Photo by Jolly Property

It’s a new year, and a new start for reaching your investment goals!

With 2024 here, it’s time to set New Year’s resolutions to help you build your HMO business. Often the goal for many of us is replacing our income through property investment. But what goals do you need to set to make that happen?

Of course, it may be slightly different for all of us as naturally it depends on what the income figure is that you need, but let’s talk about some of the most important steps to get you started on the right foot!

Here are five steps to help newer HMO investors set New Year’s Resolutions for building their HMO business, replacing their income, and quitting their job in 2024!

1. Consider what your overarching goal actually is.

For starters, you need to figure out what replacing your income through HMO investment actually means to you. Is there an arbitrary figure you need or does the cash represent something else, such as freedom of time and choice?

We all have our own individual reasons for why we want to replace our income through HMO investment. Most of the people I know are looking for freedom of choice, providing the freedom to make your own decisions on your own time and on your own terms. And replacing your income can give you that freedom!

But it’s also important to understand what your take-home figure needs to be in order to replace your income through your HMO business. Once you know that, you can start building towards that level of income, figuring out how much capital you’ll need to raise to get there, and deciding when you could quit your job.

2. Be realistic with timelines.

It’s silly setting goals that will be impossible for you to reach. Set realistic timelines for when you want to achieve your objective of replacing your income and your other goals along the way. If you give yourself too short of deadlines, then you’ll be under a huge amount of pressure. And there isn’t anything more disappointing than having goals set out that are too difficult to achieve!

Keep in mind that cash from property is not something that happens overnight. It takes time to build this type of investment, especially if you’re starting from scratch or near the beginning of your journey.

But at the same time, you don’t want to set an unlimited target. It’s really helpful to be able to work towards deadlines as this can help keep yourself accountable.

3. How to decide when to quit your job.

You may want to set a date for when you want to quit your job once you’ve replaced your income. While it may be hard to have a job and build a property portfolio at the same time, there may be ways you could transition from being employed full-time to part-time or whether you could move into a contractor role.

This could help you start gradually spending more and more time on your property business, while still earning an income, which could be essential to pay bills and secure mortgages. So, don’t rush into quitting your job if it’s not the right timing yet!

4. Focus on improving your knowledge.

As a new HMO investor, think about the gaps you have in knowledge and experience within the industry. Getting skilled up about as much as you possibly can about HMO property investment is so crucial to successfully build and grow your business.

This is one of the best investments that you could make into yourself and your new business this year, and it could even help prevent you from making any big mistakes!

If you’re just starting out, see if you can be mentored by a veteran in the industry. Check out case studies, and learn from other people’s experiences. Listen to podcasts, and use resources like The HMO Roadmap that provide knowledge, resources and step-by-step plans. 

5. Find ways to systemise your business.

You should implement structure and systems within every facet of your HMO business. This involves writing down all the pieces on how to deliver certain tasks. Doing this will help you be more productive, efficient, and profitable.

There are also ways you can achieve more in your HMO business, while working less. This includes batching your processes and finding areas of your business you can simplify, automate, delegate, or eliminate.

6. Build your investment roadmap.

Now you can start building your own roadmap to replacing your income. Making a plan will allow you to better understand what you’re trying to achieve and what you currently have in terms of resources and limitations. And then you can start creating a list of tasks and activities to help you reach your goals!

Don’t be overwhelmed by this as you don’t need to have everything mapped out yet, but start planning the first few steps and put these pieces into action. Having this sort of detail mapped out will allow you to take the leap and focus on replacing your income through HMO property investment with actionable steps.

If you’d like more insights and support from experienced HMO investors on setting goals, building your HMO business, and replacing your income, join us in The HMO Community Facebook Group.

And for additional resources and step-by-step lessons on how to start, scale, and systemise your HMO business, start 2024 off by becoming a member of The HMO Roadmap!

About the Author:

Andy Graham is the founder and the lead trainer at The HMO Roadmap! He is also the co-founder of The HMO Mastermind. He writes as a regular columnist in different magazines about a variety of HMO topics and is the host of The HMO Podcast! Follow Andy on Instagram!