In my property career I have a couple of regrets and disappointments over a couple of properties that I didn’t buy.
In fact, I have a folder, with a name inspired by Bullseye’s Jim Bowen, entitled LOOK AT WHAT YOU COULD HAVE WON!
This folder holds sales leaflets or details of around ten properties that I really really wanted, but didn’t end up getting, for a myriad of reasons.
This folder includes:
⁃ the house next door to my childhood home. Why didn’t I buy that?!? It was such a good price at the time! 🤦🏻♀️
⁃ An old hairdressers shop that I could have converted, but was too scared to. 🤦🏻♀️
⁃ A direct to vendor lead where she was about to be repossessed, in an estate where I have three others houses. 🤦🏻♀️
⁃ A really cheap flat next to a lovely church, one which the solicitor made an absolute balls of and caused me to lose the deal. 🤦🏻♀️
I occasionally look back in my LOOK AT WHAT YOU COULD HAVE WON folder to reflect on what went wrong with these deals, and what I could have done better.
Reasons, and more importantly, key learnings, include the following:
⁃ Having it drilled into me that every property deal should be an ‘all money out on refinance deal’. This cost me a lot of potentially good deals, because for far too long I believed that you shouldn’t end up leaving any money left in a deal. FOOLISH!
⁃ Faffing about, umming and ahhing, not making a decision quick enough. Success loves speed, and if you sit on the fence too long deciding, you get splinters in your arse!
⁃ Being a little bit too tight with my offers. Some of them eventually went for only 5-10 grand above what I’d offered. I’d have made that back within a year in rental income.
⁃ Hiring absolute garbage solicitors that didn’t know what they were doing. Incompetence on their part, really can, and did, ruin my deal.
⁃ Not knowing exactly what to do in a certain situation and then not asking for help.
⁃ Being too soft in thinking that because I hadn’t done a particular type of refurbishment before, I wouldn’t have been able to do it. I should have said yes anyway, and then learned how to do it on the way!
I’m a very low risk person, and hate being uncertain, not getting things rights, and even worse, the ultimate Yorkshire sin: potentially losing money.
But I have to take responsibility for all these actions – me not getting each of these particular deals is Entirely. My. Fault.
Hey ho, hindsight’s a wonderful thing, isn’t it?!?
Nobody’s perfect, and nobody knows it all. I’m continuously trying to learn.
But if you don’t learn from your mistakes, then making them was futile – because the definition of insanity is doing the same thing over and over, expecting a different result.
Also pain is a much stronger driver than pleasure.
So I keep this folder to remind me of those painful disappointing lessons.
That feeling of regret spurs me on to LOOK AT WHAT YOU COULD HAVE WON! – to avoid doing those same silly things again!
# IF YOU’RE NOT EARNING, YOU’RE LEARNING
# Did anyone ever regret not winning that speedboat in Bullseye?!
Most of us live miles away from the sea!
Kellyann is a property investment strategist from Leeds.
In her work she creates wealth for private investors through refurbishing properties.
Visit her website for more details:
To learn about
STARTING OUT IN PROPERTY… What I Wish I’d Known At The Beginning!
…. buy Kellyann’s book from Amzaon here!