If you have been living on the moon in the last 4/5 years, you won’t know that I am pretty passionate on this subject.
The property education world, presenting a real picture, warts and all, of the industry and the odds within it.
Now a couple of things to clear up before I start to list some of the things you either haven’t been told by a property trainer yet, or maybe learnt the hard way after:
A) I am a massive supporter of GOOD and HIGH VALUE education.
B) I had education, and for much of the last decade I have had an involvement in some way. The problem is the market has changed faster than the education has caught up. There is no secret sauce any more. The last 5 years or so information has become very accessible, easily shared, and to a much higher standard. Before that, training was in my opinion, the way to go. Now information is cheap, which makes the old school property training look expensive, which then means they have to sell it harder and faster than ever…………hence the GRQ (get rich quick), over promise and under deliver, sell the sizzle and miss the steak property training world developed. So I got out, and now I am back in.
We designed the Prosperity Network based on my aversion to what Property Education had become. High Value, High Volume relevant and up to date content, to be involved in at your own pace, choose your own level, and be part of a community……..for a small (underpriced) subscription. Think Netflix kicking Blockbusters ass. That is our goal.
And it’s working.
We are growing quickly, our community is active, happy and staying informed, and most importantly people are getting wise to the tricks of the dream selling. (Big wraps to Mike Winnet’s Contrapreneur formula on this one)
So we are growing in the right way (we think), with the right people (we think).
We have a few tag lines.
“Real People doing Real things.” “No Hype”. “Facts not fear.”
You get the gist.
So here is some more reality. Stuff that we talk about that other education companies probably don’t want you to know until you have parted with your cash. Forewarned is forearmed. There is many more, but let’s start with a few.
1. IT IS HARD
Like really hard. You have to work. There is no magic formula. You cannot hack your way to wealth. It is slow, consistent, and winning more than you lose over a long period of time. There is nobody getting financial freedom in property in 7 days. They almost certainly didn’t do it in one deal either. Willing to do the work? Property is a decent route.
2. PROPERTY DOESN’T DOUBLE IN VALUE EVERY 10 YEARS.
It trends up over time, but a doubling every ten years is not a guaranteed. Think longer term. Make sure you have the right strategy, at the right time in the market.
3. YOU CAN LOSE MONEY IN PROPERTY, LOTS OF IT.
Many do. Education doesn’t automatically stop that from happening either. People are the variable, and people can have all the knowledge in the world and still make a shit decision. You have to own your decisions, whether you have taken property education or not. It isn’t a guaranteed safety net.
4. MOST FAIL.
Harsh but true. It’s the same in all businesses, and property is no different. The majority that do property training will not hit their goals. Now this can be a split responsibility between the education, the individual and in some respects (but far fewer in my opinion) the market. The better the education/information the more likely it is the individual that was responsible, and vice versa. Now some educators may give you a big % stat about the success of students that signed up to their training, but I call bullshit on that. They cannot talk about student failings as they have a sales price point to pitch. We built our model so that those that do not move forward with property haven’t spent their lifesavings to realise it wasn’t for them, or they weren’t for it (equally likely).
PS you fail every day on your way to success. Expect failure.
5. BUYING THE PROPERTY IS JUST THE START.
This is huge. Honestly the buying is the easy bit. The work starts after you have bought. Taking it to completion and tenanting are more work than buying. Building a portfolio, building a business, and managing your whole career is far more work still. You are not a property investor after buying a property, you are still just getting started. Also, you don’t count your cashflow until its in the bank regularly. You don’t “have £2500pcm” because you have bought properties that you project will cashflow that. You have it, when you have it.
6. “NO MONEY DOWN” DOESN’T EXIST AND YOU CANNOT “BUY A PROPERTY FOR A £1”.
That super duper strategy that they are talking about is almost definitely not exactly how they are telling you. A lease option is not owning a property for a £1, its controlling it, and also it probably never cost you £1 unless you value your time at 0, your solicitors work for free, it’s in immaculate condition, you spent nothing on travel/marketing to close it etc etc.
Also, LOW MONEY DOWN maybe…..no money down, nah. Even if it is coming back to you, you have to put it down. In property someones money is being spent, in some way. As sexy as putting nothing in sounds I haven’t seen it yet.
7. IT IS GOING TO COST YOU MORE.
Probably a natural carry over from point 6, but almost everything is a bit more expensive than you are told, and there are probably more fees (surveys, arrangement fees, legals, redemption penalties etc) than your numbers have accounted for – I sometimes feel I am paying fees on top of fees. Now many sales pitches have broad brush numbers, sometimes because the idea is more important than the numbers, but usually because the numbers need to look sexy for the sales pitch that will ensue. Contingencies matter until you know your numbers inside and out.
8. YOU SHOULD QUALIFY EVERYONE.
OK without making myself sound like a cynic. Trust everyone but tie up your camels. JV Partners, Angel Investors, Sourcing Agents, Builders, Professional Services AND TRAINERS. Just because someone refers them or says that they are good/legit doesn’t mean you shouldn’t check. That is in everything. Are they qualified to help you? I love this subject in Property Education, where your man has been in property 6 months and bought 2 houses, and is now going to teach you how to get wealthy beyond your wildest dreams. Or your girl has built a small BTL portfolio and she is now talking about “her experience in commercial conversion.”
See it every day. I have taught people that go on and do it. Its 2021, its easy to see what people are actually doing, and if you are not sure, ASK!!!
9. PROPERTY IS YOUR PRODUCT – TENANTS/BUYERS ARE YOUR CUSTOMERS.
Please don’t forget this one. You will get the tenants or the buyers that you deserve if you do. Every time I have seen (or myself) someone cut back on their quality to save money, it costs them in the long run. Of course don’t over spend, but be one of the best products at the best price.
10. YOU WILL FEEL LIKE GIVING UP.
By the metrics of many I am successful – and I still want to give up daily. You won’t always be motivated, which is why consistency is so much more important. That’s my issue with some of these trainings, and often the personal development world as a whole. They boost you into a behemoth of a man/woman, who psychologically can take on the world on that last day, but then they’re gone or they haven’t provided the (real) next steps. It’s up to you to keep the fire lit every day as much as you can. Some days it will almost be burnt out, and thats OK, its normal, providing you then get up and you’re in an environment that helps.
Honestly, I could have done 100 points. I struggled to get it down to just 10.
I might do one day.
For now though I am just going to keep them all in mind continuing to grow the Prosperity Network like the contrarian b*stard that I am to the industry we are in.
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See you soon, stay safe and happy investing 🙂