#023: Property Reality - When Shit Goes Wrong

This episode sees Matt and Rob providing a very honest viewpoint on the realities of being involved with property on a day-to-day basis. They discuss the importance of having a plan in place and the right mindset.  If you are new to property or are already on your way, this podcast will provide invaluable advice. Sign Up For MSOPI Here: https://bit.ly/msopi-nomad KEY TAKEAWAYS Don’t get emotionally involved If it doesn’t work from a business standpoint and the numbers don’t add up, however much you want it, you must learn to walk away. As soon as you can master your emotions you can move up to the next level. Effective time management This can be a challenge but as soon as you can get in control of your time, you can prevent other people from wasting it. Compartmentalising is key along with consistency and discipline in order to achieve effective time management. Always see builders work beforehand To build your power team you need a reputable builder, and this is about making sure you’ve seen their work. You need to make sure you’ve networked with the builder and developed a relationship in order to build that trust. Getting the wrong tenant in You could have people who don’t pay rent or trash your property. Service accommodations could end up with the property being used for large parties. It is important that your contracts are effective, and that you’ve built good relationships with letting agents. Getting gazumped This is when someone else makes a higher offer for a property and ends up winning the deal. This can be extremely frustrating as you are so close to the deal. It is not a pleasant experience but it does happen.  Japanese Knotweed It’s a common thing, especially in Hull, and it can affect the mortgage ability of a property. It requires specialist treatment but can be resolved. Ensure you have a process and plan in place to deal with this unexpected challenge.  Always have a contingency fund It is extremely important to have a contingency fund as you never know what could happen and you don't want to be in a position of constant panic mode. Build up this fund as part of your monthly operational costs and you will be in a better position to cope with any unexpected by inevitable costs. Having the right mindset You must approach everything with the right mindset. Positivity will bring you positivity but be aware that things will happen and it’s all about how you respond to it. BEST MOMENTS ‘We are all emotional, but you need to be able to control your emotions’ ‘Time management is easier said than done’ ‘Tenants are the landlords' lifeblood’ ‘You need to do due diligence’ ‘At some point in your property career, you are going to have a bad tenant’ ‘You learn a lot from your first property’ VALUABLE RESOURCES www.amazon.co.uk/Secret-Rhonda-Byrne-ebook/dp/B002RI9UKE/ref=sr_1_1?ie=UT8&qid=1550239930&sr=8-1&keywords=the+secret https://www.amazon.co.uk/Meditations-Philosophical-Contemplations-Roman-Emperor-ebook/dp/B07JZW5KL2/ref=sr_1_1?ie=UTF8&qid=1550238157&sr=8-1&keywords=marcus+aurelius%27+meditations www.amazon.co.uk/Compound-Effect-Perseus/dp/159315724X/ref=sr_1_1?ie=UTF8&qid=1550238454&sr=8-1&keywords=compound+effect https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2 ABOUT THE HOSTS Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom? Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions. They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon. Buckle up, sit tight and enjoy the ride that is life. CONTACT METHODS https://www.linkedin.com/company/the-property-nomads https://www.facebook.com/ThePropertyNomads/ https://www.instagram.com/thepropertynomads/ https://twitter.com/propertynomads Subscribe to The Podcast https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2 https://www.stitcher.com/podcast/the-property-nomads-podcast uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast