Number 17:
‘Deals almost always take longer than you think they will, unless they happen quicker than you expect’.
That’s never happened. It’s happened to me, it’s happened to me. I have to say that on balance, though, mainly it’s been they take longer than you think, mainly, which is always frustrating.
By the way, why do they usually take longer than you think they’re going to take?
Any solicitors in the room, by the way, before I say what I’m about to say?
Could be lenders and builders, yeah. I mean lenders are a bit more under control. Since COVID they’ve actually been using this whole we’re so snowed under business, blah blah blah, it’s taking me like 2 or 3 weeks to actually like get to the file and all this kind of stuff. So I know lenders have been causing a bit of a problem.
But in my experience, it is solicitors. And in fact on my drive down today I was talking to an agent who I’m dealing with saying can you chase up the solicitors from your end? I’ll do it from my end, you do it from your end, because it just disappears into a black hole, doesn’t it? I never know why. I never know why that happens.
They might have a panel, they could have a panel, absolutely. And sometimes there’s no working around that, unfortunately, and then you just have to do, which is on one of the other slides if we get to it, I’ll show you.
One thing which I think is quite interesting is we often assume we can speed things up by being a cash buyer. Anybody here ever tried to be a cash buyer to speed things up? Does it speed things up? No, not at all. It sounds good when you go into the estate agents though, doesn’t it? And you say I’m a cash buyer and they say oh great because we want a quick deal type of thing.
The reality is, though, and this is something which I always do when I make an offer through an estate agent, is I will say to them I am a cash buyer, but just so you know I’m going to apply for a mortgage at the same time.
Because what do you think I think is going to happen? What do I think is going to happen?
I think that I’m going to have time to get the mortgage anyway, to be honest, by the time it’s got into the black hole of the legal system. So, the estate agent’s happy thinking that I’m a cash buyer and I’m going to be buying in cash and that’ll speed things up, I’ve been doing it long enough to be realistic and know that if I apply for the mortgage on day 1 there’s a better than even chance that I’m actually going to be buying with the mortgage.
The mortgage will be just as quick by the time it’s all gone through.
I hope you found this video useful and informative, and if you did then please come over to my website thepropertyteacher.co.uk where you’ll find loads more great property-related resources including free special reports to download and my best-selling series of e-books which includes The Successful Property Renovators Workshop, 63 Common Defects In Investment Property And How To Spot Them, and if you’re just starting out in property or you want to grow your portfolio you may be particularly interested in The Successful Property Investors Strategy Workshop in which I’ll take you through exactly how I started and built my property portfolio starting literally with none of my own money, and how I built a portfolio of £2 million worth of property in just four years, that was starting from scratch.
I’ll take you through everything that I did right so that you can copy me and do the same, and I’ll also show you everything that I did wrong so that you can avoid the mistakes that I made and so that you can progress in property and be far more successful, far more quickly than I ever was.
And this is based upon my own real-life experience, and it took me about four years to actually work out how to do property investing properly, but in the 200 pages in The Successful Property Investors Strategy Workshop, I’m going to show you all that four years knowledge condensed down so you can use it immediately.
And until next time, here’s to successful property investing.
Well I hope you found that informative and inspirational. Until next time here’s to successful property investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://thepropertyteacher.co.uk
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.
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