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Your Questions on Property: Part 1
There is so much nonsense surrounding property training, courses and seminars that I thought a great idea would be to answer the most common questions people have sent us about property, about certain creative strategies and share the answers and most importantly the truth.
So no B.S. no smoke and mirrors just the absolute truth.
Question 1: Should I believe the YouTube property gurus when they make BIG claims like 'You can become financially free in X amount of time!'?
OK this nonsense really boils my blood. It is designed purely to sell a 'dream' to unsuspecting newbies to property. They insinuate that...
YOU CAN BECOME RICH QUICKLY IF YOU LEARN HOW TO DO THIS PROPERTY STRATEGY!
It must be true if they show you how to do it on a video though surely?
They are very cleverly put together and there are elements of truth to what you will see. However, there is one thing very wrong with these types of videos...
They make certain strategies such as 'rent to rent' look really easy.
Let me share the truth with you... all property strategies, that I have come across, are far from simple and easy. They are great tools and CAN lead to a very healthy income, but they are not easy to master.
Question 2: Why do people do lots of different property courses?
I have been in property a long time and seen many people buy multiple property courses and masterminds etc. The reason they do this is most likely something like this...
They do a course on one strategy and they understand how it can make them money, they then start to implement that knowledge and take action and the below happens:
They struggle with one or more parts of the strategy and hit a roadblock
They quickly lose interest because they thought it was easier
They fail to understand how to get started and what to do 'day to day'
So when any or all the above happens, they resort to buying a different course or paying silly sums of money to have a mentor.
I have come across people who have spent over 100K on training and they have done zero actually within property! These people are unfortunately the victims of clever marketing and they get caught up chasing the many shiny pennies that exist.
So what can you do?
We put together a bunch of free training so you can get lots of bonuses and freebies and find out more about if property really is for you without spending a single penny.
....and as a thank you for using our free property training I will give you an opportunity to get mentored one to one without the usual sky-high costs!
If that sounds good... click below to get access.
Question 3: Can you really become financially free from using property strategies?
Lets take property sourcing as an example for this one.
On average as a 'sourcer' you can earn £3,000 to £5,000 per property that you source and then package and sell on to an investor.
So £3,000 is just one deal. So how many would you have to do or sell, to pay all of your monthly outgoings and have a nice healthy amount left over at the end of each month?
Work out your Financial Freedom Number:
Add up all your monthly bills including your rent/mortgage payment
Add up your total amount you pay towards any debt (if you have any)
Allow some money for fun things: days/nights out, holidays etc
Once you have your total monthly outgoings figure you know what you need to keep your bills paid and have a place to live.
Next up is those debt payments, credit cards, store cards, loans etc. You need to pay these every month to maintain a healthy credit score or to repair a low credit score.
The above payments are your absolute priority and must be paid to sustain your life financially.
But obviously people want more than just being able to survive! So how much would you like surplus each month for fun things?
Days out, treating the kids/family, nights out with friends, social activities, holidays etc... all these things make life worth living and make life fun. But you need money to do these things!
So your financial freedom target is what it takes to cover all of the above and give you the lifestyle you want.
The earning potential from property sourcing is easy to understand. You can now see that if you scaled that up, and you did let's say 2 deals or 3 deals every single month. You might be generating £10k plus a month.
Now that's basic maths... but is it actually possible?
The simple answer is YES but just because you learn how to do something in theory it does not guarantee you any income. To become successful in any business you have to put in the hard work and be consistent with those efforts.
I always tell people, yes it can be done, but the biggest driver of success is consistent effort and being realistic about your short term goals and targets. You need to allow time to learn and then time to perfect your approach and improve.
Building momentum is what it's all about and it starts slowly, before you are at a stage where you can generate regular business.
Property is not get rich quick...that's a fact!
But it can be get rich quicker than a day job, if you approach it correctly and with the right mindset.
Question 4: Is it possible to get involved in property deals and projects (refurbs/flips) without any money?
Lot's of people talk about N.M.D. (no money down). In all honesty it's a marketing ploy to attract newbies. The money has to come from somewhere obviously!
O.P.M. which is 'other peoples money' is a great way of getting in on deals and projects and generating bigger fees for yourself.
Many investors will look for joint venture partners and will happily share profits with you - IF you also bring something to the table:
You provide the opportunity (via sourcing or contacts)
You do all the analysis and crunch the numbers to make sure its viable
You find and manage a refurb team to complete the project
You allow the investor to be hands-off and you do all the leg work and organising!
In Part Two: We will cover more of your questions. If you want to ask a question and get it answered in our next blog article then email us: support@psnproperty.co.uk
Or if you have any questions relating to being mentored 1 to 1 just send an email.
Till next time...
Paul