If you’re like me, you want to know how to get things done quickly. I hate time wasting, I want everything to be as efficient as humanly possible, because then I’ve got more time to get on with other things.
Buying a property can take months, because there can be a lot of stopping and starting between stages if you aren’t planning ahead…
So to speed up the process let me give you the fastest way to buy your next property investment… this is from start to finish, you can tick off the steps.
Now, I’m going to pause here and say that if you decide to buy at auction the process between exchange and completion will be even quicker, because you are on a timeline.
- Be specific in your goal for the property. If you need a net income of £X then what does your purchase price and monthly rental income need to be. Write them down.
- Choose an area to invest in and don’t deviate. You can use house price search engines to see what areas have rental income and house prices in the region of your goal… pick one postcode and only search there.
- Step 2 will give you the size of the property you are looking for i.e. for a £100,000 property with a rental income of £600 a month you can get a 2 bed house (or whatever it is).
- Set up search requirements on RightMove, Zoopla and On the Market (or any other search portals you use) for this property type.
- Also phone local agents and get on their databases
- Whilst searching, get on the phone to your mortgage broker and get an offer in principal for this property type
- Do the 2 min deal analysis on every property that may fit the bill… narrow it down to properties that make your goal monthly net profit or above (and remember the deal analysis works on worst case scenario)
- Pick a date to go and inspect, then arrange for at least 5 viewings (the more the better so you aren’t wasting your time).
- Out of the properties you’ve seen speak to the agents, find out what the seller will accept, can you negotiate a discount… try for 15-20% to start with.
- Put in your offer on the property that you can get for the best value whilst still being able to create your desired income
From there, it goes into solicitors hands and you tell your mortgage broker to go ahead with your offer in principal.
All of the above may ‘sound simple’. But how often do you think: ‘eurgh I don’t know what to do next’?
Exactly, we forget the most simple of processes, so this is a good reminder or prompt (Print it out, hang it on your wall!)
Follow those steps on rinse and repeat.
Investing in property becomes an efficient system. Freeing you up to start raising capital…
P.S. Want to know how to raise month from JV’s or investors? Listen to this weeks podcast!