Can’t keep up? Do you find yourself over-complicating your search for buy-to-let properties to invest in? Here, Rob Jones, property investor and property sourcer lets you in on four pointers on how to simplify your next buy to let investment including always asking for help and not over-thinking the process.
[00:27] Don’t over complicate things
[01:40] Simplify the process – don’t over analyse
[02:51] Ask estate or letting agents for help
[03:46] Set price range and rental yield early
Today we are going to be looking at how you can simplify your next buy to let investment. It’s very easy to get overwhelmed. It’s very easy to become unsure about what steps to take next. So, if you worry about how to keep up and grow that property portfolio then this video is for you.
When it Comes To Your Next Buy To Let Investment…
1. Don’t Over-Complicate
One thing to consider when it comes to building a property portfolio is whether you want to invest in buy to lets, houses in multiple occupation or in refurbishment and development projects.
It’s important not to over complicate things.
It’s very easy to get lost in the process and be overwhelmed with the different stages. This is especially true if you’re new to property and unsure of the next steps you need to take. If you’re in that position… if you’re unsure about what to do and you’ve not enough time to do it… take a step back and focus on the “7 Golden Rules” of making a good deal on a buy to let investment that’s going to match your strategy.
You need to choose your tenant profile, you need to choose the right location and you need to make sure you have the right property strategy and exit plan in place.
It’s important not to over-complicate things. Focus on a couple of key fundamentals and you’ll soon build up a roadmap. This is what will show you the way to your next buy to let investment.
2. Don’t Over-Think It
Another way to simplify the process of is to not over-analyse things. We get enquiries from people all the time asking about due diligence. They tell us that they’ve found a property, they’ve followed these steps but they still want our opinion as to whether that property will work. It’s completely understandable.
There are a lot of things to consider when it comes to buying an investment property but you should try not to over-analyse each deal. You want to have a good level of due diligence but you will still need to take action. For instance, you still have to go out and view the properties.
>Don’t get lost in the weeds.
>Keep a Shortlist and keep adding to to it
>Take action at every stage
So once you’ve got your initial shortlist titled, ‘these deals make sense’ or ‘these are in the right area’ and you’ve followed a well thought out strategy to find them… then you need to physically go out and view them. You need to be putting offers in. You will be amazed at your success and the gains that come from it.
Very often people over-analyse and this slows them down when it comes to building their property portfolio.
As soon as you start taking action, as soon as you start viewing and putting offers in, you can speed up the process significantly.
3. Ask The Agents for Help
Another way to simplify the whole process is to ask for help. Ask the experts in your chosen area. Ask local estate agents, letting agents. If you’re unsure about which streets and which postcodes are best for your next buy to let investment then it’s good to get advice. You need to know which streets to avoid and which streets to focus on. Besides, getting out there and asking will be a good education. Just getting out there and speaking to people will give you an insight, a head start, when you’re looking for a buy to let investment that’s going to work for you.
So, if you’re unsure about the deal, your unsure about focussing on a particular location, don’t be afraid to ask for help. Make sure you speak to people who are currently doing what you’re thinking of doing in your chosen area. These can be experts, property mentors, consultants… and of course, lettings agents, estate agents.
4. Price Range / Rental Yield
Finally, if you’re struggling to make progress on building your property portfolio you’re probably not thinking about targets and goals early on enough in the process. It’s important to get everything properly defined before you start. So when you’re building a property portfolio you need to know how many properties you want to buy in the next six months or five years. You need to know what types of properties they are going to be. You need to have a strategy.
We’ve written about goal setting for buy to let investments before. It’s important when building your property portfolio that you build one that will actually achieve what you want it to achieve. Don’t get distracted by another area, by other properties, by other strategies that don’t fit your plan. Stick within the limits you originally set for yourself. Typically these will be things such as discounts, rental yield and tenant profile (if you’re looking at buy to let investment).
Doing this will lend structure to your business and you should just allow it to determine the type of properties and the areas that you are then going to consider. This type of hard-line approach will help you through that glut of being unable to take action.
Do the research, set your parameters, build a roadmap (and talk to the right people) and I promise you’ll achieve success a lot quicker.
Or, another way of putting it, is that you have to take these four steps:
>Don’t over think
>Talk to the experts
>Stick to the objective
Thanks for taking the time…
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