You may love property investment, and have a passion to succeed, but you are setting yourself up to fail if you don’t approach property investment as a business.
If you are new to property investment and have no business experience don’t be intimidated. By applying these basic business principles you can prepare for success in property investment.
Put together a plan
Few people would start a business without a business plan. The same rule applies to property investment; you should put together a plan setting out your goals and the strategy you will use to achieve them.
Create a network
The more people you know, the more access you will have to help, advice or collaboration. Talking to other investors will enable you to build on your knowledge, contacts and support network. You can learn from experienced investors what has or hasn’t worked for them
The most successful business owners have systems that they use to run their set up as efficiently as possible. Property Investors should adapt the same approach. You can set up systems for everything from sourcing your investments to running the management process. This may seem time consuming and complicated but actually it can be quite simple to set up.
How to set up your systems:
Read this book: “The emyth revisited”
Work with experts
You can’t expect to specialise in every aspect of running a business. A good example would be a business owner trying to do their own accounts when using an accountant would save them time and money. The same is true for property investment; working with experts like a mortgage broker, letting agent and property company can save you time and money. Just make sure you choose your experts wisely.