1. It can take time to make money in property, but not a lifetime
2. Refurbs & conversions usually take 25%-50% longer than the builder says & often cost 20% more
3. Most strategies work if you do them, & don’t if you don’t. Focus on your own & not others’
4. People are fickle, what the media think of property today will be different next week
5. Banks are fickle, what banks think of property today will be different next week
6. Governments are fickle, what governments think of property today will be different next week
7. Just because there are critics doesn’t make it a bad investment
8. Yield, cashflow & net income are usually the most important consideration with a property deal
9. There’s always an entrance fee: you earn or you learn
10. It's impossible to predict capital growth (when & how much). But it's almost guaranteed over the long run.
11. Predicting interest rates is a mugs game. It's impossible to predict when/how much they will rise or fall
12. It's better to learn vicariously through the mistakes of others than your own (which will cost more)
13. VOFM - viewings, offers, finance & management should be your consistent focus as there are many distractions
14. Planning is an uncertain process. What worked yesterday may not work tomorrow & what was rejected last week may work this week
15. Develop long term relationships with commercial banks, they become much more flexible & cheaper over time
16. Develop relationships with solicitors, with time the “between the lines” conversations increase
17. Develop relationships with accountants, with time the “between the lines” conversations increase
18. None of your own money down (NOYOMD) is possible for anyone who gets resourceful & creative
19. Worm hole opportunities open up yearly, people who get in early usually win big.
20. Investing in yourself is the best investment you can make, & it’s a continued one
21. People will always try and knock down those who they perceive are doing better than them, be BETTER not bitter
22. New strategies need a testing phase on a small number of buildings/deals before being rolled out & scaled up
23. Just because lots of people are doing something doesn't make it a good investment
24. Always have 2 or 3 backup finance options as people & banks will let you down
25. Test & measure. Without metrics telling you how an investment/business is performing you have no idea how to improve it
26. Trust people, but verify. Always do your DD, but don’t get stuck over analysing
27. The only constant is change. Most people get scared but real entrepreneurs innovate & solve problems
28. When people say 'you can’t', they usually mean ‘they don’t know how’
29. Cashflow & capital are not the same. One is shorter term & residual, the other is longer term & lumpy
30. Things are rarely ever as good or as bad as people make out
31. Money & profit is only ever real when it’s in the bank
32. The power of compounding is the 8th wonder of the world...
33. ...& leverage is the 9th, but needs to be balanced; too much & you’re exposed, too little & you’re under utilised
34. Multiple streams of (active & passive) income are possible but you have to set to forget
35. You can’t succeed for the long term without having some challenges & helping others through theirs
36. You can’t do this alone; you need specialists, partners & a solid, knowledgeable team around you
37. If you don’t risk anything, you risk everything
Great Article it its really informative and innovative keep us posted with new updates. its was really valuable. thanks a lot.
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