Before I jump into this blog - I want to thank the team at Oversubscribed for helping me pull these blogs together and support with my social content creation. I really appreciate the Facebook, Instagram and LinkedIn likes/comments I get on these posts. If you get value from the blogs, like/comment on the post, so I know to keep producing them.
If you haven't been following the journey - here's a link to the 6 previous articles in this series. I don't have anything to sell you, I simply want to help more people invest in their future (something I am passionate about).
See investment No.1 here - our full strategy
See investment No.2 here - our plans to build a portfolio.
See investment No.3 here - what we look for.
See investment No.4 here - my plan to replace earned income.
See investment No.5 here - numbers explained in full.
See investment No.6 here - the things that can go wrong
Before I go into the numbers on our latest property, I want to share how I'm building my portfolio quickly in the hope it's useful. I've used this exact set of steps to learn and invest in low cost index funds (which has worked out well over the last 3 years):
I believe anyone can build a property portfolio by following these steps:
Desire / Decision / Mindset
Did my research
Made a plan
Checked the plan
Build credibility (raised my profile)
Execute relentlessly
I'll run through these quickly:
1. Desire / Decision / Mindset - Everything I do starts with having a desire for it e.g 'I want to build passive income from a property portfolio'. This is followed by making a decision to make it happen (one way or another) and changing my mindset to one where failure isn't an option. (Sadly this is where most people fall down, they don't have the right mindset, so when they get tired or things go wrong, they stop).
2. Research - Once I decided I wanted to build a portfolio, I then did my research across youtube, books and blogs. Prior to this, I had zero understanding or experience in property. This was the biggest learning curve where I looked at so much content and figured out some of the most common strategies. Taking all this new knowledge I started going deeper on a strategy that would work for me (Buy, Refurbish, Rent, Refinance). So we buy houses, renovate them and rent them out to create 'passive' income. This worked for my situation as I already had a business generating money. However, there are plenty of strategies that mean you don't need money.
3. Making a plan - Once I was happy I had a good understanding of the strategy I wanted to take, I built out a full plan. Where to buy. What to buy. Who I needed to help me (I am very time poor so couldn't do any of it myself). What did the numbers look like. What were the risks.
4. Check the plan - This was a really important step for me (most people don't do this). I joined Property Entrepreneur and was then surrounded by a lot of people with experience in property. I reached out to 4 people that I knew did the exact strategy I wanted to and asked them to review my plan and numbers. This allowed me to iron out the final gaps in my knowledge and identify any potential failure points. HOWEVER, DO YOUR RESEARCH FIRST. Taking a full plan to someone and asking them to check it, is very very different than asking them generic questions that you could have found out online.
5. Build Credibility - depending on what you are trying to achieve, the chances are, you are going to need a team. In my case, there were 4/5 people I needed to help me execute my plan. To attract the right people, I needed to show them I was credible (and not the same as everyone else who says they want to 'invest in property'. I did this by raising my profile - i've written an article on, 'How raising my profile helped purchase £1.25m worth of single lets in 2021'. This allowed me to attract great people and partners. Most people miss this step and as a result, struggle to get the support they need.
6. Execution - If you've nailed the first 5 steps, you will make executing as easy as possible. I probably spend less than 1 hour per week looking at anything property related (outside of our client's content calendars). However things can and do go wrong (especially if steps 1-5 haven't been done very well). You don't know what you don't know and this ultimately means challenges will come up. For example Covid 19. However with the right mindset (see point 1), you will make it happen if you execute relentlessly checking and tweaking your plan as you go.
Property investment No.7
Excited to share our latest property purchase - a 3 bed terrace house in the North East. This is the most expensive deal we have brought to date. If you are interested in property/investing, check out my wealth plan (something I recommend we all have and the reason I share such detail within my blogs). This property is in better condition than most of the ones we have purchased to date and will be keeping the bathroom
This property will need:
A part re-wire
New kitchen
Plaster skims on walls where needed
New internal doors
New flooring throughout
New back external door
Decoration throughout
Window unit replaced
The numbers
Purchase condition photos
If you are interested in the exact numbers broken down, see this article. Follow the progress of this property by heading over to our property Instagram to see the work being carried out with weekly updates.
Mid refurb photos:
Head over to our property Instagram to see our latest projects
Post refurb photos:
I hope these transparent blog posts are useful and welcome any feedback. The reason I spend time writing these blogs is in the hope that just one person invests in their future and has a better life because of it.
To learn more about me, check out my about page here. To keep up to date on our latest project follow me on my social channels Instagram, LinkedIn, Facebook.
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