- You know what?
There are some great investment properties deals
out there right now.
And so if you're just getting into property,
let me give you a seven day step-by-step action plan
that's gonna help you nail down that first deal.
Hi, my name's Tony Law from Your First Four Houses
and I teach people how to do the small property portfolio
that generates a great income for them
so they can give up their day job if they wish
because they're now financially free.
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Okay so it is time for some real action
because you know what?
There are some fantastic deals out there
just waiting to be uncovered.
But unless you're gonna take
some real action, you know what?
Somebody else is gonna find them
and I want you to uncover them before anybody else does.
So, I'm gonna share with you
a quite intensive seven day action plan
that will hopefully enable you to nail down that first deal.
Before we jump in, I'm not FCA approved.
And so before taking any action on any of this stuff
that I'm sharing here, it's important
that you seek the advice of somebody is FCA approved.
So, let's kick off with day one
and it's all about working out
what your monthly outgoings are going to be.
Now I know you may be weren't expecting this
but I think this is really important.
Because once you know exactly to the penny
what your monthly outgoings are each and every month,
when you know what that number actually is,
you've then got a target to hit.
And when you hit that target, honestly,
you are financially free.
That is the number that really, really matters.
So, let's make day one about
finding out what that number is.
Now, I'm not gonna tell you what my number was
although I am gonna tell you it ended with 12 pence.
That's how accurate I want you to get.
Really nail down what your monthly outgoing's gonna be.
Day two, today, you've actually got three tasks to do.
The first one is, I want you to work out
how much investible cash you can lay your hands on.
And once again, you really need to be exact about this.
So, this might include any savings that you have,
it might include any equity that you have
in your own property, or perish the thought,
any other properties you may have.
It might be any potential loans
that you may be able to take on from family members,
friends, associates, et cetera.
How much money do you really have available to invest?
And if you haven't got any investible cash whatsoever,
can I suggest you check out this mini-course?
There'll be a link here or below
which will teach you how to invest
pretty much without any money at all.
Your second action today is to go and check
what your credit rating is.
Now, I use Noddle so if you go to www.noddle.co.uk,
it's completely free for life.
Go and check out what your credit rating is
and if there are any issues in there,
I would suggest you maybe get those resolved now.
Your third action for today is to phone
an independent mortgage broker.
Somebody who has access to the hold of the market
and book an appointment because you're going to be
see that mortgage broker before the week is out.
Okay, onto day three.
Are you clear on your strategy?
If you're not, maybe book a strategy call with me here.
I'll put the link here and also in the description below
and we can work out exactly what your strategy needs to be.
But if you are clear, I want you to write down
what, very specifically, you're looking for.
So, if you're looking for an HMO in this particular area
with six bedrooms, that's what you're gonna write down.
If you're looking for three beds, semi-detached house
in this area, that's what you're gonna write down.
And so on and so forth.
I need you to be very clear
and I need you to write that down.
Day number four, you're gonna be looking for
10 potential properties that match up
with the strategy that you worked out in day three.
So, I want you to simply go on to Rightmove
and search, you're gonna have to put
a lot of time into this by the way.
You're gonna have to really look deeply into Rightmove.
On my online property masterclass,
I teach you how to do this at a very
detailed way but just for now,
I want you to go and find 10 potential properties
that kind of align with your strategy.
Ideally, you'll always gonna be looking for
highly-motivated sellers but crucially,
you need to calculate what the return on investment
is gonna be on every single one of these potential deals.
Now if you're not sure how to calculate
the return of investment, again, I'm gonna put a link here
or in the description box below
that will tell you exactly how to do it.
But you need to work out
on all those 10 potential properties
which one is gonna give you the best return on investment.
Day five, we're gonna phone some agents.
So, hopefully your day five doesn't align with a Sunday,
if it does, I'll let you nip it into Monday.
But day five is all about phoning agents
and arranging to view at least
five of your potential 10 properties.
Three, I'm gonna challenge you here, three or four won't do.
I want you to book in five viewings
where you can walk through the front door of 10
of the potential properties that you've been looking at.
Day six is broker and viewings.
Do you remember on day one, I told you to go
and book an appointment with a mortgage broker?
Well today is the day.
You're gonna walk in and you're gonna sit down
with that mortgage broker
and you're gonna lay out your finances with this person.
Hopefully, they're really good.
And you're gonna lay out your situation
and you're gonna make sure that you're very clear
on how much money you can borrow
to invest in that next property.
Just for the moment, I probably wouldn't suggest
you get a decision in principle
because that will leave a mark
on your credit rating probably
but I do want you to work out with that mortgage broker
exactly how much money you have to invest in property.
Today's also the day that I want you to go
and do some viewings.
Ideally, all five of those viewings
that you've arranged in the previous day.
Don't forget to use this opportunity
when you're actually with the agent
to build some really awesome rapport with them.
It's so much easier, by the way,
to build rapport outside of the office
but rapport is everything.
I know I talk about it a lot but it really is.
Day seven, we're gonna make an offer.
We're gonna make at least one offer, maybe two,
maybe three, but I do want you to actually go ahead
and make an offer today.
Pick your first one and work out what your
don't go beyond figure is for that property.
Now, I appreciate this may be a little bit scary
if you're just starting out,
you're just doing this for the first time, but work it out.
What is your don't go beyond figure?
And I then want you to take off 5% to 10%
off of your don't go beyond figure
and this is the figure that you're gonna put forward
as your offer price.
This way, if they don't accept,
you can obviously still move up but perish the thought
if they do accept, boy!
Have you got yourself an incredible deal
and you gotta buy me a beer next time we get together.
For more tips and tricks like this,
be sure to subscribe to our channel
because I share loads of content each and every week
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But also download this 50 point checklist
'cause it's gonna really help you
the next time you buy an investment property.
My name's Tony Law from Your First Four Houses
with online training that helps you build
your property portfolio.