Created: Thursday 19th July 2018 - By Peter Licourinos
1) KNOW YOUR STRATERGY - This is where a lot of people fall short. Not knowing what strategies to follow or suits them, not being educated properly, trying to do too many strategies or to many things at once. Work out what strategy motivates you, you will be good at and suits your strengths, financial position and time constraints. Get the right education and surround yourself with the right people and the best power team to help you move forward.
2) CHOOSE YOUR AREA VERY CAREFULLY - This is probably the most important decision we make as property investors, the area’s we invest in. You need to consider the past years, where the demographic has been and where is it going, has it shown consistency and durability in both the sales and lettings markets. Then you need to consider the future, what train links are there, what expansions plans, re-generation plans, new shopping centres, blue chip business and the mini economy that each area brings. Speak to the local council, agents, and other investors, attend local networking events and research on the internet! You can never do too much research.
3) KNOW YOUR MARKET – ALL OF THEM This follows on from lesson two. It is important to know what is happening in the economy and the country in general, take an interest but really get into the local economies of where you are investing, speak to the relevant people, get to know the local councils, set up some dummy adverts to get an idea of tenants or sellers responses, familiarise yourself with the local businesses and be part of the community you are investing in.
4) POWER TEAM – LEVERAGE THE EXPERTS Work hard on networking and meeting people that you can add to your power team, people that have come recommended or you have met and got on well with and then do your due-diligence and research. Always keep an open mind and always look and what else it out there, competition is healthy and you always need to know you are getting the best service, best results and competitive prices, although cheapest is usually not the best, somewhere in the middle is usually fair and works the best.
5) EDUCATION I think education comes in many formats and includes training courses, mentoring, networking, reading, webinars, audio’s, one2ones, succeeding and personal failure and learning from others mistakes and all are important. Choose yours carefully, make sure it is fun, trusting, supporting and reasonably priced and you are personally happy with value for money and what you are getting. Try not to over educate and make sure you have finance or plans to raise finances, so whatever happens you can take the biggest lesson in property and buy! I have seen too many people in property that do not end up buying or buying regular enough and this is the most important rule when it comes to investing in property! TAKE ACTION!
6) ACTIONS SPEAK LOUDER THAN WORDS This is where I am most passionate. Firstly I believe in educating yourself, having a mentor, networking, surrounding yourself with like-mined people and a power team. BUT one thing life, experience and education has taught me is that you BUY. Learn from other peoples mistakes but GO AND BUY. When you follow these rules and other learnings and have everything in place…you know your strategy…you know your markets & goldmine areas…you have the right power team around you…have been educated or mentored…you have finance…go and take action and start building your property empire or achieving your own property goals because this is what it is really about!
7) MAKE YOUR MONEY ON PROPERTY WHEN YOU BUY I genuinely believe that when you follow these rules and work the way that we do, that you make your money on Property when you buy, not when you sell.
8) RESEARCH Knowledge is power and we train to invest in the right property, in the right are at the right time! To do this and to do all of the above you need to research diligently, you can never do too much!
9) FINANCE Weather it is you own money, an investors, partners or another kind of leverage or SPV you need to make sure you are getting the best value for money, rates and it is working for you as much as possible. Get a second, third opinion but choosing the right finance, deals, products can be crucial. Be realistic, take into consideration market changes, run your numbers over and over again to ensure they work in your A, B and C plans. Good luck everyone I hope this helps and thought provokes. But remember we can all talk a good game but actions always speak louder and your priority must be to get deals done at some stage! Our network is here and always willing to help and if you would like to speak to one of our mentors, financial experts or property experts then please get in touch.