7 things you need to become a successful property developer

What I thought I’ll do today, is, share with you the 7 things you need to become a successful property developer and make 2020 your year.

Mindset

Mindset is key. You need to believe that it’s possible to get the success. Whatever it may be that you want to do, wherever you are in the country, whatever strategy you’re thinking about, getting involved in and following, that it all starts with the belief. We all know stuff that we don’t use. We’ve all got the knowledge that we don’t use.

The starting point, is, believing in ourselves. Having the right mindset to get the success. I genuinely believe that 80, if not 90 percent of success starts in your head.

The only thing that I can see that comes down to, is, the person’s mindset.

2. Knowledge

I said we all know stuff we don’t use. But I mean specific knowledge around property. Once you believe that you can do this. once you’ve got the mindset that you want to do this, then you need to make sure that you’ve got the right specialist knowledge. You need to have not just knowledge of a strategy, but knowledge of your area.

• What streets you want to invest in?
• What types of property are available in your area?
• What type of tenant demands in your area?
• Where the best strategies are in your area?
• What works in your area? Because not everything works in every area. 

But it’s not just the knowledge about the strategy, it’s also the knowledge about property in general. You need to know about tax and systems. You need to know the people that are the right people to talk to about specific things. You need to have knowledge of the best builders, best letting agents, best estate agents, local events

3. Time

You need to put time into property in 2020. And I meet so many people that say, they don’t have the time. I’d be honest with you, that is rubbish. You do have the time. The reason I hear people say they don’t have the time, is because they don’t priorities their time. They don’t have the right mindset to priorities their time.

You need to priorities your time. You need to know what you’re doing with your time. A really good exercise, is, to write down for about 7 days, even just write down everything you’re doing in your time during that 7 days. Every couple of hours, stop and write down what you did in the previous couple of hours. And you’ll find that you’re wasting loads of time.

People come to me all the time saying, “I’m working 40 hours a week. I don’t have the time.” I don’t care, if you’re working 60 hours a week. You still got the time. The last time I check, there’s the same amount of hours in the week, that you have as I have. And I run 11 different companies. Richard Brandon has the same amount of time as me. And he’s got over 400 companies that he’s involved in. We all have 24 hours in a day.

4. Money

People often say to me, you need the money. I don’t have the money. And that’s absolutely right, you do need money in property. And I know I’m the now money down person. And you may be listening to this, thinking that No Money Down guy just said, you need money. Yes, but it doesn’t have to be your money. You can do property deals with literally no money.

But when you’re doing a deal with no money, there is actually money. It’s invisible money. It’s the money that’s in the house. It’s the bricks and mortar of the property. You see, money doesn’t really exist. In reality, anyone who’s ever bought a house, 99.9 percent of the people that ever bought a house, never physically counted out the cash. They bought a property with other people’s money, whether that be a bank’s money, a friend’s money, a joint-venture partner’s money, a bridging loan lender’s money. People don’t use their own cash to buy houses. And what they do, is, they generally borrow money from a bank.

6. Willingness to Accept Rejection

There is not a successful person on this planet that has not failed, that has not been rejected many, many times. One of the big amateur errors I see people making, biggest mistake I see them making, is, they’re not willing to accept rejection, they go away, and they expect to get a deal with their first viewing. They expect to get money out of their first viewing. They expect to become successful in the first month or 2 months. It is not a race. It is not that simple. It is step-by-step simple process, but it takes some work. And you need to make sure that you are willing with the right mindset going into, to understand that rejection is part of the journey. It’s part of success.

7. Accountability

I said at the start of this, we all know stuff we don’t use. Why? Because nobody is holding us to account. Other things come first. The reason that we go to school, is because our parents made us go to school. The reason that we stay in school till the end of the day, is because the teachers made us stay in school till the end of the day. The reason we do our homework, is because we know the teachers are going to check it the next day. The reason we go to work every day, is because we’ve got to pay our mortgage, and pay our bills, and put our kids to school. The reason we also go to work every day, is because if we don’t the boss is going to know we’re not there, and we’re likely to lose our job.

It is accountability. All around us in life as human beings, we are being held accountable. The reason we don’t speed on the road, is because a camera can catch us, or in the back of our minds, we know that a police car on mark, might pull us over. The reason that we do anything in this world, is because of accountability. Yet we think that we can do property by ourselves. The reality, is, you can’t.