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10 Things I’ve Learnt (Part 6)
We’ve spent the last five weeks discussing what I’ve learnt over the last 20 years, and number six on my list is that you can achieve more than you think you can just so long as you keep on doing it.
You’ve probably heard the expression: “You’ll achieve less in one year than you imagined, but you’ll probably achieve more in five years than you ever thought possible” – and this is absolutely true.
The reason why I say this with such certainty is because this is exactly what happened to me.
So, let’s think about why you are probably going to achieve less in your first year. Whether it’s in business, property or something else altogether, most of us go into projects with very high and often quite unrealistic expectations. Maybe we have hopes, dreams and aspirations, or maybe we’re just overly optimistic. Or, it might be that individuals who take action are by their very nature, optimistic.
But the reality is that things are likely to be harder than you imagined at the start. During the first year, any setbacks that we have (because there will inevitably be setbacks), are likely to feel or seem more significant or more detrimental than a setback experienced further along in our journey. Later on, when we have in place the proper processes and systems to support our business, we are more likely to overcome these setback with greater ease, but in the beginning, they can cause significant stumbling blocks.
When we get started, we need to build momentum – and it takes time to build momentum. We might go into it with high hopes and plans that we’re going to buy 10 properties in the first year, or perhaps one property a month. But actually, buying your first property might take you nine months because you’ve got to build momentum.
You’ve also got to build relationships with agents, get your power team in place, convey the property… and this can all take time. As I discussed last week, sometimes you just can’t hurry property.
There is a flip side to this though – over a five-year period you are probably going to achieve far more than you ever realised you could.
Over time you will be building the systems and processes which support your property business. You’ll be building your knowledge and you’ll be able to leverage yourself. You’ll have your team in place and will have the processes and systems built into the business which will help you to scale. And when this all comes into alignment, it will help you progress even more quickly than you thought you could.
There certainly is truth in the expression “you can achieve more than you think you can” – so long as you just keep on going!
Here’s to successful property investing.
Peter Jones
Peter Jones B.Sc FRICS
Chartered Surveyor, author and property investor
thepropertyteacher.co.uk
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:
thepropertyteacher.co.uk/the-successful-property-investors-strategy-workshop
