The Ultimate Guide To Renovation Course - Module 1: Goals

So let's look at the course objectives. At the end of the course, you'll not only understand how to optimise, that is get the most bang for your bucks, your renovation property investing strategy, but also how selecting the right property and managing the renovation efficiently will allow you to achieve your goals. You'll learn several things in this course. You'll learn how to renovate on the fly, super easy techniques to get the most bang for your buck, and you'll learn how to manage projects and contractors. In short, this course has been designed to start right from the beginning and hold your hand all the way through every step of the way. In the next 12 modules, I will escort you through the whole process. A process I've personally completed many times, so I speak from experience, not theory. By executing each step successfully, you'll be able to not only start an effective wealth creation strategy, but you will also have a system that you can replicate. So let's get going. Now, these are the 12 modules we'll work our way through, starting at the beginning and going right to the end. Now take your time, review and repeat modules as needed. First, we're going to start with goals and strategy. Then we're going to look at suburb selection, suburb due diligence, the right property costings and finance offers, negotiation and auctions, managing a budget schedule and tradespeople adding bang for your buck, structural renovations, common renovation mistakes, tips and tricks, accessing the equity, selling or holding, and reviewing and improving. So let's get on to module 1. At the end of this module, you will understand first how defining your goals will be the anchor point to enabling you to execute your renovation property investing strategy. We'll also look at different types of renovations so you can decide which strategy best suits you. 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 from front and center. 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'm 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 going 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. Goal setting is especially important if you're considering investing in property with others, e.g. your partner, family member, friends, etc. So that you can ensure that everyone is on the same page. It's better to find out now if someone has expectations that are not aligned with your own. I've seen many joint ventures in property investment go wrong. It only ends in tears or worse, like losing a friend. But in each case the damage could have been avoided or at least minimised in if the parties involved had set some goals and established some ground rules up front. 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? Now here's an exercise for you. If your goal is to retire and live off equity from your property portfolio, then you better make sure you understand where that's going to come from. So firstly, please write down the amount of income per annum before tax that you want. That's going to give you a happy lifestyle. Now multiply that income by 20. This determines the capital required which on a 5% rental return or return on your investment is going to earn you the money to get you that income. Thus, if you want a $50,000 per annum income, times it by 20. You need a million dollars in total assets earning 5% to get you that $50,000 per annum. Your total figure represents the amount of income generating assets that you need to own outright without any loans. So this does not include your own home. At a return of 5% on these assets, that is a million dollars of assets at 5% yield will earn you $50,000. That is what the passive income is that you want. So this is your exercise. Work out what your goals are. You may like to get your partner or co investors to do one of these exercises separately with you. Sit down and compare your goals. You'll find either you're in agreement or you have some things to work out. This is really important before you go ahead with a joint investment. Measuring your goals is also important and you'll need either an unreasonable friend to keep you on the track or or something to assist you. So don't just write them down and forget them. Do what you need to do to stay focused and accountable. Decide what you're going to use as evidence that you've actually achieved your goals. You might set yourself specific, tangible ways that you'll know that you're on track. For instance, you could create milestones and tick them off as you progress. Remember, the little steps will get you to the journey's end, so celebrate them. Set aside time each day or week to review your goals and measure your achievements. Setting goals is one thing, but be sure to also include a time frame for each goal. This is crucial in the future to work out what property investing strategy will suit you.