The Property Success Ladder
When we start a new job or new business there is always the thought that one day we can achieve the dizzy heights of Managing Director or CEO, paying ourselves hundreds of thousands of pound per year and travelling First Class all over the world. To achieve this kind of success in any industry there is an order of graduation and journey of achievement that must take place before success and true Financial Freedom can be achieved. Below you will find the ladder of success that any Property Entrepreneurs will undertake in their quest for Financial Freedom.
Step 1 — Many people first start out on the property ladder without having any funds to invest of their own. The educated property investors know there are ways of making money from property without having to own a property or use your own money. Below are a list of strategies that are available to those wishing to get started but do not have their own funds saved as yet to invest:
. Rent 2 Rent
. Lease options
. Sourcing deals for others
These are all good strategies to use when just getting started with no money of your own and can be very cash rewarding when practised in the right manner.
Step 2 — Those that are lucky enough to have saved or been gifted a large amount of money often jump the first step of the ladder and are able to invest their own funds in the property market. At this stage most will opt for a smaller style property such as a two-bedroom apartment. However, in order to get ahead in the market and earn a good monthly cash-flow return there are a number of better option open you. Personally I prefer the multi-let strategy from the list below when looking to maximise my property for cash, more can be found out about this strategy at our free events, click this link for further details if this is something of interest to you.
. Buy to Let (single occupant)
. Multi-let accommodation
. Homes of Multiple Occupants (HMOs)
. Serviced Accommodation (An Air B & B style property)
. Buy 2 Sell (refurbishing old property)
Step 3 — Over the years I’ve spent working in property and training my clients there are similar routines that tend to take place. The nature of most property investors once they sense the benefits and rewards of their first deal is to go larger and bolder the next time around. In order to make this happen you will need to implement 2 key factors:
. Other People’s Money (OPM)
. A Proven & Reliable System
The one thing in property I can guarantee is that you will never have enough money to carry out all the deals you will want to do. This is true for nearly all property investors no matter how big they are. Even the biggest developers in the world, who do not use their own capital, are only able to grow to such a size by having great systems in place. It is also at this level that you will start to really see the financial rewards grow. The more of other people’s money you are able to handle the greater the rewards will.
If you want to know what to look for on viewing a Property, then why not attend my Free 2 Day Event where we discuss what works today with like-minded Property Investors.
I believe in valuing people’s time in this busy world we live so I’m going to finish off these 5 Steps to the Property Success Ladder in the next article. Make sure you check-in for the remaining steps & have a Great Day on your Journey!
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