How to Find, Analyse, Nurture & Make Top Property Deals
Becoming a successful property investor takes a lot more than just having the money to invest in property.
You need to know how to find, analyse, nurture and make the best property deals to give you maximum profits.
We will be touching on our top points here, but, if you want to learn the step-by-step processes and get our expert, insider information, you need to join us on the PP Club Challenge (all details below).
1. How to find the best property deals in your area
Some argue that this is the number one property skill you need in order to be a successful property investor.
Invest locally! Get to know your local area and your returns, control and cashflow will increase.
The first thing you need to do is search for deals that are below market value. This means looking at what the average value of a similar property is in your area and offering a “wholesale price”, the price that investors see the property being worth, which usually isn’t the asking price.
You want to give yourself equity on the day that you buy the property. For example, the property might be worth £100,000 and you offer £70,000 - you have just made yourself £30,000 in equity without having to do anything to the property.
If you buy a property at a discount and the market crashes and the value of it decreases, you have safeguarded a buffer by getting it at a below market value price.
The next thing you want to look at is, are you able to add value to this property?
Now, that doesn’t mean doing a HUGE reconstruction. It’s better if you can stay away from that. Instead, can you update the bathroom, put new flooring in, paint and decorate, turn the kitchen into a bedroom and move the kitchen into the living room etc.
All of these things add value, making your property deal even better.
2. How to analyse property deals
Analysing property deals can be complicated, but they don’t need to be if you know a step-by-step formula to do it correctly.
Firstly, don’t get emotional! Letting your emotions interfere with a good deal can kill it.
All humans are ruled by emotion. Investing is about masterful control, being aware of your emotions and using logic at the point of weakness.
Getting emotional about a deal doesn’t mean it’s going to be right for you, just because your heart wants it doesn’t mean your head thinks it’s right.
If you haven’t already done this, you need to analyse your local area. What are the property prices? The rent you can charge? The appreciation your property could reach in the future? What time of tenants could you attract?
All of these things need to be taken into consideration before you start doing calculations.
Then, you need to know the formulas to make the correct calculations so that you can work out your: gross yield, net yield, ROI, cashflow and more.
All of which I will be showing you on the PP Club Challenge.
3. Nurturing property deals
To be able to nurture prospective property deals, you need to make yourself known.
This is an area that many property investors shy away from, BUT, the ones that do it correctly are the ones that are making the BIG MONEY.
Think about being a property investor as being an influencer.
Whether you hate them or love them, influencers use social media to market themselves and make themselves known to the whole world. Which in turn brings them deals, partnerships, business opportunities and a lot more.
To get to that next level of success as a property investor, you need to leverage the power of social media.
On Facebook join property investing groups and pages. Speak up, introduce yourself as a property investor, comment on other posts and network.
On all platforms, use the LIVE features. Show people what projects you’re currently working on, let them know what strategies you specialise in, show them the local area that you invest in and more.
The more you post the more you will be able to nurture prospective deals.
4. Making property deals
When it comes to actually making the deal, there’s a few points you need to consider first.
Price Limiting. When buying an asset, set your maximum ‘walk-away’ price based on proper diligence of the numbers. If the numbers don’t work and you can’t get your desired price for the asset, then change your investment strategy, walk away and DO NOT increase your price.
When making the deal, what investing strategy are you going to use?
There are a lot of creative strategies that many investors have never heard of or considered before. Including rent to rent, lease options, vendor finance and much more. You should finally know that successful property investors are extremely decisive.
They know a good deal when they see it and don’t hesitate to take action. In order to become a decisive investor, you need to acquire knowledge, skills and experience, which come with time, but also with getting an education.
The above information may sound overwhelming, however, getting the right education is the first fundamental step to property investing success.
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