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  1. #1
    It's that time of year when everyone's thinking about new year's resolutions.

    But don't make resolutions - set goals!

    We've just recorded a goal-setting episode (which will be going out soon), which got me thinking...what are your goals for 2014?

    It'd be great to hear what you want to achieve.

  2. #2

    Goals for next year?

    I want to sell my house in Spain and have at least two HMO properties by the end of the year.

  3. #3
    By the end of March:

    I want to have done enough research (including through the Hub) to figure out what my long-term investment strategy should be. (At the moment, I have one BTL in a suburb outside London, but I let it out to one family and I don't like the risk involved and the yields could be better!)

    I think I want to go down the HMO route, but I need to figure out how much I want to be involved in day-to-day management, if I want all my properties to be in one area, if I want to accept benefits claimants, etc.

    By the end of September:

    I want to have made one new property investment.

    By the end of December:

    I want to have fixed up the place (if necessary) and be making regular monthly income from it.

    ---

    I'd be interested to know - do you think I'm giving myself too much or too little time? (I know these things are subjective and depend on different lifestyles to an extent, but I'd still be interested in anyone's opinion!)

  4. #4
    I'm similar to Carla in that I want to spend some more time deciding on the strategy to move forward with but based on current thinking, by the end of 2014 I'd like to have;

    One fully let 7 bed professional HMO in London giving between 8.5% to 9.5% gross yield, 20% to 30% RoI and 1,400 to 1,800 a month pre tax income.

  5. #5
    Hi Carla - as you say, it's hard to say exactly whether the timescales you have are realistic for what you want to achieve, but it looks to me like you have given yourself plenty of time. This is good in a way, as it means you're probably going to end up with the right kind of property at the right price - which has to be better than giving yourself unrealistic timescales which pressure you into buying something which turns out to be wrong for your goals.

  6. #6
    One thing I would say is that it has helped me a lot to start looking at potential deals. Even if you're not 100% sure what your longer term strategy is, just looking through rightmove for things I think look like they might be a good deal and running them through some due diligence has been very useful. It's given me a better idea of what is realistic, what areas I might have to look in and the kind of propery that suits my ideal strategy.

  7. #7
    I've had a couple of managed BTL properties for few years now but lost interest a bit due to voids and major repairs etc. The PP, PGP and PNR have rekindled my interest however, I don't plan to become a full time investor/landlord. I'm still refining my goals and working out how property can help me achieve them.

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