Disclaimer: This is not advice. This post is information only. 

If you have read my blog post over the last few years, you will know about my negative decade between 2008 and 2018.

You will know I had a little 12 -year gap between rental property no.3 and no.4. I was negative about property and negative in general. One of my issues was that I tried to do property by myself. In terms of property, this is my biggest mistake to date. This is where networking comes in.

I talk about the importance of networking in my 2nd book – The Dormant Landlord. I’ve been networking on and off now for the last few years. This has led to getting round other investors and it has led to property training. Both have led to improved results.

I found a few toads along the way. A few training companies that didn’t sit well with me. They were far too aggressive in their sales pitches. Be aware of this. There are some excellent property training companies out there but some that are all about the money. Just be aware and only spend money that you can afford.

I stumbled along PIN (Property Investor Network) in late 2020. PIN is an excellent company, and everyone wants to help each other with property. Simon Zutshi (PIN founder) has created an excellent company and they offer training as well as networking.

With PIN, I have attended several meetings and have done some training: Creative finance, Joint venture training, HMO training, PLO training and MMA (Master Mind Accelerator). This has given me all the knowledge I need to go out and smash my property goals. I done the training late 2020 and early 2021. By April 2021 I was ready to go out and build a portfolio and do property full time.

It hasn’t quite played out like that so far and that’s what I’m going to be going over …

The market goes crazy

My first stumbling block was that the market went crazy. Property prices jumped significantly as the demand for property in the UK went through the roof.

I was hearing it at PIN meetings. In areas like Birmingham and Leeds the investors were talking about properties being sold within 30 minutes of being on the market. Properties being sold for full asking price and in some cases £10k, £20k and even £30k above the asking price.

This wasn’t happening in Teeside in early March. At least that’s what I thought. I started seriously looking for rental no.8 in mid-march and didn’t have much look. I was viewing 10 ish properties per week and any bids I was putting in were quickly rejected. I wasn’t finding any for the right price. The odd one that I did find was getting sold within days and again, going for higher than the asking price.

One of the things you get taught at PIN, is to avoid being a motivated buyer. I wasn’t a motivated buyer. I pushed on for about 6-8 weeks but my May I was losing interest. Then my focus went on the extension in my home. 

Extension in our home

Towards the end of May, our extension finally started. This was after a 6-week delay with the builders.

The work was to knock our kitchen, utility and dining room into one and shot a 20sq metre extension onto the back of the kitchen. A big L if you like. Oh and we shot a utility and office into the garage. I finally had an office back after it was converted to dressing room a few years earlier…

I enjoyed the process for the majority of the time. This was until the end when we had issues with the kitchen. I ripped the kitchen out on a Friday night in July and we didn’t get the kitchen finished for another 6 weeks. 1ST off the kitchen fitter got COVID so that was 10-days without a kitchen. Then they done a few days and went on holiday for 3 weeks.

At the start of September our kitchen was finally fully installed. Stress over.

The extension was a steep learning curve. The hardest part was dealing with tradesman. Hard work – especially when there are loads of work and they have their pick of jobs. But on the whole, we ended up working well with the various tradesman. Me and my better half were very laid back until the kitchen got the stress levels up towards the end.

Reflecting on the kitchen/extension I learned a lot. I learned I was ready for some refurb projects to help me build a decent size portfolio. To help me do property full-time. I was ready to do some BRR (Buy Refurb Refinance) projects.

The crypto rabbit hole

Going into September, the property market was still crazy, and I was still not a motivated buyer. I was ready to weight.

I didn’t want to just sit idle. What I done was double down on my financial literacy. I was reading books on economics and kept reading Moneyweek every week. I also got obsessed with the ALWAYSFREEPODCAST and The Crypto Standard Podcast. This improved my understanding of macroeconomics.

The issue for me during this period is that property took a back seat. I learned a lot about crypto and believe it’s a big part of the future financial system. With QE and inflation, it is clear that the current financial system is broken. In my opinion, this is where crypto comes in. Remember this is not advice, it is information only.

I invested with money I was willing to lose. 2021 was a year for me to have a play with crypto to improve my understanding. I was learning about the blockchain and was researching each project I invested in. I was reading the white papers and looking into the software developers.

The problem with crypto is that it can be quite addictive. You spend a lot of time looking at charts. Trust me I know what not to do. Don’t check on your crypto every 5 minutes – it brings stress and anxiety. Invest with money you are willing to lose. Have a play. Do your research. And have a little battle plan – a strategy. And listen to The Crypto Standard Podcast.

I went down the crypto rabbit hole. All of a sudden its Christmas and I’ve lost another few months where I haven’t done anything property wise. This isn’t good enough and leads me to 2022.

Property goals for 2022

I will buy another 3 rental properties in 2022.

I will try another strategy like SA (Serviced Accommodation) to increase cashflow.

Now I am determined to hit all of my goals for 2022. Especially my property goals. I am determined to become a full-time property investor. To do this, I’m going to do much more networking. I fully understand the importance of networking.

I need help from other investors. I need to get around other investors who are full-time property investors and soak up their knowledge. What I have noticed whilst networking is that everyone seems to be helpful. Everyone wants to help each other. It’s a positive environment that I want to be a part of.

If I revert to doing property by myself, I’ll get very average results. I know this because I’ve got the t-shirt. I know that if I get around other investors, I’ll become a full-time property investor within a short space of time.

How?

One conversation might give me a lightbulb moment to go out and increase my portfolio. One conversation might lead to investor finance meaning I can go out and do some BRR projects. One conversation might lead to a JV (Joint Venture). You get the picture…

After 20 years of experience of investing in property, the most important advice I can offer is to focus on your networking. Go out and get around positive like-minded investors and go and smash your 2022 goals.

By the way, if you want some more info on personal finance and investing, you can always read my 1st book. Or if you are on a limited budget, I have no issues sending you a FREE COPY.

And if you want to read a book all about property, read my 2nd book all about property – the Dormant Landlord. By the way if you read it and If you like it, give it a little review. That review will help me get the book out there.

 

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