Create Your Ideal Investment Property Strategy

[arve url="https://www.youtube.com/watch?v=RuTp7Z_wIko" mode="lazyload" align="center" /] When it comes to achieving your goals through investing in property you first need a strategy that lines up with your goals. Here is a step-by-step guide on how to create your ideal property investment strategy. 0:00 - Introduction 1:16 - Why creating a strategy is so important 2:29 - Step #1: What is your financial goal? 4:35 - Step #2: Which investment vehicle is going to get you to your goal? 6:27 - Which strategy within that investment vehicle suits you best? 8:52 - Where are you now and what's your next steps to get you to your goal? 11:11 - What changes do you need to make to implement your strategy? 12:11 - Reassessing your strategy or goals based on what changes you are willing to make 15:20 - Be free flowing, but have it centred in the numbers 16:38 - Find the investment strategy you are passionate about 18:02 - Summary Ben's Video - https://www.youtube.com/watch?v=yr4_GGa-HfA Recommended Videos How To Create A Property Strategy for 2019 - https://www.youtube.com/watch?v=mFTQN7dz2F0 Quick Money Monday: Saving Money vs Making Money - https://www.youtube.com/watch?v=NFXMGtscAyo Transcription: When it comes to successfully investing in property and actually achieving your financial goals by investing in property, you first need to have a strategy that mine's out with your goals and what you're trying to achieve. There's so many different ways to make money in the property market that if you don't have a clear strategy, if you don't have clear goals, then you kind of invest in this and that and it's probably going to take you longer to get to where you actually want to be. So in this episode we're gonna. Talk about how you can start creating an investment property strategy for yourself. Hi, I'm Ryan from on-property dot com dot EU, helping you achieve financial freedom. And this video is actually inspired by Ben's video, Ben Everingham buyer's agent from pumped on property who I do a lot of stuff with. I was watching his youtube channel the other day and he talked about creating a property investment strategy. So I'm going to link up to that in the description down below, but I wanted to give some of my own thoughts as well on how you can do this. I think the way he goes about it is really good, but I think I've got some different ideas. So maybe what's both of our videos and then pick apart what you prefer and you know, take the best from each of those. So creating a strategy I believe is extremely important because when you're going out to look at investing in property, when you're looking at the property market, there's just so many properties out there and there's a lot of good opportunities out there as well. There's a lot of duds too, but there's a lot of good opportunities and it's really hard to decide what you should be investing in if you don't already have a strategy. So having a strategy. The reason it's so important is that when you're on real estate.com that I knew and you're looking through the properties, you can instantly look at a property and say, is this, does this property fit into my strategy and is it going to help me achieve my financial goals? So the strategy is there to help you achieve your financial goals. You can instantly plug that property in to say, is this, does this line up with my strategy? If the answer's no, you discard it because you live in abundance. You know that there's so many opportunities out there. You don't need to look at everything, so it's just a way to filter through properties to find the properties that are most likely going to move you towards your financial goal. So when it comes to creating a property strategy, as you can say, the strategy exists to help you achieve your financial goals. So the first thing you need to do is actually have a financial goal that you are working towards and you need to decide on what that is and that can take some time and that can be difficult because you need to decide what's important in your life. Is extreme wealth important in your life? Some people set the goal of having x amount of money in terms of net worth or in terms of equity. For me, the goal has always been financial freedom. That I can do what I want with my time and that I don't need to worry about money. So the idea is that I can live a pretty basic life, a pretty happy life, not poor, but not extremely exuberantly wealthy, but that my bills are paid, that my rent is paid, that I can afford to send my kids to the school that I want afford to pay for groceries and stuff like that. So for me, freedom has always been the big goal for me. So what you decide is your financial goal is up to you. If you're really struggling at this point to come up with something, then I do believe that setting the goal to replace your current annual salary but passively is a good goal to start with. So let's say you're working a job, you're earning whatever it is that you're earning per year, chances are you have a pretty good life on that income. You probably rent a place or you own a place you can afford to go on holidays every year. You know you can afford food and that sort of stuff. You have a pretty good life. And so sending the goal to just replace that income, sure you're not going to be as wealthy as you want to be, but you can live a pretty good life and not have to work, and that then frees up your time to then go and work in a job that you love or to continue working and continue growing your wealth and get to that point of being extra wealthy. But you're starting there. You've got that security, that financial security that no matter what happens, your life is paid for and you can focus on living the life that you want. So if you're really struggling to work out your financial goal, then that's an idea for where to start. So once you work out your financial goal, you then need to work out what strategy is going to get me to that goal. Now this becomes a little more complex because you also, you need to look at, okay, what's going to get me there? But you're going to have a lot of different strategies that could get you there. So let's say you decide that financial freedom or replacing your salary is your goal. You could get there through investing in stocks, you could get there through investing in property. You could get there through starting businesses, investing in cryptocurrency, whatever it may be. There's so many different ways in order to get there, so now you need to start narrowing down your strategy and saying, well, what sort of investments do I enjoy? Do I want to start a business? Can I live with that level of risks? It's about what do you enjoy? What do you think you're going to be best at? What is your risk profile? And start narrowing things down from there. This is less of a science and more of an art and more looking at yourself and what you think you'll enjoy. For me, I love business. I love adding value to the world. I love exploring new concepts are absolutely love marketing, so business was the obvious one for me. I also love property and so I love the concept. It just always made sense to me, always really resonated with me. Whereas stocks or had a really hard time understanding as a kid and I don't really enjoy, I don't enjoy not having that level of control. Maybe that's why I love business and property because you get quite a good level of control across both of those. So those are my two investment vehicles that I'm focusing on. You need to find what's best for you, so find the investment vehicles that you think are going to be best. And again, we live in abundance. There's so many different ways to make this happen. Choose the one that's best for you. Go after that. You can always change it at a later date if you want. Once you've chosen your investment vehicle, then it's narrowing it down. Again. Let's say you choose property, you're happy in your job. You want to buy property and invest in order to achieve financial freedom. Then you look at the different property investment strategies. So there's the buy and hold strategy. You can purchase positive cashflow property. You can look at the two properties to financial freedom, which is basically a buy and hold strategy that's just a little bit fancier. I'm kind of simple, are kind of fancier, uh, so very simple strategies like that where you purchase property, hold them, pay them off, and then live off the rental income. Or you can look at more advanced strategies like subdivision development, renovations. There's different ways to make chunks of cash so you can look at different ways. Do you want to achieve financial freedom by having a simple portfolio of high quality properties that pay you rent? Or would you prefer to achieve financial freedom through doing something more active like renovation or development, getting chunks of cash and then using those chunks of cash to either purchase income producing properties or to purchase stocks or to put it in the bank or whatever it may be. So again, this is kind of an art form. It's kind of looking at yourself to say what are you going to be most suited to? And that comes down to a bunch of different things. Like risk profile comes down to how much time you want to invest, how passionate about this iau. If you're absolutely fascinated with building, if you love looking for opportunities and building properties, then development might be a great step for you, but if you're passionate, you've you enjoy your job. You like spending time with your family, you're passionate about playing super smash brothers melee or call of duty or football with your friends on the weekend or you're passionate about going to the beach or helping out a local club.