Most people when they start out are nervous and fearful, because they don’t have all the information or knowledge to make informed decisions. One of the biggest fears when it comes to investing in property is the fear of losing money.
Whenever I’m speaking to students about why they’re scared about losing money, or what we can do to help them prevent losing money, it always comes down to getting knowledge, which gives you power. Having two exits; having your deal analysis absolutely spot on; doing your due diligence on the area that you’re investing; making sure that there’s tenant demand and making sure you understand buy to let and tenancy law correctly are all examples of this.
So, if you have armed yourself with all of that knowledge, all of that information, all of that education, then you can make far better, more informed business investment decisions, and the fear then disappears.
You can never know too much about investing in property, I’ve been in the game for 23 years and I still don’t know it all. However, if you can arm yourself with as much information as possible about all the different elements that go into investing in Property, the more powerful you’ll feel and the calmer you will be when you come to make business and investment decisions.
Most of the fears that people have, are born out of ignorance. I know that sounds really harsh, but when we have students who haven’t started investing in property yet, who are asking questions like ‘well what if I can’t find a tenant to rent my property?’ My immediate response to them is ‘well why would you be buying a property in an area with no tenant demand?’. It always stems back to the fact that you have to know your area that you’re investing in, you have to know the strategy that you are adopting, you have to know your deal analysis, and you have to know the numbers.
There are so many different elements to this property game and the more you know, the more informed you are, the more powerful you are, which then eradicates the fear.
So let’s just look at the difference between two investors: this investor over here has never invested and doesn’t know what they’re doing, and this investor over here has educated themselves; knows deal analysis; knows deal structure; knows how to raise money; knows exactly what their goal; their aim; their strategy and their investment area is.
If they were both investing in the same location, who is most likely to get the best deals? Who’s the one that’s going to accelerate their successes in the property business? Of course, it is the educated and knowledgeable investor, not the amateur who’s just starting out.
So, if you’re thinking about investing in property, think about the six inches between your ears as your most powerful tool. This is the most powerful tool you have command over. The more strategies you learn, the more information that you have in there, the more power you have when playing the game.
Not that we’re looking to beat the competition, but in a competitive market it is the people that are armed with the most information, that are going to come out on top.
So, the more knowledge you have, the more information you have, the more power you have and what power gives you is ‘control’. As human beings all we want is to be in control of our destiny; to be in control of our lives; to be in control of where our money comes from and make sure that nobody else is in control of our life for us.
If you think that the more knowledge that you put in your head, the more power and control you’ll have over your investment decisions, over your business and ultimately your life, and the happier and more content you should be.
The other essential part of having knowledge is that you become a problem solver. Whilst most people out there are running around finding themselves faced with problem after problem after problem, when you equip yourself with the knowledge, you are more solution orientated. Any challenge that comes your way you are equipped to handle, deal with it, dodge it, duck it, dive it and overcome that problem. So, you become an incredible solution orientated person. You’re equipped with the tools that you need, to overcome any challenge that you’re going to face in the property market as well as other areas in business.
With COVID 19, BREXIT and an impending recession it has never been a more important time to educate yourself.
With job security at the forefront of many peoples’ minds, having more than one source of income is vital.
The Property Wealth System is a collective of active investors who have reached their goals following this system and want to help you achieve the same for you and your family.
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