The philosophy of getting to the heart of the property world sits at the centre of Just Do Property and I will endeavour to help you each month to get straight to the main issues you face as an investor – whether you are just starting or whether you have been investing for some time.

Try asking yourself the following questions:

• What do I want to achieve?
• By when do I want to achieve this?
• Why do I want this now?
• How am I going to achieve this? – break each part down into   small pieces
• What other information do I need to have or be clear on to make this target easier to reach?

The more specific you are about each element of your goal the more likely you are to keep on track and be successful.

We tend to overestimate what we can achieve in a short period of time, and to underestimate what we can do over the period of a year or so.  This is because it feels like a big mountain to climb when you start out.

Let’s face it we’re all different and so you might like all the details, and then some more details depending on the answers before you make your decision.  In contrast you might not be interested in the detail, just the cash-flow, which means you’ll take a good deal because it looks good and then work out what to do with it.

If you do like the detail then in order to make the most of buying deals that other people have sourced for you then you need to have:

a)    A very specific crib sheet of how to do your due diligence fast (it doesn’t need to take more than 20 minutes when you know what you’re doing).

b)    You need to have a clear understanding of what your break-even point is.  Do you absolutely need to have £200 gross per month or would £150 be enough.

c)    Where exactly are you going to buy, and what is the furthest away from your home are you are prepared to buy?

There will be many more questions you want answered so that you are ready to agree to a deal quickly.  Make sure your list is as comprehensive as possible, and where possible give this list to the deal providers that are looking for property for you – this is usually available where a membership fee is required to have access to the properties.

If you’re much more of a jump in and do it person then why not consider partnering up with someone who is going to check the details for you.  This may slow the process down a little, but will avoid costly mistakes in the long run.

It’s great that you are prepared to take the next deal, but it never hurts to make sure that you have thought through your criteria before you start.  The more detail you have about the type of houses, cash-flow or equity that you require from a property purchase the stronger your portfolio will be.

What are the biggest issues that you face when thinking about buying that next property or negotiating your first lease option?

• I don’t understand the finance systems.
• Where am I going to get the deposit from?
• Should I take the deal if it’s less than 25% BMV?
• I live in an expensive area but I’m not confident of managing properties in another area.

There are so many ways of buying property these days that it can be overwhelming.  One system will feel like it’s in your comfort zone, but this isn’t necessarily the quickest or best way to accumulate the portfolio you really want.

Start with those comfortable purchases (probably the 2 and 3 bed houses or flats) and then move on to those which will support the income you want more quickly (multi-lets and even HMO’s).

Finance training is available so book yourself on a course that will show you how the systems work so that you can be satisfied you understand fully what is going on, the documentation needed and how you are going to use that system.

One of the biggest tips is that you don’t have to do everything yourself.  If you would be more confident working with someone who would help with the figures then buddy up with them.  You will probably be able to help them by finding great deals.  Share the workload, not only does this make it easier for you to build your portfolio, it makes it more fun too.

Whatever it is that’s stopping you or holding you back then check out the Just Do It mentors sections – get on the right training courses – or get someone to show you the way you like to learn so that you can take giant leaps forward.

You only have to do a little a day towards your goals to achieve more than you ever expected you would.

Happy investing
Yvonne

If you would like to discuss personal coaching/mentoring with Yvonne then as a Just Do It member you can get 20% off.  Phone Yvonne: 0845 094 6628 she can help you leap over your barriers.