10 Things I’ve Learnt (Part 6)
If you just keep going you can achieve more than you think
If you’ve been reading my last few posts then you’ll know that I’ve been discussing some of the things which I’ve learnt over the past 20 years of investing in property for myself. Up next is number six on the list: If you just keep going, you can achieve far more than you think.
Consider the saying quoted many times by Tony Robbins: “You’ll achieve less in one year than you imagined, but you’ll probably achieve more in five years than you ever thought possible.”
Without a doubt, in property this is very much true. (I can say this with tremendous conviction because this is exactly what happened to me).
Let’s take a look at why this is.
Regardless of whether this relates to property, general business or any other aspect of life, most of us begin a project with very high and sometimes quite unrealistic expectations. It could be that we have dreams and aspirations, or it could be that by nature we’re simply optimistic – after all, this is a trait commonly seen in entrepreneurs and highly successful property investors. But the reality is that things are quite often harder to accomplish than we imagined at the start.
During the first year or so, any setbacks that we have tend to appear far more detrimental than they actually are. However, over time and when we have the proper systems in place to support our businesses, these setbacks appear to be much less significant.
When we begin in property, we need to build momentum – and this takes time. Often, we go into business with high hopes. We might plan to buy 10 properties within the first 12 months or perhaps one property a month. However, it might actually take nine months to buy the very first property because it’s all about building momentum.
We have to factor in time to build relationships with estate agents, time to get together a power team and time to find the right properties for our strategy. And, as I discussed last week, some things in property just take time and can’t be rushed.
Nevertheless, there is an up-side. Whilst you’re likely to achieve less than you anticipated in the first year, over a five-year period you’re likely to achieve far more than you ever realised you could.
The reason for this is that as time goes on, you will have built the systems and processes that will support your property business. You will have built your knowledge and will be able to leverage yourself – and with the right team in place and the right processes and systems to help you to scale up, you will progress far more quickly than you ever thought possible.
Some two decades back I went into the property with a clearly defined goal; to own 50 properties and have a cash flow of £5,000 a month. I started out with no money of my own and in my first year, I bought eight properties. Needless to say, I was very pleased indeed. At the end of year one though, I hit a stumbling block and this halted my progress. But, fast forward five years and I was not just flipping properties, but whole portfolios.
Who would have thought it? Certainly not me!
It just goes to show that if you just keep going, you can achieve more than you think you can. I’m testament to that!
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