In a recent YouTube video, I explore the 7 habits that helped me become a property millionaire. If you are willing to put the time and effort into studying and implementing these habits in your own life, maybe you can become a property millionaire as well! In this article, I will set out these 7 habits and give you a short summery of each one. For a more detailed explanation of each point, please watch the full video above.
1. Viewing properties
If you are a property millionaire you are constantly trying to expand your portfolio. That means you are constantly on Rightmove, not only looking at properties, but booking viewings. I view 10-15 houses a month. When you view a property, it is an appointment with an estate agent. Even if the property doesn’t work out, they may well have one that does. Consider each appointment as an opportunity to build a business relationship and remember that in many cases viewings come from other viewings. Often the propeties that I end up buying came as a result of viewing a different property and building a relationship with the agent.
2. Checking-in with their power team
Your power team includes: your solicitor, your mortgage advisor, your planning consultant, your architect, etc. You should be in regular contact with the entire team to make sure you are informed about the latest updates and industry news. This will ensure you know about things like changes in interest rates and updates to planning regulations.
3. Regularly going to networking events
Networking is one of the most powerful parts of becoming successful in property. Average people go bowling, clubbing, etc. Successful people attend networking events where they will meet other successful people who they can do business with. This could be going to play golf with other business people, attending a networking lunch or speaking at a local business event. Have a think about where the people that you want to do business with hang out and put yourself in those locations.
4. Reading books
If I take my wife shopping, I’ll sneak off to the book shop and go straight to the business section. Reading books is essential to success. Reading a book allows you to learn from the most successful people in a particular field for next to nothing. When you read a book, it is almost like getting a lesson from a multimillionaire or billionaire directly! Consider downloading audiobooks os that you can listen to books while driving or walking.
5. Protecting their time
Property millionaires protect their time. They don’t go out and do a grocery shop themselves; they either hire someone to do it for them or they shop online. They don’t mow their own lawn, they hire someone to do it. They don’t wash their own car, they hire someone. Time is money and successful people use their time in the most productive ways that they can.
6. Checking their bank account
If you are in business you will have money coming into your bank account. It could be rent, money from a property refinance or something else entirely. I believe that what you focus on expands, so if you are focused on what is coming in to your bank account you will be focused on expanding that. This is very important if you want to be a property millionaire.
7. Protecting their company
When I was broke, I didn’t think about who I was spending my time with. I just hung out with the people whose company I enjoyed most. However to become and remain successful, you need the company of people that you can collaborate with to become wealthy. Pick your friends carefully.
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