Like It Or Not?

like it or not

As property investors it’s not really possible to like every property we own as the buying practice should be based on the numbers not emotions. In reality some of us are not as cold or rigid as we should be when faced with propositions and for us a house with nice features such as a Victorian abode will often win out over a basic structure such as a 1930’s semi. When we look at the present property market we really can’t afford the luxury of buying for capital growth any more and the best cash flowing properties are often the ones which personally wouldn’t be desirable. The cost of repairs alone of a Victorian house over a typical mass market property can outweigh the return on income into the negative, so every property has to be valued on its own merits. Whilst some of us actually enjoy seeing these old properties brought into modern day use and standard it isn’t for the faint hearted or shallow pockets to take on some of the projects that are showing up now. This time of year always seems to bring out those houses where the owners are worried about the oncoming winter and want rid of the problem, so be wary if you taking one on.

Builders quotes can be a potential nightmare for property people and the estimates are even worse so we must be vigilant in our assessment of what is needed, what we want and what we would like to see happen for our exit strategy on every property. The essentials are maintaining the fabric of the building but in doing so we can waste or save money by completing things that are related to save us cost in the long run. For instance one property we are just looking at needs re-roofing which needs full scaffolding, an expensive outlay these days. As we are paying for it to do the roof it makes sense to use it for the gutters, the pointing and brickwork repairs, the windows and external decorating all at the same time even though all these will cost us more. We have to work out what we can outlay on a building before we take on the repairs as the rents will only cover so much and fractional borrowing can be far more expensive than getting it right at the planning stage.

Planning is a massive factor in everything we do and success is very unlikely without it. Covering every contingency comes with experience and seeing the pitfalls before taking the leap is one of the ways working with a partner can help alleviate the stress altogether. It can be a lonely life as a landlord particularly when you are often seen quite unfairly I hasten to add, as the bad guy. Without the professional landlord and investor the property market would be a completely different place and many people don’t see or consider the benefits which we provide. A period as a landlord dealing with tenants has opened the eyes of many to the reality of property ownership which really must be seen as a business not a hobby. A lot is dependent on how much you are able to invest as an initial outlay. The more you can speculate with the more you can reap, but if you have it in the first place why do you want to use it to create more of what you don’t want when you can use it more intentionally with a specific strategy to suit your own aims?

We look at our clients as individuals each of whom have their own wants, needs and desire to be met by working with us or our associates rather than going it alone and potentially struggling, stressing or potentially losing out financially. As we work with people rather than charge them to learn something we build an on-going rapport and relationship that helps both parties create their best future. The decisions we take now will determine how we will live in our senior years and what we could possibly build for our families and for the future generations to thrive on or have a much easier life. We need a vision that goes beyond any limitations of the past if we want to succeed for our loved ones. To make the most of our opportunities we need to have a goal bigger than our own wants to aim for. Having a selfless personality will actually help create more than desires as ultimately we should feel a greater sense of achievement from helping others than we do from satisfying our own wants.

Each of us has it in us to create our own destiny however we want it provided we are able to have the right positive mind-set and make progress everyday towards our chosen goal. Property is only one way of creating wealth, and even for those who have little or nothing there can be a way of gaining that through property. Finding the people to work with that you can trust, rely on and enjoy working with can be another matter. We all need to expand our experiences as an on-going program for our own reference. There are boundless events and seminars to attend these days many for little or no money. Just talking and networking with people at property or any personal development talk can lead to the riches of life often through very different channels than we would have expected.

Even the most experienced of investors generally keep adding to their own knowledge as this is the key to even greater wealth, freedom and happiness. A few days I’ve just spent in Turkey networking with a group of business ladies has given me a greater insight to the property market there and its potential for the future. What I gained from the trip was not what I expected but something far more valuable to me personally. We never know what we will attain until we reach for something. Many people can never overcome their own fear to strive for more, it’s only in the doing we find what we are truly capable of.

Always look to achieve something but don’t expect it to be the result.

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