624: Obsession - Pros and Cons for Property Investors
Obsession: It's worth noting that almost all successful business people are obsessed in some shape or form about what they are in business for – whether this is the technical side, business side or just a deep desire to make serious money – or all three, you really need to be very enthusiastic bordering on obsessed to make serious money from a product or service. In the property world, it might be more like being obsessed about finding the perfect or best property deal, or developing-building, or providing a super rental or holiday let service. Making money takes a lot of effort – hard work – often long hours – and to be obsessed in some shape or form one could argue is a prerequisite to being a super property investor.
If you focus on prime luxury real estate, then the obsession could be – being a perfectionist and kitting out properties with the very highest end appliances and fittings – to make the property look super.
For student letting – it could be providing huge numbers of fit-for-purpose good value lettings to the maximum number of students with appropriate safety standards– and making sure they are kept pleased with the service whilst maximising returns.
This is the sort of business or property investment obsession that is constructive and leads to making serious money and adding value.
Write It Down: Everyone is a bit obsessive about something. If you write down what you are consistently obsessed with - then you can often make a career out of it. Of course its very important to note there are positive (creating and money making) obsessions and negative (destructive and money losing) obsessions. A good exercise is to write down the positive and the negative obsessions – then do more of the positive and formulate a plan to make money out of them – then recognize your negative obsessions – then either stop them, do less of them or avoid them,
• Looking through estate agents page for property deals
• Reading business books about how to make money
• Working hard – being motivated
• Being a loving mother or father
• Spending time with your family
• Spending all my time on Twitter and Facebook
• Drinking alcohol to excess
• Taking recreational drugs
• Driving too fast-dangerous
• Buying sports cars
• Buying expensive watches, bags and cloths
• Spending most evenings down the pub “with the lads or lasses”
• One night stands and thinking about the other sex all the time
Example - Painting: You might for instance be obsessed with painting landscapes – this would be in our view a positive obsession – because if you market your paintings correctly, you could sell many for high prices and make serious money.
Business Books: Buying and reading business books may seem like a idle pastime – but the value of the words you read and understand could be huge. For instance Bill Gates spends many hours reading each day – he’s constantly learning and wanting to gain new insights and ideas from reading business books.
If you become obsessed with reading business books – its likely you will put those learnings into action then make serious money. If all the business books are telling you to take action, be motivated, show courage – leadership and seize on opportunities – its likely you will go out, make a decision, take a bit of risk and buy a property then let it out for instance – start an investment portfolio.
Exercise and Health: Another positive obsession is exercise, as long as you don’t overdo it that it. Its pretty well known that if you get 2-4 hours rigorous exercise a week, you will live longer and be stronger into old age. So when you are out there jogging – just consider that for every hour you job, you get a bonus hour of life added on. So in a way its not really spending time – its gaining time! You just wont see it for many years – but its mostly likely to be added into your life. And if you have big strong muscles when you get to be 70 years old – you are likely to enjoy the last 10-20 years of your life. Its really important. Of course every year you survive you’ll also be making serious money in your property portfolio and have more to pass over through inheritance into your family. Exercise and keeping fit is definitely a positive obsession – and if you just love it so much you have to do it all then time – then consider a career as:
• Sports instructor
• Fitness – trainer
• Open a health club
• Organise sports holidays
• Write a book on fitness and health
• Start a fitness and health website – sell products and services
Property Investors: Most property investors are pretty obsessive about the subject. That’s probably why you are reading this Newsletter. You have made a conscious decision to sign up to the free Newsletter – and like learning about property and investment. That’s definitely a positive value creating move. If you read through all the estate agents listings in your local newspaper, get really exciting when you see a flat that is going cheap and needs renovating – you’re probably correctly and positively obsessed with property – and you will in high likelihood make serious money from property in years to come. You will be playing the passive income game – and the asset price increase inflation game – making income and asset value increases as inflation increases and governments continue to print money and deflate the value of their currencies. Property investors understand the power of inflation. How to take advantage of inflation – parking their fiat currency into something physical – bricks and mortar – that increases in value – or inflates in fiat currency terms.
Don't Tell The World: As long as it does not damage your marriage or relationships – it’s definitely very lucrative and healthy to be moderately obsessive about property. If you find the subject frustrate your partner or family – just don’t talk out it. The subject can be very emotive – because many people don’t own any properties – so don’t expect them to like it that you are talking lots about all the properties you own. Its best not to tell anyone but your very closest family or fellow property investors – about your property portfolio because to be frank, people get very envious or jealous. You give them ammunition to criticize you or judge you. You might become the “rogue landlord” or “that person that is ripping off the young people that owns more than one property” – may people – particularly socialist – don’t think you should be allowed to own more than one property - some extreme socialists think the state should own everything and people you rent off the state. Just don’t go around spouting your mouth off all then time about how much you are worth or the size of your portfolio because it will be very upsetting for about 75% of the people you describe it too. You need to instead quietly and humbly go about your business expanding your property portfolio and don’t let everyone put you off. Yes, follow your obsession – but don’t expect everyone else to understand your obsession – and many will want you to stop, reverse course – especially the Chicken Littles and Doubting Thomas’s of the world.
Describe It: Whatever your positive obsession – you can describe it, then try and formulate a business plan around it. Then if you identify your negative obsessions – you can try and write a diary and log ways that you are reducing all those bad obsessions or traits.
For instance - Negative Obsessions - Drinking and Smoking and no exercise
Date Pints Cigarettes Exercise
Sat Aug 18 5 30 0
Sun Aug 19 4 25 1 mile walk
Sun Aug 20 3 20 2 mile walk
Sun Aug 21 2 15 3 mile walk
Sun Aug 21 1½ 10 3 mile walk and 10 min jog
Summary: In summary, obsession can be a super thing – a channelling and focussed enthusiasm on highly constructive things – it definitely needs to be controlled and though about-acknowledged in you mind, and you need to make sure you dint go too far. There’s no point spending 20 hours a day on our property portfolio at the detriment of your family and sleep. But you should be able to be focussed, decisive, motivated and channel that enthusiasm into making serious money – it should be very lucrative.
Stop The Bad Things: Equally important is avoiding and stopping negative obsessions – if you are unhealthy, take drugs and alter your mind with chemicals and alcohol – then there will be almost no chance of being hugely successful in business and making serious money from property investment. Amongst other things you will lack the drive, energy and motivation – you will be “dumbed down”. Don’t eat in excess, drink or take drugs and don’t gamble. Then you will be in the game to make serious money from your positive obsession.
We hope this Newsletter has given you some insights into how obsession can be both positive and negative – and how property investor needs to use their positive obsessions whilst avoiding or stopping the negative ones to both make serious money and live a long healthy life. If you have any queries, please contact us on email@example.com