I think it’s fair to say that when we begin our investing Journey we are all hindered by that little Demon on our shoulder that keeps on tapping at the side of your head saying things like “What if you can’t do it?” “What if the market changes and you lose money?” “What if my friends and family or my partner doesn’t support me?” “You can never make this work, after all you have no money!!” … Does any of this sound familiar?
Am I talking about you? Well actually YES I am, I’m talking about you!, and I’m talking about all the keen and eager new property investors out there because the truth is we all go through the same thought pattern and believe me its normal!
The beginning of your Property Investing will throw all sorts of self-limiting beliefs and this is normal, but what I would like to ask you to do is stop thinking about what if it goes wrong and begin thinking about what if it goes right! Yes of course we all need to conduct as much due diligence as we possibly can in order to future proof our business, but get rid of the negative thoughts and replace them with positive ones.
I remember the very first HMO that I purchased, we had no money so we approached a family member and asked if he would like to invest, after a few conversations he said yes and invested just short of £70k into the deal and I remember thinking “Oh no what if it all goes wrong and we lose the money?” “What if I can’t find tenants?” etc. I almost pulled out of this deal to the point where I called the Agent but hung up before I said anything.
We did go ahead and 2 years later we refinanced the deal, we got all of the Joint Venture Partners money back out and 10k on top to split between us! The property brings in over £400 net profit each month each and is now an infinite return on investment so basically this property cost us nothing to buy! And to think that I almost walked away from it owing to my self-limiting beliefs.
Surround yourself with like-minded people and only people that will inspire you, don’t get caught up in negative conversations on Social media, Read lots of business and property books that will inspire you to keep pushing forwards, Hire a coach or a mentor to hold you accountable. And most of all start thinking “What if this goes right”.
You’ve got this!!