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Resources mentioned
Property Deal Tips & How to Reach me By Telephone
Link to the Podcast feedback survey
Rupal Patel’s email address rupal@blueinfinyproperty.com Blue Infinity Property Group website
Tim Ferriss TED Talk with his Fear-setting exercise
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!
Send in your property stories, questions or moans to podcast@thepropertyvoice.net and we will try and feature YOU on the show too!
#PropTech: A guide to how property technology is changing how we live, work and invest – a link to the latest book.
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
Get talking!
Join in the discussion, either here in the comments section below, or by emailing us at podcast@thepropertyvoice.net
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Transcription of the show
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.
Today, Helen and I are joined on the show by native New Yorker and now UK-based property investor, developer and emerging educator Rupal Patel from Blue Infinity Property Group.
Basically, the discussion is jam-packed with gems and nuggets of wisdom, so let’s just dive right into that now.
Property Chatter
Discussion between Rupal, Richard & Helen (transcription to follow).
Financial independence drummed in around the family dinner table coming from a family that owned some residential and commercial properties. First pay cheque at age sixteen with 50% retirement account and 50% given to charity! Foundational lessons of saving and giving back.
No credit card/consumer debt, live within means. Knowing the difference between good debt and bad debt, not all debt is created equal. Max out retirement contribution. Never rely on the Government or on a single source of income either, so diversify your income and not rely on other people.
Started with a single let DIY refurb, managed to keep the relationship in tact in the process! Decided to use experts and tradespeople going forward. Valuing and protecting our time but now have some experience of what’s involved in undertaking a project.
Addressed property as a business with intention of making it a full-time occupation to replace income. Cashflow was priority, so HMOs became the strategy of choice after the first single-let. Diverted into rent-to-rent HMOs as HMO purchases were not stacking up commercially. Then flat conversions and finally into new build & development as well as training and mentoring income streams.
Pressure to conform to business and society norms of a corporate career and choose property instead. Perhaps created a lack of identity or confidence even? Challenge as an independent woman used to being financial independence, became dependent on husband initially. But used this as a driver to succeed.
Realised that always worked on highly alpha and highly male dominated industries – often the only woman in the room, and certainly the only woman if colour in the room. Fuelled to become a role model in property.
Be well-prepared and good at what you do as a way to disarm people. Perhaps more so than a male counterpart, just a reality to deal with, but don’t let that hold you back. Know names of parts, tools and techniques makes it harder to be dismissed. Faith in myself, be prepared and then take yourself seriously. Being prepared also breeds confidence.
Principles and values
Won’t rent or sell a property not prepared to live in ourselves. Our physical environment impacts a large part of our lives. Will make an additional investment to uphold this in reality and with clear conscience. Communicating standards and principles made things easier to determine who to work with and who not to. Also leads to brand and reputation as a reflection of ourselves.
Difference between 3-star and 5-stat is a 1,000 little details.
Summarised as an attitude of excellence perhaps?
Are women better homemakers for themselves and others? Gender bias does exist both ways!
Mishaps and failure.
Being a people-pleaser meant struggled to have difficult conversations. Have people perform against a standard, measure against that and then have the difficult conversations and hold people accountable.
Responsibility rests with us, no matter what the other person did. Now saves hassle, stress and avoids disaster.
Market insights
UK has a critical housing shortage, which wont be fixed any time soon. Long-term, macro-economics means it will be OK for the long-term, regardless of short-term fluctuations. The general trajectory is upwards. Property never goes down to zero. Downturns and saturation happen in all industries. Keep on top of things and then ‘just be better’. Be adaptable to change.
Words of advice
Starting out, women can be more risk averse than men. So, list out what the risks are and then how you would address these concerns or risk. Find a way through that’s right and authentic for you personally with a plan and perhaps with support from someone that can help you. A job is not totally devoid of risk after all.
Woman up! Be that person or role model for someone else…it is your duty to be a role model for others. Be somebody’s ‘shero’. Nobody does this in a vacuum.
Go slow to grow fast. Have solid foundations in place so that when you grow it won’t take you to breaking point. Stretched but not broken. Steady progression in how they progressed.
I really enjoyed our chat and if you want to connect with Rupal, then make sure you email her at rupal@blueinfinityproperty.com – she is generous with time and offer to help and support, but be ready to take action ideally as that’s what she likes the most. Finally, she has a new focus on training and education, which launces in April…
OK, so that’s all for this week. If you want to talk about anything from today’s show, or just talk property investing more generally, email me at podcast@thepropertyvoice.net, I would be happy to hear from you! The show notes can be found at our website www.thepropertyvoice.net
All that is left to say, is thank you very much for listening once again this week and until next time on The Property Voice Podcast…it’s ciao-ciao.