This week's episode was recorded live at the Property Hosts Summit in Birmingham which was hosted and organised by Guillaume Black and the Property Filter team.
With so many experienced property investors in the room Christian Rodwell took the opportunity to pull them to one side and ask them the question 'What is the single biggest mistake you see new property investors make, and how can they avoid it?'.
Golden nuggets of advice for anybody investing in property, not just the newbies!
Featuring Guillaume Black, Aaron Yahaya, Simon Zutshi, Kevin Wright, Hanif Khan, Heather Smail, Saj Hussein, Reshma Thakore and Brendan Quinn.
Resources Mentioned In This Episode:
>> Try Property Filter Software [Free trial for 14 days!]
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>> Join the WealthBuilders Facebook Community
>> Schedule a 1:1 call with one of our team
>> Become a member of WealthBuilders
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Christian Rodwell (00:00.098)
I'm often asked the question, what's the biggest mistake that new investors make when trying to invest in property? Probably the biggest is recognizing that you don't know what you don't know. And actually by educating yourself, learning how to buy the right kind of property, the right area is really important. After all, any idiot can go and buy a property and many idiots do go and buy property. So really educating yourself to learn what makes a good deal. You want to check that you can easily rent it out. You want to check there's a good cash flow.
you're going to get good return on investment and obviously that you're going to get a good long term growth in that property.
Hello, welcome to a live Wealth Talk. Kevin, we're face to face today. Yeah, good to meet you, Chris. How are you? Good. How have you been? All right. Thanks. Not often we get together these days, is it? Not in sunny Bromley. No. So we're up in Birmingham. We're at the Property Filter, Property Hosts Summit. And it's been a great day, Kevin. Probably about 70, 80 hosts in the room. Yeah, as well as sponsors and various people who are really trying to...
help get the educational message out about why properties are great investment and also how hosts can do a great job to direct people to get the right information, the right support, the right community, which all of the ingredients we know are critical when you're building wealth. That's it. And you've been on stage, you were on one of the panels and you're telling all the hosts about wealth builders. So yeah, we've been shaking lots of hands, bringing lots of coffee and... No, no alcohol. No, no. So...
Today's episode is going to be grabbing some of these wonderful people that are in the event today and asking them what's their piece of advice for new property investors? What are some of the mistakes that they see and what would they say to help them avoid those mistakes? So you're going to hear from some great people today and Kevin we'll be back with another episode next week. Well until then my friend, see you.
Christian Rodwell (01:59.085)
I'm with the host, Guillaume Black. Hello, Guillaume. Hello. Thank you very much for joining us. Hey, what a wonderful day. Thank you. Tell us about today. So we are at the Networking Host Summit. So the third edition we've run this. We've organized this as Props Filter. And the last time we run it, the host wanted to be introduced with more sponsors and serious service providers. So it was, you know, like no hesitation, but to get the wealth builder guys to come up. And, know, like you guys have already smashed it. You put a lot in everything you do, right? You so it transpired in you coming up to this event.
made a really, really good offer for the hosts, know, so thank you very much for that. think we're all a really good day so far. Yes. How are you guys? we're a fantastic time meeting so many hosts, lots of events that we've already spoken out across the UK, but lots more hosts who we've not met before. And I've been, I'm putting together a podcast today and I'm asking everyone one question. I'm going to ask you, what's the biggest mistake that you see new property investors making and how can they avoid it? Yeah, for me, the biggest mistake people make is they think they're going to...
It's all going to happen in one day. They think the price is the price. They put a lot of importance over the asking price because I think they've been trained by the likes of using Amazon and things where the price is the price. You add to the basket, you check out, deliver to your door next day. A property doesn't work like this, So you need to find the angle, the motivated seller, ignore the asking price of the way it's worked for you, and then the deals are going to be in the follow-up. It's going to take a while. But most people are looking at the price and say, oh, nothing stacks, right? Yeah, nothing stacks at asking price, mate.
So the easy way they can avoid that and that's get themselves subscribed,
I'm Hanif Khan and I'm here at the Property Filter Host Summit. And the biggest mistake I see new property investors making is really trying to do too many things. So they see this strategy over here, lease options, they see PLOs, then they see title splits, and they're thinking and they're trying to do all of these different strategies all at the same time. And really what you need to do is focus on one strategy, understand that strategy inside out, get it right.
Christian Rodwell (04:04.823)
practice and do that thing. Once you've got that working, then start adding more strategies to it. So that would be my advice. Choose one strategy, make sure it's right for you. The other thing that I see is, you know, they choose a strategy that doesn't fit their skill set, their personality. So make sure that the strategy you're choosing is going to fit your personality. So if it's all about negotiating deals with vendors, the strategy and you actually don't like negotiating, then that's the wrong strategy for you. Choose one where
you're doing something where you don't have to negotiate directly with the vendor.
Hi, Ernie Higher. I've been in property for about 20 years, give or take. Now, the biggest mistake I see new property investors making is going too fast, too soon. I'm not getting a proper handle of the things that they know, that they're bringing in from their previous life, and what their ability and capacity is. So going too fast and too soon. I think the best advice I would give is have a proper knowledge of what you are capable of and what capacity you have at that moment in time in that season of life.
Preferably as well, I would also advise people to get with or get around people who are already doing what you want to do. Steady and slow, like the turtles. Speak to the experts, speak to the professionals, and that is the advice I'd give to someone starting out. Know yourself, go at a steady pace, and compounding will take care of the rest.
Hello, my name is Simon Zucchi from the Property Investors Network. I'm often asked the question, what's the biggest mistake that new investors make when trying to invest in property? Now, there are lots of mistakes they make, but I think probably the biggest is recognizing that you don't know what you don't know. And actually by educating yourself, learning how to buy the right kind of property, the right area is really important. After all, any idiot can go and buy a property and many idiots do go and buy property. So really educating yourself to learn what makes a good deal.
Christian Rodwell (06:00.449)
You want to check that you can easily rent it out. You want to check there's a good cash flow. You're to get good return on investment. And obviously, you're going to get a good long-term growth in that property. So education is the key. If you educate yourself, you're less likely to make the common mistakes that many people make when trying to do it on their own.
Hi everyone, my name is Reshma Thakur and I'm the co-founder of Sitefinder and Become Compliant. We work with investors and deal sources across the whole country. So the single biggest mistake that I see investors make almost every single day is trying to dive into just too many investment strategies. They get shiny penny syndrome and they can't concentrate on one single thing. I think if you're new into investing, choose your strategy.
decide what works for you and stick with it and become known as that in your area. Once you get really skillful and understand lots of things on that particular strategy, you can diversify. But focusing and understanding how to stack every deal that comes in that strategy is the perfect thing to do.
Hi, it's Kevin Wright here and I'm at a property host conference today and hey, look, what's the biggest mistake that people make in property right now? Let me tell you what I think it is.
It's believing when you get an offer rejected, the seller says, no, I'm never selling my property to you at that price. But that's not what they're saying. They're saying, I'm not ready yet to sell my property to you at that price. Why? Because I think there's a buyer out there that's going to pay more than you've offered. So I'm going to hang around until they show up. But if they don't show up, your rejected offer gets better and less.
Christian Rodwell (07:40.543)
offensive, if you want to put it that way, the longer they can't sell their property. there we are. So the tip is when your off gets rejected, it's not no, not ever. It's no, not yet. Hi, my name is Brendan, Brendan J. Quinn. I'm from the Central London Property Network, which will be celebrating its 15th anniversary next April.
So over the course of the last 14 plus years, I've met many investors, both first timers and more experienced investors. The thing I probably would say that first timers, in terms of mistake they make, is probably not being aware of how much importance they are to all the people in a room, how they can connect, how can they deliver and practicing particularly their pitch. So if you have an opportunity to showcase what you do in property.
take full advantage of that pitch. Whether it's 20 seconds, 30 seconds, whether it's a minute or two minutes, that pitch lots of people are to hear and it's about practicing, rehearsing that pitch. Yes, it's easy to get up on a one-to-one basis, but just practice pitching on a regular basis.
Hi, I'm Heather Smale, property developer, landlord and mentor. And I'd like to talk to you today about the biggest mistake that I see new people who view to property investing makings. And that is that they expect results with literally within months. And property investing is all about longevity and the compounding effects. And that is the biggest piece of advice that I could give you is you need to be relentless, you need to be persistent, and you need to build that slow momentum because
When the compounding effect kicks in, it's huge and it's the small daily habits and consistency that will actually deliver the results.
Christian Rodwell (09:31.501)
Hey, my name is Saad Jussein, I'm based in Birmingham and we focus on property investing, developing and helping property investors. Now one of the biggest mistakes that I see in new people when they come into a property space is not having clear direction of focus in terms of what they're trying to achieve. The reality is there's only three ways to make money from property. You're either creating cash flow, which is reoccurring income that you're each and every month, possibly to replace a salary, or what you might be doing is building up capital. So you're growing the part of cash that you have that might be safe, for example, for clipping property.
Or your third way is you're building equity for the long term. For example, your buy to let, which is probably not going to give you a huge amount of cash flow immediately, but over the long term, that capital will grow. So it might be like a pension or it might be a legacy. So these are really the three ways to make money from property. And all the different types of strategies tend to sit underneath those. So when people start, often there's no clarity of which one of those is most important. And if you start thinking about those, which is the right one for you, what you'll find is
that you'll be able to eliminate the biggest mistakes small people make, which is not actually knowing where they're going.