Doing proper research for every investment is very important and if we talk about property investment, it’s very essential that you have to do detailed research in order to clear your goals and strategies regarding property investment. The very first thing is to develop a plan. This plan comprises considering your goals as an investor and your objectives for the investment property.

5 W’s and 1 H (Who, What, When, Where, Why, How) helps you to make a strategy for long term success.

In property investment, there are no hard and fast rules as every property investor makes his own goals and objectives and then, according to these objectives, a goal-oriented strategy and action plan is needed to meet them.

Here are some guidelines that help to develop and focus your plan:

Your Goal as a Property Investor

First, you have to decide how to make money as a property investor either you want to invest in single family homes or industrial property as well as the location. All these decisions are made according to your goals and finances. One more thing you decide either you want to continue your career as a full-time investor or as a side job. What are your choices, either you want to make a quick profit by reversing a house or you want to buy and hold a property for the capital raise and to make income monthly?

Initial Budget

• The second thing you have to decide how much money will you need to make the initial investment?
• How will you make money for the investment if you do not have all of the money on your own?
• How much do you expect that monthly expenses will be like the mortgage payment, monthly maintenance, taxes and insurance?
• Have you a reserve account which will have funds to cover emergency repairs and unpredicted situations?

How to Market and Manage Your Property

There are a few things that should consider first for managing your property, first you have to take the services of any property sourcing company as the professional advice will definitely give you better results. The property manager will also help you to find tenants by efficiently market your property.

How Will You Manage Tenants?

• Selection of right tenants
• Credit checks on future tenants
• Complete proper legal forms
• Maintenance of the Property

There should always be a side plan if unfortunately, your investment fails. But if you make wise decisions according to a proper plan and strategy, then defined outputs will be positive. For successful property investment, it’s better to hire a professional property sourcing company for proficient advice in each and every field of property investment.