Having specific Property Goals is absolutely essential

And I personally feel there are really 5 property investing goals, or “targets”, that you need to hit.

The first goal is to determine your monthly financial freedom figure. This is the amount of money you need to make each month to be financially free. To do this, you need to look at what you spend each week to survive and use that as your financial freedom figure.

The second goal is to determine the best strategy for you. There are many different strategies you can use, such as single lens, HMO service, accommodation flips, development, and deal sourcing. Tony suggests using the 70/20/10 rule, where 70% of your time is spent on your main strategy, 20% on a secondary strategy, and 10% on other tasks. Factors such as your financial freedom figure, available funds, age, and day job should be taken into consideration when deciding on a strategy.

The third goal is to determine the quantity of properties you need to become financially free. To do this, divide your financial freedom figure by the average net income per unit of the strategy you have chosen. For example, if your financial freedom figure is £2800 per month and the average net income per unit is £700, you will need four properties.

The fourth goal is to determine the location where your strategy will work. It may not be in your backyard, so you need to focus on the right strategy first and then look for the location where it will work best.

The fifth goal is to get some niche education for your particular strategy. You don’t have to spend a lot of money on property training, as there are many books and podcasts available that can provide you with the basics.

However can I also suggest my Online Property Masterclass… which is reasonably priced, but also be a great solution for you.

By following these five goals, you can get to a point of financial freedom quickly with just a small number of investment properties.

Tony Law | Your First Four Houses