Too often I see people wanting to get into property investment and business, who are only focused on one particular resource. While it’s so easy to fall into this trap, identifying and knowing your available resources is something that’s going to help you accomplish your goals and to reduce and minimise any threats to your property investment journey and/or your business venture. When evaluating what resources you have, have you considered the following?
So what is a resource?
The Oxford Languages definition of the word ‘resource’ is:
Resource
noun
plural noun: resources
- A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization to function effectively.
“local authorities complained that they lacked resources”
- An action or strategy which may be adopted in adverse circumstances.
“Sometimes anger is the only resource left in a situation like this”
- Provide with resources.
“a strategy which ensures that primary healthcare workers are adequately resourced”
Do you know your resources?
When I say resources, I don’t just mean money, if you don’t have resources in terms of finances you can get resourceful. By this I mean – what money do you have? What time do you have? What knowledge do you have? Whatnetwork do you have around you? What drives you? And what are you passionate about? Because if you’re not passionate about it, I guarantee you’ll give up before you even get started. What resources do you have in those areas to push yourself forward?
What financial flexibility do you have for your property goals?
If you’re new to the industry you might have an amount that you’ve set aside for your first investment property, if you’ve been in the industry for a while you might be well aware of how much you usually put aside to work with to cover the costs involved. If you are new to property investing, I always think it’s a smart move to have a budget for your property, as well as an additional budget for an overflow in case things aren’t as smooth sailing as you initially thought, for example, this might also cover the costs related to any insurances you’re going to need.
Do you have the knowledge and skill-set that’s required to invest in property?
Whether you’re new to the industry or not, there’s always room for improvement when it comes to learning. What knowledge do you have? Have you watched a couple of YouTube videos on property investment? Or maybe subscribed to a few property magazines? Maybe you’ve been on some educational courses or if you haven’t already – maybe you’ve put some money aside to do this.
Like I mentioned in ‘The Importance of Educating Yourself’, whatever your situation is here, never underestimate the power of doing your own research! If you’re not too familiar with some of the tips and tricks used by investors across the UK, there’s a couple of websites such as www.home.co.uk and www.hometrack.com , not forgetting podcasts too- such as ‘The Property Hub Podcast’, be sure to check out a couple of ours too- https://www.listennotes.com/podcasts/laura-muse-the/episode-11-millionaire-os4kwqlM76p/ ,
https://www.listennotes.com/top-episodes/jamie-york/ , https://anchor.fm/thearunsinghpodcast/episodes/100K-PER-MONTH-BY-27-w-Jamie-York—Episode-7-e59paf/a-ammklq , https://omny.fm/shows/progressive-property-podcast/112-interview-with-jamie-york .
Are you surrounding yourself with the right people?
What network do you have around you? As previously mentioned, if you’re not already immersing yourself in the property community and connecting with like-minded people, this is your opportunity to start building your network. Often you might hear, ‘it’s who you know, not what you know’, again highlighting the importance of having a sturdy and varied network of individuals around you, you never know when you might need a structural engineer who specialises in non-standard construction or maybe a solicitor who primarily focuses on probate cases. If you’re not familiar with LinkedIn, it’s a great platform for doing just this as well as community groups on Facebook.
Not sure where to start? Check out our Property Trading Community Facebook group here: https://www.facebook.com/groups/thepropertytradingcommunity and start building your network today!
Time is the most important resource that we have