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  • Stickies & Evergreen

    Recipe for property success ....

    If you could create a recipe that leads to property success, what would it consist of?

    Here is mine:

    Property Cake

    [Image: cute-kawaii-stuff-epicute-secret-rainbow...-cake1.jpg]

    Ingredients:

    Money
    A network of like-minded people
    An enquiring and creative mind
    Dogged determination
    Education
    Great researching skills
    Energy
    Belief
    Patience

    Method:

    Take an enquiring and creative mind and saturate it with knowledge.
    Allow to simmer.
    Add a healthy dose of energy and belief and bring to the boil.
    Stir in a liberal sprinkling of education and learning, including a daily visit to Property Tribes.
    Add in research, research, research.
    Take money and bake to positive cash flow.
    Allow to cool with infinite patience.

    But the icing on the cake, or the cherry on the top, is PEOPLE.

    Without building relationships with like-minded and supportive people, your power team, and fellow Landlords, your property cake will come out half baked.

    What is your recipe for property success?

    £50.00 M & S vouchers to the best answer to celebrate the launch of Property Tribes 2.0!
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    Any takers for this? Lovely M & S vouchers to be won! Smile
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    (05-07-2012 02:43 PM)vanessa warwick Wrote:  Any takers for this? Lovely M & S vouchers to be won! Smile
    This is rather creative and I would not know where to start, Will use this meme instead.

    1. Purchase Property at Low Value
    2. Ensure Mortgage Payments Less than Rental Value
    3. ??
    4. Profit.
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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED.
    DO NOT SEND PRIVATE MESSAGES.

    --- MORE INFO HERE ---

    YOU CAN REACH ME AT BESPOKE FINANCE or MY TEAM AT 08009202001

    Heh heh!

    It's not just any profit ... it's M & S profit! Smile
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    I do like Jonathan's point that time is really important when building wealth through real estate. While it can be said you make your profit when you buy, more important is how long you own the property. Even a marginal deal can turn into a great deal if the tenant pays off the debt used to acquire the property.

    As to an earlier reply from Adam...
    (05-07-2012 05:03 PM)Adam Hosker Wrote:  1. Purchase Property at Low Value
    2. Ensure Mortgage Payments Less than Rental Value
    3. ??
    4. Profit.

    I would say that 2, and 4 are more or less all the same. It comes down to cash flow plus profits after expenses.

    What I do find slightly off with number 2 as it tends to imply covering the monthly payment is the target rather than covering all the costs including the mortgage payment. Some folks though a property that could wash its face was good enough rather than it being a sign of a future disaster.
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    John Corey

    
Share your questions, learn from mistakes & crowdsource answers to your questions -> https://www.propertyfortress.com/community/
    Follow me on Twitter-> www.twitter.com/john_corey
    My blog -> www.PropertyFortress.com/blog
    RE investing discussions happening monthly in London, 2nd Tuesday of the month -> meetup.com/real-estate-advice
    My recipe for property success would simply be - Take A Walk in the Park

    A Journey of 1000 miles Begins with a Single Step has long been my mantra

    If I met someone today who said that in the year 2000 to mark the millenium they had decided to take a year off work to walk right around the world I might say - Wow thats amazing, what a journey of a lifetime that must of been. I might be thinking also - Well I couldnt do that. It would need great planning, perseverance, courage and fortitude. What a feat of endurance. I would be full of admiration for that person.

    BUT the truth is I and most of you could do that if you really wanted to. I just have chosen not to in my life ( yet). They are not really all that much better than me. I can walk to. All they did really was put one foot in front of another and then repeated the motion quite a few times until they completed their round the world journey. Simples. I dont know quite why i was in such admiration when I heard that . After all Ive just walked to the kettle and back to make myself a cup of coffee! So its not that hard really this walking malarky. Most people can do it. Take a walk in the property park. Keep walking. Start today and dont stop. Good Luck
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    Jonathan Clarke. https://www.buytoletmk.com

    Thanks J.

    So, to adapt your post to my "recipe" theme, yours is eight tablespoons of stamina mixed with two tablespoons of persistence and a dash of belief and stir indefinitely? Smile
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    (07-07-2012 08:25 PM)vanessa warwick Wrote:  Thanks J.

    So, to adapt your post to my "recipe" theme, yours is eight tablespoons of stamina mixed with two tablespoons of persistence and a dash of belief and stir indefinitely? Smile

    A great read of my recipe. It takes a strong arm to stir that long. It does have great benefits. Your portfolio will rise rather well.
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    John Corey

    
Share your questions, learn from mistakes & crowdsource answers to your questions -> https://www.propertyfortress.com/community/
    Follow me on Twitter-> www.twitter.com/john_corey
    My blog -> www.PropertyFortress.com/blog
    RE investing discussions happening monthly in London, 2nd Tuesday of the month -> meetup.com/real-estate-advice
    Vanessa,

    The people who know the recipe for property success are drinking champagne in their private jets, entertaining in their mansions, relaxing in yachts, cocktails on Carribean beaches and driving their Ferarris but not revealing their recipes on these forums.

    Remember I approached you when I was a complete newbie totally lost and not knowing where to go in order to find properties for my investor? Although I am still finding my way around the property game, I am actually getting quite ahead already.

    The following has been my journey and an executable plan of action for what I think could be a recipe for the beginnings of property success;

    1. Sign up with LinkedIn and create a professional profile with a photo
    2. Clearly state your objectives and be sincere about your intentions
    3. Search all the property professionals in the country and invite all of them to join your network
    4. Shortlist the contacts which you feel would be most helpful to you and send them a message outlining your requirements
    5. Regularly check your new connections and further connect with their connections and so on...
    6. Build on these relationships and slowly you will gain a whole network of beneficial and highly experienced property contacts who WILL help you achieve your goals
    7. Your goal is to link with 500+ connections as this adds credibility to your profile

    This is what I did 9 days ago and I have almost 300 connections most of which I will never speak with but also amongst ones which I have made some excellent relationships with. I am now working with contacts who have high net worth clients with budgets of over £75 million searching for high end deals which I am now learning how to source on the behalf of these individuals. Commissions can be exponential depending on how many millions the property sought after is worth and if you can find them, then you can earn from them. I am now attending a course which will enable me to acquire marketing strategies in order to find these deals to the investors' requirements.

    Earning in this way and at the same time learning invaluable lessons about property from the pros who have been there and done it and living it, is one if the best ways to get started in property and build your way up without having to start from nowhere and without having to do it alone and without needing experience and most importantly, without needing any money!

    This is highly practical and workable advice which I am sharing from first hand experience that I am implementing myself and benefitting from greatly.

    I hope some tribers will try this method out and post the experiences on here so I can see if it works for others as well as it works for me.

    Neelam
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    Neelam,

    You asked for some feedback so here goes.

    (25-07-2012 12:07 AM)neelam Wrote:  The people who know the recipe for property success are drinking champagne in their private jets, entertaining in their mansions, relaxing in yachts, cocktails on Carribean beaches and driving their Ferarris but not revealing their recipes on these forums.


    I disagree. Many who are doing as you indicated above are no more knowledgeable about RE than folks who are still pounding the pavement. As an indicator, I would not use the items listed. They mean something but not a clear indication of the recipe for property success.

    I also think a debate about the list above would be an unnecessary distraction from the real point of your message.

    (25-07-2012 12:07 AM)neelam Wrote:  Remember I approached you when I was a complete newbie totally lost and not knowing where to go in order to find properties for my investor? Although I am still finding my way around the property game, I am actually getting quite ahead already.

    This is a good sign. How do you measure success vs. measuring activity?

    (25-07-2012 12:07 AM)neelam Wrote:  The following has been my journey and an executable plan of action for what I think could be a recipe for the beginnings of property success;

    Plan your work and work your plan. Well done.

    (25-07-2012 12:07 AM)neelam Wrote:  1. Sign up with LinkedIn and create a professional profile with a photo

    I am not sure LinkedIn is all that critical. Let's assume it is for a minute. How can I find you on LinkedIn? From what I can see on the site here you do not list your full name or a link to your profile on LinkedIn. There are a lot of people on LinkedIn with Neelam as part of their name.

    Your photo to be not fit for purpose. I expect a photo to be clear and mostly a head shot so I could find you in a room if we were planning to meet. The image you used is not clear and you are very distant so little detail is visible.

    Use the same photo on your professional profiles so people pick up that you are the same person on the different sites.

    (25-07-2012 12:07 AM)neelam Wrote:  2. Clearly state your objectives and be sincere about your intentions
    3. Search all the property professionals in the country and invite all of them to join your network
    4. Shortlist the contacts which you feel would be most helpful to you and send them a message outlining your requirements

    I am less interested in your intentions until I 'discovery' you through some other discussion. This means the value of the intention statement is more as a background check.

    Rather than sending people your requirements, I would start with an 'hello' message. Similar to real life where you great a person and maybe start a conversations before you hit them with your requirements.

    (25-07-2012 12:07 AM)neelam Wrote:  5. Regularly check your new connections and further connect with their connections and so on...
    6. Build on these relationships and slowly you will gain a whole network of beneficial and highly experienced property contacts who WILL help you achieve your goals

    A good plan.

    (25-07-2012 12:07 AM)neelam Wrote:  7. Your goal is to link with 500+ connections as this adds credibility to your profile

    Though I have more than 500 contacts I do not really notice what people have. I am not the most active LinkedIn user. I was a beta tester way back when as a friend is a co-founder of LinkedIn.

    What I do find it having a broad network helps when you want to search for something which you could not have anticipated months or years before.

    (25-07-2012 12:07 AM)neelam Wrote:  This is what I did 9 days ago and I have almost 300 connections most of which I will never speak with but also amongst ones which I have made some excellent relationships with. I am now working with contacts who have high net worth clients with budgets of over £75 million searching for high end deals which I am now learning how to source on the behalf of these individuals.

    Well done on getting started.

    I am not sure what to make of the searches you are doing. I just do not know enough about what you are looking for and how solid your relationships are with the investors.

    (25-07-2012 12:07 AM)neelam Wrote:  Commissions can be exponential depending on how many millions the property sought after is worth and if you can find them, then you can earn from them.

    Technically, the commissions will not be exponential. The word means something different. What is actually true is the commission as a percentage will shrink as the deal size grows.

    It is correct, that with larger deals you will earn more in total commissions even if the percentage of the deal tends to shrink when the deal size goes up. The time you invest for a large deal might be no more than the time you invest in a smaller deal.

    (25-07-2012 12:07 AM)neelam Wrote:  I am now attending a course which will enable me to acquire marketing strategies in order to find these deals to the investors' requirements.

    Which course are you taking? Is it more focused on Internet Marketing or on how to market off-line?

    (25-07-2012 12:07 AM)neelam Wrote:  Earning in this way and at the same time learning invaluable lessons about property from the pros who have been there and done it and living it, is one if the best ways to get started in property and build your way up without having to start from nowhere and without having to do it alone and without needing experience and most importantly, without needing any money!

    I agree that it makes sense to learn from others. I think you will find that you are on the traditional path in that you expect to learn what others already know. Anyone starting out will do something similar. If you are saying you are doing something unique, please explain.

    What do you mean when you say "...without needing any money!"? I would say that you will be spending money on the marketing. Are you talking about being able to be an agent and being paid a commission compared to being an investor where you would need a deposit? If so, I understand the point. If not, please explain.


    (25-07-2012 12:07 AM)neelam Wrote:  This is highly practical and workable advice which I am sharing from first hand experience that I am implementing myself and benefitting from greatly.

    I hope some tribers will try this method out and post the experiences on here so I can see if it works for others as well as it works for me.

    Neelam

    I do like how you are sharing. That will increase the rate at which you get feedback and therefore the rate at which you might learn.

    What you actually learn and how fast you accept the lessons is up to you. At least you will be exposed to alternatives and hopefully to best practice. Keep an open mind and realize that some of the advice will be in conflict as there are different strategies that will work.

    Neelam, If you find yourself in London, let me know and we can meet up.

    John
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    John Corey

    
Share your questions, learn from mistakes & crowdsource answers to your questions -> https://www.propertyfortress.com/community/
    Follow me on Twitter-> www.twitter.com/john_corey
    My blog -> www.PropertyFortress.com/blog
    RE investing discussions happening monthly in London, 2nd Tuesday of the month -> meetup.com/real-estate-advice
    John,

    Your answers just produce more questions and challenges lol and I know this is a trend of yours even though you have on several occasions offended some members on here but me, I love a challenge!

    1. Yes, you are right "Many who are doing as you indicated above are no more knowledgeable about RE than folks who are still pounding the pavement" as I said it's not what you know, it's who you know and the people who you want to get to know are sitting on LinkedIn. No debate needed for the millionaire lifestyle I listed, I personally know such people, I make it a point to hang around them so I can learn and be inspired.

    2. My success level will be measured right here. I told Vanessa that I will chart my progress here regularly so all can see what I am getting up to, how I am following up on my action plan listed and the results I achieve.

    3. I purposely didn't put my LinkedIn profile link on here as I didn't want to come across as advertising myself just to make new connections. If someone truly wants to connect with me it wouldn't take long to track me down, taking into considering my name, position, location and photo, my LinkedIn photo is a close up on the one I have on here and it is clearly obvious that it is me. Here is my profile:
    http://uk.linkedin.com/pub/neelam-jaswal/53/b69/430

    4. LinkedIn is a place to meet like minded professionals who mean serious business. I mean serious business only and will absolutely hit them with my intentions and objectives right from the start. This strategy weeds out the ones which will be no good to me and so far, it has served me well. We are not here to waste time with formalities if you want hello and how are, go to facebook and twitter.

    5. When I see a profile with 500+ connections on there I automatically want to connect with them. To me, it shows they are active and are there to make contacts and are credible as is to why so many people want to network with them. It simply looks better to have more than less. Plus the bonus is that if we set this as a target to new members they will be forced to look through as many profiles as possible and this is key to finding the connections which will help you.

    6. The commissions can be exponential. One of my contacts, who by the way is an LPA receiver and provides off market property, charges a fee of 2% for up to £50 million deals and 1% for over £50 mil. So you're right, the percentage does shrink with larger deals but work it out, what's 1% of £51mil? One of my contacts has a budget of £75 mil! exponential or not???

    7. I don't think I should give out the details of the course on here but anyone who is interested can message or email me and I can provide details. The course is this weekend and they teach us offline marketing strategies to source our own deals via various methods. I will be giving an update on this next week to share my findings.

    8. Yes, needing no money to get involved in property was meant by earning commissions as an agent which I didnt know about b4 I encountered these offers directly from my LinkedIn contacts. I am not saying this is a unique idea but these are just ideas I want to pass onto those individuals who are struggling with their goals and hang around here all day without gaining practical/doable advice. They may already have LinkedIn accounts but are not using it to their best abilities, it's something which is working for me and I want it to work for others too.

    9. Nothing about what I have said is conflicting nor will there be any harm in doing it. There is only gain here with no loss or risk to anyone.

    John, can you tell me exactly what it is that you do in property and what you aim to achieve in your career?

    Neelam

    6.
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