Todays Property Wealth Plan

todays property wealth planThe late great Jim Rohn is noted as saying many wonderful pieces of advice. One that is poignant for most property investors particularly those new to the market is ‘You don’t have to be wealthy to have a wealth plan’. Remember if we fail to plan we plan to fail. Planning how we build our wealth must include property. Planning how we build wealth through property should include a cross section of the available opportunities and types of property to spread your risk as much as possible. Many talk of and believe in specialising, but whilst this does have its attributes, what happens to your whole portfolio when something happens to the particular part of the economy to which your tenants belong? For example many LHA landlords were caught out when the rates were slashed as they simply couldn’t afford to maintain their struggling properties. So we take the view that a mixed selection of properties and mortgages and purchase options would give a better balanced long term plan. Much depends on your ability to finance the growth of your individual wealth plan.

When we look at growing wealth through a property plan we need to look at our final goal, what do we want by when and why? Answer these questions and you will have the basis for your wealth mastery. Property is essentially the biggest price item most of us will ever buy. There are many people who regret buying many things and property is not dissimilar as it comes with responsibility and further cost to maintain, operate and grow. One of the most wonderful things about being a property investor is the freedom it can give you. One of the worse things about being a property landlord is the lack of freedom as you are at your tenant’s beck and call to sort out everything from their idiosyncrasies to their whims. Here in lays the first lesson. Do you want to be an investor or a landlord and whilst they are both potentially the same they are worlds apart?

property landlard how not to do itThere is nothing hard in building wealth. A simple ability to live within your means, collect any surplus and invest in assets that will make you further income is an easy way to look at it. Many people in property have been ill advised, are over worked and have been ripped off. Anyone new to the market doesn’t want to learn the lessons the hard way, of course there are hundreds of books extolling the virtues of how to do it even our very own ‘Property Landlord- How NOT to do it’ is a way of avoiding the pitfalls to get it right. There is something for everyone in property if they only know how to go about it in the right way for them. The world is full of coaches these days and they all seem to make more money from selling how to do something than they do from actually doing it. Using what you have to create what you want is a skillful art that surprisingly few seem to master. Many try and fail in every walk of life and it’s always easier if someone holds your hand. There is no substitute for good advice but how do you know if the advice you are being given is good? There needs to be an element of trust in whatever we do, but we believe that working with others on an on-going basis, is better than simply finding an opportunity, charging clients for the privilege of having it and leaving them to it.

Anyone new to the property game is likely to come across a mixed bag of terminology and potential deals and we serve to help you sort the wheat from the chaff. This week we have taken on a nice three bed detached for a fair cash deal and have someone ready to move into it on 1st September the day after it completes. We have a nice rent to rent opportunity for cash flow purposes. We have a run-down terraced property that will create a nice little option deal. We have many development deals flowing through. We have numerous individual heavily discounted properties and we have the usual portfolio build deals for those with less time. All in all it looks like being a busy summer for us and our clients. What we don’t advise our clients is to jump in at the deep end, or to spend a fortune on education, or to let any individual or company get their hands on your wealth. Come in for a chat and a brew with us and let what you have now create what you want in the future.

Always work with experienced people to plan your property wealth.

Written by:
Lionel Palatine – He is a regular networker and a speaker at events as well as being a property author and adviser. He joint ventures deals and shows people how to buy property for low cost which are inclusive of all fees and deposits.

You can find him on regular social media Twitter |  Facebook  |    |  Youtube  don’t forget to add him

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