In Part 1 of the 5 Essential Steps to Property Investing in Australia, Bryce and Ben talked about the Clarify, Evaluate and part of the Planning stage.
To recap, Clarify is collect information about yourself and to set your goals from the next five years up to retirement. Some of the questions that you need to answer are why invest in property, how much are you spending each month, how much savings do you have, how much do you want to retire with and so on.
Evaluate is to analyse these information and numbers that you’ve collected and pinpoint the shortcomings and identify the opportunities. Think about how you can save more, what is the status of your cash flow management, can you adjust your lifestyle choices to buy an investment property, is it time to refinance your home loan and more.
In this part of the podcast episode we move on to Plan, Implement and Manage. We all know that Planning is not easy especially if you are planning 30 years ahead. But if you don’t have a plan, you plan to fail. What’s more, you need to be able to implement your Property Portfolio Plan confidently and make sure you arrange regular review to determine how you are faring.
Click here for Part 1: http://www.thepropertycouch.com.au/ep-016-part-1-5-essential-steps-to-property-investing-in-australia/
For the resources mentioned: http://www.thepropertycouch.com.au/ep-16-part-2-5-essential-steps-to-property-investing-in-australia/