The Progressive Property Podcast Mentors Matter; Tips to Investing in Property Properly With David Rumford!
In today’s episode, Peter discusses the value of mentors, the need for property education and why succeeding in property is simple when you surround yourself with the right people with the right knowledge. Join Peter and David as they bring you vital tips to growing your property portfolio and how you too, can become a Progressive Property Investor.
KEY TAKEAWAYS
- Partnership and teamwork. As a starter in the progressive property, you should always look for a person who you can work with side by side and who you can invest with. This helps a lot because you end up making a well-informed decision because you discuss with your partner before making the decision.
- Mentorship. For you to succeed in dealing with properties, you should always have a mentor by your side so that he or she can advise you on things that you are doing in the property investment. Have a mentor who has good information or background or is dealing with properties.
- In properties, you can also do commercial conversions. You can convert a commercial premise and turn it to a resident and start dealing in properties now.
- Confidence. These require someone with the confidence to even go ahead quitting the job in order to join the property community and start dealing with properties. This is a trait to achieve success in dealing with properties.
- Education and knowledge. The background of success in properties is getting the right education and using it in the right way. Always have the knowledge behind everything that you want to do.
- Advertisement. This is the process of providing information to the community so that they can be your customers.
- Joint venture. For you to have success in your property deals, you should always look for a joint venture because you share the funding and when the business doesn’t succeed, you also share the losses together.
- You should not have a ceiling to what you want to achieve. If you want to do commercial conversions, it's really great to have an initial base in property, try and do something first.
BEST MOMENTS
- “You have to find out what you enjoy doing.”
- “Having partners in your business always keeps you on your toes.”
- "The road is not always easy, you should expect ups and downs in your business life,"
- “In these uncertain times, it's good to have a mix of different finance models.”
- “If you have a certain amount to go into a project don't go and think of putting this into the project, think of holding that back because you'd be surprised how many different things could go wrong in a project.”
- “If your heart's not in it, don't do it because it will always come crashing down. Do something that you believe you in and you really enjoy.”
VALUABLE RESOURCES
ABOUT THE GUEST
David Rumford is in progressive property community. He started dealing in properties in 2010. He now relocated to Peterborough to invest and be closer to Progressive’s training. He has spent about 15 years in the corporate world before joining the property community working in logistics.
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ABOUT THE HOST
Peter Jones is a Chartered Surveyor, an author and a serial buy-to-let property investor. He has been involved in property for over 35 years and now owns 78 letting units. He is still actively involved in buying and renovating the property, and regularly flips properties for profit. Peter has written a number of successful property books. The first, An Insider’s Guide to Successful Property Investing, was first published in 2000 and was one, if not the very first, the book of its kind which was written for what we'd now call buy-to-let investors.
On the back of its success, he was invited to be a guest writer for Property Secrets and wrote Spanish Property Secrets, French Property Secrets, and Portugal Property Secrets. He has since written a number of other successful titles dealing with UK investing including 63 Common Defects in Investment Property and How to Spot Them, the highly acclaimed The Successful Property Investor’s Strategy Workshop and The Property Renovator’s Workshop, in which Peter describes step-by-step how he built his own property portfolio, starting with virtually none of his own money.
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