Before you buy or renovate property, define your financial goals and timeline. Let's Chat walks through reflective questions about income needs, retirement timing, and 3/5/15-year targets to avoid wasted time and bad purchases.
Chapters
In chapter one and two of your property Success with Renovation, I talked about just how important it is to know what you want. Because so many people start their property investment journey with good intentions, but often in reality the wrong way around. And often I see people run into the restrictions further down the track because they've headed far down a particular path before really establishing their goals. In this video I discuss how the actions and the decisions that you make now will get you to your goals sooner by knowing exactly what you want to achieve and establishing a criteria for finding and buying the right property. Now I can't stress enough how important setting your goals is to the outcome of your property investing aims. While it may be tempting to jump straight in and search for a property to buy, if you don't know where you're going in terms of your overall property investing strategy, then how will you know where to start? When you lose your way or get confused, which can be easy mid renovation when everything is chaotic, then the confidence and the direction to pause, get a grip and move forward all comes from knowing what your goal is. Now I've found myself on many occasions stopping and asking is this action or decision or purchase going to get me to my goal or will this get me to my goal sooner? If the answer is no, then I move on. Throughout many of the training sessions and courses I run, I speak about goal setting. Some of you may even have done this exercise before and if you have, then this is a great time to do it again. It's always important to review your goals and keep them front and centre. Now the more you are in tuned with your goals, the greater the likelihood of success. If your goals involve securing your financial future and you are considering a major investment, then it definitely pays to take the time to sit down and work out what you want to achieve by what date and define what steps you might need to take to get there. I am sure you want to get straight into finding a property and renovating it. Who doesn't? But first we need to actually go through the process of goal setting to define where it is you want to go so we can plan your journey. Now many people who invest in property find that they end up with a dog, a non performer. If you know clearly what you want to achieve and what the exact criteria are for finding and buying that property, then you'll be well on your way to being one of those successful investors. Now until you can answer the following questions, don't spend every Saturday looking at properties because you'll only be running around in circles wasting your time and getting confused and worse, putting yourself under pressure to buy something which may be a lemon. So let's work it out. What is your end goal? What does your financial future look like? Are you relying on your property investing to produce a passive income? When do you plan to retire and how much will you need to live off after retirement? How can you get closer to your end goal? How does purchasing property now fit into your end goal? What specific type of property is going to assist you in getting to your end goal sooner? What is your goal for the next three years? Five years? 15 years? Set aside time each day or week to review your goals and measure your achievements. Now note setting goals is one thing, but be sure to also include a time frame for each goal Now. This is crucial in the future to work out what property investing strategy will actually suit you.
