ever been told that ‘practice makes perfect’? Well it’s been proven that while practice might not make you perfect at everything, it definitely gives you the leg up against the competition in understanding the topic or skill. There are properties for sale around the UK right now that are the perfect addition to your property portfolio. Is your investor muscle in shape and ready for action?
Property investors keep their investor muscle strong by continuously evaluating opportunity.
There is always a deal out there waiting to be found that will be the next addition to your property portfolio. By keeping an eye on your preferred market you are able to see what trends are in force in the economy and what new opportunities are available.
Active investors keep the fittest.
Focus on what steps you have to take to grow your property portfolio and your wealth. Remember that income follows assets. Are you funding your next acquisition with cash or leverage? Do you have a Personal Financial Statement ready? Write down what action is required to grow your property portfolio and who you have to speak with in order to make it happen.
Engaging your team builds your investor muscle.
Real estate is a team sport and checking in with your team members, whether it is a personal partner or business this is how you strengthen core relationships and gain the insight that will make you a stronger property investor. Are there are any new strategies available to maximize the tax benefits of your property, get in touch with your accountant. As a foreign investor, you should always be asking questions and learning about how to achieve the best results from your accountants.
Being an active participant will keep you and your assets in top shape.
Property portfolios require a management plan and a maintenance plan. Review you leases and know when the tenancies expire. Call your property manager in advance to enquire about what little preventative maintenance steps you should implement over the next five years so that your assets remains fit as well. Remember that property investing is a collaborative industry and building strong, lasting relationships with you team is important.
Networking events will keep you in the game.
There are only so may after work or Saturday morning seminars that we have in us in any given year so make the ones that you choose to attend count. Property investing should always be treated as a business, so you don’t always have to attend property specific seminars to gain knowledge and insight into growing your portfolio. Simply being around other like-minded investors, entrepreneurs and wealth creation professionals will keep your focused on you goals and grow you property investing business.
To seek maximum performance, we must always test and measure our performance.
Ask yourself what has worked in the past and how do I replicate that on the next deal. What have I learned and how do I become a stronger property investor? You will learn best by doing in the property industry. Keep your eye on the prize and grow you property asset base and the cash flow will follow.
If you are looking for advice on income property investments that are currently on the market or looking for a professional management company, the team at Mansons are here to help.<