Brett’s 5 and Hold Strategy - 76 point checklist.
Hey guys,
One of our key strategies in growing your portfolio is called the ‘5 and Hold Strategy’. Which simply means build your portfolio to 5 properties and hold off investing further.
Let me explain why!
I first added this strategy early in 2006 as I had begun to build a lot of clients portfolios to 5 and beyond only to find that come their review time they had neglected to put some basic management systems in place. Now I am not talking about computer systems but basic things like Have we paid the service charges? The ground rents? Have we looked at writing a will in case something should happen? Have we set up bank accounts and Are we using credit cards correctly? Have we considered putting the rents up?
The number of things that clients had forgotten to do (or didn’t even know they had too) was amazing. I began to make note of these things. The list grew larger and larger. Eventually I sat down and bought them all together in one easy to use checklist. It wasn’t easy, in fact the process was probably the hardest one I have done in a long time, I had to think about all of the things that I now do naturally to make my portfolio easy.
You see this is were YPC are totally different from any other property company in the country (and in fact Australia as well were I have a lot of experience). My whole philosophy is all about making everything as easy as possible to manage on a day to day basis. ‘Set and Forget’ I call it; and myself and hundreds of my clients live by it.
Anyway enough of the background, the resulting product is called the ‘76 point Set and Forget checklist’, it’s 76 individual points that each person should consider to ensure that your portfolio is giving you more life, rather than taking your life! Trust me as you grow your portfolio if you don’t apply these not only will you put the entire portfolio at financial risk but you will also have to put more time into managing it and you’ll quickly become disinterested and regret doing it in the first place.
The checklist is broken into 2 distinct checklist the first is available as soon as you have completed your first couple of properties with us and the second checklist once you have build your portfolio to 5 properties.
You are free to implement and cross off each of the things at your leisure and we’ll be here to lend a hand and explain in detail each of the 76 points. So have a chat with your Property Consultant about it and ask them for a copy.
Live with passion,
Brett Wood