If you haven’t bought at auction before it’s easy to be misled by the contents of an auction catalogue. The challenge is that anyone who watches daytime TV and has seen programmes like Homes under the Hammer can be led to believe that every property auction in the country has lots of fantastic deals just waiting to be snapped up. This isn’t actually the case.
You may see a property listed in the auction catalogue at 20-30% below market value (or even lower in some cases) and a closer look shows it to be in good nick, with no need to refurb. That looks like a great deal - buy at 20% BMV and refinance at market value or sell on and get an instant profit. Sounds too good to be true - because it is!
Before you jump into your first auction you need to understand the hidden cost of buying properties at auction.
Property can be a lonely road to travel, unless you happen to work with a partner. You’re investing big chunks of money and like any solo business, it’s easy to lose your ability to be objective.
Everyone is an armchair ‘expert’ and if you mention ‘property’ in any groups of people you’ll get lots of advice, most of it negative. If you attend property networking groups at least you’re with like-minded people, but to trust other people’s advice you need time to get to know each other and learn about their background and experience.
What do you do when you need advice?
Support is critical - a trusted forum where you know that people don’t have another agenda and are genuinely interested in giving (and getting) support in their property journey.
The kind of support you need changes as you move along your property journey and that’s why I’ve created a number of options for property investors.
Nobody likes to admit they’ve fallen short and as long as nobody know what you’re aiming to achieve, you never have to stand up and be counted. But with no fire under you, will you achieve all you hope to?
This isn’t just a property thing - it’s pretty universal - but people who are wannabe investors are many. They know it’s possible, because other people are successfully investing in many different ways, but they’re not taking action.
What holds them back?
The number one stumbling block is fear. This is usually fear of failure - and failure when you’re dealing in assets worth hundreds of thousands can be life-changing. However, sometimes it’s fear of success. It sounds crazy, but some people worry about what changes they’ll have to make if they are hugely successful.
Procrastination also happens because everyone is different. Individuals look at other investors and can always find a reason why...
It’s nearly the end of another year and the time when that ‘quiet’ time between Christmas and New Year is an excellent time to reflect on your year and make plans for the year to come.
So how was 2019 for you? What did you achieve that made you feel good? What was in your plan at the beginning of the year, but somehow didn’t get done?
What would you like next year to look like? And more importantly, what will you need to do to make reality match that?
If you’re reading this, you’re probably either already in property or you’re seriously considering getting into it - and you must be aware that it’s one of the industries where the people outside it are known for being negative about it. In order to succeed, you’ll need to be able to combat negative input.
To overcome the challenges along the way, you’ll need to develop a positive attitude to dealing with these. It’s all about seeing a...
When you’re negotiating with either vendors or estate agents, one of the key negotiation skills is to choose words that hit their ‘hot button’.
If you’ve studied sales you’ll know that there is a process to successful sales transactions. That same process can be applied to any situation where you want to persuade or influence someone to things your way!
The simplest formula (and it’s been around for a very long time) is AIDA. This stands for:
Attention: You can’t sell anything if the other party isn’t paying attention, so that’s the first step - get them to listen to what you’re proposing. This can be achieved by making eye contact to ensure their attention is with you.
Interest: Nobody will buy if they’re not interested. This means you need to know what’s important to this particular person. What will make them prick up their ears? Ask the questions to find out...
Belief is powerful. If you believe you can do something it gets much easier to succeed. Of course, the opposite applies, if you don’t believe you can achieve something you will get what you expect.
I’ve been practising neuro-linguistic programming (NLP) for over fifteen years. So when I received a cancer diagnosis from my doctor in April 2016, I knew pretty much what I needed to do, to use my mind to allow my body to heal itself. I’d been diagnosed with stage 3 (next to the worst level) in several places so I knew I had to take it seriously.
I underwent chemo as well, but I conditioned my mind so that I didn’t suffer any adverse effects from chemotherapy. I felt perfectly healthy throughout the whole process—I never even needed to take a single day off work.
I got scanned at different points; to check progress, Eight weeks later the scan showed I’d reduced the cancer by 90%, and in another twelve weeks I’d got...
When it comes to decisions, it’s tempting to take the line of least resistance. That’s usually choosing NOT to do something or to do nothing. Nobody achieves success by doing nothing!
Let me share with you something that happened to me.
In April 2016 I was diagnosed with level 3 Non-Hodgins Lymphoma, an aggressive form of cancer. It was already in more than one location and the severity scale only goes up to 4, so I had a choice:
Having done a lot of self-development over the years, there really was only one choice for me. I found an NLP coach and together we devised my strategy for conquering cancer, using a number of NLP techniques including meditation, visualisation and affirmation.
I read up on holistic approaches to conquering cancer, from people who had been there and...