Action is the foundational key to all success.
— Pablo Picasso
One decision can change your life – that decision for this would-be property investor was to attend a property seminar…….
Before I attended the seminar, I owned three properties: one was my own home, and the other two were the leaky buildings that were part of a development I had been marketing. The truth was that I had really only bought the latter two so I would look good to the developer. I truly had no idea what I was doing, I didn’t understand about yields and equity, or how important it was to look at the numbers.
I went to the seminar thinking that being a property investor meant buying an investment property on a principal and interest loan, paying it off over 25 years, then selling it and living off the profits, which is what the majority of people believe.
How wrong I was! That way would mean only being able to buy a couple of properties in your whole investing career, which is not the way to become wealthy. That way of thinking is why only 2% of property investors own more than one investment property. But by attending the seminar I learned a new, and much better way.
By the end of the three-day seminar I was so impressed and had learned so much about property investment, that I wanted to keep the momentum going. I did this by joining a mentoring programme.
Because procrastination is a foreign concept to me, I resigned from my job the day after the seminar and was quickly able to make a satisfactory arrangement with the developer so that my staff would be looked after. One of the important things I have learned is to take action. Quitting a job that brought me in a six-figure income showed that I was really committed to my new plan and making a success of it.
It was a leap of faith, but because of the education I’d received at the seminar I knew what I was doing, and so I was able to trust myself and just get on with it. After just three months in the marketplace working hard, it would be possible to take the next 30 years off, which was a very appealing idea indeed.
As a general rule, though, I don’t recommend that people should just quit their jobs on the spot like I did. It is far more prudent to stick at your current line of work until your property investing gets to a point where the cashflow from your portfolio can easily replace your salary. If in doubt, take professional advice from the tutors at PropertyTutors Ltd before handing in your notice.