Series 8: Property Core Skills-Wrap Up And Bonus Skills

The Property Voice

We have come to the end of our latest series looking at the 10 property core skills.

However, just as these core property skills will keep you safe, there’s more of you are looking to grow and scale.

This week, I share the BIG two property skills that provide the link between these foundational property skills and going big.

These are the secret sauce or missing ingredients needed if we have bigger aspirations and lofty goals in property.

What are these two BIG bonus property skills? Well, you will have to listen to find out, won’t you?

Join me, and my glass of Malbec, as I summarise the previous 20 episodes of the Property Core Skills series with the revelation of a couple of gems that will take you higher, further and faster in your property journey. I know this to be true, so will you when you hear what they are.

Let’s see this series off in style…but what will come next..?

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Today’s must do’s

Subscribe to and review the show in iTunes…and while you are at it please help us to spread the word by telling all your friends too!

#PropTech: A guide to how property technology is changing how we live, work and invest – a link to the latest book.

Property Investor Toolkit – here is the book link on amazon.co.uk & amazon.com in case you would like to get yourself a copy to accompany this series

Transcription of the show

We have come to the end of our latest series looking at the 10 property core skills.

However, just as these core property skills will keep you safe, there’s more of you are looking to grow and scale.

This week, I share the BIG two property skills that provide the link between these foundational property skills and going big.

These are the secret sauce or missing ingredients needed if we have bigger aspirations and lofty goals in property.

What are these two BIG bonus property skills? Well, you will have to listen to find out, won’t you?

Join me, and my glass of Malbec, as I summarise the previous 20 episodes of the Property Core Skills series with the revelation of a couple of gems that will take you higher, further and faster in your property journey. I know this to be true, so will you when you hear what they are.

Let’s see this series off in style…but what will come next..?

Property Chatter

Welcome to the property voice podcast helping you to navigate safely through the world of property investing, get the lowdown and updates, insights, and outcomes on all matters property with a splash of entertainment along the way, the property voice or voice to trust among the crowd. Now, let’s get started with your host, Richard Brown.

Hello, and welcome to another episode of the property voice podcast. My name is Richard Brown. And as always, it’s a pleasure to have you join me again on the show. Well, here we are, it’s the final episode in the series of property core skills. And I was just thinking back because obviously, I was preparing to talk to you today. And we started the series back on the second of June. And this will be the 21st episode. So obviously, we’ve been running for what 2021 weeks now, we’ve been combining content with a panel discussion, as we’ve been going on, we’ve covered across the across the weeks 10 of the property, core skills or core competencies. And I should do a quick summary should know. So we looked at finding deals, funding deals or funding money, managing the projects, managing portfolios, and properties, properties, and our portfolios. Managing and understanding people managing our cash flow and budgets, research and analysis or due diligence, investment criteria and deal analysis, systems and processes, and marketing, which we concluded last week. So we’ve covered quite a lot of ground. And I call these the core skills, because these are the foundations that we really need to get good at, to kind of have an enduring, you know, successful time in property. Generally speaking, now, we can’t necessarily know all of them all at once. So you know, we need to develop them in some way may be stronger and more naturally than others. So hopefully, that has given you something of a foundation, particularly if you’re fairly new early stage in property. And that was part of the purpose of this particular series, a little bit of a revisit, actually, to the one of the first series I did on the broadcast, which was, I think maybe about six, seven years ago now. So quite a while.

Now, I was just thinking to myself, what can I share with you today cuz I’m not really scripting this, I’m kind of going off-piste a little bit. And one of the things I can say is to accompany the series, I’ve been writing a series of articles for YPN magazine. So all of the 10 core property skills are going to be serialized in magazine articles with YPN magazine. So if you’re already subscribed to YPN magazine, you may have seen them, or at least now you can know to go and look for them. So they’re appearing. And obviously, it’s one a month, so it’s going to take 10 months in total, for that to fully unfold. However, if you don’t subscribe to IBM magazine, and by the way, why not is good, it’s a good magazine, so why not? It’s pretty good value. And there’s a lot of good content in there. But if you don’t, but you still like to see the magazine articles, then you can actually subscribe to my specific articles. All you need to do is drop an email to Karen, who’s my assistant admin at the property voice.net. If you drop her No, and just say, hey, how do I get these YPN articles that Richard was talking about on the podcast, she will add you to the list, there’s a kind of a password link that you can get in behind the curtain. And then you can download, in fact, all of the back catalog of all of the YPN magazine articles I’ve ever written actually. And I think there’s five or six years worth there. So there’s quite a lot of content there. And that’s freely available, by the way. So just to clarify, that’s just my articles. But if you want to subscribe to the entire magazine, your property network, just look it up and you can subscribe. I should have an affiliate link somewhere that, hey, you know, whatever. No big deal. So that’s something you can do. And obviously, you’ve got all of the content from the series. My first book, a property investor toolkit, is this quite a good complement for this particular type of content? So yes, he was published in a few years ago now, but it’s still very relevant today. So by all means, grab yourself a copy of that. I think it’s you know, the price of a cup of coffee, something like that. So that should help as well. And if you really want to sort of look at this topic from a different dimension, why don’t you go back to the very first series? I think it’s called foundations in property. or something like that. I wish I could remember, I think it’s called something like that. So it’s the very first series that was that I released on the property voice podcast. So if you want to come at it from a different point of view, by all means, have a listen to that. And that might help you, particularly if you’re fairly new to the podcast, and you haven’t been with me from the start. They might be you know, and you’re kind of enjoyed this content. If you go back to that, that will probably help you or come at things from a slightly different perspective at that time, which was in 2015, to how I do today, but it’s still relevant. I think some of the principles that I’m sharing a relatively timeless, obviously, the way in which we do certain things, and the tools and the systems and the apps and the legislation has changed, yes, but the principles are very much consistent. So there we go, I suggest a bit of signposting there for you. Hopefully, that will help you to get bedded into the topic. Now, in my own case, I’ve moved on quite a lot actually, was actually preparing? Well, I’m doing quite a lot of things and acquiring businesses and growing blocks and portfolios and talking about setting up a fund potentially. And so when I contrast where I am today, to where I started back in, well, back in the day, 2009 was my first sort of serious foray into property. And I can see the idea, I think, about four years before that, so would it be in 2005. So a lots happened in 15 years, to be honest with you. And one of the most significant things is, is really the ability to grow and scale. So this series is predominantly focused on what I call foundational skills or core skills, hence the series title. But if you really want to take your property journey somewhere, then you probably going to have to scale or want to scale at some point in time. And I think this is the bit that I kinda was leaving in, I think I may have tantalized, you know, there may be a bonus core skill that comes at the end, when I started recording back in June, I’ll probably tantalize you with that promise that I will come back with a bonus or bonus or two actually, towards the end. And I always had in mind, I would talk about what I’m going to talk about right now. And so these bits really, if you want to go on to the next level. So if you just want to buy a couple of bytes or less, then or maybe just a small portfolio, kind of have it run tidally, then the property core skills, you know, is enough, pretty much, that’s enough. And if you want to get really good at that, yes, have a look at the property investor toolkit. But yes, read, some have read, listen to the first series that are recorded back in 2015 foundations in property, and you’re going to have a really good grounding, by all means subscribe to the magazine articles, and you’re going to have a really good basis, a really good grounding, to get started and have your early stage in property. And it being you know, principles led fairly safe, fairly secure, fairly comprehensive summary of what you need to know. However, if you’ve got aspirations for going a bit bigger, or you’ve got big goals, or you know, anything like that, which is, you know, taking it on to the next level. And I’d say not just in property to some extent here, this is maybe any kind of business, then there’s a couple of extra things you’re going to need, I’m going to try and keep it simple, because I suppose you could say there’s a lot of extra things you might need. But I’m going to try and keep it simple and in context. So I don’t overwhelm and overload you with a bunch of stuff on this episode. And the two, there are actually two big things as I talk, I might think of another one. But right now, there are two big things that are in my mind. And I very usually called them the secret sauce. And so these are the extra ingredients that make the cake taste better. Okay, this is what makes the cake grow. This is all about scaling and going large and you know, really sort of taking your business, property business, maybe any business to the next level. And I think there are two main things and hopefully by now you’re dying to know what they are say, Richard, just spit it out. Why don’t you? Okay? I’m going to spit it out. They are basically and collectively number one mindset. And number two, leverage. Okay, you’re probably thinking, well, they weren’t the first two that were in my mind, but trust me, they are. The obviously there’s all disciplines. There’s a lot of other things we can do to grow and scale our property business or indeed any business. But I would say without these two, you know at the heart that’s the only These are the links. So we talked about foundations. So the topics of the last few weeks, these are the links to grow and take it to the next level. Yes, there’s going to be additional things that go beyond these two points of mindset and leverage. Of course there is. But these two are the links or the bridge, or the springboard that will take you from, you know, relatively safe, secure and ordinary, into the realm of extraordinary, large scaled property, business or indeed other businesses. So let’s just dwell on them a little bit. Because you’re probably thinking, Well, I kind of know what that’s all about mindset leverage. But let’s just dwell on it a little bit longer, shall we? So, and by the way, I just cannot help this because I have to refer back to one of my favorite quotations of all time, literally is and mainly because of the name of the person who coined this quotation or this phrase? Is any of you, you’ve heard me say before? I’m sorry about that? If you’re a regular listener, you’re gonna hear me say it again. But it comes from Charlie, tremendous Jones. Yes, Charlie, tremendous Jones. And he says, You will be the same person in five years, as you are today, except for the people that you meet. And the books that you read. Now, I’m seeing seeing that to me and people that you meet is your network. And the books that you read is your knowledge. Okay? And in a kind of fine way, those two elements extrapolate into mindset and leverage, or leverage and mindset, actually, to be more specific. Because the people that you meet, is what we’re part of, we’re going to talk about leveraging. And the books that you read is part of knowledge acquisition, which is part of mindset. So it’s not all of it, because Charlie probably didn’t have this podcast episode in mind when he coined that quotation, but I really love it. And it’s something that, you know, we can reference. So let’s just start with mindset for a minute. So there’s a couple of elements to this, this concept of mindset, there is literally the way we think. And if we want to grow and scale, there’s a couple of things that we need to have in mind, if we want to be successful growing and scaling property business. And one of them there’s three main ones, really, there’s the what I call the glass ceilings and the comfort zone. Okay, glass ceilings, and comfort zone. So these are restrictions, they’re barriers, they’re limits that we placed upon ourselves. What is the start with a comfort zone, once you get comfortable with being able to run a deal, manage your property, negotiate with a seller, etc, do the financing, you get comfortable at that. And there’s a tendency to kind of stick with it. And I did that for the first eight years of my property journey. I did proximately. On average, I did three deals a year. It sometimes it was two, sometimes it was four. And obviously, sometimes it’s three, the average. And it was submitted to in turn four deals a year, mainly added value types of deals. So there’s usually some kind of project involved in it. I wasn’t just doing by to let I have some sort of project with it. And I was pedaling along. And I got eight years in and I had 25 properties. Okay, so that’s pretty good. Most people would be happy with that. And I’m not saying I was dissatisfied with that. I was just saying, I was just thinking to myself, well,

you know, is this it? I’m doing pretty well. But is this it? And one of the other things I’ve talked about is one of my other phrases is fixed and flex. So we’ve fixed a direction, but things happen in life. And then we flex to adjust. So it’s like pivoting right if you’re aware of The Lean Startup book, for example, you start with the minimum viable product, you take in feedback, you test things, you get market research, and you pivot to a different, you know, direction, depending on the feedback that you get given, will fix and flexes like pivoting. And the thing with this with it goes hand in hand with mindset. So as you get better, you start to think differently. As you advance and make progress. You have a different perspective, a different outlook, you may have achieved your initial goals, and then you start to think well, now what, there’s where the flex comes in, fix the goal, my first goal was to plug a hole in my pension. I did it with my first deal. So then I had to think about something else. So then therefore I had to flex. So in order to scale, which is really what I’m talking about here, we need to break out of our comfort zone. Really, if we want to scale on a more exponential basis rather than us have an organic or progressive basis. So three deals a year, obviously, if I kept going at that rate, I’m going to do okay, I’m gonna end up with a decent portfolio, you know, it’s one of 30 deal. So 30 properties every 10 years, do 20 years, I’ve got 60 properties. So you know, that would be probably enough for most people. And but I wanted to get to where I needed to quicker. And the reason I wanted to get there quicker is what I don’t know if I want to do this forever, first of all, and second of all, I want to start, the reason I’m accelerating, is I want to start putting to use the, the outcome of where I’m going, I’ve got a goal to have a foundation, and I want to get there sooner rather than it, you know, literally being my my last breath that I go, here’s my foundation, I’m 99 years old, hopefully. And you know, when I turn 100, that will be it. Last breath, and here’s my foundation, I’d like to get there a bit sooner, and start to make a difference in other people’s lives the way I want to through the foundation sooner, and while I’m younger and able to, you know, participate and enjoy that. Anyway, I digress. But in order to do that, I need to break out my comfort zone. Now the thing with a comfort zone is very comfortable. Okay, and so to break out of your comfort zone, by definition is uncomfortable. And but equally, we want to be careful that we don’t overstretch to breaking point. So there is this, you know, tennis natural tension that exists. So, you know, people will say Go big or go home, I think I even said it myself. In fact, I know as I said it myself go big or go home. Well, if you overreach and you over expand and you over trade, well that can cause problems. So you’ve got to find this middle ground between staying, you know, in the groove. And some people might describe a groove as a rut, but you can stay in the groove. And or you could go big or go home sort of thing. And if you go big and go home, you might overstretch and you might, you know, create a crisis, you might, you know, create stress points for the business and also for ourselves and our family. So we have to find this sort of middle ground is outside of the comfort zone, but it’s before breaking zone. Okay, so we need to break out the comfort zone. That’s the first point about mindset. The second one is glass ceilings. So a glass ceiling is an artificial limit that we put on our capabilities. You know, we believe that we can wait, we only believe we can do certain things. That’s putting a limit on ourselves an artificial limit. But if we if we recognize it’s a glass ceiling, and if we look through the glass ceiling upwards, we can see above we can see to the sky. No, we can’t, we can see to the stars. No, we can’t, we can see to the Galaxy, you get my point. So you know, we can break through the glass ceiling, as well, which is all about mindset. Now, there’s lots of other things about mindset we could talk about, you know, being solution orientated, being positive, being creative, you know, putting yourself in other people’s shoes, lots of different things. We could talk about psychology, mindset, etc. But I wanted to focus on those two points, breaking through glass ceilings and stretching out of comfort zones, if we want to grow and scale. The second thing to consider is this. Nothing comes easy.

Nothing comes easy. And there are upsides. And there are downsides. There are good times and there are bad times there are trade offs to be to be made. Right. So there is you know, John Demartini talks about challenge and support. And if you read his book, The values factor, he talks about challenges and support are always Yes, always in equilibrium. And you think how can that be? I’m going for a good moment, I’m going for a bad moment. How can it be in equilibrium when it oscillates? Perhaps but overall, we’re in equilibrium. And if we’re overly challenged, we’re going to get support. And if we’re going to get too much support, well guess what’s coming a little bit of challenge. So there’s upside and downside. There’s trade-offs to be made. And we could put it as sacrifices to be made. So just be prepared if you do want to grow and scale, but there could be a price to pay. You just need to choose the price and be conscious of paying the price. Because there is always a price to pay. So that’s the second element. And then the third element is what you know, I could call an attitude of lifelong learning, or growth mindset. And if you look up, gosh, now, Carol Dweck, isn’t it the professor Carol Dweck, who wrote the book growth mindset. Now, if you have a growth mindset, then things like learning things like failure, don’t faze you. So, you know, have a growth mindset. Equally, don’t stand still have an attitude of lifelong learning of personal growth and development as well. And I could take us into a direction of, you know, looking after our biggest asset here which is ourselves. And, you know, starting to get into the holistic sort of space here, we’ve got, we’ve got a mind, we’ve got a body, we’ve got a soul, you know, we’ve got emotions, we need to nurture all of ourselves. So that’s part of personal growth, because we want to be around for our 99th Slash 100th birthday, to realize the fruits of what we’re talking about. As you can tell, I’m a little bit passionate about this topic. And I’m going to share a little bit more in a subsequent episode. But I’m also kind of living this right now. So I’ll come back to that. So just let’s get back on topic, Richard. Now, the other thing to consider with mindset is the influences that we have. And that’s really, that really comes from our environment. So just consider carefully the environment that you’re in, who the people that are surrounding you, or you surround yourself with, that’s a choice, by the way, and what places do you hang out? Are they supportive? Are they conducive to where you want to be, you need to be in the places and you need to be surrounded by the people of where you want to be not where you are. Okay, so this is about growth and scale, remember, so if you want to get to point B, you need to be in a surrounded by people who are already at point B, not so much a point A. And similarly, the places that they hang out the things that they do, the books that they read, literally thanks, Charlie, tremendous Jones, again, what are they doing? What are their habits, generally speaking, and you need to mimic them, and you can rub off from them? And you know, hopefully, get pulled up and pulled along by them. So be very, very mindful of your environment, and your influences. And choose consciously choose carefully and wisely. What influences you accept in your life. That doesn’t mean you need to throw everybody out who you know, you think is doesn’t belong at point B, it just means you need to spend more time with those people, perhaps who will get you to that place. So don’t diss the family members. And you know, all together, please don’t do that. You know, we want to be embracing and inclusive and holistic in our approach. But if you want to get to point B, hang out more with people in point B, at point B, there we go. So that I think covers what I wanted to say about mindset, pretty much. So what else did I want to cover, I wanted to cover leverage. Now we all know about leverage, because you know, if we’ve all got a buy to let mortgage that is leverage, we take our 25% deposit, we add it to a 75% loan, and we leveraged all of that money up into 100%, you know, purchase price of a buy to let property, we’re leveraging our 25% by a multiple of well for essentially to buy a property that’s leveraged Well, that’s only one type of leverage. And it’s only one dimension of one type of leverage as well, for that matter. And, in fact, I’m also going to talk to you in a future episode about my forthcoming book, yes, I’ve got a book coming out slightly delayed, but it’s not far off. Now promise you it’s not far off. And that’s the complete guide to property finance. And in the complete guide to property finance, there are 50 different ways to finance in property, okay, in that book, so you’re gonna have to get it just to have it on your shelf, and know about the 50 ways to not leave your lover, but you know, to finance your property investments. And so a buy to let mortgage is one of them. Okay, but there’s another 49. So leveraging financially is definitely one form of leverage. And, you know, a bit of a plug, obviously, for the book. But there’s another 49 there, that we could learn just purely in financial leverage terms. But there’s other ways in which we can leverage as well. Now, leverage just means really, to utilize resources that are not 100% our own. That’s kind of another that’s a perfect definition. But that’s my definition. So using somebody else’s finance is a form of leverage, as in what we’ve just been speaking about. But we can also leverage other people. We can leverage systems, we can leverage our network, we can leverage kind of a whole host of different things in our property business. I wrote an article some years ago about leveraging the eight forms of capital. So you know, financial capital is only one of the eight forms of capital. There’s a bunch of other ones like knowledge, capital, emotional capital, social capital systems, capital, human capital. There’s a whole bunch of them there. So leverage is really utilizing other people’s resources for our property business good. So that’s how we grow and scale, we multiply our efforts. And we multiply. And indeed, we magnify. So there’s two scales there, we multiply, and we magnify our own efforts, our own resources, we’ve utilization of other people’s resources to get a bigger return on our own resources. That’s the key. So ROI, you can, you can leverage your font your your money, using a buy to let mortgage to improve your ROI, your return on investment. And this is the same, so your ROI, return on time investment, return on systems, capital return on your network, all all of it, just apply that concept through leverage. And so that’s how we can grow and scale. So some people are really good at systems, some people are really good at talking to people, some people are good with money, you know, and some people are, you know, just, they’re just thought of social butterflies and great as social media and things like that, as we spoke about last week with a couple of guys, by the way, Ryan, big shout out to you with whatever it was over 40,000 He was following us on Instagram. So we all felt, you know, pretty inadequate when we were talking about following. But yeah, so Ryan’s done that he’s leveraged his social media network, and that will pay off actually at some point, but you have to put the work in before you get the results out. So if you want the fruits, you’ve got to tend to the roots, as they say. So there we go. Um, I think that that’s it really, I kind of wanted to say those things, the missing ingredients, or the secret sauce, is all about mindset, and leverage. And this is the link between, you know, doing okay, and having great foundations, and fundamentals and core skills in property, and going to the next level. Now, there’s a lot of other stuff as well that we need to learn, you know, it’s a never ending journey talks about, you know, continuous learning, continuous, you know, professional personal development. So it’s a never ending journey. And, you know, get used to the idea that you never stand still. And we’re always growing and have that growth mindset. But hopefully, that has been useful. I wanted to spend less time looking back and more time on this particular element, as we sort of wrap up the series. So yes, that’s that.

So what’s next? Well, that’s a really good question. So I’ve been having quite a lot of thoughts, quite a lot of conversations with other people about what’s happening next with the podcast. So I’m going to have a bit of a bridge, with maybe some conversations with some people, if I could persuade them to come and join me. In the next few weeks, I do believe I want to share with you some of my plans for the future, which I’ll save, maybe for another time. And I also want to talk a little bit about the complete guide to property finance, to coincide really and celebrate the launch of the book. So there’s going to be a couple of things that are earmarked over the next few weeks. And then I’ve got something else planned, really for the podcast, but all will be revealed in the fullness of time. So I think for now, I just wanted to sort of set that up for the future. There’s a lot being going on in my world, this year. So far. I also want to talk about that, by the way, just kind of give you a bit of an update, bit of an insight into that I’ve been quiet in some respects. And the reason for being quiet in some respects is I’ve been incredibly busy with a few other things, but I want to talk about that. share that with you if you’re interested. That would be great. But anyway, here we go is the wrap-up of the series, property core skills, the 10 plus the two bonuses. You can find the show notes for today’s show over the website, the property voice.net You can talk to me by emailing podcast at thepropertyvoice.net as well, I’d love to hear from you. And check back through the previous show notes. There’s a lot of people who joined the panel discussion. Sorry, the panel discussions. Thank you everybody who joined me and you know, we just had a good old property chatter property natter about some of these property core skills, too many to mention all at once. There was some almost ever presence all of a sudden certainly consistent voices that you would have heard and there was some you know, one time visitors or two-time visitors to but every single one of my guests I really appreciated joining me over the over the last few weeks. And it was a little bit like herding cats at times but you know, hopefully, you got some real value out of that. Hopefully, you enjoyed the format or the mixture of the content we can discussion week. But you know, maybe I ran out a little bit of energy towards the end but you know, it’s 21 weeks I started in June. So hope you forgive me for that. But um, hopefully, you can also tell that my energies back up again, even though my voice isn’t at the end of this particular show. So I mentioned where the show notes are going to be, how to get in touch with me. And I guess, come back soon because I’ve got more to tell. But in the meantime, thank you once again for listening to the prophecy promises force podcast again this week. And until next time.

Thank you for listening today. Now head over to thepropertyvoice.net . For more inspirational content and get updates through our mailing list. Join us next time on the property voice podcast and if you enjoyed the show, please don’t forget to rate us on iTunes.

Transcribed by https://otter.ai

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