Property investing is a business. Therefore, you must develop a business plan before you even consider making an investment. Your plan should assess where you are now, where you want to be in the future and how you will get there through investing in property.
You can write out an elaborate business plan if you feel the need to, but you don’t necessarily have to. A simple business plan will still suit your needs as long as it is specific in nature. You need to have specific goals, decide on specific strategies and set specific deadlines. Asking Who, What, When, Where, Why and How will help you narrow your focus and develop a more precise, measured plan.
The statement, “I want to invest in property to make money,” is not a specific goal or plan. Asking yourself specific targeted questions and then answering them will help you to better understand your vision and create a real plan of action.