Week 2 of 6 and already we’ve upped our goals!
I was referred to a Darren Hardy video where he spoke about smashing your goal expectations by tripling the number in a third of the time. He posed the question to ask yourself...”it’s impossible, unless?”.
Framing the question this way makes our brain treat it as a challenge to solve a problem. Find out how that impacted me, my thoughts and also my activity levels this past week.
It’s impossible...unless?
Podcast: Play in new window | Download
Resources:
Link to The Property Voice YouTube Channel
The Property Voice Social Media Channels: Facebook ¦ Linked In ¦ Twitter ¦ Instagram ¦ YouTube
The Property Voice Meetup Page & Eventbrite Page
How to Reach Richard By Telephone
Link to the Podcast feedback survey
TPV Apprentice Programme info HERE
Today’s must do’s
Subscribe to and review the show in iTunes…and while you are at it please help us to spread the word by telling all your friends too!
Property Investor Toolkit – here is the book link on amazon.co.uk & amazon.com in case you would like to get yourself a copy to accompany this series
Transcription of the show
Week 2 of 6 and already we’ve upped our goals!
I was referred to a Darren Hardy video where he spoke about smashing your goal expectations by tripling the number in a third of the time. He posed the question to ask yourself...”it’s impossible, unless?”.
Framing the question this way makes our brain treat it as a challenge to solve a problem. Find out how that impacted me, my thoughts, and also my activity levels this past week.
It’s impossible...unless?
Property Chatter
Welcome to the property voice podcast helping you to navigate safely through the world of property investing, get the lowdown and updates, insights and outcomes on all matters property with a splash of entertainment along the way, the property voice, a voice to trust among the crowd. Now, let's get started with your host, Richard Brown.
Hello, and welcome to another episode of the property voice podcast. My name is Richard Brown. And as always, it's a pleasure to have you join me on the show again today. Well, as you know, we're in the middle of this sort of spring challenge, really, for the running towards the end of q1, the first quarter of the year by the end of March. And in this mini-series of about six weeks, I'm just going to run you through really my own little spring challenge, what I'm up to, and just share some of the progress and perhaps a couple of insights along the way. So last week, I gave a bit of an introduction. So if you haven't heard that, then perhaps you might want to revisit that just got some context and wondering what on earth am I talking about. So go to last week's episode, and you'll probably get a bit more context about what this is all about either. But essentially decided to set me a bit of a sprint goal and to go public on it. And that's the intention of this, the sharing is just to have a short shorter bursts of episodes over the next few weeks. And, and just give you some insight. So here we go. So one of the things I was looking at was increasing property assets under management, I call it POM pa you m property assets under management. And before we get into that, what is one of the members of our mastermind group who's called calm, he, he actually subscribes to the Darren daily. That's a daily video newsletter from Darren Hardy. And he often comes out with some right, you know, gems, and one of the other members of the mastermind group said that we actually leverage Carl and just wait for him to share the real gems. So Carl watches every day. And now and again, he'll share one which is an absolute gem. And in the last week, actually he Darren, Darren Hardy, rather shared, too, absolutely gems have on his newsletter, I think they're time-limited. So we put the links in there, but I think they disappear after about a week. So I'm not sure you're gonna be able to watch it back now. But essentially, we're talking about goal setting, which kind of is important, it fits into what we're talking about today. And he came up with this idea of really just, you know, lifting the lid on lifting the glass ceiling, just lifting the lid, just thinking about what is possible. And in fact, he came up with the phrase that you should write down. And I have done. And the phrase is it's impossible. Unless, and it's the word unless that gets us thinking, well hang on a minute that kind of sounds were a bit crazy. Unless, unless takes us into the possibility thinking it takes us into solution finding, it poses actually a question for our own subconscious. And in fact, if our collective consciousness is to bring answers forth. So to follow on from that, what he was basically saying, What if you actually trebled your goal or goals for the year? And not only that, because he's Darren Hardy, and he's, it's all about the challenge. What if you did it in a third of the time, I was only taking one of those, one of those factors into consideration. That's the three acts rule. And the reason I interjected with that now, and I kind of did make a note to mention it later is kind of relevant because it's fed into the numbers that I want to achieve. And so I started talking about property assets under management. And I thought my goal basically, so instead of roundabout, magic, it was about 4,000,003. Now it must have been three, three, and a half million proximately. Was my growth target in terms of property assets under management for this entire year. It's now 10. is three x is now 10 million, an increase of 10 million. And I'm asking myself, it's, it's impossible, unless So, but actually, and that unless really comes into it because I think if you don't ask the word unless then you basically just hover around your comfort zone. And so my comfort zone was probably somewhere between, I don't know, half 1,000,002 million pounds in terms of transaction size, that kind of range, maybe up to $3 million push. So that's where I was hovering. That was my mental You know, trajectory if you like that I was working on. But now if I lifted the lid, and I can see above me and I can rise up to 10 million I need to achieve this year? Well, of course, I can do that with lots of 1 million transactions, roughly 10 of them. Or I can do you know, say, you know, my maximum, as I mentioned, was about three. So maybe I'll do three of those. Well, how about this, we've actually got offers out one at 6,000,001 at seven points.
And that's what it gets you thinking a few weeks ago, I said, that's, you know, that's kind of above my paygrade. I don't think we can go for those sorts of opportunities. It's impossible, unless, well, there are a few ways in which we can actually bring those projects to bear which we've worked on internally. Part of its structure, part of its fundraising part of its mindset. And so that's where we're at. So we've got a couple of really chunky offers out, this is just in the last week, we might get non we might get one, we might get both. And it's impossible, unless, so that's where we're at with the property assets under management. And somewhat related what No, no, no goes to the I was gonna go to private financing goes, but I actually go to business acquisitions now. So we're a business partner and I are looking to acquire businesses, primarily property businesses, but primarily agency types of business. So could be listening agencies could be estate agencies could be property management companies could be bought management companies, those sorts of businesses. And I've got good news, because we completed actually, literally, we are now the brand new owners of a business in the last week. I mean, I knew about this last week, it was in flight, so to speak. But because you know, there was a bit of a holding period. And anything can happen in that holding period, I decided not to, to kind of get too far ahead of myself. But we completed that transaction. And this particular business, it's what we're actually acquiring is not an awful lot of trading history. And we're actually acquiring goodwill. And in terms of developer contacts, this is primarily aimed at overseas investments actually, overseas property investments, or second homes, I guess it could be the first home, and primarily in places like Spain, or Dubai, Greece, Cyprus, Turkey, those kinds of places. So we're acquiring the developer contacts and the international agencies, which is a different dimension, obviously. And there's a few UK context as well, in terms of developers and agents, but it's primarily overseas is what we're really acquiring there. There's a client list, there's a bit of a track record, and there's an established business, so it's got all the compliance, etc, that you might expect. So it's the first acquisition, it's an important one, it's not the biggest one we're going to do this year. But it's probably the most important one because it's the first. So that gives you the belief we can test our processes. Yes, we're dealing with frustrations of trying to assign logins and hosting and things like that on the web servers, and just we couldn't get access to the bank account. So just to verify that there's nothing untoward that's happening before we make a payment on the day of completion. There's all this kind of stuff that we realized is really going to be part of the core course rather. And here's the thing, it's impossible unless I don't know if you did listen last week, but I mentioned that we're looking to achieve collective annual turnover on acquisitions. So this is this part of the goals that I'm talking about of 1 million pounds for this year. So we want to take on enough business activity to generate at least 1 million pounds. That's what I said last week. That's what the goal was for the year. Guess what we fixed it? Of course, we have we had to then we so are now 3 million. It's impossible unless I know exactly how it's going to come about. But it will. And in fact, it will come about because we're already in conversation with another agency business, I think we might be a little bit apart in terms of expectations on the valuation, but the annual turnover of that business is I think, is to 2.5 million. So there we go. We'd have to reset the bar again, wouldn't we? If we actually landed that one. So it's impossible unless so that's one particular business we're looking at. We're looking at I've got an appointment this week with another agency business is a lettings business. It's got block management attached to it. So we're gonna have a conversation, don't know where it's going to lead to. But it's a nice business. It's been well established. It's a bit smaller than the first one I've just told you about. So you can't really move forward with these acquisitions unless you're actually talking to business owners. So that's two. Well, there's actually three, there's one we've completed, and two were in conversations one way is the last three In fact, which is that a larger one, and Then the other one, we're still fairly early stage at this point in time. So that's where we're at with the business acquisition side of it. And so both of those elements of the strategy that I'm following this year, property assets under management, business acquisition, 're going to need funding. And that brings me to the third area, which is private financing raised. So you know, there should be a, there's a collective goal of financing, generally, I'm going to talk about financing in a minute, because it's also the subject of the book of writing,
that we, we need to fund these investment activities, we don't just conjure them up, we don't just put the hands down the back of the sofa, where we have to have a financing strategy. And part of that is private financing. So we've got a think, potential revolving credit facility waiting for proof of funds on that, that's a couple of million, we've got access to another proof of funds where we can go shopping, and that thinks 13 million. I just have to remind myself, actually, my business partners got the numbers on that one. But it's double, you know, double-digit 10s of millions. So early 10s of millions, that's for sure. And then, in addition to which has a couple of private investors who have pledged 250,000, in a couple of ways to, you know, towards my business activities, all my property investing activities, I should say. So there's quite a lot going on in the private financing race. And again, it's impossible unless, so you have to think about these things in a different way. And maybe we're partnering with other people, obviously, we're giving away some of the pie to partner with other people. But the pie is pretty big now. So it works out. Okay. So you've probably caught me, I think I'm talking quite quickly. I'm quite excited by this quite energized by this, and it's going really well. And another part of the purpose of this share is it hopefully, it's giving you some things to think about and something to latch on to. But it's also giving me something to be held accountable for. And I'm not expecting people to knock on my door again, Richard, what have you done this week on your roll. So you know, we're waiting for you to share. But the very fact that I'm thinking about oh my goodness, me what I've got to do, I've got to talk to everyone, and let them know what I've actually done this week, kind of does sharpen the mind a little bit does, you know to get you off your backside and get you working. So he's helping me to, to share this information with you. But I'm, I'm energized. I'm excited about it. And that brings me really to the fourth element of once, you know, the updates I wanted to give you which is my book writing. So I'm kind of having to fit my book writing in at the weekends. I think I might have mentioned it last time. And because I'm kind of busy during the week. It doesn't mean I couldn't find time during the week. Maybe that's a mindset issue, by the way. But what I've decided I'm going to write Saturday, Sunday mornings. And then having said that, and that's my plan, both Saturday morning and Sunday morning this week were trashed. I just couldn't I got a blade. I had a commitment I had to go to I think I squeezed about an hour in or Saturday morning. And then Sunday, I got completely sidetracked I've got a bit of a challenging situation on one of my developments. a contractor is holding those things I'm finding out about them. They say that and I decided to spend a Sunday doing some research. And it's a bit of a time but you know, I think I've got my ducks in a row if you like on that one there. So that kind of killed the Sunday morning right time as well. But here's the thing, I've made the commitment. And I, you know, committed to writing every single weekend. And so I found time during the rest of the day. And I caught up if you like I write between five and six hours, that's my plan, right between five and six hours over the weekend, and try and get as many words down as possible. And so the book is on property financing. Then I was just last week, I couldn't remember all the numbers. So I just had a little look before I came on to share with you. And at the moment, there's an outline of 16 chapters that might change if just looking at some of the numbers, there's
a fairly uneven distribution there. So maybe there's a temptation to split out a couple of chapters into another search notionally 16 chapters, it was gonna be notionally 50,000 words, and 10 just that the update as of now 10 chapters have been drafted so far. And the total word count of those 10 chapters is 39,000. So I wrote nearly 6000 words over this weekend. And that's squeezing the time in during the rest of the weekend. So even when the footy was on I was there with the laptop and trying to get some things down. Not sure how good that chapter is gonna be maybe I'll have to revisit it and make sure it reads okay. So there's the commitment level. There's the flexibility and you know, to make sure it gets done even if you get blown off course and I'm Got my target, which is 50,000 words written by the end of March. So what is that roughly two-thirds of the way through 39,000 words written around about two-thirds of the way through the course? So I'm kind of you know, going to be thereabouts only about roughly 10,000 more words to write. But if I'm writing an average of, well, this, I'm not sure it's an average finish, but five, say 5000 words a weekend, then it should be getting 50,000 in the next couple of weekends, which is going to be good. And there's this. Whenever you write a book, there's the easy part. And the hard part. The right thing isn't necessarily the hardest part. And there's, there's all the other stuff that goes with it. So for example, you know, putting together appendices, case studies, you know, the details that you just need to put into the book, there's obviously the promotional elements of it as well, there's the design, there's the proofreading, there's the research before you start tapping away on the laptop, there's a lot of research that you need to put into it before you actually put it onto the, into the sounds of paper, but we don't rely on paper anymore. So there's a lot involved. So anyway, there we go. I'm really pleased to be able to report call it significant progress. Actually, I'm pretty surprised myself that in one week, I've got that much to share with you. So let's see what happens this week. Clearly, I'm was a clearly I'm supposed to have already started. The week is Monday, the deadline day, of course, for the podcast. So let's see what happens during the course of this week. And let's hope I've got something exciting to update you on next week as well. There we go. So that's the main part of the share. One of the things I keep forgetting to say this, but the proxy voice apprentice program is due to start this month. And so I've got at least one seat open for that at the moment. And a couple of people I'm talking to, but it could be you, it could be you. So if that's something of interest to you, or whatever it is that Richard has never heard of causes Automat, there's something on our website about it thepropertyvoice.net, you can drop me an email. But basically, it's a 100-day program pretty immersive, but you need about five hours a week. It's a mixture of one-to-ones with myself and the lovely Sue, who we call a softy Sue, but she, she hits you between the eyes that say that with some of the content that she shares, some group work, there is a community element to it. And we're really just taking you you know, through developing this sort of sustainable business plan in a very holistic way. Our model is quite different. It's not just all about property. It's not just about business, we also look at, you know, lifestyle, we look at mindset, we look at, you know, various other elements to the whole person. And so that's just in a nutshell what the program is. But you'll find more information on the website, you can obviously reach out to me, and here's how you can email me personally podcast at thepropertyvoice.net. And I'd be delighted to hear from you about that. Time is short because we need to get that launch. So if you're thinking about it, then don't hesitate. So that's that and I think yeah, that's about it. I guess the show notes are going to be over the website, thepropertyvoice.net but for now, in this short. Thanks very much for listening, and until next time on the property voice podcast.
Thank you for listening today. Now head over to thepropertyvoice.net. For more inspirational content and get updates through our mailing list. Join us next time on the property boys podcast. And if you enjoyed the show, please don't forget to rate us on iTunes.