Today we are going to look at getting all the elements of your Property Investing Grand Plan together, into a workable format. If you are new to this, and you have skipped parts 1 & 2 head back to the website at planassist.com.au so you can make a start from the beginning.
Okay now that you have agreed on your Property Investing Grand Plan, it’s time to get all of the elements out of your head(s) and into a workable format. To do this you are going to need a couple of packs of post-it notes and a spare wall or large floor-to-ceiling window.
Now this task needs to be done before you go out to dinner. The first step is to freestyle everything that needs to be done in order to achieve your grand plan and put one thought per post-it note. This is a brainstorming session, so at this point there are no ‘bad’ ideas and there’s no editing, this session is designed to get everything out of your head. We will worry about structure later.
Be sure to write everything in the top two thirds of the post-it note, and leave the bottom third the post-it note blank.
For example, let’s say you want to find an investment property, and you have narrowed down a few suburbs that you looking to research. One of the tasks might be on the post-it note. Research two and three-bedroom properties in Parramatta. If you looking to get finance, it might be contact the bank to arrange finance. Before you contact the bank, you might need to compete your tax returns, so add that to another post-it note. If you need to make calls to particular people, then put each call on a post-it note. Everything you need to do for year needs to come out of your head(s) and onto the post-it notes.
Once you have done this (it may take 90 minutes or more) the next stage is to start to group the post-it notes on the wall or the floor-to-ceiling window into similar groups of activities. Possible heading can include: Finding properties, Finance, Project management, Building & construction and Getting help and guidance could be another heading section.
Once you have everything grouped into key areas, the final stage is to start to place the post-it notes under each of the headings and subheadings in the logical order that they need to occur.
This is why you left the bottom third of the post-it note clear, so you can stick the next task on to the bottom of the last task to form a list.
This way you will end up with several lists of everything that needs to happen from your perspective, grouped in relevant sections.
The next stage is to take a photo of each of the list, and nominate someone to put it into Word document or spreadsheet, depending on how you work best.
And that is it for now, time to take yourself (and your partner) out for a nice meal because your job is done and enjoy another date night. Next week we will help you put all this together into a manageable action plan.