are on the financial mountain. Are you at the very bottom (as a beginner)? Half-way up? Or near the top? You want to know your current stage because depending on where you are, certain property strategies will make more sense than others.
🏠Choose a Specific Property Investing Strategy: Choose ONE property strategy that will help you move from your current financial stage to the next stage (remember Step #1). Starting with one specific strategy doesn’t mean you won’t have detours or even a complete change of direction later. Life happens, and you have to be flexible. But starting with just one will help you focus. And this will give you the confidence to get started.
🏠Pick a Target Market: People often ask us or wonder if they should invest close to home or choose a new market. It’s a good question because the market you choose could make a big difference in your final results. Some people prefer to invest close to home if possible. Being local gives you the advantage of intimate knowledge of the market. And while managing a property from a distance can be done, it’s still more efficient and effective to be local or atmost an hour or two from home.
🏠Decide Your Investment Property Criteria: Your investment property criteria tell you and others what it means to have a good investment. We actually recommend creating a written investment profile that you can share with potential partners, investors, and sources of property leads like property sourcers.
Your written investment profile should include descriptions of two major categories:
Target terms (aka the numbers)
🏠Build Your Team: Property investing is a team sport, and you are the leader of your team. You don’t necessarily need employees, but you will need independent contractors and advisors who can help you in their areas of expertise such as your Spouse, Business partner, Mentors/personal advisers, Accountant, Lenders, Property sourcers.
🏠Line Up Financing: Unlike other forms of investing, it’s fairly normal to use financing/mortgage to help you with a property purchase. And there are many options to choose from. Speaking to a mortgage broker is a place to start.
🏠Raise Cash For The Deposit Down Payment & Reserves: The amount of cash needed for your deposit will depend upon your strategy (Step #2), the prices in your target market (Step #3), and your property criteria (Step #4). You can also ask your mortgage broker (Step #5) how much down payment you’ll need.
🏠Create a Plan to Find Deals: Good deals don’t just land in your lap. Finding good deals is more like a treasure hunt. You have to turn over dozens and dozens of stones before you find a hidden gem. That’s where we come in. At Patternbricks Sourcing our mission is to help investors just like you find the best property investments that will generate a great return for your hard earned cash. All our deals are only sent to our investor list. So if interested in receiving our FREE property deal alerts then click HERE to join our investor list.