What can you expect to learn from a property investment mentor?
A property investment mentor is essential. If I hadn’t have found my mentor, I would not have the lifestyle I have now. He helped keep me focused, provided emotional and moral support when things weren’t going quite as expected, and guided me as I grew into my shoes as a property investor. He was the one I turned to when I wanted advice on property investment opportunities.
Why did I pay so much attention to him? Because he’d done it, written the book, and was wearing the T-shirt, as they say. Why wouldn’t I want to listen to someone who had made the journey I wanted to make?
Who do you choose as a property investment mentor?
I didn’t go searching for my property mentor. And he didn’t come searching for me. We just met and clicked. He knew about property. But more than that, he had the life I wanted. He wasn’t constricted by a nine-to-five job. He wasn’t locked into having to work overtime to make ends meet. He could choose what he did when he did it, and even where. He was the most relaxed person I’d ever met. In a nutshell, I wanted to be him!
A mentor is someone you’d be happy to trade places with. And you don’t even have to know them personally. Another mentor of mine is, unfortunately, no longer with us. I never met Jim Rohn, but his thoughts on personal development are awe-inspiring.
The first four lessons I learned from my property mentor mustn’t be ignored. These lessons have stuck with me throughout my career as a property investor. They form unwritten rules on how we do things here at Gladfish.
Be a ‘How’ investor
Do you find yourself asking ‘if’ you should do something? And, when you do, do you find that people often say ‘no’? It is because they don’t have the answers. They aren’t prepared to get educated to find them. Perhaps they don’t want you to succeed.
Instead of asking if you should do something, ask how it can be done. Jim Rohn has a slightly different twist on this. He begs you to ask, “why not?”.
If you want to change your life, don’t ask if you should invest in property. Ask how. The Gladfish Investors’ Academy is a free resource which answers all the questions you have about property investment. It’s your online property investment mentor. Speak to a Gladfish property consultant, and discuss how realistic your plans are.
Investment education is the key to successful property investment, and a mentor will help you decide how to invest in property to achieve your goals.
Invest in property, don’t speculate
If you buy for short-term capital gain, you make yourself completely reliant on the market. The market is out of your control. If you’re going to invest for capital gain, you need to be smart. Get educated about the property and economic trend cycle. Learn how to evolve your investment strategies through the ebbs and flows of the market.
The property investors who got their fingers severely burned during the Global Financial Crisis were those who invested for capital gain and overstretched themselves. They ignored the property fundamentals, thinking that all property everywhere would simply continue to rise in price.
The real winners from that period were those who purchased in the best places to invest in property UK and factored in a buffer in their cash flow projections. Today, these investors are not only sitting on a sizeable capital gain but also benefiting from positive cash flow from increasing rental income.
Invest with the numbers, not your emotions
Whatever you do, always invest with the numbers. Don’t fall in love with an investment property. Fall in love with a home, for sure. But an investment property is simply a box to make you money. The numbers must add up. It means working through your due diligence, and ensuring that you have covered all your financial bases.
Make sure that you are buying a property that people will want to rent. Ensure that the local economy will support your property investment, and that your property will support the needs of your tenants. Check and double-check potential rental income, and consider all the costs associated with your investment. If the numbers add up today and look set to continue to do so in the future, then make that investment. If they don’t, move on to the next opportunity. There are plenty out there.
Build your network of professionals
Finally, don’t try and go it alone. You need people to help you in property investment. There will be tax considerations, legal issues to deal with, and you’ll want to ensure you obtain the best financing. Your mentor should be able to connect you with the professionals who will help make your lifestyle dreams become a reality when you invest in property.
Contact one of the Gladfish team today on +44 (0)207 923 6100. Our property experts are here to help you. You could benefit from a physical and virtual property mentor, like so many before have, and continue to do so.
Live with passion