PART 1: QUICK STRATEGY CHECK-IN
It’s been a while since Chris and I have posted a video so whilst on a property visit this week, we used the time in the car for a strategy meeting and we share some of our thoughts and direction here. The main takeaway for anyone choosing to watch the video is to have you think about your own allocation of focus, we refer to it here as a 70:20:10 split.
PART 2: REFURB WALK ROUND
In part one of this week’s post Chris and I shared a strategy update. Its fast approaching the halfway point in the year so we used the driving time to one of our recent purchases to have a strategy meeting – reviewing key things we have progressed so far this year and discussing our allocation of focus for the second half of the year.
We touched on our main focus (the 70%) to grow our asset base through build to rent of multiple units at a time; our secondary focus (the 20%) of our mentoring time and creating incredible mastermind retreats that help people set property goals in alignment with their values and then implement their plan; and our 10% focus which is continuing to add single lets for either long term holding or rent to buy.
As part of that 10% we took half a day to visit one of our recent investments – a 2 bedroom semi detached house that hasn’t been lived in for 7 or 8 years. This video below covers a walk round tour of that house where we aim to highlight a number of issues that may alarm some investors, but in reality they aren’t major issues and Chris talks through how we will refurb the property.
Reflecting on when Chris and I were first getting started in business together, we know we quickly became overwhelmed and too diluted trying to do four or five different things. The result was doing none of them very well. When we focused in 100% on serviced accommodation we were able to quickly see the results of our efforts and then rapidly push through the learning curve with one thing.
Over the years we have been able to introduce additional strategies and business activities, but that has only been thanks to the big focus on first getting the foundations in one thing right and then building a team around it.
Are you clear on your allocation of focus – what’s your sole property focus? or if you’ve been in property a while, what’s your 70:20:10?