Know what you want to achieve
A great plan begins with an end goal, what do you want to achieve? Once you have decided what your version of success looks like, it will help you (and the team and Mclarens) get there. Is your aim short-term, or longer term? Do you plan to make a living from your property portfolio, or are you planning on using it as a stop-gap to help you make more from your money quickly?
Take the logical steps
Building a property portfolio takes time, you can’t immediately have the portfolio of your dreams, so you have to build it step by step, brick by brick. Invest at the right time, and start small. One bed flats are a great start to investing in property, then you can build-up your portfolio from there.
How much can you afford to invest?
Budgeting when building a property portfolio is crucial, so as a property investor, where it makes sense, be prepared to make a lower than asking price offer. You will need to ensure monthly outgoings don’t exceed your property income. You will also need to have the budget set aside to ensure your invested homes are liveable, with an emergency pot readily available when needed.
Ensure you have a contingency plan in place
Speaking of having a readily available “emergency pot”, we all know that the unexpected can happen. Should the unexpected happen to you, are you prepared? Here at Mclarens, we are on-hand to help you prepare you contingency planning.
A happy tenant equals a happy landlord
A well-looked after tenant, with a homely, liveable home, and with faith that when reporting property issues, they will be dealt with in a suitable timely manner. That’s where My Mclarens can support you, providing you with the technology to connect your tenants with quick and easy reporting. A happy tenant will provide you with longevity behind your investment, supported by the property management services from Mclarens estate agents.
Whether you are new to property investment, or have a built-up portfolio, the team at Mclarens can help you. Book an appraisal today, or contact us to find out more about the services we offer.