FAQ 25 I have done all the things to get market ready but I am having difficulty moving forward.
It is easy to busy oneself doing the \’mechanical\’ things to get an investment portfolio underway but up to this point relatively liitle risk has been taken in respect of hard earned dollars. The whole point of embarking on this investment path was to get rid of the \’hard earned\’ part of the equation. It is natural to have some reservations about moving into unknown territory so to overcome these reservations it is good to prepare fully by taking education before making a move. Don\’t however sit on the fence.
Going on a shopping trip is made easier with a shopping list. Only the wanted items are purchased and impulse or gut feeling buying is avoided. Getting the right investment property to fit in with a written investment plan is not that much different although it comes with a higher price tag.
Prepare a shopping list. This shopping list is carefully put together using logical steps.
- Firstly understand what finances are available by having a FINANCE AND STRATEGY REVIEW..
- From this check the strategist will have worked out EQUITY or CASH FLOW weaknesses
- If the available EQUITY is less than $200k then EQUITY is the weakness
- The first deal needs to strengthen that weakness.
- Choose which is the weakest finance – EQUITY or CASHFLOW? Write it down.
- Write down some types of deal that will produce EQUITY
- Write down some types of deal that will produce CASH FLOW
- Choose a type of deal which suits personal styles or circumstances, the current market position and addresses your weakness.
- Produce a \”shopping list\” with the selection criteria.
Base the list on what is wanted in an investment property, for example , a cash flow positive property with moderate to good growth and the possibility to add value by subdivision and renovation. The maximum amount for this property and the loan for 80% of this amount should be specified. If more hands on is envisaged to be able to personally oversee renovations then a property should be chosen that is within a limited radius of where you live. Categorise these into MUST HAVE and NICE TO HAVE.
So now, armed with the shopping list and research tools such as Real Estate Investar it will be possible to conduct precise property acquisition. In addition ,talking to local agents and even finding potential properties from fellow investors will be made easier.
Examination of these \’finds\’ to see if they fit your shopping list is the next step. This is where the USEFUL FORMS comes into play. Visit the link below ,download and use them to help when asking the questions to gather information. The answers to these questions will help to put ticks on the shopping list. The rest is simple – ticks in all of the MUST HAVE means sign the contract!
https://uresstaging.memberhost.io/reference-guides-for-property-investors/#more-343
Above all don\’t be surprised to have to examine quite a few properties before arriving at one which meet the minimum criteria. How long this will take will depend on the individual\’s preparation and the amount of effort spent per day in looking. Needless to say that a well prepared list and a good methodology together with a focussed and dogged determination will greatly assist in reducing the time taken.
Regards
Michael & Sara
Ultimate Coaches
The information supplied is general only and not intended to replace professional advice.
