In today's blog, I’m going to give you six actionable steps you can use to get started on your property journey right now, regardless of your current position.
Whether you have a pot of cash to invest but have no time or you have no money at all but lots of time to get your teeth into a business, these 6 steps will help.
I'm Pj Lynch. I set up this channel to document the process as I grow my own property businesses and to help others looking to create more wealth, more cashflow and more freedom from property.
These are the 6 steps I wish someone had given to me when I started my property journey.
I've found that with a clear vision and desired outcome, you can design the life you want to live and then follow a step-by-step process to get you there.
6 Steps to Creating Your Own Future
I originally started my property business to gain more time, more income, and to give me more freedom.
Let's get into how you can do the same, starting with the most crucial step.
Step 1) Know Your Why
Why are you getting started in property?
This is the most important question of this whole blog!
Can you answer this question?
If not, try this exercise: Picture yourself living your perfect life.
Be very specific. See it in your mind.
Ask yourself:
What time do I get up in the morning?
What exactly do I do with my day?
How much free time do I have?
How much quality family time?
How much money do I earn?
What sort of car do I drive?
What clothes do I wear?
What house do I live in?
The answers here will form the backbone of your property goals and strategy
Once you visualize it, write it down.
Step 2) Study, Study and Study
Set time aside every day to study the different strategies available.
Learn the basics of each property strategy before committing to one.
Immerse yourself in property knowledge.
If you're driving, listen to podcasts or audiobooks on property.
Instead of Netflix on an evening, watch YouTube videos on property.
The first book I read on property was ‘Rich Dad, Poor Dad’ by Robert Kiyosaki, that book made a massive impact on my life.
I recommend starting with that one.
Once you are aware of the different strategies and what each offers, ask yourself: Out of them all, which results match up to my desired end life.
Step 3) Choose a property strategy
Choose one strategy and go all in on it!
Starting your property journey can be overwhelming, and there’s a lot to learn no matter what strategy you choose,
Focusing on one property strategy will help you:
1. Learn 10x faster.
2. Become an authority in that strategy.
You want to become the go to person in that strategy.
This doesn’t mean you have to stick to one property strategy forever
You may pivot or add more strategies down the line, but for now, focus.
Tip: Do not dismiss any strategy based solely on your current access to capital.
If a strategy matches your desired end life and requires capital that you currently do not have, there is a way to get it.
Raising money from other people to purchase property is possible when you become valuable to the right person by acquiring the right knowledge and skills.
So for now choose the strategy that matches your desired end goal best and you can work out the rest later.
The absolute worst case scenario is, you have to change strategy down the road.
Step 4) Start networking
Put yourself in the right rooms.
Sign up to local business events, join property events and change your surroundings
Try to be around as many successful people as possible
This step was a game changer for me, both personally and professionally.
It's very easy now to assume that with social media everything can be done on a laptop, however that has not been the case in my experience.
Property, and business in general is built on relationships.
My quick tips for networking are:
Be yourself and go to learn.
Try to help people if you can.
Never try to sell anything at events.
Don’t try to fool people; they will see through it.
Set goals before attending events, example to collect 10 business cards.
If you can, stand up and tell people what you do and how you can help them.
If you are new, then you can talk about your business plans, your projected numbers and you can show your knowledge in your area and strategy.
You can also talk about your background, whatever it may be. And listen more than you talk.
Everyone has strengths, know yours before you go, do not overthink things and try to enjoy yourself.
Step 5) Get a mentor or further education
{This step is optional}
I have paid over £30,000 on different courses and mentors to further develop my property education.
Some were worth it, and some were not!
My advice is to find someone who is exactly where you want to be.
Find out how they got there and replicate it. This is why knowing your end goal is key.
Do due diligence before paying for any mentorship:
Can they prove their claims?
Can you meet past students?
Can you check their properties or projects?
Choosing the right mentor will speed up your progress and help you avoid costly mistakes.
You have to weigh up the pros and cons on this one and make up your own mind.
Pros -
Faster movement towards your goals
Fewer mistakes
Less stress (not always)
Cons -
To leverage someone else's knowledge will cost you money
There is a risk of it not being worth what you paid.
Step 6) Take Action
Set a goal.
Create a plan and a time line to get there.
Now its time to take action every day until you achieve it!
The way I do this is, I make a list of all the daily actions that, if completed, would lead me towards my goal.
This is the most effective method I have used to move me towards any goals I set.
Then give yourself a set time block to complete each of them
For example:
Block 1: Content creation
Block 2: Study my strategy or market
Block 3: Investor & Direct to Vendor calls
Block 4: Work on 'business growth' project, this could be anything that makes your business more efficient.
Your list of daily 'must dos' will evolve as you learn more and progress.
The key is to be disciplined and ensure these tasks get done.
None of this works without action.
The problem with taking very little action is you can not gather data, this means you have to make presumptions on how the next steps should look, and when you do this, you are usually wrong.
Remember:
Plan
Action
Review
Improve
Repeat
No Excuses!
If someone else has done what you are trying to do, then you can too.
People live busy lives and some make excuses for why their situation is harder than others
I guarantee at some point in history their has been a person who has been in a harder situation than you are right now and has still done whatever it takes to achieve their goal.
Some people just work harder and some learn to work smarter than others
Be very consistent.
Make your daily actions non-negotiable
Adjust if you are not getting the results you want and then carry on.
Conclusion
If you follow these steps you will achieve your goals from property.
It will take hard work, dedication, and commitment.
But think about the rewards: you are creating the life you want to live and that will make it all worthwhile.
Remember:
There are two paths in front of you
One leads to a long, perfectly safe and steady life. Living day to day on someone else's terms.
The other looks like a mountain you have to climb.
But remember on the other side of that climb there is an abundance of money, time, purpose, and freedom.
I've chosen my path.
Which one are you choosing?
If it's the mountain then join our community and let's climb it together.
Thanks for reading.
Have a great week, we’ll catch up again next Saturday.
Pj Lynch