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Article > How Important is Mindset?

 

Article kindly provided by Simon Zutshi

www.PropertyInvestorsNetwork.co.uk


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.

I 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!

Since 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.

So 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.

KNOWLEDGE 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.

The 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.

MyPropertyPowerTeam.co.uk
is a great resource for finding your Team - just browse the Suppliers Directory!

Finally 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.

On 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.

The 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.

I 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.

I 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.

Here are my top 6 tips to help you improve your mindset

1. 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.

2. Get inspired: 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.

3. 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 stealers.

4. 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.

5. 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.

6. Be grateful: Particularly when things don’t seem to be going as well as you would like remember how lucky you are and count your blessings.

 

If 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

There are currently property investor network meetings in 38 cities all around the UK every month. Vist our NETWORKING EVENTS PAGE for details and sign up to our Newsletter to be sent a list of networking events every week.

 

Kind regards,
Simon Zutshi

Founder, property investors network
www.PropertyInvestorsNetwork.co.uk

 

 

 

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