How to Map Out a Property Investment Plan
When you’re poring over those New Year’s resolutions for 2013, a good property investment plan is something you might want to consider putting down on paper.
The start of the year is the perfect time to consider such a plan.
In the plan, you should map out your financial goals, determine what your net worth will be at the end of 2013 and figure out how much money you’ll need in order to retire.
Your goals may be weekly, monthly or for any period you like.
It’s also important to decide what to do when you achieve your goals and what to do if you don’t.
For example, if you purchase that property you were after, celebrate it.
If something happens and you don’t end up purchasing it, decide what you’ll do then.
It could be re-evaluating your goals, finding a new property or deciding on a new strategy.
Consider setting out a schedule to achieve those goals over the next three years, five years, seven years and 10 years.
Remember that your plan is dynamic, meaning it can and will change as your priorities change and because some of your investments may not work out the way you planned.
Look at the different investment strategies available to you and understand the types of properties you need to purchase, and then complete a cash-flow projection.
Any good real estate investment plan has a cash-flow analysis.
You’ll also have to decide on an exit strategy – when and how to liquidate your portfolio to get the maximum benefit from your investments.
Use the services of a good tax accountant, a good lawyer, a good mortgage broker and a good real estate agent. They are all available to help you achieve success.