If you want to be a successful HMO investor, you need to start by considering why you are wanting to invest.
Goal setting is one way to do this…
Make a list of exactly what you need and want your property investment to give you – financially and in terms of lifestyle – and make each time specific. The more detailed you can make it, the more likely you will be to achieve your goals.
If you want income, the key questions to ask and answer are: how much and by when? To do this, it’s helpful to apply SMART targets to each item on your list, making sure each one is:
- Time bound
In a case of income, you could write: ‘In 2 years’ time, I am generating a monthly income of £5000, so I can send my children to private school.’
Be realistic (you won’t make a million in the first year) but at the same time, you don’t want to be afraid to dream big longer term. Write your goals as if they have already been achieved and don’t allow yourself the possibility of failure. As you write your lists, realise that people who have an emotional motivation are always quicker to achieve their goals, so always try and attach a personal element or value to each goal you write.
This is about you, and nobody else, so write everything down that is important to you, no matter how trivial: ‘In 6 months’ time, I am spending every Sunday with my family.’
From here, you can work out the income and time freedom you will need for each of these achievements and start to set these in motion for the future.
Once you know where you want to be in 6 months, a year or more, you can start to break things down into smaller targets to stay on track towards your goals. Always keep these in mind and you’ll be well on your way to achieving them.
Happy goal setting, we hope that all your property goals are met.
Nick Fox started his property investment career 10 years ago and his portfolio has grown to one of the largest in the UK. Nick now mainly focuses on HMOs (houses in multiple occupation) and works to help others achieve property success too. Visit here to find out how he can help you.
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