A is for ATTITUDE

A positive, can do, attitude is more important than anything.

=======================

B is for BMV.

If you source Below Market Value properties, you can finance the entire purchase including costs. There is no limit to the amount of properties that you can obtain when you are not restricted by the size of your bank account.

=======================

C is for Caring.

People don’t care how much you know, until they know how much you care.

Genuinely learn to relate to people in difficult situations. Do all you can to support them and make sure that the deals you do benefit all.

In this way, all the forces of your mind, and the universe conspire to support your business.

You also get recommendations and referrals.

=======================

D is for Damage,

Don’t be put off by damage in houses.

Learn your business and the damage becomes a good thing because:

1) It is hard for them to sell elsewhere.
2) It reduces the Purchase Price that you will pay for the property.
3) It is usually much cheaper to get fixed than people think.
4) When repaired you can refinance/ sell and release much more cash than you spent on repairs.

=======================

E is for Enthusiasm

The book “Enthusiasm makes the difference”, by Norman Vincent Peale, explains that people who tap into their enthusiasm and energy resources achieve much more, and attract much more success than people who remain uninspired or underdeveloped.
Learn to turn your enthusiasm tap up.
Use motivational music, books, smiling practise, prayers, shouting goals, reading affirmations, kissing pictures of your children. Anything that motivates you is a treasure that will help you achieve much more than those other, less enthusiastic people, operating in the same field as you.

=======================

F is for Finish

Finish what you start.
Complete everything that you start.
If you try to help a vendor, see it through to the end.
Seek closure on all aspects of your property business and of your life.
Do not abandon a “maybe”, just because a “definite” comes along. Complete your projects, no unfinished business.
This helps towards peace of mind, clarity and reputation building.

=======================

G is for Go For It

Go for it.
Seize the opportunity now; do not wait for everything to fall into place or for circumstances to be perfect, they never will be.
Make hay while the sun shines and remember what Mr Motivator says- “The sun is always gonna be shining in your life”

=======================

H is for Hidden

Look for the diamond or gold nuggett that is very slightly hidden from view.
Many investors and most traditional investors miss the hidden feature that makes a deal possible.
It is easy to be in a hurry to get to the next deal that we run pass the sparkling stone in our path. If we pause and breath deep, maybe dig a bit, there it is, our diamond, our deal.
(Big Respect to Russell Conwell, Acres of Diamonds)

=======================

I is for Information

The most crucial part of the property business is accurate information.
Use Nethouseprices, rightmove, google, electoral roll, land registry, upmystreet, homecheck, hometrack, fairrents etc to assist you in analysing new leads and possibly finding your own, new, opportunities.

=======================

J is for Journey.

It has been said that success is a journey, not a destination.
We are also taught that if you cannot enjoy the journey, you will not have learnt how to enjoy the destination.
Sometimes, it is easy to want everything instantly, we expect instant results and “This time next year”.
It is fair to say that many people achieve tremendous success in property, in a short time period.
It is also clear, however, that many of us need to grow and develop at the same time as developing our business.
Enjoy that journey, be patient with yourself and give yourself the time and support that you need.

At the end of the day, we do not need to get rich quick as a matter of life and death.
If you get rich, in your lifetime, that is quicker than 96% of other people who never achieve dreams and success beyond the average.
Build your castle on solid foundations and solid principles and you will enjoy the journey.

=======================

K is for Keys,

It is a wonderful feeling, everytime you get keys to your new properties. It is a good feeling that doesn’t seem to lessen with time or frequency.
Just for a bit of extra specialness, you can pay extra when cutting keys and go for those Phunkeys that have flags, smileys or bright patterns on.
Also remember small luggage tags, label all your keys with a code, not with addresses, for security reasons.

=======================

L is for Loan

The pivotal part of the property business is our attitude to loans and finance.
We must lose any fears we may have of professional finance and understand that it is necessary if we are to build a substantial business.
It is important to mitigate risks by building suitable rental profit and buffers in case of interest rate rises, but there will always be a risk nonetheless.
Use the full range of available loans and finance to your advantage when looking to move on in property.

=======================

M is for Metrics

Vanish Patel, the brilliant human being and property genius, says
“A business is not a business without metrics”
When explaining further, Vanish teaches us that metrics are the measuring sticks that you can use to analyse the results that you are getting.
You can then develop systems and skills to improve your results.
For example:
2 months = 50,000 Leaflets = 25 Phone Calls = 5 visits = 2 Deals  OR
1 month = 25 leads = 5 visits = 2 deals = etc etc
If you have lots and lots of information, you can accurately predict results.
For example for a given marketing spend, in a given sector, in a certain area, you can guarantee 2 completions.
You can predict your income this way and your rate of growth.
Statistically, anything is predicable in big numbers.
Vanish says “know your metrics”
“How much does it cost you, to get the phone to ring?”

=======================

N is for Network

Property is a people business more than it is a property business.

Network frequently, in person, on the phone and on forums such as this one.

The more you network, the more you grow and learn.

The more familiar you become to others, the more likely they are to pass you leads or ask for you to Joint Venture.
Likewise, you will have a group of investors and friends that you can pass things too.

The overall rewards are tremendous.

The benefits of associating with like-minded people far out way those physical inconveniences that often make networking difficult.

The mastermind principle, discussed so well in Napoleon Hill’s book “Think and Grow Rich”, really shows through at the regular networking events.

I see these groups as matchsticks, where you could break one matchstick easily, but put 5 or 6 together and you cannot break them.

=======================

O is for Offer

Know your price range, but allow the other person to tell you what they want.  Learn your figures and learn to get good at negotiating.
Practise with friends and family.
Learn from your children, they are superb negotiators- “Can I have a sweet/toy/dress, Mummy?” HEAD NODDING as they ask. You have to nod too. If you hesitate, they are unphased. “I have been really good, I have done my homework, I tidied like you said, I love you mummy. If you say just one they will say “one packet?” you say “one sweet”, “hmm is three sweets ok”? You know what I mean
Or great practise, 2 friends go to the bootsale with £20 on a Sunday, you have a goal to buy £30 - £40 worth of stuff with the £20 but you have to haggle. (Cont.d)
Just do it, you don’t know these people anyway, push through your fear and have fun with it.
“How much is this vase, mate?”
“That’s a fiver, it’s pretty old”
“Oh, it is lovely, I was thinking of getting it for my Aunty, would you take a pound for it?”
etc
Whoever gets the biggest discount from asking price wins, the other person buys lunch.

In negotiation, whoever mentions a price first usually loses, so let the other side open negotiations and move from there.

Enjoy the offering process, it is not too dissimilar to negotiating the price of Barbie dolls or ARP helmets at the boot sale.

=======================

P is for Percentages.

Just as we need skills with people for this business, we also need skill with numbers.

Percentages are probably the most important numbers you need to learn.

Perhaps carry a small calculator in your pocket and practise percentages, whenever the thought comes into your head.

We need to know our chosen %BMV, our available interest rates for fixed and variable borrowing, our rental cover % etc.

Learn your numbers and Practise, Practise.

When an opportunity appears, perhaps on a screen somewhere, or as a message on your phone, you will be aware, within a minute or two what the potential is, or isn’t.

You will also inspire confidence in vendors and other investors, when you are professional and have developed a head for the figures- When you know your percentages.

=======================

Q is for Question

Questions are the key to securing deals in property and by questioning everything, we move forward.

When we speak to vendors, we don’t spend ages talking about us, we question.

By questioning politely, we can listen, we can sincerely care, and we can transport ourselves into that person’s life for a brief moment and get a picture of their situation. By information gathering in this way, we know the best way to approach a potential deal.

We have all heard about how we have 2 ears and one mouth and about the importance of listening. Many people never ever have someone sincerely stop to listen to them. People are in too much of a hurry, slow down. Ask a question and let them answer, and then let them keep talking. If on the mobile, they might say “are you still there?” just tell them, “Yes, I am listening”. Friend for life.

Bear in mind that questioning is not rapid fire, interrogation, but it is information gathering so you can build a whole picture of person, property, predicament.

Good Book “Questions are the Answers” by Allan Pease.

=======================

R is for relationships

We have discussed how the property business revolves around the people in it, but this R refers to our personal relationships.

These can often be put to one side, when we are excitedly pursuing new goals.

Nevermind, I will be blunt and sharp, I will deal with that issue later, I am in a hurry, you are not important right now, I am in work mode, I am trying to concentrate, I have too much to do, I am busy, I can’t think of all that namby pamby stuff at the moment

However the love from our family and the strength we draw from those we are closest to, is very worthy of having time set aside for.

It is important to invest emotional energy nurturing and sustaining these relationships.

If they ever go wrong or develop problems it impacts on everything. Most of us already know that is nearly impossible to stay positive or continue chasing our dreams if our relationships are in tatters around us.

We use people skills with others; use them on your close relationships too.

We make many allowances for other human beings; make those same allowances in our close relationships too.

We offer support, encouragement and patience to many people we deal with, offer those same benefits within your close relationships too.

After all, these are the people we want to enjoy spending our early retirement and financial freedom with, aren’t they?

=======================

S is for Save

When you earn money, it is very important to save money too.
This is actually critical when developing a property business.
We mentioned earlier about positive rental cash flow and the importance of building in a buffer in case of interest rate rises. We do need to grow our savings alongside this. This will support us in the event of unforeseen circumstances, maybe void periods or emergency repairs.
It is even more important when we are building a rent-back portfolio. No one wants to be like that lady on watchdog, who is having her rent-back properties repossessed. I am sure that she didn’t start out with the intention of not paying the mortgages. It certainly isn’t right, or fair, for a couple who are paying rent on time, to face eviction because of tenants elsewhere in the portfolio, who were not paying their rent.
This is where your savings will step in and save the day.
Superman? No it’s SuperSavings!

=======================

T is for Time Management

There have been some very useful threads posted here, on time management and scheduling necessary activities.
It is certainly apparent that successful property entrepreneurs have well developed ways for managing their tasks and time.

Simple systems can make a massive difference, like:

1) Keeping a diary, keeping it with you.

2) Synchronising your diary with your home or spouses calendar, so nothing is missed.

3) Keeping a to do list, updating it and freeing your mind.

4) Timing your tasks, imagine that you are a solicitor billing your time spend on each file. Know how long it takes you, on average to analyse a deal, prepare for survey, draft tenancy docs, sign paperwork or make certain types of phone calls.

5) Keep your peak time for peak time jobs, use your downtime for downtime jobs.

If you do not control your time, then a lack of time will always control you.

=======================

U is for University

This is your university. Right here, right now.
You are doing a degree course in property acquisition.

The degree course is a 2 -3 year programme with a degree in financial freedom at the end.

Everything we need to learn is available on here or the early pages of www.singingpig.co.uk.

We should spend a minimum of 2 hours a day studying initially and continue with this programme of study whilst we go out into the field for the practical parts of our course. (meeting vendors, EA’s, Brokers etc)

We should be buying course materials each month, including Parmdeep’s Course, Dr Coote’s course, Jim Haliburton’s HMO Course, Ranjan’s Course, Greg Jackson’s BMV Course, Glenn Armstrong course materials etc

Our homework includes carrying out the various activities stated in the books and often includes further research.

We need to network with our “professors” at least once or twice each month to discuss our progress, if necessary they will give us some pointers.

I look forward to seeing you all on graduation day!

=======================

V is for Versatile

Sometimes we can all get, unnecessarily, set in our ways.

It is good practice to try and “reboot” to look at a situation as if it was brand new, and you had not looked at it before.

Perhaps seeing new opportunities and new experiences in that new view.

Susan Jeffers says in her superb book “End the Struggle” that we need to get used to dancing on a shifting carpet.

I think she is absolutely right, sometimes change, or new ideas, are not what we want at all.

Sometimes it seems like we just get used to something and that carpet is ripped right out from under us again.

Sometimes, nowadays, we just start doing something and it changes before we even learn how to do it.

This is where Versatility comes to the fore.
If we learn core skills and strategies, they benefit us in all areas of our property business.

What if government regulates, or competition increases, or this happens or that terrible thing happens?

We will see a hidden opportunity, we have learned to develop, and work hard to sustain, solid relationships, a wealth of property knowledge, time management and people skills, a good understanding of finance and percentages, the ability to listen and question as well as a solid network of friends and associates.

That network will keep moving forward, together, whatever happens, with versatility.

=======================

W is for Willing

Are you willing to do it?

Willing to do what?

Whatever it takes!

Taking into account, what we have spoken about so far, are you willing to pay the price to achieve success in the property business?

It is a balancing act, it is not always fun, sometimes going the extra mile is not a choice, it is expected.

Being a business owner is tough, are you willing to pay the price?

Consider these quotes:

You can pay the price for success, or you will pay the price for failure.

I will do today what others will not, so I can live tomorrow as others cannot.

Are you willing?

=======================

X is for Xmas

I don’t know about you, but when I had a job, none of them wanted me to take 4 weeks holiday around Xmas.

Picture this with me for a while:

Wouldn’t it be great when the property portfolio is built and you can say, “we are closed for two weeks before, and two weeks after Christmas.”

No more last minute Christmas shopping, fighting your way through queues of people.
If you want to, just pop over for Christmas shopping to New York, Paris, or Berlin, no tight budgets, plenty of free time.

No more worries in case the phone or pager rings on Boxing Day because you are on call.

No more having to justify which days you want to spend with your family, instead of your boss.

How about 2 weeks in Disney Florida for Christmas? Or a Christmas Cruise?

Or a quiet Christmas at home, with complete peace of mind.
This is the last Christmas that we ever have to worry about money again.
No more of that “I’m still paying for Christmas” in February.

No, let’s imagine Christmas night, our perfect Christmas, this has been our best Christmas ever.

You know why? Because, sitting in the comfy warm chair, our favourite drink in our hands, we suddenly realise, we are in control of our lives.

For the first time, in what seems to be a lifetime of background fear, the fear has gone.

The bank account has two years living expenses in; we get by on an income of about £10Kpcm. Sometimes we supplement this with a property sale, (thanks GB for lowering CGT).

What are your dreams, what will your Christmas be like in 2010?

=======================

Y is for Yes

Say Yes to yourself.

Say Yes to your dreams.

Say Yes to a better life for you, and for those you care about.

Why not you?

Are the high achievers better looking than you?
NO
Are they cleverer?
NO
Did they start with more money than you?
Probably not, in fact many of the most successful BMV investors start with low income and lots of debt.

All they did different was learnt techniques, applied what worked and didn’t let anything negative hold them back.

Today, just a couple of years later and we have so many resources available to us.

We have no excuses now.

You see there are some vendors who will relate, only to you.
They will look in your eyes and think “yes, I want to deal with that person.” They might not sell to me, or Vanish Patel, or Glenn Armstrong, but you; yes I will sell to you.

Each one of us can make a difference in a vendor’s life, and make serious money at the same time- That’s Win/Win.

Say YES to your unfolding future, Say YES to a better life, Say YES to your dreams! Les Brown

=======================

Z is for Zero.

Zero, the amount you pay for each property when you do a No Money Down deal.

When you do enough of these, then you get….

A bank statement with loads of Zeros and a number in front of it.

When would you like your bank account to say ?
£10,000 credit
£20,000 credit
£50,000 credit
£100,000 credit
£250,000 credit
£500,000 credit
£1,000,000 credit
£5,000,000 credit

Some people want ZERO to be the balance on their personal mortgage, what do you want?
What does ZERO mean to you?

The more Zero money down deals you do, the more those Zeros can work for you.

Oh and Z is for ZZZZZZZZZZ Goodnight!

======================

If you would like to work with The Mortgage Rescue Network as a  property buyer, a private funder, an MRN area manager, a repossession stopper, a lead qualifier or in any other capacity please email Phil@MortgageRescueNetwork.com

The ABC of BMV copyright © Philip Henry Martin 2007 all rights reserved. Mortgage Rescue Network name and logos © Mortgage Rescue Network Ltd 2007, 2008 Registered Office : 25 Long Ayres, Caldecotte, Milton Keynes. MK7 8HF. Registered Company Num 5324497.