Latest / The Property Unleashed Podcast / 95% Fail Make Sure That's Not You By Balancing Business Growth and Personal Well-being

Transcript

95% Fail Make Sure That's Not You By Balancing Business Growth and Personal Well-being · The Property Unleashed Podcast

• 0:00
  Speaker 1: Why do 95% of people who start trying to do rent-to-rent fail?
• 0:04
  Speaker 1: Let's find out.
• 0:05
  Speaker 1: Hello, my name's Mark Fitzgerald.
• 0:18
  Speaker 1: It's great to have you joining me here.
• 0:20
  Speaker 1: So why is it that 95% of people that set out to do rent-to-rent seem to fail?
• 0:26
  Speaker 1: 5% seem to actually succeed.
• 0:30
  Speaker 1: Now, where did I get those numbers from?
• 0:31
  Speaker 1: Well, it's just what we've been witnessing ourselves when we're looking at people, when we're talking to people and things.
• 0:37
  Speaker 1: I'm pleased to say that our statistics in my own training are a little bit better than that.
• 0:45
  Speaker 1: But on general, if you go out there and you speak to people and things like that, it only seems to be a small minority that are actually getting the deals.
• 0:54
  Speaker 1: And I think there's a few key reasons for this and I just wanted to share them with you.
• 0:58
  Speaker 1: Because if you're thinking of getting started in property and building a property business whether it's with rent to rent, purchase, lease options, getting started in property and building a property business, whether it's with rent to rent, purchase, lease options, just buying them, flipping them All of this really does come back to one thing, and it's all about you.
• 1:13
  Speaker 1: It's all about your commitment to being able to get out there and create the property business that you desire the assets that you desire to get it working for you.
• 1:22
  Speaker 1: So, realistically, when you're starting out and you're looking at things, you want to be setting out your terms.
• 1:28
  Speaker 1: What are your terms?
• 1:29
  Speaker 1: Now?
• 1:29
  Speaker 1: Terms stands for time, enjoyment, resources, money and sanity.
• 1:35
  Speaker 1: Sounds good to me, doesn't it?
• 1:37
  Speaker 1: But we really want to be getting out there and making sure that we're committed to this.
• 1:41
  Speaker 1: So, firstly, if you do set out your terms and I think you should have a think about this anyway is time.
• 1:46
  Speaker 1: What time can you commit to your terms?
• 1:49
  Speaker 1: What time can you commit to going out there, to looking at properties, to making sure that you are going to be able to put in a significant amount of time to build in this property business yourself?
• 2:00
  Speaker 1: If you're very, very busy, you've got a big family or you've got people and commitments to do, you can do and set out and build a very nice, profitable business by just one hour a day, just one hour of the right things.
• 2:13
  Speaker 1: But it needs to be planned out and you need to make sure that you're using your time in the best manner possible.
• 2:19
  Speaker 1: So make sure that you have a default diary.
• 2:22
  Speaker 1: You have something.
• 2:23
  Speaker 1: I use Google Calendar, but make sure that you're scheduling things in for lunch breaks, for early morning, for evening when maybe the family's gone to bed, or whatever.
• 2:32
  Speaker 1: But you're setting it out.
• 2:33
  Speaker 1: You're not going to have to do this forever, but you will have to do stuff like this at the very beginning.
• 2:37
  Speaker 1: So how you use your time is, of course, how you are going to be able to grow your business.
• 2:44
  Speaker 1: Now enjoyment is the next one.
• 2:45
  Speaker 1: What is it that you enjoy doing?
• 2:52
  Speaker 1: Do you enjoy going out there, speaking to agents, speaking to people, networking?
• 2:54
  Speaker 1: Do you enjoy the marketing side of things?
• 2:55
  Speaker 1: Do you enjoy the numbers?
• 2:56
  Speaker 1: Are you a bit more introverted?
• 2:58
  Speaker 1: You don't really want to get out there.
• 2:59
  Speaker 1: Look at what you enjoy.
• 3:01
  Speaker 1: Look at what you don't enjoy as well, because what you want to predominantly do is either find somebody to do the things that you're not good at or you're going to have to force yourself.
• 3:11
  Speaker 1: So you need to be able to understand why you hate doing something.
• 3:14
  Speaker 1: I hate stats, I hate spreadsheets.
• 3:17
  Speaker 1: I use them and I have to force myself to do it, but I absolutely hate it.
• 3:23
  Speaker 1: So I have accountants, bookkeepers, I have everybody that can look at the numbers, that can put all the spreadsheets and data together, and I just have to have a look at it.
• 3:31
  Speaker 1: I don't have to input things.
• 3:32
  Speaker 1: I don't do admin tasks, but I did.
• 3:34
  Speaker 1: In the beginning, I really had to force myself to do that.
• 3:37
  Speaker 1: Now, on the flip side to that, my wife loves the admin side of things and hates going out and talking to people.
• 3:42
  Speaker 1: If I put her in front of a camera or anything like that, she would run a mile, whereas I don't mind at the end of the day, which is good.
• 3:50
  Speaker 1: But what are you good at?
• 3:51
  Speaker 1: What do you enjoy?
• 3:52
  Speaker 1: And you want to make sure that you're doing more of so.
• 3:58
  Speaker 1: In the beginning, you will have to do everything, but equally to that, when it comes down to your terms of your life and your property business, what is it that you like to do?
• 4:03
  Speaker 1: Maybe you've got some hobbies Again.
• 4:05
  Speaker 1: Get those scheduled in so that you can still have enjoyment whilst you're chasing your desired life.
• 4:11
  Speaker 1: Because a lot of the times you can say, well, I'll be happy when I get this amount of money, when I have this amount of properties, when I'm doing this, and I was very much like that in the beginning.
• 4:19
  Speaker 1: But what I actually realized is you've got to have enjoyment and you've got to be happy along the way, because sometimes when you reach those thresholds, I set some massive, lofty targets of monthly income that I wanted and when we hit those it wasn't really what I thought it was going to be.
• 4:34
  Speaker 1: I wasn't as happy as I thought it'd be.
• 4:37
  Speaker 1: I wasn't over the moon by it all and I realized that it's just the journey.
• 4:41
  Speaker 1: So enjoy the whole process.
• 4:44
  Speaker 1: So, with your time, make sure that you obviously are putting in your hobbies, your family time, all the important things, but also, critically, the things that will move your property business forward, and don't let yourself off the hook.
• 4:56
  Speaker 1: Non-negotiables.
• 4:57
  Speaker 1: You want to be making sure that happens In the enjoyment things.
• 5:00
  Speaker 1: What is it that makes you happy?
• 5:02
  Speaker 1: If I have to force myself to go through all of these spreadsheets and things like that?
• 5:05
  Speaker 1: I tell you what I'm doing.
• 5:07
  Speaker 1: I'm going for a walk.
• 5:08
  Speaker 1: I'm going to go and chill out.
• 5:09
  Speaker 1: I enjoy going for walks, taking my little dog out and things like that.
• 5:12
  Speaker 1: That is my reward for sitting down and doing that.
• 5:15
  Speaker 1: Or I might have a nice cup of coffee whilst we do it as well, something that I can enjoy whilst going through what feels like walking over broken glass to me.
• 5:24
  Speaker 1: But, of course, pencil it in.
• 5:26
  Speaker 1: What do you enjoy.
• 5:27
  Speaker 1: Get that down there as well as your terms.
• 5:29
  Speaker 1: Now, resources is a great one.
• 5:31
  Speaker 1: You really do need to look at your resources, because a lot of people have a lot more resources at their disposal than they really really recognize and they really think that they have.
• 5:41
  Speaker 1: Of course, going out there and networking and meeting new people is always a great way of doing things.
• 5:46
  Speaker 1: You want to be making sure that you are shaking hands with people.
• 5:51
  Speaker 1: I love the saying the more hands you shake, the more money you make.
• 5:55
  Speaker 1: That is a great metaphor, particularly when it comes to property investing, because we all think it's about bricks and mortar.
• 6:01
  Speaker 1: It's not.
• 6:01
  Speaker 1: It's all about relationships.
• 6:03
  Speaker 1: So make sure that you're getting out there, make sure you're tapping into friends and family as well, letting them know what you're doing and looking at the resources at your disposal.
• 6:11
  Speaker 1: Have you got equity, have you got all sorts of different things that you're actually sat on, but you've never asked your partner about or anything, because you're not 100% sure they'll be on the same page as you.
• 6:20
  Speaker 1: So make sure that you're talking to everybody, but you're looking at the resources that you've got, the time that's available and what you enjoy, and then, of course, we can move on to the money side of things.
• 6:30
  Speaker 1: What is your starting capital?
• 6:32
  Speaker 1: Some people say to me Mark, I haven't got anything.
• 6:34
  Speaker 1: I haven't got any money whatsoever.
• 6:36
  Speaker 1: I'm really struggling there, but I want to build a rent-to-rent business.
• 6:39
  Speaker 1: Now is not the time to build a rent-to-rent business if you have no money whatsoever.
• 6:43
  Speaker 1: What you have to do is work out a way that you can start saving some money, even if it's just £10 a week, £10 a month.
• 6:49
  Speaker 1: Start showing yourself and working out a way that you can do it, even if you have to go down on a tariff or something like that, with a contract on your phone, using it less, or something like that.
• 7:00
  Speaker 1: Think of ways that you can do things.
• 7:02
  Speaker 1: When I started my property investing business, I'd taken voluntary redundancy.
• 7:06
  Speaker 1: We got rid of all of the Netflix, skytel and things.
• 7:10
  Speaker 1: We kept things as cost effective as possible.
• 7:12
  Speaker 1: Now, that didn't last long.
• 7:13
  Speaker 1: I'll be quite honest with you, because it only took me four months to start getting deals and then, all of a sudden, skytel is back and we're doing all of these things and we're bringing those things back, but short-term paying for long-term gain.
• 7:24
  Speaker 1: We made sure we kept our expenses as modest as possible without obviously upsetting and affecting everybody, and that's what we do, and that's what we've had to do, and I'd do it again if I had to.
• 7:38
  Speaker 1: But at the end of the day, it's all about the money that you have around you, that's available to you, the people that can invest with you, and things like that as well.
• 7:42
  Speaker 1: But money is massive.
• 7:44
  Speaker 1: So, on your terms, you need to work out how much money do you want to be earning each and every month and then think about where you are now.
• 7:51
  Speaker 1: Think about where you want to be.
• 7:53
  Speaker 1: Forget about now.
• 7:54
  Speaker 1: You might be brassic.
• 7:56
  Speaker 1: Now.
• 7:56
  Speaker 1: There might be too much month at the end of your money which is a great Jim Rohn saying that I love.
• 8:01
  Speaker 1: But it might be the case that you just haven't got the funds and you can't foresee that far ahead.
• 8:06
  Speaker 1: But think about it now.
• 8:07
  Speaker 1: I priced out my life a couple of years ago and what I did was I learned what the cost was of things.
• 8:14
  Speaker 1: If I want to fly first class, what's the cost of flying first class?
• 8:18
  Speaker 1: What car do I want?
• 8:18
  Speaker 1: If I wanted a Lamborghini or something like that, how much would that actually cost me each and every month?
• 8:23
  Speaker 1: Price it out and then look at that figure at the bottom, that figure, there is what I need to make each and every month to give me what I think right now is the life that I desire, and it changes every year.
• 8:35
  Speaker 1: So that's great.
• 8:36
  Speaker 1: Now you have a target, you have something to aim at.
• 8:39
  Speaker 1: That's brilliant.
• 8:40
  Speaker 1: So that can feed you then, because if that's the target that you want and it's probably, if it's anything like mine it's not a figure actually that I thought it'd be a lot more, but it's not it's about 12 grand, I'll tell you now.
• 8:53
  Speaker 1: It's about 12,000 pounds.
• 8:56
  Speaker 1: I need to take home, after all taxes from my businesses each and every month to live the life that I desire, and that means I can go on the holidays I want, go to first class, I can have a housekeeper, we have gardeners, we have cleaners, we have people that come and wash our cars and everything like that, but we can also have, maybe, another car, help the kids out and things, and it will give me the finances that I need.
• 9:15
  Speaker 1: Now.
• 9:15
  Speaker 1: Maybe, when I get there, I need more, maybe I don't, maybe I need a little bit less, but that's what I want for my month-on-month living expenses, is what I'm trying to say to most people here.
• 9:25
  Speaker 1: So that is a target of mine.
• 9:26
  Speaker 1: And then obviously, the next target might be 20 grand.
• 9:30
  Speaker 1: Okay, but have a target right here, right now.
• 9:32
  Speaker 1: Don't think about where you are, where do you want to be, because once you've got some numbers, you can start breaking those numbers.
• 9:38
  Speaker 1: How do I start to build that up over each and every month?
• 9:40
  Speaker 1: How many properties do I need?
• 9:41
  Speaker 1: How many deals do I need to do?
• 9:42
  Speaker 1: Okay, and then you can start setting your month on month targets Each week.
• 9:47
  Speaker 1: Then it's very easy to get out there and say to yourself right, I need to speak to this many people, these many agents do, these many viewings, put these many offers in and you can start to give yourself some ratios.
• 9:57
  Speaker 1: And that's where the magic happens.
• 9:59
  Speaker 1: And that's where the 5% also see the results.
• 10:04
  Speaker 1: And, of course, the S is for sanity.
• 10:06
  Speaker 1: It can't be all work.
• 10:08
  Speaker 1: It can't be all work.
• 10:09
  Speaker 1: I know we've gone into enjoyment what do you enjoy doing, and everything, but it can't be all work.
• 10:13
  Speaker 1: It can't be all work.
• 10:14
  Speaker 1: I know we've gone into enjoyment what do you enjoy doing, and everything, but it can't be all work.
• 10:16
  Speaker 1: You will burn yourself out, okay, and I see that as when and I've done it myself.
• 10:19
  Speaker 1: Okay, I've been in property for a good you know couple of years before, all of a sudden, I gave myself burnout.
• 10:27
  Speaker 1: Okay, I hated property, I hated the businesses that I'd built, I hated everything, everything.
• 10:32
  Speaker 1: I thought to myself why am I doing all of this?
• 10:35
  Speaker 1: I was pretty much living the life that I wanted to live and it didn't feel great, it didn't feel right.
• 10:41
  Speaker 1: It felt as if I was back in the corporate job.
• 10:43
  Speaker 1: I might as well have been in it for the way that I felt.
• 10:45
  Speaker 1: And it's really, really weird because whilst you're in property and you're like I, can do it every day.
• 10:50
  Speaker 1: I love it, I love it, I love it, I love it.
• 10:51
  Speaker 1: All of a sudden, you don't, and it's like a light switch.
• 10:55
  Speaker 1: You don't even notice it sometimes, but people will notice it in you.
• 10:58
  Speaker 1: You'll start to look a bit full on, a bit tired and things.
• 11:01
  Speaker 1: So you've got to make sure that you work very carefully on your mindset and your sanity at the end of the day and you don't burn yourself out.
• 11:09
  Speaker 1: So make sure that you plan out your year.
• 11:13
  Speaker 1: So we get now a massive wall planner.
• 11:15
  Speaker 1: A massive wall planner.
• 11:17
  Speaker 1: It goes on our spare room wall.
• 11:18
  Speaker 1: We have dry white marker pens and we mark out.
• 11:22
  Speaker 1: Every October I do this with my wife.
• 11:25
  Speaker 1: We mark out exactly what we want our next year to look like.
• 11:30
  Speaker 1: So in 2025, I have holidays four holidays all planned out, marked out.
• 11:36
  Speaker 1: I don't actually know where I'm going on all of them.
• 11:38
  Speaker 1: A couple of them we do, but not all of them.
• 11:40
  Speaker 1: We know where we're going, but it's planned out.
• 11:41
  Speaker 1: It's two weeks here, it's a week here.
• 11:43
  Speaker 1: It's two weeks there.
• 11:44
  Speaker 1: It's two weeks here.
• 11:45
  Speaker 1: It's weekends away.
• 11:46
  Speaker 1: Every quarter I have a weekend away with my.
• 11:48
  Speaker 1: We don't know where we're going yet, but we've got them in, they're planned in, we've got those in.
• 11:54
  Speaker 1: There's some work commitments that I've got, obviously, as well, some speaking arrangements and things.
• 11:59
  Speaker 1: So it goes in Boom, boom, boom.
• 12:01
  Speaker 1: The first things that go in are the fun things, the family things, the things that we're going to be doing some concerts and stuff that we're going to, recreational stuff that we're going to be doing and I can see it.
• 12:10
  Speaker 1: It's there and I'm looking forward to it already.
• 12:13
  Speaker 1: I can do the work now because I know that I'm not going to burn myself out, because I've got four holidays coming up this year.
• 12:19
  Speaker 1: I've got a chance to recharge, to go on those holidays and just relax.
• 12:23
  Speaker 1: And then I know for a fact I'll be ready then for the next few months of really getting in there and hitting it hard.
• 12:29
  Speaker 1: People say to me you're here, there and everywhere.
• 12:31
  Speaker 1: You do a lot, mark.
• 12:32
  Speaker 1: I do, and I love it, because I know that I'm going to be having a rest at times, but also I'm enjoying what I'm doing.
• 12:37
  Speaker 1: And even then you can still start to burn yourself out and not enjoy the things that you love to do.
• 12:43
  Speaker 1: Now, if you're doing anything that's outside of your normal day job for your property business, you've got to make sure that you change your mindset into the way that you're thinking.
• 12:51
  Speaker 1: Change your mindset into the way that you're thinking, particularly with the sanity I used to think, oh, my God, I've got to do this, I've got to do that.
• 12:55
  Speaker 1: I've got to drive all the way there to do this talk.
• 12:57
  Speaker 1: I've got to drive all the way somewhere because somebody's asked me to do a keynote speech, which I actually love to do.
• 13:03
  Speaker 1: And if you're looking for any keynote speakers in any of your events or anything, then do reach out to us.
• 13:07
  Speaker 1: I I don't say that, oh, I've got to do this, I've got to do that anymore.
• 13:16
  Speaker 1: What I say is I get to do this.
• 13:18
  Speaker 1: I get to drive all the way to there to do a keynote speak that I love.
• 13:23
  Speaker 1: I get to walk my dog two times a day.
• 13:25
  Speaker 1: I get to build a property business.
• 13:28
  Speaker 1: I get to pay people wages that work for me.
• 13:31
  Speaker 1: I get to do that because I never had that before.
• 13:34
  Speaker 1: You know, before I started all of this back end of 2018, 2019, I didn't get the chance to do all of these sorts of things.
• 13:43
  Speaker 1: I get to do it.
• 13:44
  Speaker 1: So just start saying to yourself I get to do this, I get to do that.
• 13:48
  Speaker 1: I get to make these phone calls, I get to put these offers in.
• 13:52
  Speaker 1: I get that people can say no to me that's fine, but I get this.
• 13:56
  Speaker 1: I don't have to do it, I get to do it, and there'll be a lot of people that'll love to be in the position that you're in.
• 14:03
  Speaker 1: If you've got your health, you've got lovely people around you.
• 14:07
  Speaker 1: You've already got a rich life.
• 14:09
  Speaker 1: You really have.
• 14:11
  Speaker 1: You've got a rich life.
• 14:12
  Speaker 1: Don't discount that Love around you.
• 14:16
  Speaker 1: Make sure that you don't neglect the people around you.
• 14:20
  Speaker 1: If you've got kids, don't neglect the kids Wife, significant other, partner, husband.
• 14:25
  Speaker 1: Don't neglect them.
• 14:27
  Speaker 1: Bring them on the journey with you.
• 14:28
  Speaker 1: Let them know what you're doing.
• 14:29
  Speaker 1: Let them know how you're feeling, when you're scared but you're still pushing through these things, when you're pushing yourself out there.
• 14:35
  Speaker 1: Let them support you.
• 14:36
  Speaker 1: Now, sometimes they will doubt you, but I'll tell you what.
• 14:39
  Speaker 1: They see you doing this long enough, hard enough, and they love you.
• 14:43
  Speaker 1: They will come around and they will support you.
• 14:45
  Speaker 1: They might be a bit scared at the beginning because they don't understand what you understand and how you're going to do things, but the right people around you is so, so powerful.
• 14:54
  Speaker 1: It's absolutely gold.
• 14:55
  Speaker 1: But work on your sanity.
• 15:00
  Speaker 1: Make sure that you're having rests when you need to.
• 15:01
  Speaker 1: You're doing things that you want to be doing.
• 15:02
  Speaker 1: I've got a few hobbies.
• 15:03
  Speaker 1: I like to go shooting.
• 15:04
  Speaker 1: We go to a range and we shoot paper, so we chuck, lead down the range and I'm just getting back into golf as well.
• 15:12
  Speaker 1: I used to play golf 16 years ago.
• 15:13
  Speaker 1: I haven't really played, went to the driving range with a few of my mates and I've got the bug again.
• 15:17
  Speaker 1: So I'm going to start doing that as well.
• 15:19
  Speaker 1: Going to the gym, looking after myself these are the things that keep me sane, that I love to do and I can do them with my boys as well.
• 15:27
  Speaker 1: They come with me, they come shooting with me.
• 15:29
  Speaker 1: One of them comes and plays golf with me and things.
• 15:31
  Speaker 1: One of them's now in university anyway, but when he's back, you know, spend a bit of time together and things.
• 15:36
  Speaker 1: Make sure you've got your sanity, make sure you've got your terms in place, and that is one of the reasons and it probably is just one of the reasons why 5% of people who get this right, who nail this sort of thing maybe not the terms, but they've got their own method of doing so are consistent and persistent and get out there and make things happen.
• 15:54
  Speaker 1: And 95% don't.
• 15:56
  Speaker 1: 95% of people will be like it's not going to happen.
• 16:02
  Speaker 1: It's not going to happen for me.
• 16:03
  Speaker 1: I can't understand it.
• 16:03
  Speaker 1: It's not going to happen.
• 16:04
  Speaker 1: 5% will say I'm going to make it happen, this will happen for me and I'm not going to stop.
• 16:07
  Speaker 1: I was like that.
• 16:08
  Speaker 1: I'm not going to stop until this happens.
• 16:10
  Speaker 1: Whether I've got to go and get another job because I've run out of money, whether I've got to do this, I've got to do that, I will make this happen.
• 16:17
  Speaker 1: Be the 5%, whatever it is, whatever strategy you're putting yourself out there.
• 16:22
  Speaker 1: But first, if nothing else, have a target, okay, a financial target.
• 16:27
  Speaker 1: When it comes to money, what do you want, each and every month, your property business to pay you and work back from that?
• 16:38
  Speaker 1: Okay, it might take a year, might take two years, might take three years, might take five years to get that where you want it, but if you've got it there, you've then got something that you can start breaking down.
• 16:46
  Speaker 1: The first deal if you're going for HMOs, is a five bed.
• 16:48
  Speaker 1: 500 quid is what we want to be making.
• 16:50
  Speaker 1: Now, yes, we will have to pay tax and stuff like that on there as well, but let's just keep this simple.
• 16:55
  Speaker 1: That's 500 pounds, so two of those is 1,000 pounds.
• 16:59
  Speaker 1: I get four of those.
• 17:00
  Speaker 1: I've got 2,000 pounds.
• 17:01
  Speaker 1: I get six of those.
• 17:02
  Speaker 1: I've got 3,000 pounds.
• 17:03
  Speaker 1: Now what I will tell you is your first deals might just give you 500 quid on a five bed and stuff, or 600 pounds on a six bed.
• 17:10
  Speaker 1: I do better deals now.
• 17:13
  Speaker 1: I do deals now where I get 750 quid on a six bed property, and you will be able to do that too.
• 17:19
  Speaker 1: You might not be able to do that right at the beginning, even though I have seen some of my students Chris being one of them, who's done some great deals, and Danny, not everybody does that.
• 17:30
  Speaker 1: But just get started.
• 17:31
  Speaker 1: Just start making that money and start delivering a VIP good service to your clients and your customers.
• 17:38
  Speaker 1: That's how you do it.
• 17:39
  Speaker 1: It's as simple as that.
• 17:40
  Speaker 1: And it's not that simple.
• 17:42
  Speaker 1: It does take time, it does take effort, it does take work, but make sure you're investing in yourself.
• 17:46
  Speaker 1: If you need any help with that, reach out to us.
• 17:48
  Speaker 1: More than happy to jump on a Zoom call, have a chat with you, see how we can help you moving forward, see if we're the right trainers, providers, coaches.
• 17:55
  Speaker 1: For your good self, you take care and enjoy this episode and I'll see you in the next episode as well.
• 18:01
  Speaker 1: Take care.
• 18:02
  Speaker 1: Bye for now.