Failed My 2020 Property Goal

[MWebster 6]

So, 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!!!

[nicholas_b 31]

14 minutes ago, MWebster said:

So, 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 Humber’s 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!!!

I'm in your boat too mate. As will many others. Namely there are only so many properties... and then there was no way of knowing the prices would go through the roof... keep your eyes peeled for one where numbers stack up.... and failing that you have the cash to fall back on like you say.... that's the sentiments of many I suspect.

[julia urquhart 123]

If the situation changes then so should your strategy!

No-one could have predicted what as happened this year and blindly following your strategy when it is no longer the correct one is foolish, so instead of being down on yourselves for missing your goal congratulate yourself in not following your plan blindly and making a costly mistake. The best plans are adaptable and change with the situation.

So now you should sit down and redraw your plan in line with the current situation. Set new goals for 2021 and lets hope for a more predictable year.

Good luck

 

 

[LLotus 0]

You have a few months left yet ! I’ve often bought properties in December when everyone else is concentrating upon Christmas, although in saying that of course Christmas looks cancelled right this moment!  I always thought winter was a slightly better time to buy ? 

[nicholas_b 31]

20 minutes ago, lisa grafton said:

You have a few months left yet ! I’ve often bought properties in December when everyone else is concentrating upon Christmas, although in saying that of course Christmas looks cancelled right this moment!  I always thought winter was a slightly better time to buy ? 

Yeah it's a good point to be fair. Christmas is generally better because pursestrings are a bit tighter and the cold and dreary nights can be off putting for viewings. I often believe this is better for those with BTLs than first time buyers who perhaps have their attention elsewhere momentarily.

[ayns 5]

still time to catch up over the next couple of years. I believe a dip is inevitable and likely to be around the end of job support etc, 2021 will be a great year to purchase for investment I feel

[darren mcneill 238]

On 9/25/2020 at 6:25 PM, MWebster said:

So, 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!!!

Where have you looked and what is it you are trying to find?  We have managed to source at least 20-30 properties since March for clients.  You just need to look a bit harder when things get tough.  The market is also starting to quiet down now everyone has spent their £50k BBL.

Darren

 

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