Latest / The Property Unleashed Podcast / Transforming Your Property Investing Game

Transcript

Transforming Your Property Investing Game · The Property Unleashed Podcast

• 0:11
  Speaker 1: Hello and welcome to today's session.
• 0:13
  Speaker 1: My name is Mark Fitzgerald and it's great to have you joining me here, so we are always here to help and support you, to push you in the right direction and to give you the tools that you need to be successful when it comes to property investing, and today is going to be no exception to that.
• 0:30
  Speaker 1: What we're going to cover today could really really help a lot of you get started or restarted if you've already started your property journey, your property investing.
• 0:41
  Speaker 1: At the end of the day, we want to be looking at getting into property and being a property professional, but equally, that can stop us from getting started as well.
• 0:51
  Speaker 1: So what I'm going to do in this session is I'm going to talk about some of the most common blockers that people have when looking to start a property investing business or just get started in anything realistically.
• 1:04
  Speaker 1: So you can take a lot of what we're going to talk about today and you can actually incorporate it into your life in general, because what we will find is sometimes we're our own worst enemies, sometimes we hold ourselves back beyond what we should do, and it really just boils down to this, to the old noggin, to the mindset we have to get out of our own way.
• 1:27
  Speaker 1: We have to push ourselves so a lot of the time actually out of our own comfort zones.
• 1:31
  Speaker 1: Nothing good will ever happen to you in your life if you stay comfortable.
• 1:36
  Speaker 1: So when you feel stretched, when you think to yourself, oh, I don't like this, I'm nervous, I'm uncomfortable, I'm worried, I'm scared, you are alive and you should embrace that.
• 1:48
  Speaker 1: Embrace the fact that you are alive.
• 1:50
  Speaker 1: You need to almost have a mini obsession about what you're doing.
• 1:54
  Speaker 1: Why?
• 1:55
  Speaker 1: Because when it's difficult or when you feel like this, you can push yourself out of your own way, out of your own comfort zones to get started.
• 2:03
  Speaker 1: But we all have a little voice inside our head at times that is always chatting away like this and telling us we're not good enough, we haven't got the self worth, we can't do this.
• 2:14
  Speaker 1: Who are we to start a property business?
• 2:16
  Speaker 1: I was no different, and people in and around this great community were absolutely no different as well and we can even get a few deals over the line, do a few deals, move ourselves forward, but then find that we still are holding ourselves back from our true potential.
• 2:34
  Speaker 1: I always like to think now, what would the me, in 12 months time, say to myself, if I wanted to do something that I'm uncomfortable about and I know now that the me in 12 months in the future would say get out of your own way and get on with it.
• 2:49
  Speaker 1: Why?
• 2:50
  Speaker 1: Because I say this now to so many people when they're starting out Obviously you want to be doing the right things.
• 2:56
  Speaker 1: By being a member here, by being a part of this community and here with us now you are putting yourself in the right place.
• 3:04
  Speaker 1: You know, whether you listen to this, watching this, got it on in the background, you are putting yourself in the right place to be able to move yourself forward in a lot better manner than a lot of people out there.
• 3:17
  Speaker 1: So what are some of the negative blockers that we come up with in our own minds or that we think about when we're going to go and start doing a property related project, starting a business or getting out there?
• 3:31
  Speaker 1: Well, first and foremost, some of these are quite easy to answer and some of these I'll elaborate on a little bit, but near enough.
• 3:38
  Speaker 1: All of these I had when I started out and I see and I speak to so many people that have it themselves, so I bet you know we're going to run for our good handful here, but it is about really being able to answer these for yourself, and what I would suggest you do is you get a piece of paper Okay.
• 3:57
  Speaker 1: Now you all know what a piece of paper looks like, but I'm going to grab a piece of paper anyway.
• 4:00
  Speaker 1: I haven't got a piece of paper with nothing on, but you grab yourself an A4 piece of paper, put a line down that piece of paper okay, and then put what is stopping you okay, on the left hand side of the line, what is stopping you?
• 4:14
  Speaker 1: And then just write three things out, three answers, if you like, of how you can overcome that blocker okay, and you can write more.
• 4:23
  Speaker 1: If you can fill the other page up with why you should be doing this, you'll start to see why you're holding yourself back for no real reason, but sometimes this can be so powerful.
• 4:34
  Speaker 1: So, for me, I'm going to do a deal.
• 4:36
  Speaker 1: I'm getting out there, I'm looking at a deal.
• 4:38
  Speaker 1: Maybe I'm taking on an HMO or something like that.
• 4:41
  Speaker 1: There's always going to be a bit of doubt Is it a number stack?
• 4:44
  Speaker 1: Have I checked everything?
• 4:45
  Speaker 1: Are my ducks aligned?
• 4:46
  Speaker 1: Are the stars aligned?
• 4:48
  Speaker 1: Sometimes, though, we just have to say, yes, they are and do it okay.
• 4:53
  Speaker 1: So I could say to myself well, I'm worried about if I take this property on, I'll lose money, okay.
• 4:58
  Speaker 1: On the other side is can I afford to lose money?
• 5:00
  Speaker 1: Hey, listen, we're all property investors here.
• 5:02
  Speaker 1: We're all here to make money.
• 5:04
  Speaker 1: None of us want to lose money.
• 5:05
  Speaker 1: But at the end of the day, I do weigh it up.
• 5:07
  Speaker 1: If I lose this bit of money that I'm putting into this project, will I be homeless?
• 5:12
  Speaker 1: Will I be penniless?
• 5:13
  Speaker 1: Would this put me out on the street?
• 5:14
  Speaker 1: And the answer to that, realistically, should be no.
• 5:17
  Speaker 1: You shouldn't really be doing anything that jeopardizes where you live or your family or anything like that.
• 5:23
  Speaker 1: So if it doesn't do that and it just means that I would lose maybe some money that I've saved and maybe some investments, I can live with that, as long as the reward is there as well.
• 5:32
  Speaker 1: But equally to that, ask yourself if this goes right, what can I gain then?
• 5:38
  Speaker 1: Will it be great cash flow, capital growth over time, financial freedom?
• 5:43
  Speaker 1: Am I moving myself towards my goals?
• 5:46
  Speaker 1: And that is a very, very powerful thing to do.
• 5:49
  Speaker 1: We all forget this and we let our voice in our head go around in circles telling us that we shouldn't do it, that we're not good enough, that we have no track record, we have no credibility, and who the hell are we to start doing?
• 5:59
  Speaker 1: Property investing?
• 6:00
  Speaker 1: And it really, really annoys me because it is so easy to get into that trap, and I know because I was in it.
• 6:06
  Speaker 1: I was in it for five years, which is why I'm so passionate about this, because I just wanna see people getting out of their own way and taking action.
• 6:16
  Speaker 1: Now you need to know what you're doing, which, if you remember here again, you should know what you're doing.
• 6:21
  Speaker 1: Or you can go out there and you can certainly find out what it is you should be doing and basically follow the steps of other people, follow a roadmap, follow a proven methodology that will get you where you wanna get to, and all you have to do is follow in the footsteps of others to be able to get there.
• 6:38
  Speaker 1: But we have to get rid of these common blockers.
• 6:42
  Speaker 1: So the first one that some people do come up with is I don't know where to invest.
• 6:47
  Speaker 1: Now.
• 6:47
  Speaker 1: I'm based up north.
• 6:48
  Speaker 1: I speak to a lot of people in and around and across the country, talking at different networking events and just getting out there and shaking hands with people, because, as I always say, the more hands you shake, the more money you will make.
• 7:00
  Speaker 1: You need to get out there, you need to be building up relationships and you need to be finding people that potentially, you can work within the future or that you can help.
• 7:08
  Speaker 1: Okay, because if you can help more people, you can earn more money.
• 7:11
  Speaker 1: That's the name of the game at the end of it all.
• 7:14
  Speaker 1: But people say to me where to invest, so they say, well, I might invest up north, even though they're based down south.
• 7:18
  Speaker 1: Why is that then?
• 7:19
  Speaker 1: Because you seem to be crushing it.
• 7:20
  Speaker 1: Mark where you are and I don't think there's any good deals where I am.
• 7:23
  Speaker 1: Listen, look around you, make sure you get yourself out to your local networking event, your pin meetings for arguments, say, go out and talk to investors in your area, and I tell you for a fact here and now there will be people doing deals, the deals that you wanna do in that area.
• 7:43
  Speaker 1: Okay, you should be investing, potentially, where you live Now.
• 7:48
  Speaker 1: If you live in the middle of a field hundreds of miles away from everybody else which I very much doubt then maybe you may need to put that area a little bit wider than potentially you would do if you live in a highly populated area.
• 8:02
  Speaker 1: But let's be realistic here I'm having a bit of fun with you.
• 8:04
  Speaker 1: It's all about making sure that you are looking about in the area that you are Now.
• 8:10
  Speaker 1: Maybe, if you're in London, house prices ooh, house prices are massive.
• 8:15
  Speaker 1: But you can get creative with the strategies that you're using purchase lease options.
• 8:19
  Speaker 1: You know you can do rent to rent deals.
• 8:21
  Speaker 1: You can use vendor finance.
• 8:23
  Speaker 1: You can do title splitting.
• 8:24
  Speaker 1: You can do all sorts of different creative ways of doing things.
• 8:28
  Speaker 1: You could work with joint ventures, okay.
• 8:30
  Speaker 1: So don't ever think you can't do anything, because anything that you want to do pretty much in properties are probably already been done already been done very successfully.
• 8:40
  Speaker 1: You just need to find out the ways to do it.
• 8:42
  Speaker 1: So I always say look in your areas first.
• 8:45
  Speaker 1: Go out and speak to people.
• 8:47
  Speaker 1: Don't just think you don't just think yourself that is no deals there.
• 8:51
  Speaker 1: Okay, go out there and actually find out if there are deals or not.
• 8:54
  Speaker 1: If it is working, what's working, what strategy works?
• 8:57
  Speaker 1: Ah, hang on a minute.
• 8:58
  Speaker 1: Hmos seem to work here.
• 8:59
  Speaker 1: Service accommodation maybe not so much, or vice versa.
• 9:03
  Speaker 1: Now I'm into HMOs.
• 9:04
  Speaker 1: I want to do high-end co-living.
• 9:06
  Speaker 1: Maybe it's not the right area for it, fair enough.
• 9:09
  Speaker 1: Then just start to broaden your horizons by pushing out your criteria, your area search.
• 9:16
  Speaker 1: Just start moving it outwards, steadily and slowly.
• 9:19
  Speaker 1: Now, if you come from a different area now I don't come from the north, okay, from South Yorkshire.
• 9:25
  Speaker 1: I live in South Yorkshire at the moment.
• 9:27
  Speaker 1: I was born in Croydon, I moved to Bath, which is why I sound like a do, and now I live up north, so my accent's not actually as strong as it used to be, but that's another conversation.
• 9:36
  Speaker 1: So for me I had to go and walk the streets.
• 9:39
  Speaker 1: Okay, I don't know the areas, all the good areas, the bad areas so boots on the ground, go and walk around and know that.
• 9:46
  Speaker 1: But I tell you what I know the good areas in Bath, where I lived for a long, long time and grew up, I know the good areas and other bad areas and other good streets, bad streets where you want to invest in things like that.
• 9:56
  Speaker 1: I was so sure a Croydon because I was too young, but I know people that live there and could help me if I need to, and, of course, you can always go in networkers again.
• 10:05
  Speaker 1: So what I'm saying to you is, let's say, for arguments sake, right here, right now, let's keep it simple you live in London, but you're from Birmingham and you know Birmingham like the back of your hand.
• 10:13
  Speaker 1: Though Maybe it's worth having a look there.
• 10:16
  Speaker 1: Maybe the house prices are a little bit serious a series of an ago at me.
• 10:20
  Speaker 1: Maybe the house prices are a little bit more reasonable, okay, and maybe you have people and friends that you know there that maybe, if you wanted to invest remotely, you could do.
• 10:30
  Speaker 1: But just have a look around you and don't let it stop you or hold you back.
• 10:34
  Speaker 1: Don't be trying to do it everywhere.
• 10:36
  Speaker 1: Just pick some areas where you think the strategy that you want to do will work.
• 10:43
  Speaker 1: And, of course, when we start all of this, we should have a vision.
• 10:46
  Speaker 1: Go back to the very beginning, before you get any blockers where it's all exciting and you haven't taken any action.
• 10:52
  Speaker 1: It's about having a vision, and that vision should really be what is it I want to achieve?
• 11:00
  Speaker 1: Do I want to have HMOs?
• 11:02
  Speaker 1: Do I want to have service accommodation units?
• 11:05
  Speaker 1: Do I want to be buying properties?
• 11:06
  Speaker 1: Do I want to be finding joint ventures?
• 11:08
  Speaker 1: Do I want to be flipping?
• 11:09
  Speaker 1: Do I want to do commercial?
• 11:10
  Speaker 1: Do I want to do this, dude?
• 11:12
  Speaker 1: You've got to have a vision before you even start looking to invest.
• 11:17
  Speaker 1: And if you have started investing and it's not feeling Right for you, then you can start to look to pivot on things.
• 11:22
  Speaker 1: You know, I know, people with portfolios of buy-to-lets that are now looking to convert those into different, more well, better, cash flowing strategies.
• 11:31
  Speaker 1: And, of course, you can do, you can always pivot, but you need to have that vision first.
• 11:35
  Speaker 1: When I started, I wanted 10 HMOs in my portfolio.
• 11:38
  Speaker 1: I was using the rent-to-rent strategy Okay, I did a purchase lease option on that as well, but it was all about making sure that I got those 10 properties.
• 11:46
  Speaker 1: Now I didn't get 10 properties, only got nine.
• 11:47
  Speaker 1: So a lot of people could say, well, ask rubbish, mark, it's not actually because I trebled my wage.
• 11:53
  Speaker 1: Okay, I not only had a very comfortable lifestyle, I started to build systems in place and I'd actually started to make good money as well, which now I have repurposed and started to build my own portfolio.
• 12:04
  Speaker 1: So, mission accomplished.
• 12:06
  Speaker 1: But yeah, I was a little bit, not that I didn't hit 10.
• 12:08
  Speaker 1: But then COVID hit and I was actually looking at another six properties at the time, which would have took us up to you know a lot of properties, because not all of those may have gone through, but that's what we were looking at.
• 12:21
  Speaker 1: Anyway, back on track.
• 12:23
  Speaker 1: Look at your area and Start to have a look and see whatever strategy and vision you have will suit that area and if it won't, there will be an area Not too far away from you.
• 12:34
  Speaker 1: When I look to invest, I didn't try and look to invest anywhere that was about 40 minutes away from where I was.
• 12:40
  Speaker 1: Now, if you know area as well, like I say, and you've got good agents or good, good Resources in the area, then of course you can look further a field.
• 12:48
  Speaker 1: But I see a lot of people getting stuck on this.
• 12:50
  Speaker 1: They're running around trying to look at different areas.
• 12:52
  Speaker 1: You need to nail an area that you like, make sure that your strategy will work there and then just go for it Consistently and persistently, and that core course comes back to the beginning again.
• 13:02
  Speaker 1: A lot of people say well, what strategies should I do?
• 13:04
  Speaker 1: And there's one question.
• 13:06
  Speaker 1: Just write this one down.
• 13:07
  Speaker 1: The first question you should ask yourself is what is my vision?
• 13:10
  Speaker 1: What do I want to achieve?
• 13:11
  Speaker 1: What's the lifestyle that I want to live.
• 13:13
  Speaker 1: The next question is what do I need Right now?
• 13:17
  Speaker 1: Not maybe, what do I need in 10 years time you will get to that, but what do I need right now?
• 13:22
  Speaker 1: Now some people enjoy their job.
• 13:24
  Speaker 1: There's some crazy people out there and they enjoy working for other people, which is great.
• 13:30
  Speaker 1: I got to the point where I didn't.
• 13:32
  Speaker 1: I needed cash flow.
• 13:33
  Speaker 1: I didn't have loads of money, so I needed cash for I needed a cash flow and strategy.
• 13:38
  Speaker 1: So purchase these options were great.
• 13:40
  Speaker 1: Rent to rents were great.
• 13:42
  Speaker 1: Anything that I could basically work with a landlord or work with an investor.
• 13:46
  Speaker 1: I could put money Sorry, they could put money, if need be into the projects and the ideas, but I could do a great job making sure that everybody got something out of it.
• 13:55
  Speaker 1: Investors got paid back, if need be.
• 13:57
  Speaker 1: Or landlords I could go and help landlords to look after their properties, to make sure that their properties were managed and kept In the right manner.
• 14:05
  Speaker 1: Okay, so that was what I needed.
• 14:07
  Speaker 1: So that was a strategy that I wanted.
• 14:10
  Speaker 1: I didn't particularly want to do rent to rent when I first thought of rent to rent.
• 14:12
  Speaker 1: It's only going out and speaking to people and seeing people doing this successfully that made me think I can do that and I can systemize it.
• 14:19
  Speaker 1: I can make a business out of it, and that's what I did.
• 14:21
  Speaker 1: So ask yourself right here, right now, what do you need?
• 14:24
  Speaker 1: If you've got a pot of money and you're quite happy in your job at the moment and you just want to start to build up a bit of residual income Absolutely brilliant.
• 14:33
  Speaker 1: There is no right or wrong answer to this.
• 14:34
  Speaker 1: But some people hate their jobs.
• 14:36
  Speaker 1: They want more time, freedom, but they haven't got any money.
• 14:38
  Speaker 1: So you need to look at potentially deal sourcing, purchase, lease options, rent to rent all of those sort of creative strategies.
• 14:45
  Speaker 1: But those strategies are noisy, they are busy, you will have to put a lot of work into those, whereas if you're going to buy a property, potentially refurb it yes, there's a lot of work in that, but once it's done, you could give it to a management agent and you can carry on about your business with that money coming in that can buy your houses, buy your properties, take you on holiday, look after you.
• 15:04
  Speaker 1: So ask yourself what you need right here and now and get clear on that and don't be afraid for that to change.
• 15:12
  Speaker 1: Okay things, the way we look at things.
• 15:14
  Speaker 1: The goals that we set can change over time, and there's nothing wrong with that whatsoever.
• 15:18
  Speaker 1: But make sure, if nothing else and I'm going to grab this book here Only because A lot of people don't know write it on a piece of paper, stick it in a drawer and never see it again.
• 15:29
  Speaker 1: Put it in a journal.
• 15:31
  Speaker 1: Have a journal.
• 15:32
  Speaker 1: Have something for you to plan your goals.
• 15:35
  Speaker 1: Yeah, I love these journals.
• 15:37
  Speaker 1: These are from Doe H Smiths, no plug.
• 15:39
  Speaker 1: You can get them from Typo or anywhere else like that.
• 15:41
  Speaker 1: But I have a lot of these.
• 15:42
  Speaker 1: I have one for every year.
• 15:43
  Speaker 1: All my goals go in there, all of what I want to achieve goes in.
• 15:47
  Speaker 1: All my ideas go in there, all my problems and how I've resolved my problems going here.
• 15:53
  Speaker 1: And it is my manual to be able to go back over and look over.
• 15:56
  Speaker 1: So just start writing things down and put it in one place that you can refer back to time and time again.
• 16:03
  Speaker 1: What are your goals right now?
• 16:04
  Speaker 1: I want to build up cash flow.
• 16:06
  Speaker 1: I want more time freedom to spend with my friends, with my families, to look after loved ones.
• 16:10
  Speaker 1: I want more money to be able to share and help people help my family members, help my friends, help charities, whatever it is, Whatever's right for you.
• 16:18
  Speaker 1: Just go back to that.
• 16:20
  Speaker 1: So what strategy should you do?
• 16:21
  Speaker 1: Whichever strategy suits where you are right here right now, because you can always pivot later on.
• 16:28
  Speaker 1: So I've done the HMOs rent-to-rent HMOs.
• 16:31
  Speaker 1: I've done rent-to-rent service accommodation.
• 16:33
  Speaker 1: I own service accommodation units now as well.
• 16:35
  Speaker 1: I partner up with people on SA units and HMOs and, of course, I'm also working with developers.
• 16:42
  Speaker 1: I'm working with people that are doing refurbishments.
• 16:44
  Speaker 1: I'm working with investors, but all of that is now.
• 16:48
  Speaker 1: That wasn't all at the beginning.
• 16:49
  Speaker 1: In the beginning, it was rent-to-rent.
• 16:51
  Speaker 1: I needed cash flow, or you could say deal sourcing, because I need the cash flow or whatever.
• 16:55
  Speaker 1: That's the question you want to be asking yourself.
• 16:58
  Speaker 1: So the next common blocker that we have is I don't know where to start.
• 17:01
  Speaker 1: I don't know what to do.
• 17:02
  Speaker 1: I've read a book, I've listened to some podcast episodes.
• 17:05
  Speaker 1: I've heard Mark talking about it here at the PIN community.
• 17:08
  Speaker 1: I've also seen different people Simon and Andy and all of those great guys talking about all of these different strategies and I want to do this one strategy.
• 17:18
  Speaker 1: Well then, all I say is nail that strategy.
• 17:22
  Speaker 1: Okay, really, dig into that strategy.
• 17:25
  Speaker 1: Read all the books that you can read on that strategy, listen to all the podcast, watch all the YouTube videos and then invest in yourself.
• 17:34
  Speaker 1: Okay, get the complete roadmap and support to get you the results you want.
• 17:42
  Speaker 1: Cheapest isn't always best, and I found that, particularly when it comes to training, when it comes to education.
• 17:49
  Speaker 1: You get what you pay for.
• 17:50
  Speaker 1: If you pay cheap, you get cheap.
• 17:53
  Speaker 1: Okay, try not to ever learn any strategy by somebody who's only got a handful of the properties, because, hey, at the end of the day, what's that all about?
• 18:02
  Speaker 1: They've got a few properties and now they're going to show me how to be a professional in it.
• 18:05
  Speaker 1: Yeah, behave.
• 18:07
  Speaker 1: You want people who have done this, have lived it, who have breathed it, and you want to take action on those.
• 18:13
  Speaker 1: You know you can check out pinfurtherlearningcouk for all the different strategies and roadmaps and things like that, but do invest.
• 18:21
  Speaker 1: Okay.
• 18:22
  Speaker 1: If you don't, you're going to invest one way or the other.
• 18:25
  Speaker 1: Let me just tell you this Okay, you're going to either invest money making mistakes, which could be really, really costly, or you're going to invest in your own education to save yourself making the more expensive mistakes.
• 18:38
  Speaker 1: But mark my words with anything that you start and you do in this life.
• 18:41
  Speaker 1: You are going to pay one way or another.
• 18:44
  Speaker 1: Just make sure it's the right way.
• 18:46
  Speaker 1: Okay, I've made mistakes myself, and then I went and got invested in myself Best investments I've ever made.
• 18:53
  Speaker 1: Do I still make mistakes?
• 18:54
  Speaker 1: Yeah, but only small ones, and I'm normally around people who have been there and done it and just say whoa, whoa, whoa, don't do that, do this instead.
• 19:01
  Speaker 1: Why?
• 19:01
  Speaker 1: Because we always put communities together as well.
• 19:04
  Speaker 1: I've like-minded people, but if you've got the stepping stones there, as the old saying goes, you don't know what you don't know, and that can cost you dearly.
• 19:11
  Speaker 1: So make sure that you know where to start and initially, before you spend any money or any invest anything in yourself, make sure it's the right strategy for you by reading the books, by listening to the podcast, doing the YouTube.
• 19:24
  Speaker 1: But certainly when you're going to go out there and you're going to start doing it properly, make sure that you really, really know what you're doing, because the books are only so good, the podcast and all the other stuff is only so good.
• 19:35
  Speaker 1: It will not give you that.
• 19:36
  Speaker 1: Step by step, there will be things missing.
• 19:38
  Speaker 1: You can try and piece it all together, but mark my words you'll probably miss something.
• 19:42
  Speaker 1: Now, if I want to do something, I think to myself who's doing it?
• 19:45
  Speaker 1: Who's nailed it, who's absolutely smashing it?
• 19:49
  Speaker 1: That is the person that I want to learn from Now.
• 19:52
  Speaker 1: If they haven't got anything, maybe I'll just talk to them, maybe I'll just follow them, but most of the cases they'll be in some sort of environment where they will have learned this somewhere themselves.
• 20:02
  Speaker 1: So, even if the person that you're following hasn't actually got anything, there to be able to help and support your coach or anything who showed them, find out who showed them and then they probably have, because that's how they probably learned it.
• 20:15
  Speaker 1: And if you need to save money, you need to stop going out and buying video games and takeaways and all of those.
• 20:21
  Speaker 1: Then do that and build yourself up an investment, part of knowledge.
• 20:25
  Speaker 1: I have a pot now in my businesses that money goes into each month whenever we make money and things, and that is my education.
• 20:32
  Speaker 1: So each year I have a pot that I can then distribute on education as soon as I wanna learn something new.
• 20:37
  Speaker 1: Boom, that's who I'm gonna follow, that's who's doing it.
• 20:40
  Speaker 1: I'm gonna go out there and do it.
• 20:41
  Speaker 1: So that can help you Now when you start.
• 20:44
  Speaker 1: Another common blocker is I don't have a track record, I've got no credibility.
• 20:48
  Speaker 1: Okay, now that is a good point, because I felt like that when I started Didn't have any properties any of the one that I owned and landlords and agents used to say to me, how many properties have you got?
• 21:00
  Speaker 1: And I was just like I was honest, I haven't got any.
• 21:02
  Speaker 1: I'm just starting this out, but I know what I'm doing.
• 21:05
  Speaker 1: Okay, and I did know what I was doing.
• 21:07
  Speaker 1: I hadn't actually physically done it, but I was very confident in what I could do because I had the right resources and the right people around me.
• 21:13
  Speaker 1: So I was honest about that.
• 21:16
  Speaker 1: But I did always say as well, first, people I've ever worked with, they're always gonna have a special place in my heart and they're gonna get an extra special job, aren't they?
• 21:23
  Speaker 1: Why?
• 21:23
  Speaker 1: Because I want your testimonials.
• 21:25
  Speaker 1: I want you to say to everybody how good a service is that we offer, or how good a deal it is that we've done, and that's how you start to build that up.
• 21:34
  Speaker 1: But equally and I forgot about this at the time, it was pointed out to be by one of my mentors Look at what you've achieved in life.
• 21:41
  Speaker 1: Everybody's probably achieved something to a degree, whether it's in their corporate job, whether it's in their family, whether it's a hobby will have achieved something, even if it's at school, college, university.
• 21:53
  Speaker 1: So I looked back and I thought to myself I don't have any credibility or a track record.
• 21:58
  Speaker 1: Yet I worked my way off the shop floor for the SWIFT group up to senior management level.
• 22:03
  Speaker 1: I used to manage teams of about 80 people, okay, production lines.
• 22:07
  Speaker 1: I took a production line from making three vans a week motorhomes to seven a week, with three extra people, and everybody in that company said it couldn't be done.
• 22:17
  Speaker 1: And I did it and I thought to myself I tell you what.
• 22:20
  Speaker 1: That's something to be proud of.
• 22:22
  Speaker 1: Maybe I didn't.
• 22:23
  Speaker 1: I wasn't as proud as I should have been at the time because I was in it, I was living it and it was very stressful.
• 22:27
  Speaker 1: But I have something to be proud of.
• 22:29
  Speaker 1: I can build teams and I can build businesses and I have a track record of doing so.
• 22:33
  Speaker 1: So what is it you've done in the past?
• 22:35
  Speaker 1: It might not be property related, but what have you done in the past that can help you take that next step?
• 22:41
  Speaker 1: Okay, it is now a good time to invest.
• 22:46
  Speaker 1: It's a question I get all the time and it's one we hear all the time as well.
• 22:51
  Speaker 1: Listen, if the number stack depending on what you want to do with the property, but if the number stack and it can give you good cash flow each and every month positive cash flow, healthily positive, which is why we love HMOs and service accommodation it's a good deal.
• 23:06
  Speaker 1: Okay, you're only gonna lose money if you've got to sell the property and the market is going down.
• 23:12
  Speaker 1: Okay, you will.
• 23:13
  Speaker 1: You know, potentially you could lose money.
• 23:15
  Speaker 1: You could put yourself into a jam, into a pickle.
• 23:17
  Speaker 1: But if you do the right stuff, follow the rules.
• 23:21
  Speaker 1: Buy where there's good demand.
• 23:23
  Speaker 1: Okay.
• 23:24
  Speaker 1: Also, try and get a good price if you can.
• 23:27
  Speaker 1: You know the asking price can be the good price.
• 23:29
  Speaker 1: But at the moment, right here, right now, the market is stagnant.
• 23:32
  Speaker 1: Okay, the market's not booming.
• 23:34
  Speaker 1: The last two years it's been going up.
• 23:36
  Speaker 1: It's been going through the roof.
• 23:36
  Speaker 1: Yes, interest rates are higher.
• 23:38
  Speaker 1: That's why the numbers have to stack.
• 23:40
  Speaker 1: But if the number stack, now is a perfect opportunity to be getting into deals and things.
• 23:45
  Speaker 1: Okay, I'm always looking at deals.
• 23:47
  Speaker 1: I'm always looking at getting into deals further as well.
• 23:49
  Speaker 1: So now is a fantastic time to be getting into property.
• 23:52
  Speaker 1: You just need to know what you're doing, and there is never a bad time to get into property.
• 23:57
  Speaker 1: I wish I had had a little part of savings and I had spent that on acquiring properties when we had that last recession 2007, 2008,.
• 24:08
  Speaker 1: Being such a different place now.
• 24:10
  Speaker 1: But I didn't then because I didn't have the knowledge and I was scared, like everybody else, and it was very difficult.
• 24:15
  Speaker 1: But it could have been done.
• 24:16
  Speaker 1: That's what I'm saying.
• 24:17
  Speaker 1: It could have been done.
• 24:18
  Speaker 1: Lease options was a great strategy to be using then to help people.
• 24:22
  Speaker 1: I didn't know about it so it couldn't do it.
• 24:25
  Speaker 1: So once you've got the education, nobody can take it away from you.
• 24:29
  Speaker 1: But now is a great time to also be going out there looking at lease options and building a property business.
• 24:33
  Speaker 1: Okay, you just need to know what you're doing.
• 24:37
  Speaker 1: What's another good one?
• 24:38
  Speaker 1: I don't have enough money.
• 24:39
  Speaker 1: So if you have no money whatsoever, then you need to start saving.
• 24:46
  Speaker 1: Okay, first and foremost, if you've got a job and you say, well, everything goes on food utilities and everything like that, wash your mobile phone, because I bet you any money.
• 24:57
  Speaker 1: Most people who say that I've got the latest gadget boom, got the latest gadget.
• 25:03
  Speaker 1: Listen, just downsize A bit of short-term pain for a long-term gain is what it's all about.
• 25:09
  Speaker 1: So just look at areas where you can maybe downsize things for a little while we're not talking forever but just to save you some money.
• 25:17
  Speaker 1: Of course you can go and get loans.
• 25:19
  Speaker 1: I don't recommend anybody goes and sticks it all on a credit card or anything like that.
• 25:22
  Speaker 1: But you could do.
• 25:23
  Speaker 1: If you found a deal that you were gonna take on that was gonna cash flow really, really well and pay this credit card back straight away, then maybe it's a good opportunity to do it.
• 25:32
  Speaker 1: But try and save the money if you can, or work with people with money.
• 25:37
  Speaker 1: There's a lot of people out there with a lot of money who will lend it to you for a good return or for any return.
• 25:43
  Speaker 1: It doesn't have to be that good.
• 25:45
  Speaker 1: If you're dealing with people outside of property, don't offer like 10% returns on things.
• 25:50
  Speaker 1: Offer 5%, 6%.
• 25:52
  Speaker 1: Why?
• 25:52
  Speaker 1: Because it's more realistic.
• 25:54
  Speaker 1: You're not gonna scare people away, okay.
• 25:56
  Speaker 1: So just make sure that you don't go out there, because if it sounds too good to be true and you're offering 10, 11, 12% because you just think that's what people wanna hear, you're gonna shoot yourself in the foot.
• 26:07
  Speaker 1: Now a lot of property investors because they keep hearing that will always be saying that.
• 26:11
  Speaker 1: But I always say to anybody I'm working with, what percentage would make you happy?
• 26:16
  Speaker 1: And let's see what they say, because sometimes they say, well, I'd be quite happy with 5%, 5%, 6%.
• 26:22
  Speaker 1: So I say, well, I tell you what, I'll meet you halfway, let's do 5.5%.
• 26:26
  Speaker 1: Now maybe I could have given them 10%, but all of a sudden I've just given us a bit more wiggle room.
• 26:31
  Speaker 1: They've got what they want and we've got potentially a bit more money to come out of the deal as well.
• 26:35
  Speaker 1: But we've made it a win-win.
• 26:37
  Speaker 1: Or I give them 5%, I pay them 5%, I give them that extra percentage as a bonus.
• 26:43
  Speaker 1: So I give them 6% and tell them I like, what's that for?
• 26:45
  Speaker 1: Thank you for working with us.
• 26:47
  Speaker 1: How nice is that?
• 26:48
  Speaker 1: Would you work with somebody again that gave you a bit more than you'd actually agreed?
• 26:53
  Speaker 1: I think I would.
• 26:54
  Speaker 1: And they do.
• 26:55
  Speaker 1: They hand you back the money.
• 26:56
  Speaker 1: Whoa, let's go again.
• 26:57
  Speaker 1: Okay, no problem, good stuff, let's get some deals going and let's have it.
• 27:02
  Speaker 1: So there's an abundance of money out there.
• 27:03
  Speaker 1: It's our mindset that holds us back with that.
• 27:06
  Speaker 1: We need to speak to more people.
• 27:08
  Speaker 1: If you don't know anybody anybody with money you're not meeting enough people.
• 27:13
  Speaker 1: You don't know enough people.
• 27:14
  Speaker 1: So you need to get out there more and you need to see how you can help people, because then you will find the money.
• 27:20
  Speaker 1: Okay, support around me is a big one.
• 27:24
  Speaker 1: I don't have enough support around me.
• 27:26
  Speaker 1: Well, you're in a great environment here.
• 27:28
  Speaker 1: Go to your local networking events as well and start making friends with people and you can build up that support.
• 27:33
  Speaker 1: Whether you've got naysayers and friends and family and things hey, we've all got those Just get around the right people and that will help you, and try and stick around and stay around these people more than often than not.
• 27:45
  Speaker 1: Okay, the mindset things are another one.
• 27:48
  Speaker 1: You don't have the right mindset.
• 27:50
  Speaker 1: Listen, you can work on your mindset and that is good for books and good for just talking to people and building up a strong and sensible mindset.
• 27:58
  Speaker 1: Listen, those are some of the common blockers that I hear all of the time and I've given you pretty much answers and elaborated on all of those.
• 28:05
  Speaker 1: I had nearly all of those actually when I started.
• 28:10
  Speaker 1: Okay, when I started out, I was determined to make it happen.
• 28:14
  Speaker 1: I was determined to do it and I was gonna get out there and it was gonna happen by the hook of a crook.
• 28:18
  Speaker 1: But did I do it with no fear?
• 28:20
  Speaker 1: No, I had fear, I had doubts, I had worries, okay.
• 28:24
  Speaker 1: But what I did do was I invested in myself.
• 28:27
  Speaker 1: Why?
• 28:28
  Speaker 1: Because I'm worth it.
• 28:29
  Speaker 1: Okay, I am worth the investment.
• 28:32
  Speaker 1: And I tell you what nobody can ever take away from you what you've learned.
• 28:35
  Speaker 1: That is one thing.
• 28:37
  Speaker 1: Once you've learned it and you start doing it and it's repetition after repetition after repetition you become the expert in it and nobody can remove that from you.
• 28:47
  Speaker 1: I can still say this now that if I lost everything all my businesses went kaput overnight I reckon within six to nine months I could be back where I am now.
• 28:59
  Speaker 1: Why?
• 29:00
  Speaker 1: Because I know how to do it and I've tweaked it and I know how to do it better than I ever have done.
• 29:05
  Speaker 1: Why?
• 29:05
  Speaker 1: Because I've been there and lived it.
• 29:07
  Speaker 1: So it can take a bit of time when you're starting out, but by Hooker, by Crook, by doing the right things consistently and persistently, you will move yourself in the right direction.
• 29:17
  Speaker 1: So I hope you've enjoyed this episode and, if you have, then do check out thepropertyunleachedcom, where we have free tools and resources.
• 29:25
  Speaker 1: We have guides for rent-to-rent service accommodation HMOs.
• 29:30
  Speaker 1: We have 10 step guides to help you with deal sourcing.
• 29:33
  Speaker 1: We have master classes in rent-to-rent master classes in service accommodation.
• 29:38
  Speaker 1: All of those are 100% free.
• 29:40
  Speaker 1: We also have, obviously, further training as well.
• 29:43
  Speaker 1: But go and grab the free tools and resources.
• 29:44
  Speaker 1: There's a deal analyzing spreadsheet there for you to just download and have for yourself and start practicing doing deals.
• 29:50
  Speaker 1: You've got to get out there and you've got to start getting that repetition, as I say, in there.
• 29:55
  Speaker 1: So go and grab the free stuff and start building up that repetition.
• 29:58
  Speaker 1: You want to take it further?
• 29:59
  Speaker 1: We can help you with that.
• 30:00
  Speaker 1: With rent-to-rent service accommodation help, we have one-to-one coaching as well.
• 30:04
  Speaker 1: We only have a couple of places on that.
• 30:06
  Speaker 1: I always say that we only have a couple of places because we do.
• 30:08
  Speaker 1: They tend to get snapped up very, very quickly because we are such a cost-effective training provider.
• 30:14
  Speaker 1: But you make sure that you are doing the right things.
• 30:18
  Speaker 1: I look forward to your successes and again, if you've enjoyed this episode, please feel free to share it, reach out to us, follow us on social media Mark Fitzgerald or Mark Fitzgerald entrepreneur on Instagram and I look forward to you joining me in the next episode.
• 30:32
  Speaker 1: Bye for now.
• 30:33
  Speaker 1: **upbeat splashing music playing**.