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The 8 Keys Of Being A Successful Property Investor – Part 2 – Mindset

July 3, 2014

Posted by Simon Misiewicz on 3rd July 2014

Would you like to know the attributes of a successful property investor?

Are there areas of your life that you would like to improve?

The Diagnosis

I see many property investors that are busy trying to make a living for their loved ones. Some of them are having more success and happiness than others.

Why is that?

Some people seem to have all the luck in the world, catch all the breaks whilst others seem to attract bad luck. No matter how hard they, some people try they do not seem to get what they want.

How can this be?

I believe that there are many facets, attributes, features of a property investor that separate the successful from the unsuccessful. In this series of articles I am going to share with you my own personal experiences and observations.

The Treatment

I am going to share with you in this series of articles the following attributes of a successful property investor:

Part 2 – Mind-set

I believe that you can achieve anything that you want as long as you:

  • Have belief
  • Are persistent & resilient
  • Are focused
  • Responsible and Accountable

I am sure that there are many other words and variations but I wanted to focus on those that I felt were the biggest contributing factors in achieving success.

Looking at the above list it is easy to condemn them to “motivation jargon” that does not have subsistence. Let me try an explain why I feel that mind set plays a fundamental part of how we seem to attract success or failure into our lives.

Beliefs

As the saying goes “if you think you are, you are, if you think you aren’t then you aren’t”. I believe, that what you believe, comes true because your mind-set has a mechanism to justify your thoughts and prove that they are right.

If you feel that you can never be thin then you are likely to feel negative about your ability to maintain a health diet and will result to eating junk food and more calories than you actually need. A fulfilling prophecy.

You may have heard the story of Roger Bannister breaking the four-minute mile when everyone he knew, including his doctor, said it was impossible. As you may know, he broke the four-minute mile because he believed it was possible and therefore making the “impossible”, possible. A few years later many other people broke the four-minute mile. How did this happen was it a miracle? No, the fact that people saw it was possible made it became easier for them to achieve the same goal. The human body had not changed, the track had not changed, and the weather conditions had not changed. So, what did change? Their beliefs.

Persistence and resilience

There are going to be times when you buy a property and it does not work out. There are going to be times when you buy a property and it makes you lots of money. Sometimes luck does play a part. Sometimes you can buy a property that needs little refurbishment to get it into a “let-able” state. There will be times when you buy a property that you think only needs a little work but the builder unveils a lot of structural problems, which results in a lot of money being spent.

Given the latter situation it would be understandable for some people to say “property investing does not work” or “this game is not for me” especially if it was their first property investment.

I do not believe that ANYTHING is perfect. I believe that everything we do can be improved, as can be seen by the earlier story of Roger Bannister.

Whenever something goes wrong I recall Donald Trump’s saying “it is just feedback”. Is it not better to look at a situation and say “this is feedback, what can I learn from this” rather than go into our defensive shell and hide?

I believe that our brains were built for one thing…….. Survival. Whenever we fear something, our reaction is to run or defend in order to protect. If that is the case then it’s understandable why we may not make tough decisions, as it would take us out of our comfort zone.

I also believe that fear is a “learn behaviour”. In school we are taught not to fail, not to try new things but to conform. Was that always the case? No, take a baby that is learning to walk for the very first time. If they fall over they do not hear people around them say “give up you have tried too many times without success”. Equally they do not say to themselves “Oh no, I am not very good at this and should give up”.

The fact that we fall over and learn from our mistakes, make subtle changes and stay positive then we start to walk. It may not happen over night but it will happen, just not today.

I believe that people attend seminars and go for quick fixes in their life to gain instant results and gratification. Do these work? No, if they did we would all be millionaires. Stephen Covey once said “Your mind is like a farm that needs time to cultivate and grow”. Your mind needs the love and attention like a farm to plant the seed, to gain more knowledge and let it grow, to experiment and to take action. This process times time.

I studied the Toyota way. You know the company that totally changed the American car market. Their philosophy is incremental improvement not evolution. Every day is an opportunity to develop. I think that we as humans also have the opportunity to grow and to develop. Jim Rohn said, “if you work on your job you can have a career but if you focus on yourself you can earn a fortune”.

Responsibility & accountability

Some of my favourite authors from Anthony Robbins, Jim Rohn, Stephen Covey, Brian Tracy, Zig Ziglar, Darren Hardy to name a few talk about taking full responsibility for our lives. I agree that it is easier to look at the economy, the government, and other people around us and say, “You did not pull through for me” or “you gave me nothing, no support”. The problem with this approach is that the people who did not help you, (unless they are your parents), will not be adversely effected by your lack of success. The only person that suffers is the person blaming others, you.

To blame others is a simple way of saying “it is someone else’s fault” and then feeling a lot better about ourselves. Doesn’t it feel much easier to blame someone else without looking at yourself and saying, “I messed up”.

I write this article reflecting all those years ago where I blamed someone else. I had a business called PMS. I started the business for all the wrong reasons. I wanted to keep hold of something from my stepfather, Charles Rogers who I miss very much. The business represented him in many ways and I felt good that I was carrying on his business under a different guise. I did not understand the building game at all but quickly agreed a contract with a national letting agent to carry out their maintenance work. Sadly I employed someone that ended up stealing from me and messing up on all of the jobs. I had one very unhappy account manager.

I went through the usual blame list “Well this guy did this, did that and did the other and messed up everything for you”.

Lets look at the above and see what is going on. Something went very wrong. I looked to blame someone else but was amazed when the account manager gave me some home truths about business “It is your fault, you hired him, it is your business and your responsibility to do right by your customers”.

At the time I was not ready for “feedback” and continued to lick my wounds, hide into my protective shell and became bitter at how I was being blamed for someone else’s mistake.

Was this my fault? Yes 100%. I recruited the trade’s person. I did not carry out the due diligence that I should have. I also did not ask the letting agencies for feedback after each job to ensure that their landlords were satisfied with the work. I did not invest my time to look after the business. Would you have a child and leave it in the corner? Most certainly not but I did with my business.

Once I decided to take full responsibility for my life I no longer blamed anyone. Sure enough I would perform a lot more due diligence on people and will stop working with suppliers and employees If they do not support my customers in a way that I would want them to. I will not blame them. I still look at this as “feedback” and an “opportunity” to do better next time in my selection process.

I no longer feel negative about people, (well as much as I used to anyway), and feel somewhat lighter in life and have more “spring in my step”. I no longer carry around with me a “blame list” as Jim Rohn calls it. I just look at my own efforts, achievements and “opportunities” to do better next time. 100% of the results I get, are my responsibility, good and bad.

I still delegate my work to other people in my business and this should not stop, if I want to grow the business, but I now only delegate to people when I (and them):

  • Agree the outcomes of their work
  • Feel that they are supportive but not micro managed
  • Have sufficient tools / equipment to do the work
  • Have the freedom to test things out to make mistakes. As long as they are making incremental improvements.

Applying the treatment

I hope, as I come to a close in the second instalment that you can sense that I am urging you to be patient. People that know me would be very surprised for me to say this, as I am very demanding of myself and of others in my team.

Now what I would like you to do, (that is if you want more success that you deserve), is to follow these simple basic instructions. You may not get the results immediately or overnight be patient and keep going.

  • Ask yourself “Why is this important?” and “What would happen if I did not achieve my goal”? If these two questions are met with passion then carry on, else your “why” is not big enough.
  • Visualise yourself achieving your goal.
  • Be positive, don’t think that you may achieve the goal but “know” you will achieve the goal. It is just a matter of time.
  • Accept knock-backs and take them as “feedback” and “opportunities” to do it better next time.
  • Take 100% responsibility and hold yourself accountable for everything in your life. If you need help get yourself a coach. I use Neale Lewis from Action Coach. Feel free to ask me for his number, a life changer.
  • Get perfect later, take action now with a strong mind-set.

 Go!!

 



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Telephone: 0115 939 4606
Email: simon@optimiseaccountants.co.uk