> How Important is Mindset?
Simon Zutshi, is one of the
most respected property investing experts in the
UK. Simon is a Best selling author, international
speaker, experienced property investor, and founder
of the property investors network which is now the
largest network of property investors in the UK.
started investing in 1995 when I purchased my first
home and rented out two of the rooms to friends
to cover the cost of the mortgage. I slowly built
my property portfolio learning the hard way, by
trial and terror, making lots of mistakes but somehow
managed to struggle through until I reached the
point of financial independence at the age of 32.
I am still learning and investing in myself which
is the best investment, even better than property!
2003, I have been fortunate enough to be able to share
my experience and teach other people how to invest
in property. Every year I speak to thousands of investors
and one of the questions I am asked most frequently
is “How do I become a successful property investor?”
My answer is always the same. “To be more successful
in anything, you have to develop the right mindset!”
Unfortunately, this is usually not what people want
to hear. I think they expect me to tell them about
the latest investment strategy that will give them
the success they desire. That is certainly what I
used to do, but now I understand that what most people
actually need is to improve their mindset.
what exactly do I mean by mindset? The purpose of
this article is to answer that question and demonstrate
why the right mindset is so critical to your success.
I believe there are three elements that you need
to be a successful investor. These are: Knowledge,
Team and Mindset.
must come first.
In the Early 2000’s you could have purchased
almost any property and it would have made money
thanks to the rising market. That is not the case
now. The market is still very unstable. We may even
see another dip and so you must know what you are
doing when investing. The investing strategies that
worked so well a few years ago may not be appropriate
in the current market conditions and so we need
to keep up to date with what is happening in the
market and the latest investing strategies. I guess
that is one of the reasons you made the smart decision
to subscribe to this magazine.
second element is TEAM.
You don’t need to do everything on your
own. You need a team of property professional
such as Mortgage broker, solicitor, builders,
letting agents etc to help you. Also in your
team should be other successful investors from
whom you can learn and gain inspiration. It
can be a lonely journey as a property investor.
The more successful you become, you will find
there are fewer people you can talk to because
most of your friends and family just won’t
get it. A great way to meet other property professionals
and investors is at property seminars and networking
events which is why I set up property investors
network. You may even consider doing joint ventures
with other investors to open up the opportunities
available to you. If your investing is more
than just a hobby then you need to take it seriously
and get someone like a coach or mentor to guide
you, help you avoid making mistakes and hold
you to account.
is a great resource for finding your Team
- just browse the Suppliers Directory!
and most important is MINDSET
By which I mean your attitude and beliefs. Our beliefs
are built up from our own personal experience and
our perspective of the world. Your beliefs are incredibly
strong and absolutely true for you. Whether you
believe you can do something or can’t do something
you are always correct! You will also seek evidence
to support your beliefs and re-enforce them.
6th May, 1954 Roger Banister was the first person
in history to run a mile in under 4 minutes. Prior
to this nobody thought it was possible. Doctors
said that the human body could not move that fast
and yet one man proved that is was possible. In
the 12 months after Roger had broken this world
record, a number of other runners also achieved
this incredible feat. So what changed for those
runners? Was it a new running technique, improved
diet, or better shoes? No, quite simply, inspired
by Roger they changed their belief of what was possible.
same is true in property. Many investors approach
me for advice on how to be more successful. Often
they think they need more knowledge but what they
need is mindset. I see the same people at property
events gaining more and more knowledge but not applying
it. What is often stopping them is fear of making
a mistake. Another common problem is when investors
say they are not getting the results they want despite
them taking action. Usually, I find people are just
not taking enough action. However, sometimes it
appears that they are actually doing everything
they need to but they are still not getting the
results. This is due to one missing factor, which
is they don’t belief that they can do it.
find it fascinating that two people can be given
the same information and come away with totally
different outcomes. Let me share a personal experience
to highlight what a difference in beliefs can make.
In 2006 I started to buy property using the Mortgage
Express same day remortgage process. Basically you
find a motivated seller, negotiate an ethical win
win deal, buy their property quickly with cash (Closed
bridging) and the remortgage the same day to repay
the bridging. The result is a happy seller and you
get a property in your name with no money left in.
This can’t be done now due to the six month
rule but at the time it was a very easy way for
anybody to buy property.
was very excited by this simple and yet powerful
strategy and keen to share it with fellow investors.
I explained this strategy in detail at our monthly
London evening pin meeting and not surprisingly
it was very well received. However the week after
the meeting I had a call from an irate delegate
who had attended with his daughter and wanted his
money back (£60) because he thought it was
all a scam, a con and just not possible. I took
this personally and so spent an hour with him on
the phone going through it step by step to help
him understand. This was to no avail. He could not
get his head round how it worked so believed that
it was not possible. He had reinforced his belief
by asking his solicitor about it. Not surprisingly
his solicitor had not heard about it either and
so concluded that it must be illegal. This was a
valuable lesson for me as I realised you can’t
argue with someones beliefs. Your beliefs affect
your attitude and the actions that you take or don’t
take. Only you have the power to change your beliefs
and the first step is to recognise the beliefs that
maybe are not supporting you. I hope you have found
this article thought provoking.
are my top 6 tips to help you improve your mindset
Have an open mind:
Be prepared to learn and challenge your existing
beliefs. Remember you don’t know what you
don’t know. Your mind is like a parachute.
It works best when it is open.
Find other people who have done or are doing what
you want to achieve. If someone else can do it,
so can you. Use their stories to build your own
belief of what is possible.
Improve your environment:
Make sure you mix with likeminded people who share
and support your vision. Cut out the negativity
from the press and people you know who are dream
Look for the solution:
You get what you focus on. Too often we focus
on the problem instead of looking for the solution.
There is always a way if you are resourceful.
Live life with
positive expectation: Expect good
things to happen to you and they will. Remember
every cloud has a silver lining. Look for the
good in everyone and everything.
Particularly when things don’t seem to be
going as well as you would like remember how lucky
you are and count your blessings.
you would like to learn more about Simon Zutshi
you might like to read his book, the new 2010
edition of “Property Magic: How to buy
property using other people’s time,
money and experience.” Property Magic
is an Amazon No 1 best seller and we highly
recommend it. Property
Magic: How to Buy Property Using Other People's
Time, Money and Experience
are currently property investor network meetings
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Vist our NETWORKING
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Quick Start with one of Simon Zutshi's industry
aclaimed seminars ...
A FREE one off, one-day
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Investing Quick Start seminar
an unfair advantage over other less educated
investors who don’t understand the
value of investing in themselves.
This one-day interactive workshop has been
specifically designed to give you all of
the tools, knowledge and contacts you need
to start finding great investment deals
as soon as possible.
25th January 2014 – London
16th February 2014 – Birmingham NEC
1st March 2014 – London