| What does number 21 say? ‘Perfection is the enemy of the good, which is why so many people don’t start and give up, and why so many move so slowly’. I see this all the time, people telling me I want to get into property, you say fine, great, you tell them what you know, you give them that pep talk, you send them out to meet people. 6 months later they’re still stuck in their spreadsheet analysing stuff. It’s hard, isn’t it? Because particularly when we start we want to do the very, very best deal we can, don’t we? Particularly if we’ve got limited resources, particularly limited money. We don’t want to waste our money chucking it after something which isn’t the best possible deal, do we all agree? But the difficulty with that thinking is, are we likely to do the very, very best deal possible when we do our first deal? What do you think? Probably not, probably not. So, it’s a balance, isn’t it? There’s a case for actually saying ok, it’s not going to be perfect, and good enough is good enough, I need to do something. Now, for those of you who know me, you’ve probably heard me say that the very first deal I did was probably one of the worst deals that you could ever do. I often say at masterclass when I’m talking about it that perhaps you should sort of go to the back and get a refund. You know, why is this guy actually talking to us because the first deal he did on the face of it was such a bad deal. But the thing is it actually got me started, and once I’d got started I could then kind of like work it back and tweak it again. I learned so much doing my first deal that I was able to take that forward. Now, as it was this awful deal, awful deal. I won’t go into all the details as it’ll take up the whole session, but in the end, it was such a bad deal that it got knocked down by the local authority. They compulsory purchased it and they knocked it down, and it’s now just a piece of grass in Newcastle with a little blue plaque on it saying ‘Peter Jones’ first investment property was here’. And it’s true! No, that’s not true but that is true about it being a piece of grass. But the reality is, although it was a terrible, terrible deal on the face of it, I still actually sold it at a profit a few years later. I learned an awful lot from it and it helped me actually get started. And I think the main thing, the benefit was, it got me started because once you get started you can do stuff. But if you’re always waiting to get started, guess what’s going to happen, not a lot. And you’ll wish 2 years, 3 years, 5 years down the line you’d actually got started. I’m not saying you go out deliberately to make a mistake, and you go out deliberately to do a poor deal, obviously not, you try and do the best deal you can, but you accept that you’re doing the best deal you can, you’re not doing the perfect deal. And 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. For more details please go to: https://thepropertyteacher.co.uk/the-successful-property-investors-strategy-workshop |
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