We are talking all about Perspective today; “Every now and then we need to step back from the coal face and review.”
Whats working? what’s not producing the right results? Systems and processes are always vastly important but sometimes neither of these are helping you past a roadblock to help.
Are you making headway or are you stuck in a loop?
Commercial property ebbs and flows, often feeling in one moment like wading through treacle then immediately bombarded by everything all at once.
KEY TAKEAWAYS
Successful property investment is a mix of three key things
- Access to funds - You need to access money to invest in property generally (either now, or later in some circumstances). Raising money could even be the key component you are missing. Access to money allows you to be agile and take opportunities as they arise. All is not lost if you don’t have enough money, however it will help in future when you’re prepared.
- Knowledge & Experience - Experience helps remind you of when and what to action; where you’ve perhaps had a pitfall before, or prior successes, will always lay a foundation on how to proceed in the future. This brings with it the knowledge on what to do next and is fundamental in successful property investment. However without taking action, it will always be difficult to start to gain and learn both knowledge & Experience (regardless of how many courses or trainings you may have sat- its the action that provides that last lesson). You need to build up some knowledge, and in time as we go on we gain experience. We can use other peoples experiences, but you will always need to ‘take the wheel’ some time.
- & Opportunity - Opportunities are often subject to both of the above (access to funds and Knowledge & experience). Additionally, one investors opportunity is another investors nightmare. People often bring to me information on potential properties for sale; perhaps they don’t have the knowledge or experience yet? An opportunity isn’t necessarily a ‘building for sale’; it’s a building for sale, with some upside. By looking for opportunities, you’ll also be adding to your knowledge & experience
All three of these mean nothing, if you’re not taking action. If you’re lacking in any three of these, networking will help you bridge the gap. A lot of people don’t have all three, and will often use networking with purpose, to produce positive results. "Networking with purpose, backed up with action, will produce positive results." JOIN THE NETWORK - https://commercialpropertyinvestor.co.uk/work-with-me/
As we get better & better, each of these three components rise and mesh together.
Key Moments
- “Opportunity without access to funds, or experience, is not really a true opportunity is it? An opportunity with access to money, but no experience, could end in disaster. Rarely does anyone have all three.”
- “Without access to money or opportunity, Knowledge and Experience is like a jam sandwich; without the bread.”
- “We’ve all met the course junkies; been on many courses, spent lots of money, but took no action. “
- “Finding buildings for sale is one thing; but finding opportunities is harder”
- “If you’ve not prepared the ground work for investors, that opportunity may not wait”
If you want to learn more about investing in Commercial Property why not consider joining the CPI Network? A community of active investors who collaborate, share experiences and empower each other in their Commercial Property endeavours.
Useful Links:
CPI Website - https://commercialpropertyinvestor.co.uk/
Our Sponsors - https://commercialpropertyinvestor.co.uk/podcast-sponsors/
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Jul 18 202427 mins