You determine your level of success! Not me, not anyone else, only you!
Now that we’re on the same page, I will share five lessons that have helped me get to where I am today and that will help you achieve your own success.
These lessons have helped me become a successful property investor and industry authority but they’re lessons that you can apply to whatever profession you choose to pursue. So let’s begin:
Education is the Best Investment
This might seem simple, but it isn’t! I know a lot of property investor who are ‘self-taught’ and although they’re making money off property, it’s clear to see that they’re needlessly losing money through simple mistakes. It would be easy for them to see this too, if only they had invested in external education.
This is why I couldn’t wait to become a property mentor, so I could help aspiring investors avoid the same mistakes I made, and those I would have made had I not been mentored. Personally, I try to attend as many training seminars and networking events as possible to ensure I’m learning from other successful investors and experts.
I also try to attend at the very least one property training course a year, to make sure I’m up to date with the latest strategies and legislation. I recommend you do the same.
Surround yourself with the Right People
My mentor, James May, constantly reminds me of something that I carry with every day. He says “You are the sum of the five people around you.” This is something you need also to understand. It’s important that you surround yourself with the right people, people who inspire you, people who encourage you to chase your dreams and people who hold you accountable to the goals you set yourself.
With the right people around you, you can achieve any goal you set your mind to. With the wrong people, you’re going to struggle – and that’s a promise. Obviously, you’ll need to surround yourself with more than just five people. You’ll need to surround yourself with a strong and reliable team of people (I mentioned how you can do this in my last article – you can read it here).
Surround yourself with the right people because the people you align yourself with will affect how successful you become.
Never Invest Blindly, know your Market!
Everyone who is successful, regardless of their specific field, is a master of their market. You won’t come across a single entrepreneur who lucks their way to success. Every successful businessperson/investor/human being studies their environment vigorously. They understand what’s going to happen before anyone else, and as a result are the first ones to the punch.
You need to be the first in your field to take advantage any opportunity before the rest of the market can realise what’s happened. You need to be proactive and act fast, you can only do this by understanding your market! Change is inevitable. Regardless of your market or profession, it will adapt and change. You need to be in charge of your own journey by understanding the market and evolving with it.
So my advice is this… study the market, learn from it and evolve with every change to rise to the top of your industry.
Do your Research, then do it again!
This point is one I really can’t stress enough! It’s painful to see so many people dismiss it and do the bare minimum. You need to research! I’ll admit that I’ve purchased a few properties off of my gut feeling thinking “This is a great property!” or “Who wouldn’t want to buy this one?” and yeah, sometimes I did make a nice profit but that was earlier in my career. Now, I don’t leave anything to chance. I carry out a tremendous amount of research!
I research the local area and property market, so I know what state it’s in.I look at the property types available in that area and what’s in demand, so I can select the best investment strategy and almost guarantee. I analyse every element of my investments and it has let me go from achieving returns of 5-6% for rental properties to achieving returns in the region of 10-12%. That’s the power of research! But on a more broad scale, you also need to research your market as a whole as you can stay ahead of the game.
There has been two major shocks to the property market this year. One was the change in Stamp Duty, which was easy to prepare for, if you had done your research ahead of time. The other, which no one could have fully prepared for, was Brexit. No one could have been prepared because such an event has never happened before but I, like many others, took precautions. I was able to do this off the back of countless meetings and conversations with other investors and property experts, by attending networking events and be researching and reviewing as many credible updates and reviews as I could get my hands on.
Each of these conversations, legislation updates and reviews have each been a single jigsaw piece that have allowed me to paint a bigger picture (one that is constantly changing and growing – which is why I need to continually research) from which I can plan my next move.
You need to paint your own picture to work from and you can only do that by researching and accumulating real data from dependable sources. Good research will lease to good decisions and hey will lead to success and wealth… and that’s what you ultimately want isn’t it?
There are no Quick Wins – Play the Long Game
You’ve seen them. Those get rich quick adverts that somehow follow you everywhere you go. With ridiculous tag lines like “You could make £3,298 a day without leaving your bed” or “Even lazy people become millionaires in 90 days”. They’re all lies, scams, frauds! It’s near impossible to achieve riches and success over nights. The truth is, if you want riches, wealth and success, it’s going to take time and a lot of hard work but you can achieve it! You just need to be realistic.
Take property for example: many people think that they can invest in a property, refurbishment it and walk away with £100K in their pocket. Unfortunately, that’s not the case. Well, sometimes it is, but very rarely. From initial purchase to exchange completion of nonstop work, a single project could take in excess of 10 months, unless you have an expert team at hand. However, you could make £25K profit on that. Then you approach your next project with more confidence, maybe you already have a buyer lined up, maybe you spot a property with even more potential. This time, you complete the project in just 9 months and make £40k profit. Each time you do it, it gets easier and quicker. Within 10 years, you could be earning £80K a year, all because you played the long game.
An Example of Investing for Long-Term Goals
Another example: A friend of mine, who is very successful in his professional life owns two investment properties. He rents them out using a fully managed lettings service and doesn’t have to do anything with them. On one property he makes £30 a month, on the other he loses £30 a month. You might think this is a bad investment strategy. However, he’s playing the long game. These two properties are his retirement plan. He bought them for a total of £450K 6 years ago, today their worth approximately £600K. When he retires, he’ll be able to sell both properties and he’ll be laughing. I’m not saying that’s the strategy that I would use but my point is that he’s focused on the long game. When you realise what your ultimate long term goal is, and if you exercise patience and discipline, you’ll be able to achieve it.
Make sure you don’t lose sight of your ultimate goal because of short term rewards and bumps, things will always move forward, you just have to plan accordingly and make sure you’re ready when opportunities show themselves. Your success really is in your hands and if you’re ready to take action then you’re one step closer to achieving your dreams. If you think property investment is the right vehicle for you to achieve your goals, I’d love to hear from you.