Podcast Summary
Maximizing progress in property investing through mastermind events and goal setting: Attending mastermind events and setting clear goals with accountability can lead to multiple property investments within a short timeframe.
Attending mastermind events and setting clear goals with accountability can lead to significant progress in property investing within a short timeframe. Rob and Rob shared their experience from their recent summit review, where they saw impressive results from attendees who made 2-3 investments in just 3 months. They emphasized the importance of having a plan and being held accountable by others to make the most of the time and opportunities available. The event served as a reminder of the potential progress that can be made when focusing on goals and taking consistent action.
A productive and engaging Property Investment Summit: Rob's advice on caution and recommending northern cities resonated, along with the '10 things property investors should never be heard saying' reminders of key principles.
The Property Investment Summit has been an inspiring event where meaningful connections are made, research is shared, and properties are bought. The small and tight-knit group of 16 attendees had multiple check-ins and discussions before the official 3-month session, making it more productive and engaging. The summit also featured a Citi AM article where Rob was quoted, discussing the pension reforms and investing in property, specifically in the context of the new term "Grandlords." Rob's advice on caution and recommending northern cities resonated with the audience, especially with the recent pension reform and the surge of spam calls from potential scammers. The main topic of the week was a fun and engaging list of "10 things property investors should never be heard saying," which serves as a reminder of key principles and common mistakes to avoid in property investment.
Maximize your property investing with experts: Using a mortgage broker saves time and money, outsourcing tasks increases efficiency, and continuous education enhances investment decisions.
Investing in property requires specialized knowledge and expertise in various areas, and trying to do everything yourself can lead to inefficiencies and potential losses. Here are three key reasons why: 1. Using a mortgage broker is an investment, not a cost. While it may seem like an unnecessary expense, a mortgage broker can help you navigate the complex world of mortgages and avoid hidden fees, lengthy application processes, and unfavorable terms. 2. Don't try to do everything yourself. Property investing requires a significant time commitment, and trying to handle repairs, management, and other tasks on your own can be inefficient and distract you from focusing on your investments. 3. Continuously educate yourself. The more knowledge you gain about property investing, the better investor you'll become. Don't shy away from learning new things, as the return on investment in terms of improved decision-making and increased profitability can be substantial.
Learning from Experience and Affordable Resources: Investors should learn through practical experience and affordable resources like books, podcasts, and online forums before considering expensive training.
It's important to remember that no one knows it all in the world of property investing. Both the speaker and his co-host, Rob, emphasize that they are always learning and that investors should be open to new information. Regarding learning methods, the speaker advises against spending a large sum of money on trading courses, especially for beginners. Instead, they suggest utilizing free resources like books, podcasts, and online forums to gain knowledge. While there are positives to attending courses, such as time savings and accountability, the speaker argues that the experience of actually investing in property provides invaluable lessons. He also recommends reading the book "Millionaire Fastlane" by MJ DeMarco for additional insights. In essence, the key takeaway is to learn as much as possible through practical experience and affordable resources before considering expensive training.
Staying Involved in Property Investing: Two Things to Never Say: Regularly check rent payments and address repairs promptly for successful property investing.
Property investing requires active involvement and regular checks to avoid potential financial losses. Two things a property investor should never say are "I haven't received rent for the past 6 months" and "This repair can wait a couple more months." Firstly, regularly checking rent payments is crucial to ensure timely income. A simple financial check every month can prevent unexpected non-payments and the potential for large arrears. Letting agents can make mistakes, so it's essential for investors to take responsibility for this task. Secondly, addressing repairs promptly is vital for maintaining good tenant relationships, reducing costs, and avoiding potential legal issues. The longer repairs are delayed, the more expensive they become, and tenants may become dissatisfied, leading to potential turnover. Additionally, property investing is not a fixed-sum game, and investors should be open to negotiating prices to secure the best deals. In conclusion, active involvement, regular checks, and prompt action on repairs and rent collection are essential for successful property investing.
Negotiating Below Market Value: Successful property investors negotiate prices below market value, understand good debt, leverage, and avoid emotional decisions.
Property investors should aim to negotiate prices below market value and not be afraid to walk away from deals that don't meet their requirements. Emotion should be kept aside while investing, focusing instead on finding the best deals. Additionally, investors should understand the concept of good debt and leverage to maximize returns. Negotiating with estate agents and not paying the asking price are essential strategies for successful property investing. These concepts were discussed in detail in episode 18 of The Property Podcast, titled "Leverage Explained."
Importance of tenant reference checks and starting investment journey: Successful property investors prioritize tenant checks, start investing despite busy schedules, and utilize resources to make informed decisions.
Property investors should never neglect important processes, such as thorough tenant reference checks, and should always make time to start investing instead of waiting for the perfect moment. Property investors should be happy to take on the right kind of debt for investment purposes. However, it's crucial to ensure that tenants undergo proper reference checks, especially for those managing properties themselves. Skipping this step can lead to potential financial losses. Additionally, investors should not put off starting their investment journey, as opportunities won't wait. Many successful investors at a recent summit made things happen despite being busy, and those who wait may miss out on better deals. Avoid making excuses and instead take action. Delaying investment plans can lead to missed opportunities and increased costs. Lastly, subscribing to resources like the Property Hub magazine can provide valuable insights and knowledge to help investors make informed decisions. In summary, property investors should prioritize important processes, make time to start investing, and utilize available resources to increase their chances of success.
TaskRabbit: Outsource Real-World Tasks Locally: TaskRabbit is a platform for outsourcing local tasks, offering a review-based system for reliable and efficient help. Use it for hands-on jobs and receive a first-time user discount.
TaskRabbit is a platform for outsourcing real-world tasks to local people, making it a convenient solution for handling small jobs that require hands-on skills. The service, which is expanding to new cities, offers a review-based system ensuring a reliable and efficient experience. Rob introduced the podcast hosts to TaskRabbit when they needed help with small office tasks, and they were pleased with the friendly, efficient, and reasonably-priced service. The platform offers a code for first-time users, and it's similar to other review-based services like Airbnb and Uber. TaskRabbit can help with various tasks that might be difficult to hire someone for, making it a versatile and valuable resource. The hosts received a recording review from a listener, Edward, expressing gratitude for their property podcast and its ability to introduce new ideas and resources in an easily digestible format.
New format of Property Geek podcast encourages listener engagement: Listeners can expect answers to common property investment questions, subscribe to the Property Hub Magazine, and receive valuable insights through the podcast and resources.
The Property Geek podcast, hosted by Rob and Rob, is a must-listen for anyone interested in property investment. The new format of the show is excellent, and listeners are encouraged to leave reviews and voice messages. Next week, they will answer the five most frequently asked questions and provide the answers they give regularly. To subscribe to the Property Hub Magazine, go to propertyhilper.net/forward/magazine. The podcast also includes news and resources, and listeners are invited to join the mailing list at theprophecypodcast.com. Rob even loves receiving five-star reviews and modern air miles. Overall, the Property Geek podcast is a valuable resource for property investors, providing valuable insights and answers to common questions.
