2. WHEN YOU FAIL TO PLAN YOU PLAN TO FAIL
It’s an old adage but very true. Attempting to build a lucrative property portfolio without a plan of attack is like setting out on a road trip without a map…you’ll inevitably take a wrong turn and end up lost!
Successful wealth creation through real estate requires you to set goals, determining where you want to end up, and then devising a cohesive plan to get there.
You need to focus on both the short and long term and ensure your investment decisions gel with your overall strategy.
Work out what you want to achieve with regard to income – are you chasing short term yields or long term capital growth – and how you can best manage your cashflow as a smart investor.
What type of property do you need to buy in order to meet your income goals?
With a carefully thought through outline of your investment journey, you will end up exactly where you want to be.
So plan your action and then action your plan.