10 Things I’ve Learnt (Part 1)
In my next few blog posts I’m going to share with you 10 things which I’ve learnt over the course of the last twenty years as a professional property investor, investing for myself in my own right – and this week, we are going to start with this: “There’s Rarely Just One Way of Doing Things”.
Over the past two decades I’ve done a fair amount of training with other very successful investors, and from the outset, it was clear that we all have a slight different way of doing things. Listening and learning from others on a regular basis has shown me that we all have different approaches to property and there’s rarely just one way of reaching a goal.
I therefore find it quite interesting when I browse the property forums or Facebook groups and come across individuals who adamantly state that there’s only one way to do something in property. In my opinion, this is just not true.
Without wishing to sound critical, it seems it’s those that know the least that shout the loudest. It might be the case that these comments are posted by those that are relatively new to investing and therefore lack the knowledge and experience to understand how property really works. More often than not, it seems they have read something or have taken part in a training session and have walked away with the mistaken view that this way is the only way to do something.
If you think about becoming successful today in property per se, then you have to consider that nowadays there are numerous strategies that could be followed to achieve success. Previously, most investors would have considered buy to let as the principal route to success, but you now also have HMOs, commercial conversions, serviced accommodation, rent to rent… to name just a few. As such, there are now various strategies that could be adopted to achieve success.
With this in mind, in this respect, there’s always going to be more than one way of doing some things. However, in my experience, there’s rarely just one route to take to get to a particular point that you may want to get to in property.
Over time as you become more experienced in property, it’s likely you’ll also find your own shortcuts, techniques and tweaks to make things happen. You may do things in a ‘similar but different’ way to other investors, or you may do something completely different – and you may find that you end up at the same point.
Is there one way that’s better than any other? In my opinion, the best way to do anything in property is the way that suits you.
Along your journey you will certainly come across people that say you have got to do something a particular way – or that you shouldn’t do something another way – but what you should really do is investigate and find the way that works for you.
Of course, modelling yourself on those ahead of you and those that are more successfully than you can prove worthwhile, but it doesn’t mean that you have to slavishly copy everything they do. Be guided by the good bits and perhaps tweak some of their advice and approaches to suit you, but “adopt and adapt” what they say to make it actually work for you. There are no rules in property and the advice of others should be used as guidelines or suggestions – because there is rarely just one way of doing things.
Peter Jones B.Sc FRICS
By the way, I’ve rewritten and updated my best selling eBook, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same. For more details please go to ThePropertyTeacher.co.uk