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Showing results for tags 'goals'.
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Failed My 2020 Property Goal
Matthew Webster posted a topic in General property discussionSo, looking highly likely, that I will not achieve my 2020 goal which was simply to add 1 further property to my portfolio as part of my 10 year plan. Not for want of trying mind!!! COVID has made and continues to make things a lot more challenging and now as many other Hubbers have reported, since restrictions have eased, the market has gone crazy with people paying over the odds for many properties that are on the market. Like others, I am now holding my cash in the hope of a dip in the second or third quarter of next year, so looks like a will fail to meet my 2020 goal. Frustrating to be honest!!!
20 year old first time investor advice
Will Dodds posted a topic in General property discussionMorning all Just wanted to ask for some advice off anyone who is a few steps in front of me or is where I want to be. I am a 20 year old electrician and have been studying about property investment/ development for about a year or two simply just reading books, articles, forums you tube videos etc... My best pal and I (who is also and electrician) have decided to partner up on our property investment journey as we both have very similar if not the same goals relating to where we want to be and also feel that we would work very well with each other. We both live in Caterham surrey and between us both have managed to save up around £25,000 and also can get loans if needed. We have been viewing properties in areas such as Crawley/ East Grinstead about a 20 minute drive from our homes. Our strategy is for the first three properties we buy we will sell two and hold one for rent in the hope that we would have made enough capital to afford a BTL investment. Our goals aren't for short term cashflow it is for long term wealth as we both know you cant get rich quick. We have agreed that we will live off our current wages and any money made from the property business will be reinvested back into it in the hope that over a 10/15 year period we would have large property portfolio and leave our jobs as sparkies and become full time property developers as it has always been our dream. I know I have only touched on our goals/ game plan briefly in this paragraph but have one written up going into the depth about where we will be in the future if anyone is interested. Hope you all have a good day and look forward to reading any replies as I think we would both benefit massively from it. Kind regards Will.
specia1k posted a topic in Introduce yourselfHi Guys, I’m pretty new to property investment and started out in back in 2016. I live in London where I built up some equity in my home so used that to get my investment journey started. I’ve attended a few property training courses, numerous seminars and networking events picking up some knowledge that I would never have been able to research on my own where I’ve met some fantastic, lifelong friends along the way. I have one BTL up in the North and will be picking up another 2 this year. I am very motivated and goal orientated but I’ve (surprisingly) lost the passion for my dead end job, I’ve got as far as I’m ever going to get with it so I’m redirecting that drive and work ethic to secure my own future through property My goals in property are: Short Term: Buy my Proof of Concept BTL - Done Medium Term: Have enough income from property to cover my living expenses Long Term: To leave my full time JOB One of the key things I’ve learnt from my journey so far is that your mindset will be the difference between achieving average and great results I have been nurturing my credit score over the last few years and it’s now excellent. I’m exploring ways to get creative and use this to my advantage Looking forward to meeting you all Special K
Starting the Journey - advice needed!
Clem_S_K posted a topic in Introduce yourselfHi Guys!! I'm starting my property journey and will be buying my first buy to let in the next 6 months. I'm planning to have 2 properties by the end of 2020, and aquire 10 properties over the next 5 years (roughly 2 per year). However I need to speak to a good accountant before setting anything in motion. I'm based in London but will be buying my first properties in Manchester. As the Property Tax service is currently full, could you please recommend some good quality property accountants or point me towards some resources? Any advice from this fantastic community would be greatly appreciated! For those of you going to the property meetup in November 7th in East London, see you there!! Clem
daviroberts_gmail_com posted a topic in General property discussionHi, I've been renting properties for a few years, and ticking over. Now, I have given up my job and am focusing full time on producing an income from property. Most likely I'm looking at flips, I think I have enough cash to support this, but I'm open to other strategies. I need help in structuring my large-scale goals and putting in reasonable timescales to achieve those goals. After that I'd probably want to join a mastermind group to keep my goals on track, and to help with contacts for all the things I'll need to do cheers, David.
Goal Setting Course
Rickhilton201 posted a topic in General property discussionHi everyone I've posted this in the relevant courses forum but I wanted to replicate it here too because this forum is a lot more active, I hope that's OK! I recently watched the Goal Setting Course and was inspired - despite being on the verge of completing on two BTL investments and coming to try and codify my goals a in a bit of a back to front way since I've already jumped in (as I said in my other post, better late then never I suppose!) I was wondering if anyone has an example of how they broke their purpose/big picture down into goals and by timescales e.g. Big Picture > 10 Year Goal > 2 Year Goals > Monthly Goals > Daily Tasks? I get the concept and think it's great - like most people who has set goals before I'm familiar with the SMART process - but I think it would be really helpful to see some examples of how people actually went about this to help kickstart the process! Thanks
Property Investor Dilemma
blakeyj posted a topic in General property discussionHi all, Im in a bit of dilemma, i have an investor who wants to purchase properties with myself but our initial goals are very different. My investor has quite substantial amount of money but seems to think that the best way forward in terms of investing is to buy a few properties using a residential mortgage and pay off the mortgage as soon as possible and be able to be mortgage free and have tenants just continue to pay them rent. Whereas i feel the best way may to be to buy on an interest free mortgage and build a portfolio of properties that way. Is there any pros or cons that make it more beneficial to do it the way of the investor, as i know they are looking into the future and feel it is the best way. Any advice on this would be great. Thanks
Strategy conundrum!Hi all. I'm just looking for some advice. My overall goal is to have a portfolio with a monthly profit of £2500 per month by the time I'm 55. I'm just about to turn 30. It seems very achievable having read some stories on here but it's not quite straight forward! I'm about to buy my first BTL property along with my brother and sister. We each have 5K to put in giving us a deposit of 15K. Here's where it starts to get complicated. My brother and sister aren't as interested in property as I am and are happy to trust me with their investment. Their attitude to risk is somewhat more cautious than mine so ideally what I would like to do is buy a further two properties with money raised from the first property. We would then have a property each, i would leave that partnership and get going on my own. Now here is my question. Considering we have a relatively small deposit, in fact less than 15K as we would need to pay fees etc out of that, we will be buying a cheap house, somewhere around the 50K mark. How realistic is it that we could gather enough money in rent and capital appreciation to buy a further two properties within 4-5 years? We don't have any money outside of this to invest. That would then leave me ten years to reach my goal. Is it too ambitious considering I can't contribute anything else apart from what the properties earn them selves? Would love to hear your thoughts!
Hello from London
Evert Taihuttu posted a topic in Introduce yourselfHi all, Just would like to introduce myself on the TPH J I’m a newbie in studying property. I'm so glad to have found the TPH as I was looking for a 'local' network after reading Robert Kiyosaki's books. Rob and Rob books are next on the list! I really appreciate the ‘geeky’ methodical approach of Rob and Rob and the all the resources that they've shared! (I consider myself also a geek). My goals are to research and invest in BTL, BMV, Auctions, Strategies, Development and HMOs. My vision is also to invest in building sustainable and smooth running recording and artist studio’s for the art world. I have a strong back ground in finance and retail admin and passionate about multimedia, music and the arts. J E.T.