Have you heard of the 'Shiny Penny Syndrome'? Do you know how dangerous it is?
For a long time before I started in property I had this feeling that I really wanted to have my own business. But the problem was I didn't have any ideas! There never seemed to be the right opportunity for me to go ahead and do it. Maybe you can relate to something similar?
Perhaps like me you've taken the route into property and have suddenly found yourself transported to a WHOLE NEW WORLD. A world where you find yourself in rooms full of other property people that is FULL OF OPPORTUNITIES.
You've gone from a place where opportunity was sparse, to where opportunity is EVERYWHERE. It is just SO EXCITING!
The problem? Your mindset hasn't caught up! You are still in the headspace of thinking that if you don't grab an opportunity when it comes along that you will miss out. But in this property world, it just really couldn't be further from the case.
Maybe you started out with the idea to do buy-to-let investment, but then you hear about someone doing rent-to-rent and it seems they are making money WAY QUICKER than you would with buy-to-let... so that must be a better option, surely?
You hear about someone else doing Deal Packaging and just selling on the deals they can't buy and making a few thousand pounds a time for it. Now THAT sounds easy! Forget buy-to-let, forget rent-to-rent... Deal Packaging!
UNTIL... you meet a really cool guy who is doing COMMERCIAL CONVERSIONS! And making MILLIONS from just one single deal. And you've heard that really it's actually no harder to do a conversion than it is doing a refurb, just bigger numbers! Well if that's the case, surely this has to be the answer.
Before you know it your mind is spinning with buy-to-let, rent-to-rent, deal packaging, serviced accommodation, HMO's, commercial conversions, development... and you want to say YES to all of it! But the more you say yes the more confused, overwhelmed, time-poor and further from your goals you end up feeling.
What I wish someone had told me at this point (because I'm speaking from experience here too!) is that...
What you say NO to, is as important as what you say YES to.
There is no magic answer. There are upsides and downsides to every type of property investment. So you need to just make a CHOICE, stick to it, and say NO to everything else.
It's really fricking hard at first to start doing this. But just keep at it for a few months and I promise you, you'll start to see the difference in how successfully you are moving your business forwards... and then you'll be addicted.
So what is the thing you are choosing to say yes to? and what are you going to start saying NO to...
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