Nobody can get anywhere in life without making a few mistakes along the way; that’s part of the journey!
But if I had known these things earlier in my property investment career, then life would have been a lot easier!
We’ll start with the biggie: I should have starting investing in property earlier!!
Here I am, aged 23, straight out of teacher training college and in my first English teaching post; a nearby high school – look how fresh-faced, youthful and energetic I look!! 🤣
As soon as I started working and earning full-time, I set about buying the flat I lived in.
I was delighted to discover that the monthly mortgage was much cheaper than the rent I’d been paying!
I still own this flat now, it’s rented out to a lovely couple. 😊
So anyway, I’d bought my first property… but then I did nothing else for 10 years!!! 😤
And for the last 6 of those years I was the landlord by then… so why didn’t I see the opportunity and profit made, and buy more property?!?
WHY WHY WHY?!?!
Hey ho, never mind eh? 😖
We all know that the best time to plant a tree is ten years ago.
The second best time is NOW.
So get cracking people – don’t waste ten years like I did!! 😱
Next item: I wish I’d have realised earlier that other people will lend you money to invest with to create a win-win scenario!
You might have read yesterday how after buying my own residential property, I did nothing further with property investment for another ten years.
But then I randomly decided to buy another house, and put down the full 25% deposit… and then left it there!!
I had not yet learned about property education, or the magic wonders of the Buy-Refurbish-Refinance model.
And I certainly didn’t know that other people would help you buy property, by investing money loans into projects for a great return.
What a great model to have learnt!
Although here’s my first house I bought specifically as an investment, still with that 25% deposit trapped in there… 😩
Sometimes you just don’t know what you don’t know!
Onto the next insight…
Four years ago I took the plunge and made the commitment to myself that for my new career, I was going to be a full-time property investor.
I purchased some property training courses, and learnt oh so many wonderful things…
… but then I got distracted by all these wonderful models and strategies: houses of multiple occupancy, no money down deals, lease options, commercial conversions, development, deal sourcing etc etc…
In short, I developed Shiny Penny Syndrome, and chased several different things at once! 😱
Now don’t get me wrong, I’m not saying these other models are no good; that’s not the case – I have many fellow property friends who are doing a great job of making their chosen model work.
I just realised that after studying all these things, refurbishing little Buy-to-Let houses for local families is what I really wanted to do.
And yes, I know I have a HMO and am involved in a development deal – but little cheap cheerful houses in Leeds is where my heart lies! 🏚😍
So what I’m saying is, make a general overview study of the property models, and then decide what it is you actually want to invest in, and stick to it!
Learn it inside out; commit time, effort, energy and education to your chosen model…
Don’t be chasing anything and everything, here, there and everywhere, shiny penny style!
Because as the old proverb goes: man who chases two rabbits catches none!
Last item of things I wish I’d learnt earlier about property investment!
And yes, I know there’s a dozen or more other things I could have picked to talk about, but we’re going with this one…
✅ I wish I’d not been so shy as to offer people investment opportunities!
You see, I had (and sometimes still have, even now if I’m honest!) a real complex when talking about money. 🤫
Growing up, I never borrowed anything off anyone. I never had a credit card until recently. Everything I wanted, I worked hard for, earned money for it and paid for it myself. And if I didn’t have the money to afford something then I simply couldn’t have it. 🤷🏻
So when suddenly I realised I’d have to attract investment from other people, panic struck! 😅
And what would happen was this bizarre scenario, where people would like me and my work, and they would openly say to my face that they would lend me money for investment… and I would go bright red, become embarrassed and awkward, and dance about cringing and fidgeting… in short, do anything to avoid having that conversation about them lending me money – it was crazy! 😮
I had to work really hard to switch my mindset, and to realise that you are helping investors grow their wealth – you are doing them a favour by working together in an opportunity to make more money for them!
I am always flattered and delighted when people offer to lend me money – because it’s a massive compliment to know that they know, like and trust you.
And that’s a great feeling. 🤩
So as long as you are not a wretch who lets people down or rips people off, then you’ve nothing to worry about.
But even now, I still have to persevere when pitching for investment.
You could say I’m a continuous work in progress!
But as with everything, practice makes perfect!
So on that note… if you have funds to invest, and would like to discuss putting your money to work on a future residential project for a return, do book in a call for a chat. 💷
Or, if you’d like to follow my work a little more closely before you make a decision, then you are welcome to sign up to my investor list to receive the monthly update.
Here’s the link to sign up, which also has the added benefit of you receiving my guide on how to invest your savings safely
Other than that, thanks for reading, and you have a lovely day!