There is a famous quote by Robert Kiyosaki the author of Rich Dad Poor Dad:
“You make your money when you buy property, not when you sell”.
The first time I read this I was very green and I didn’t really understand it. Then I got myself educated and I gained experience. I realised what this really meant and this was my conclusion.
Know your destination, goal or outcome, whatever that may be, work it backwards by chunking the goal down until you get to a starting point and then put one foot in front of the other until your get to the destination.
How that works in property investment is you know your ‘done up value’, then you deduct the equity, refurb, on costs and investment interest to get back to an offer price, so you are buying with margin. Very simple when you know how. You can listen to a more in depth breakdown on this in Episode 63 ‘Start with the end in mind’ on my podcast.
Whatever the destination you are heading for, you need to ask yourself good questions to get very clear on what it is you want, here are a few examples of what you could ask:
Why do you want it?
Where do you want to be?
What do you want to do?
When do you want it by?
How does it look and feel?
Remember the destination isn’t the focus it is the outcome, if you stay focused, work your plan and just keep going you will reach it.
The important thing is to get clear on that destination so you can put your ladder on the right wall and start climbing with confidence.
Have a great Weekend
All the Best
Coach | Consultant | Investor