To make any dream come true, plan it!.
Have a vision of what we want to do.
Define clear and determined goals.
We are helped by an extremely effective process, namely the PDCA method, as it allows us, after planning to correct any mistakes we make.
This process aroused a lot of interest in me because in fact it represents the best way to deal with a strategy to what we will inevitably find ourselves correcting during our journey.
It is in fact beyond question that what we imagine of an investment, before making it, is hardly realized in the same way we imagined it.
Especially if we are a beginner with that kind of investment, the evaluation errors can be, the problems that arise may not have been planned, the yield is not exactly what we expected.
A model that therefore allows us to cyclically calibrate our business in order to bring it closer to our expectations is more appropriate than ever.
Plan do check act, plan do check react.
Plan means clearly formulating what you want to achieve, for example buying a four-room apartment by a specific date that does not exceed the cost of … and which generates a profit of …
Do means act! Put the plan into practice, do not be afraid of making mistakes, the only ones who are not wrong are those who do not!.
For example, do means spend half an hour a week searching for the property on the internet, contact agencies, search for properties at auction, contact bankruptcy trustees, etc. … and finally identify and buy the property.
Check means check the results, are they what you expected ?, what can be improved to make the machine more efficient? Did I do something wrong?.
The checks can be periodic, we experience by renting the property, were we able to rent it in the estimated time? At the price we wanted? Is the commitment required as we imagined it? Is the occupation of the property almost total or does it remain vacant in some period? The net profit, net of the numerous taxes, is according to our expectations. What actions can I take to improve?
Act means supporting the project, we remain at that level reached and then start again by building on experience and the mistakes made to stop committing them and improve the next process (purchase of a second real estate example).
On the other hand, good things should be standardized and reused in the next cycle.
Happy planning then!