One of the (maybe few) advantages of getting older is that you get to learn a lot along the way.
And one thing which I have learned in over 40 years in property is that 90% of the stuff we worry about never happens.
That’s not to say bad things don’t happen.
Of course, they do.
But what I have found is that, generally, what happens is something you never thought of.
And that’s just as true in property as in in life in general.
One thing I’ve noticed is that new investors in particular are often worried about things which, in over 40 years, I have never experienced.
They convince themselves that there is a high probability that whatever it is they are worried about will happen.
Interestingly these fears aren’t based on experience (they haven’t been in property long enough) so where do they come from?
Anyway, it’s taken me a long time to realise all of this. If I’d known it before, and if my mindset had been strong enough to accept that most of what I worried about was unlikely to happen, I could have saved my self a lot of anxiety and sleepless nights.
I have worried a lot, and it really hasn’t helped me.
If you are going to worry, don’t worry, instead plan to head off or control the thing that is worrying you, so that you don’t have to worry.
For example, in a property context, if you are worried interest rates are going to keep rising to the point where you can’t afford your mortgages, swap a fixed rate now. Then you can stop worrying.
But if you are worrying about something you can’t control, then stop. Because it probably won’t happen. And you can’t do anything about it now anyway.
Such as, there’s no point in worrying that future Government policy might make your property portfolio nonviable. If you don’t know what specific Government policies will be, and you’ve only got a vague feeling that in the future they might come up with something, you can’t plan ahead. And they may do nothing. Or what they do might not be as bad as you fear. So all in all there’s no point in worrying.
Finally, I guess it can all be summed up by my grandfather who always used to say “Never worry worry until worry worries you”
No amount of worrying can change the future.
Here’s to Successful Property Investing.
(ex) Chartered Surveyor, author and property investor
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to: