What to do when money doesn’t motivate…

We’re taught to trade our time for money, but there is little we can do to influence how much our employer pays us. So the net effect is that we take the wage we’re offered and in good times we may get a 2-3% increase year on year.

For most people, that’s enough. As long as they can live on their income they are happy enough with their income for the level of job they are doing. For many, they have no real desire to move up the ladder to the next level, so they know their income is fairly set.

Having spoken to many Finance Managers and Directors over the years in my role as a Senior Manager in Pay and Pensions, I’ve discovered that they fully believe that their staff are ONLY motivated by money. If they offer more income or better bonuses they expect harder work and better performance! What do they expect? Blood?

Many staff will feel as though they’re doing all they can anyway. There is no more effort! Right?

Well, the interesting thing is that many people love their job, or they’re fairly happy with their job to the point that more money isn’t necessarily going to change the way they work or the hours they are prepared to put in. Sound familiar?

What would motivate you to do things differently? Have you ever thought about that?

I’m going to assume that as you’re reading this article you’ve got an interest in property. You probably also have an interest in increasing your motivation.

Are you motivated by money? Or does the thought of earning a significant amount of money make you feel a bit embarrassed? Are you stopping yourself from making money because you want to make sure you still fit in with your friends?

Often we’re encouraged to imagine being a millionaire. For many people this simply isn’t realistic. Rather than insisting you visualise what it feels like, I’m going to ask you a couple of questions instead.

• Would you be more motivated by an incentive of £5,000 cash or a fully paid cruise in the Caribbean?
• Would you be motivated by an extra day or two off – fully paid?
• Would you work harder for a bonus of a new TV; audio kit; ipod; ipad; laptop and iphone?
• Would you be motivated by being offered a beautiful place to work at no extra cost?

Ask yourself – what is it that you are currently giving up in order to do the work you do?

In most instances it is time – for yourself, with family or doing the things you want to do.

So, how would things be different if you had more time?

Does having more time on your hands sound appealing?  Early retirement has been bandied about as an aspirational goal for some years now, but many people struggle with the idea of ‘not doing anything’!  I hear “I’ll have to do some sort of work or I’ll get bored.”

The beauty is that these days retirement means being able to do the things we want to do – and we are able to motivate ourselves with the promise of being able to choose.  What would you choose?

For others, motivation is reduced by the thought of having more time on their hands.  Some even struggle with being in their own company.  Many people who set up their own business struggle without the discipline that work inflicts.  If work provides the basis for your social life and gives you purpose then the idea of having time to yourself could be a real barrier to some of the aspirations that others are trying to create for you.

You don’t have to give up work to have more money or to invest in property.  Sometimes it actually helps to have an income – particularly when it comes to getting mortgages.

If you want extra income, but dread the thought of giving up work, then how about aiming to match your current income so that you can have the house you have dreamed of, or the holiday you would really like.  Match the amount you earn from property on a monthly basis with the monthly amount of the reward you desire.  E.g. school fees – what is the cost per month that you would need to cover; A dream holiday – how much per month would you need to set aside?

How about the best of both worlds?

Many companies these days are prepared to give employees a sabbatical in order to take time out to do what they would like to do – this allows you to go and explore other avenues, or in the case of the property investor to set up the processes that will enable them to purchase property systematically when they are back at work.

If a 3 month or even 6 month sabbatical would suit you so that you can get things started then how would you use your time?

It may be that during this process you are able to work out an exit strategy from your work if you would really like that.  You could begin to work part time if your profession allows, and if you allow yourself that liberty.

How long would it take you to replace your income?

In reality it would not take as long as you might first imagine to replace your current income through property investments.  If you replaced your income, would that make you a millionaire?  No, I didn’t think so.

In which case what does ‘Millionaire’ mean to you?  What could you make that word mean for you?

For example if the goal you aspire to is to be a ‘Millionaire’ and that seems so far off that you never actually take the first step then it is in fact negatively motivating.  It is de-motivating.

So if your own Millionaire status aspiration is only once, twice, or even three times your current income then make that you goal.  After all, how would you feel if you were earning twice your income from property as well as the income from your job or business?  Pretty good I expect!

• Is that more achievable?
• Is that more in keeping with your social group?
• Is that going to be easier to achieve for you in the next year or so?

So, if Money is not really your motivator and thinking of yourself being a millionaire is a bit embarrassing then change your thinking NOW.

What does motivate you?

What do you need to do to put in place that reward that will motivate you?

Are there others involved in achieving that reward (i.e. going on holiday)?

Do you need to enquire at work to see how your ideal can be accommodated?

The saying goes ‘give a job to a busy person’, so the less time you have to achieve your goal in on a weekly basis, then potentially the more likely you are to achieve it.

Make your style of motivation work for you.

Happy investing

Yvonne

Show Me The Money!

How ‘Sitting by Nellie’ could speed up your progress.

Imagine that you go skiing and you are given the best fitting boots, the exact length skis and clothes that guarantee you keep warm.  You’ve never skied before so you start at the top of the slope and point downwards because that’s what you’ve seen on TV.  Very soon you’re going to end up falling hard as you have the practicalities sorted out, but not the know-how.

Yet, this is what we often expect of ourselves with property investing.  We hear the latest idea which sounds fantastic, but the reality is that it pushes you out of your comfort zone and there are elements that you wish you could just see happening first so that you got an idea of how to do it yourself.

The prime example of this is talking to motivated sellers – you just go and talk to them and see what happens.  Right?  Wrong!  You need to be prepared and know the sort of questions to ask.  Make yourself a list in advance; Go with someone who’s more experienced; Give yourself breathing space before you make your offer; Ask for help if you need it.  These conversations with motivated sellers (and less motivated ones) take time to get used to, and are easier for some than others.

Many of us at work are promoted to the next level and are left to flounder because we’re supposed to guess how to do the job.  We’re expected to know instinctively how to manage a team even if we’ve never done it before.  We’re supposed to understand the processes even if there are no documents to follow.  If there’s no handover period then what are your chances?  Pretty low really and yet that is how businesses tend to operate.

Are you very practical but prefer to see and copy? This process is called ‘sitting by Nellie’. We observe and copy and as a result there is a much higher level of success than where we have to imagine for ourselves how to do something.   Think back to when you had art lessons.  The teacher demonstrated and you copied – the outcome was far better than if you had just had a go on your own.  A lesson on perspective meant that you could suddenly draw the road that went off into the distance and looked as it would if you could see a real street.  What a difference this made because someone had shown you what to do.

If you don’t have access to a mentor or someone you can shadow then perhaps you need to start networking more.  There are plenty of people in the same boat.  If you could team up with them then between you the full picture can be gleaned from the sellers, you can both have input into how the figures would work out and it also gives double the chance for the seller to connect to one of you.

If you are fortunate enough to know someone who will show you the ropes and help you get started by following them on their visits then you are much more likely to do well and to see successful outcomes to your visits to motivated sellers.

If you don’t know anyone then you will need to go on a course where you can try these things out in safety or see examples of them on DVD’s.

• If you are happy practicing in your own home or with a buddy then try downloading the examples from my FREE STUFF – www.YvonneEmeryCoaching.co.uk then select FREE STUFF and Role Play with motivated sellers.  There are 6 examples for you to try.
• If you want to follow someone who is meeting sellers then how about you setting up the appointments and asking another investor to go with you.  If you take the initiative then it’s easier for someone to help you.
• Make sure you take your crib sheet with you of the sort of questions you need to ask.  E-mail coach@YvonneEmeryCoaching.co.uk for a basic list of useful questions.
• If you would prefer to practice before you do it, an d see first-hand what happens when you start talking to a potential seller then come to the Negotiating Techniques Day in Birmingham on Saturday 10^th July.  You’ll learn how to make conversations easy, do the maths and make great offers so that your confidence will help you achieve greater results.

Are you screaming that you want your autonomy and prefer to do it your own way – great, then you should use that enthusiasm and creativity and get on with it.  For the majority however this is not true.

When you learn most things it is by observation as well as practical doing.  Equip yourself with the know-how and you’ll be skiing down that slope like a pro before long.

Remember always that this is a numbers game.  How many properties have you visited?  How many sellers have you spoken to? How many were motivated?  If the answer to this first question is less than 20 then it’s not surprising that the bargains aren’t popping up for you.  One of my MINI Group members had visited 21 properties within 3 days of learning the techniques and the questions to ask.  They’ve now visited over 30 and some of the discussions are getting close to a deal.  Interestingly they still haven’t visited half of the available properties within the area they are looking.  If you’re not prepared to put in the leg work then you’re going to have to wait for those deals to appear.

Join a MINI Group near you at just £100 per month to YPN subscribers

• 3 hours of training, mentoring and coaching
• As good as 1-1 time with an expert working on your own portfolio
• Maximum 6 people and minimum of 3
• Do you have some friends who’d like to pal up to make up a MINI Group?

Call 0845 094 6628 for further information

www.YvonneEmeryCoaching.co.uk/MINIGroups

How to get your feet into someone else’s shoes!

Understanding why anyone would sell their house at less than the Estate Agent’s estimated value is often difficult to grasp.  We hear people talking about buying below market value and getting discounts of 20%, 30% and sometimes even 40% – where are they finding them and why would anyone sell at such a discount?

The main big assumption we make in life is that everyone else is like us – thankfully for most of us that’s not actually true.  Many people, even in our own offices doing the same jobs we do, or living in the same street are not in the fortunate position as to have discovered that you can make money from property.  Moreover they have not managed their finances very well.

You may think that you haven’t kept on top of your finances as well as you might have, but at least now you are enlightened.

Imagine for a moment that you had no idea how much money you had in your bank account.  That your partner didn’t either, and your kids were placing ever increasing demands on your money too – wouldn’t you just keep paying for things on cards just to make sure the kids had what they needed?

You only have to pay the minimum amount on your credit card to keep the bailiffs from your door, and you have that much money at least.  There isn’t a way out as you can’t earn more in your job, or you may even have had your wages reduced over the last couple of years.  You’ve got to put food on the table after all.

It suddenly comes as a shock to you that you haven’t got as much money as you thought and suddenly the cards are refused and the cheques start to bounce – what are you going to do now?

People in this situation often don’t know what to do, or to whom to turn.  Yes, even those in your own office.  The stress starts to increase and they will do anything to get out of this situation.

Selling the house is the easy one, and the more equity they have in the property the more likely they are to take more discount as they are primarily concerned with paying the mortgage off – after all that’s what they’re aiming for as they’ve always been taught it’s best to pay off your mortgage.

Our aim as investors is to be able to help people and not to take advantage of them and so I’m forever grateful that there have been changes in the way we buy property and help people by using lease options to be able to get them a better deal rather than just offering 25% off all the time.  Sometimes just 15% is enough.

We can help by checking if there is any way out from the debts, if there is a way to get them some money now and some later, if there is going to be a way for them to get back on the property ladder at a later date, along with many other ways to provide a better deal for people.

The truth of the matter is that many people don’t know how to manage their finances and similarly they don’t know that there are other ways out without having to sell houses at such a discount now.  Whatever our situation and our attitude to finance and property, most people are not as educated, and that’s why they want to get rid of their property right now, and not get into the hassles of being a landlord to wait out the low property prices.

Remember also that as investors we know the way to make the figures work with rentals, such as using interest only mortgages, taking on LHA tenants and maximising the rooms in a property.  Non-investors just see their mortgage payments and realise it is higher than the rental income they could get, so they don’t see the profit.  They assume that just one family will rent their property and so they can’t work out the room price to see if they could increase their profit.  Most importantly they are completely averse to LHA tenants as they would be letting their own home and one of the main concerns they have is that the property would not be looked after and they would then have to pay thousands to fix it again.

Take advantage of the fact that you know what you are doing – it’s a business to you.  You can help people out by buying or taking an option on their property to help them to move on to the next part of their lives.

You can create better income for yourselves by getting in touch with people before they put their property on the market – that is their only way to get their property sold.  If you introduce them to an alternative then they will take advantage of the fact that they don’t have to pay huge fees to the Estate Agents.  They’ll get a quicker sale, which often is what they are looking for.

You know the theory, now put it into practice – imagine their lives as they are and then imagine them better.  If you believe in the product (discounted properties) then you will find them and sell the concept to potential vendors.

If you are struggling to find the right properties and would like to be part of a small group of people all encouraging each other to make more progress then call to find out more about the MINI Groups sweeping the UK www.YvonneEmeryCoaching.co.uk 0845 094 6628.

Happy investing

Yvonne

Oh no, you can’t! Oh yes, you can!

Sometimes it feels a bit like a pantomime listening to investors arguing over whether or not the ‘no money down’ financing system works, can be done at the moment, and worst of all if it’s even legal.  It’s tempting to keep behind the scenes and hide from having to find out until you know someone who can prove that the system is genuine – by which time of course, it’s too late.

If you’re prepared to be one of the actors rather than the behind the scenes assistants then you’re going to need some rehearsals and to learn your lines.  Except of course that this isn’t slap-stick pantomime, it’s real life.

Back in 2004 when I was told I would need to prove I could complete on a property in 7 days I was a bit shocked.  My previous experience was that it took several weeks if not months to complete.  I figured that if I’d been asked to do something then it must be possible, so I asked if they knew a Solicitor who could help me do that.  They gave me a name and I followed it up.  The result was that I won a blind bid although mine wasn’t the highest bid, just because I had that ‘Oh yes, you can’ attitude.

If you haven’t understood the finance systems fully or do not have 100% confidence in them then this may be what is stopping you from buying at the moment.  There’s that feeling of ‘Oh no, you can’t’ that is creeping in to steal your success.  Even if you don’t have any income or a nest egg to spend there are ways of investing in property.

The big ‘Oh yes, you can’ is going to be true for you only if you are prepared to take the time to quiz the right people on how the finance systems work.

Find an IFA, or a mortgage broker – there are many at the networking events – who is willing to sit down with you and explain what you need to know.  Most importantly you should make sure that the broker and solicitor team you are using know the systems inside out and are helping you to understand the financing systems so you’re not afraid to use them.  Find some suggestions on my website under Investment.

If you want to be part of a success group for 2010 then e-mail Yvonne@YvonneEmeryCoaching.co.uk with your phone number and I’ll call you back to discuss how you can be saying ‘Oh yes, you can’ throughout 2010 in order to make the most of the property bargains available.

Happy investing

Yvonne

Get the communication right and make £1000’s more

Have you ever wondered why there are some people we just ‘click’ with and others we don’t seem to get on with very well?

If the same is true of Estate Agents, sellers, suppliers, workmen, brokers, solicitors and tenants then how can we make that ‘click’ happen more often than not?

The key to communicating well with people is by keeping in rapport with them.  With some we have a natural rapport where we seem to be speaking the same language, whilst with others it really seems to be tough going.

First identify your own preferences and the way you like to be talked to.  Are you outgoing or reserved?  Are you primarily driven by the money you can make, the details of the deal, having fun and the potential for having fun, or by helping other people?

Do you talk fast or slow?  Do you enjoy meeting new people or would you prefer someone else to introduce you?

Everyone you meet will have different ways of communicating so identifying how they communicate can bring better results faster.

Estate Agents are predominantly sales people. They’re interested in getting their commission quickly.  They have less interest in detail and as long as you’re going to buy the property they don’t care how.  Help yourself by keeping the processes to yourself to begin with.

You need to maintain a confident approach with them to ensure they remain confident in you.  Too much detail of the different ways you could go about buying the property and they’ll be looking for a different buyer.

Brokers and Solicitors on the other hand prefer the detail.  It will help you in the long run and speed up the process if you have all the details to hand.

Motivated sellers don’t all have one preference, so you’ll need to identify them differently.

• Are they speaking quickly?  Then go slow on the details.
• Are they speaking more slowly and deliberately?  These sellers will need to know more of the details before they’ll do business with you.

The fast talkers tend to make up their minds fairly quickly, however they are far more likely to change their minds later on (or be influenced by a partner who needs the detail).  The slower speakers will not make a decision immediately but will need to deliberate on their own and do their own research.  If they make up their mind to go ahead, they’ll stick to it.

By judging a sellers preferences and being able to slow down or speed up your discussions to match their way of speaking and level of interest in the detail you will build up rapport very quickly.  This helps them to know, like and trust you, giving you an advantage when negotiating deals.

If you want to find out more about how you can attract and convert sellers come and hear Yvonne speak at a networking event near you www.YvonneEmeryCoaching.co.uk/events

Join a MINI Group near you at just £100 per month to YPN subscribers

• 3 hours of training, mentoring and coaching
• As good as 1-1 time with an expert working on your own portfolio

Call 0845 094 6628 for further information

www.YvonneEmeryCoaching.co.uk/MINIGroups

Are you part of the ‘What If?’ brigade?

You’re a Property Investor, or would like to be, and getting off the starting block seems to be taking a long time.

Be really honest with yourself (no-one needs to know) – do you ask yourself many questions and work through all the possible scenarios in your head even before they’ve had chance to happen?  What if……..?

If so, then you’re not alone.

You’ve probably noticed that some people just seem to get on with the investing and are always talking about their successes.

On the other hand, you still haven’t got started because there is too much research to do and a lot of questions to answer before you even start visiting the Estate Agents or advertising to distressed sellers.

Even if you’ve done some advertising or leaflet distribution wouldn’t it be great if someone just handed you a script that you could learn off by heart?  That would surely be the best way to deal with any calls that might come your way!

You’ll find that even experienced investors can’t give you a definitive script to follow because they just get on with it – it’s in their nature, and they are very comfortable meeting with people and having a conversation.  They’ll turn it to their advantage and begin to ask some questions, allowing them to make an offer, or negotiate an option deal.

What you can do is to practice ‘off line’ with a partner so that you get to ask all the questions you want, and develop the idea of a deal from the information you are given.  The more you speak to people who may have a property to sell, or who are in distressed circumstances, the better you will get at it.

How can you ‘just get on with it’ if that is not your natural instinct?

Remember that detail is needed at the back end of a deal, but not necessarily at the front.  The beginning is just that – an approach to someone whom you might be able to help, and who might just have the property you are looking for.

Being able to start the conversation helps to put the seller at ease and at least gives you the opportunity to find appropriate deals, and to get some practice in if there isn’t a deal to be made.

You need to search for information – you’ll be good at that.  Those who just wade in often forget to ask some of the important questions.  You will need to know

• What their mortgage is on the property
• If they have any arrears
• Have they any other loans secured against the property
• How quickly do they need to move
• What is their main reason for moving – speed or money
• What are their monthly mortgage payments
• The postcode of the property – to do research
• Where are they going to live if you buy their property

Don’t get into discussions of how you can help them at this stage, or talk through the mechanics of how you’ll buy the property.  Don’t be tempted to mention Options and what you might be able to do.

These are motivated or distressed sellers – any more detail might just make them panic and certainly won’t instil confidence in them.

Keep it friendly – let them get to know and like you.

So if it isn’t really ‘You’ to just get on with it, if you’re part of that ‘What If’ brigade, then what should you do to get moving and springboard your investment strategies?

• Work with someone who does find that part easy and offer to do the work that doesn’t suit them (the paperwork)
• Get some practice by going through scenarios with a buddy – see Role Play – Phone Calls under Free Stuff on my website http://www.yvonneemerycoaching.co.uk/free-stuff/role-play-phone-calls/
• Write a list of all the questions you would like to ask to make sure you have enough information at your fingertips before you get started – there’s nothing wrong with this, you’ll just have to book in time to do the research or it may never get done
• Put yourself in the shoes of the distressed seller and realise that for most they won’t want to know the system you are going to use, so your questions and explanations don’t need to be technical.

If you want to get some practice and meet people near you whom you could team up with then let me know as there might be a MINI Group running near you – and if there isn’t we can always set one up.

Call me on 0845 094 6628 for further details or see my website

www.YvonneEmeryCoaching.co.uk/coachingmentoring/mini-groups

Happy Investing

Yvonne

Have you been to all the seminars yet?

Yvonne Emery has a totally unique approach to property investment using coaching techniques to make sure you actually succeed in your goals however you choose to approach them.  She has been investing since 1997 and has prospered through many different economic climates and systems of investing.  Now she challenges you to succeed in property investment with a personal approach and simple explanations of the systems available in today’s property world.

Have you been to all the seminars yet?

Are you someone who has already made that all important decision to invest in yourself and your education? You know that you want to make the most of the property prices at the moment, right? So what’s stopping you?

It’s a well known fact that about 90% of all those sitting with you and working with you at a seminar will go home and put the papers away and then not do a single thing about what they have just learned.  This is not only the property seminars, but all seminars, so why is that?

Have you listened, learned and understood?  Or have you just listened and taken some notes?

However experienced you are there is always more to learn and understand.  Every time I attend a networking event there is something to take away and take action on.  New initiatives or even old ideas regurgitated could create thousands of savings in tax or a fresh approach to structure deals – let’s face it the financing of deals is changing on a weekly basis at the moment.  Think about it – anyone who claims they know everything can only be right for 6 days max.

Don’t be part of the ‘YES BUT’ brigade – make sure you’re making things happen for you right now.  Keep your But’s behind you and the Yes’s in front.  If you are not acting and investing at the moment, then the chances are you just haven’t found the right investment formula to suit your personality.

You must work in a way to suit your personality because you can’t have failed to notice that we’re all different.  Take a look at those who have been successful with the BMV system and using leafleting as one of the main advertising modes – what are their similarities?  How are they different from you (if you’re not using leafleting of course).  How about those who are making real headway with options – what do you notice about them?

Perhaps you aren’t using these methods because you fear having your neighbours or friends laugh at you.

• If leafleting doesn’t feel right then build relationships with Estate Agents and use the traditional method of buying property.
• If you’re holding off making offers, or dare I say it, holding off from viewing properties, then you seriously need to ask yourself what is stopping you.
• If owner occupiers are pipping you to the post with your offers and paying the asking price, you may well be looking in an area that is very desirable for residential purchases.  In which case you will need to find another area near you (or even not so near you) that will fit your purchasing criteria.
• If you are using the lack of financing opportunities as an excuse… come on guys (and girls) get a grip.  There are so many opportunities to control properties without the need for a mortgage that this shouldn’t be an excuse any more.
• If you don’t know how to structure deals to the level that gives you confidence to get on with it, then get alongside others who do know.  Read all you can, attend all the seminars you can and most importantly of all get a great broker who knows what they’re doing. They’ll help give you the confidence to get all the background in place and to really make progress.

So, are you a jump in and do it kind of person? Or are you a researcher who likes to make sure all the I’s are dotted and the T’s crossed before you start anything?  Perhaps it would be better if you had a partner to accompany you and encourage you along the way? Or are you the director type who would rather someone did the hard work for you?

Whichever you are, you will find different groups who can answer your queries and help with your preferred method of investing.  If you’re uncertain as to which road to take then visit my website www.yvonneemerycoaching.co.uk.

Maybe one to one work could springboard your portfolio more quickly.  On the basis that each of you is different then your road to investing and the methods that suit your personality are different too.  Call me to see if I can help you to move forward.  I offer both one to one sessions and small group sessions (maximum 6 people) which would allow you to explore your own situation more specifically. You can own (or have an option to own) your next property by Christmas if you want to.

Email: Yvonne@YvonneEmeryCoaching.co.uk and quote YPN in your subject title.

Happy Investing
Yvonne

Are you Geographically Challenged?

Are you set on building your property portfolio near where you live or are you happy to chase the bargains wherever they are?

The main reasons investors give for staying close to home is that they can control the property more easily, deal with issues more quickly and save money by not using a Management Agent.  If you happen to live in an area where there are lots of bargains then this strategy works well.

However, if you happen to live in a very desirable area and you find that house prices are generally high or even increasing then finding property below market value can be a real challenge.

So what are your options?  You could either find an area within a reasonable travelling distance that fits your buying criteria, or find another area of the UK and buy there instead.  This will cause many investors to worry about how they are going to be in control of their properties.

Do you actually know how to plumb in a bathroom, or fix the electrics? Can you fix a washing machine or take time to redecorate?

If the answer to any of these is YES then you could be at a disadvantage. For those who have these skills, the desire to fix the situation ourselves is strong.  It’s true that no-one will do it better than you, but if you are able to pass this on to other people then you are beginning to leverage your property business, not to mention your time.

For those without these skills then the argument for having property nearby is weaker. There are two elements to an area being local – proximity and knowledge.

The only way to change your proximity to good buying areas is to move. However there are many ways to increase your knowledge of another area without having to move house.

If the better bargains are further away than you’d like then you will have to make a mental decision to find the strategy that works and the area it works best in. You will need to build up your local knowledge and key contacts in a different area.

Right Move can show you the cheapest areas near your postcode. www.rightmove.co.uk – check within a radius of up to 40 miles.  Use www.upmystreet.com to find out more about an area.  Do you know people in areas where finding bargains is easier?

Enlist the help of the Letting Agents – this has been key to my success in buying and renovating from a distance – what I call a ‘virtual renovation’.

• Find a really good Lettings Agent who will hold a set of keys for you.
  • The Agent has a vested interest in the work being done properly and they get first shot at renting it out.
• Tradesmen collect the keys from the Agent.
  • They are often recommended by the Agents and so they also have a reason to do a good job so they will be recommended again.

If I need to buy a replacement kitchen or bathroom, I select it from my local branch and have it picked off the shelf at a branch near the property.

If you happen to live in an area where property prices and renting potential are brilliant and you can’t possibly buy them all yourself then you need to learn to package the deals to create more income for yourself.

Are you near a networking event, or are you a bit out in the sticks? If no-one has set up a networking event near you, then how about trying one of my MINI Groups which I’m bringing to a town near you.

For a minimum of 3 people and a maximum of 6 in your area who want to meet monthly and have training, mentoring and coaching then these MINI Groups could help you build your portfolio and passive income more effectively.

Visit www.YvonneEmeryCoaching.co.uk/MINIGroups for further information or call 0845 094 6628 to let me know where you live and we’ll get a group set up.

Happy Investing
Yvonne

PERSEVERANCE IS THE RECIPE FOR SUCCESS

Each week I hear stories of how people have been burned or hurt as a result of their investments. Thankfully many have picked up the pieces eventually and soldiered on. If you asked each one of us mentors whether or not we had invested in some disasters or near disasters, we’d all have to say yes.

The difference between overall success and taking the easy road of holding back or giving up is PERSEVERANCE.

We don’t usually compare property investments to sporting achievements, but the principles and the discipline should be the same.

There are some fine examples of achievement in sports, such as Sir Steve Redgrave, Dame Kelly Holmes, Lance Armstrong and Dame Ellen McArthur amongst others. They reached the top of their sports through sheer determination, daily discipline, and perseverance despite injury and illness. What we don’t see are the hundreds of other sportsmen and women who train hard on a daily basis. They have a goal in mind, and they know that in order to achieve their best levels they have to keep practising a bit at a time in order for their achievements to grow to the next level.

Now is our chance to get into the mindset of the training athlete if we are to create the difference between last year and 2010. Can it really be as simple as a commitment each day to forward our bid for freedom?

Jeff Olson in his book “The Slight Edge” shows how the DISCIPLINE of doing even one small thing each day towards your goal compounds over time, but that also the practice of not doing one small thing each day towards your goal can in fact compound your lack of achievement.

Are you prepared to take the risk this year of not persevering each day, come rain or shine to move forward in your bid for freedom?

A race horse is blinkered to keep him from distractions, a 100m runner is focussed on the finish line, what are you going to train your eyes on in order to succeed?

Distractions lead to disaster, so move them out of your line of sight.

If you’re not sure what to focus on then this could be the cause of delay in your success.

• Make sure you buddy up with someone and become accountable to them.
• Take your goal and break it down into monthly targets.
• Then break these down again into daily tasks.
• Each day make sure those tasks are achieved.
• The perseverance and discipline of the athletes should provide a pattern for investing.
• The compound result of sticking to any regime is felt over a period of time.
• A habit takes several weeks to form.
• Within a month you will see and feel the results of working as though you are an Olympic athlete.

Imagine the results when applied to your investment strategy.

If you haven’t decided on your strategy then log onto www.YvonneEmeryCoaching.co.uk and follow the You Tube series on how to create your own strategy.

Make sure you’re all set to go for a very prosperous, successful and disciplined 2010.

Happy investing

Yvonne

Just Do It! February 2010

How to choose the right investment strategy for YOU.

Let’s get right down to business this time and make some constructive decisions.  Lots of questions, but what comes out of this is a way forward that you know you will take.

This month we are going to explore how you can choose a strategy that works for you and make it happen.

What are you trying to achieve?

•    Enough income to replace your current income
•    An extra £1,000 per month would be great
•    Cash-flow of £200 gross from each property
•    Cash-flow of £500 plus from each property
•    Easy property that doesn’t need any work
•    Property that needs general tidy up
•    Property that needs complete renovation – kitchen, bathroom etc.
•    Pension replacement income
•    A different lifestyle – income to allow you a few luxuries
•    The option to retire early

You’ll think of many more, and I’m asking so that you will then have a solid reason for making the investments, and have a clearer view of the type of property that will help you achieve this.

If you were going to make a difference to your life over the next 6 to 12 months what would help you do that?  Would an extra £1,000 per month on top of your wages help?  Perhaps it doesn’t matter about the income, as long as you change your job.  Do the kids want to pursue expensive hobbies which cost £100 per month, or more?  Would you like to be able to fund that Gym membership?

Why are you trying to achieve this?

If you can’t answer this simple question – ‘why?’ then the goal is probably not motivating enough for you.  The main reason we don’t ‘Just Do It’ is that we are not challenged or interested enough in what we are trying to achieve.  We constantly try to block our own progress either because of a fear of failure or a fear of success.  Yes, would you believe that a significant proportion of us stop that success subconsciously.

What is your financial situation? – be honest with yourself.

•    Significant equity in your own home
•    No equity in your own home
•    Savings of £50k or more
•    Savings – max £20k
•    Somewhere in between
•    Absolutely no money to invest
•    Able to get a mortgage based on income over £25k
•    Self-certificated income so mortgage is more of a challenge
•    No savings, no possibility of a mortgage

The biggest difference for people in the strategy they choose to pursue is their current financial situation.  Whichever situation you are in then you will need other people to help you and finding them can be your greatest achievement to date.

Time and Experience

•    Are you time rich and cash poor?
•    Are you cash rich and time poor?
•    Do you have lots of experience?
•    Are you just starting out?
•    Are you working full time?
•    How flexible is your working week?
•    Are you able to keep an eye on the deal provider’s messages?
•    Do you know how to do the due diligence quickly?

Have you been investing in property for years and now you’ve run out of funds, or are you just starting out and need other people’s trained eye to find you the property you require?

Find people you can team up with, even if it’s to encourage you to keep going.  You will find all the knowledge you need on this site and there are many others to look at if you are researching a particular strategy.

If you don’t know, or you don’t have time – find someone who does.

We’re not very good at delegating generally, but the better you can get at this then the more you will be able to leverage other people’s time, experience and money (and we’re all after ways to use other people’s money).

Personality

Personality plays a big factor in the way we choose to invest and even the way we dream our goals.  You need to get familiar with your own personality, make friends with it and realise your strengths and limitations.

Come and hear me speak at one of the networking events to find out more specifically about your personality and how it affects the way you choose to invest. www.YvonneEmeryCoaching.co.uk/events

The more reserved you are the more likely you are to choose an anonymous way of investing – getting others to do the deal making and negotiating with motivated sellers.  This might cost more money but will save you the stress of following up leads generated by flyers.  You might be enticed by the easiness of communicating by flyer and web advertising, but you will find yourself hesitating because you have no way of dealing with the calls this might generate.

Those who have more extrovert personalities, will be great at having the conversation with the motivated seller, putting them at ease and building rapport, but you might struggle with the dedication required for leafleting your area.  You might also be happy to chat but worry about having enough information to be able to explain the detail to the seller.

In reality we all need other people to have input into our system, whichever we choose, so that we can use our skills to best advantage and fill the gaps with other people’s input.

What are the strategies that suit you?

•    Buying deals provided by Below Market Value sourcing companies
•    Leafleting to find your own leads for distressed/motivated sellers
•    Picking one area and one type of property and repeating a system
•    Buying deals across the UK as long as the cash-flow is good
•    Buy, renovate and sell (works best in a growing market)
•    Buy low and re-mortgage to release the cash
•    Buy no money down
•    Purchase Options, Lease Options, Sandwich Options (no mortgage required)
•    Joint ventures

You can find information on all of these on the mentor sections of Just Do Property.

Most people wouldn’t get out of bed for an extra £200 per month.

Remember that for each property that cash-flows at £200 per month, that’s £2,400 per annum and £24,000 over 10 years.

£200 is not just for Christmas, but it’s for the rest of your life.

When will you start?

I have introduced my MINI Groups for 3 to 6 people to set strategies and buy property regularly.  Just £100 per person for a 3 hour session in a town near you.  Call 0845 094 6628 to learn more.

Happy investing
Yvonne

If you would like to discuss personal coaching/mentoring with Yvonne then as a Just Do It member you can get 20% off.  Phone Yvonne: 0845 094 6628 she can help you leap over your barriers.

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