5 Steps to get into the Property Mindset (NOW!)

There are lots of ways to make money and earn an income, but Property represents a relatively safe way to build up and steadily grow your investment. Great news for those that don’t actually have the initial deposit to buy or are wondering how to save this? Now, with technology and the emerging sharing economy with platforms like Airbnb and Uber etc, you no longer have to own the asset or property to earn an income as a side hustle or eventually full time if that’s the way you want to go.

So in getting prepared, I want to give you with 5 key points to work on:

1. Get educated: It’s so crucial to get educated in property and the best and easiest way is to purpose to learn something new about property every single day. Set an appointment with yourself and show up. You learn, soak in and get yourself in the headspace. Sign up to property education blogs and get weekly notifications, and make the effort to listen to podcasts, YouTube videos with leading property thought leaders and successful entrepreneur. Create a log of topics and if there’s anything you don’t understand, note it and read up on it later. It’s the school of life and you have to get the education. When I started I got completely soaked in the process and even went for auction events to watch how people were bidding, watched Homes under the hammer, a popular TV show on property just to get into it, so that when opportunity came in form of the financial crash of 2008, I knew it was time to jump in!
2. Understanding the different ways you can make money in property – start with the least risky strategy based on your current financial situation and your goals and gradually build up from there. Most people know what works for them, what strategy suits their lifestyle, personality and aspirations – I love serviced accommodation which where you convert a home into an apartment hotel (think Airbnb) which is great for making quick returns on very little investment, some people I know love to do HMOs (house of multiple occupancy) where you divided up a house into rooms and rent them out individually because of the strong steady income. For people looking to build wealth in property, some invest in residential homes, others invest in commercial units or new builds. I like developments that add value to the property from the onset and which you can make an immediate return but that’s just me. We all have a Strategy that works for us and we get GOOD at it. The aim is find out about the different strategies, and narrow down which one works within your lifestyle and your goals and get on with it.
3. Network Network Network: Sign up to go to property networking events. Events that specifically discuss different strategies. (Disclaimer is that these events have amazing sales pitches so please leave your wallets at home!). Find yourself a property buddy, a like-minded friend (or friends) and commit to talk about property at least once or twice a week. I have friends who also love property and all we ever talk about is property property property – how to juggle property with kids? what to invest in? which area to source? what do we think about the market? or dealing with the impact of a new law, dealing with difficult guests or tenants and it goes on and on. And even the first every property I ever bought was a joint venture with a good friend – we didn’t have enough funds individually but together we pooled together and bought our very 1st property which she moved into and that guaranteed us rent. So, ramp up your friendships with like minded people 
4. BE a DOER: Commit and put a time limit on getting to actually do a deal within the strategy you have selected. Learn enough and start but don’t waste time in your comfort zone learning and learning – “property rewards the brave” is my own personal twist on “fortune rewards the brave” so get out there and do it and worst case do it with someone if you’re scared – start small, and work your way up.
5. Get a mentor: if you need to beg, borrow or pay a mentor, its so vital you do so as it will help you a great deal in growing and accelerating your business and most importantly stop you from making a lot of unnecessary mistakes. Your mentor will act as a guide for you to run your ideas, strategies and give sound advice for the issues you will undoubtedly face in your investment journey. Your mentor will act as a sounding board and will tell you “yes that’s a good move or no don’t do that” because they’ve been there and walked the walk and know where all the potential minefields are for you to avoid.

I hope you’ve noted the top 5 things to start doing now to get into property and do send me a message for any more information or if you have any questions.

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