Manage episode 268309034 series 2342628
If you’ve ever wondered ‘just how successful can I really be in property’ then listen in to today’s episode, as Kevin is joined by Jeanette Linfoot, who attended a progressive property event and is also a member of the VIP programme and has managed to create a successful and lucrative property business. Together they discuss the benefits of mentorship, researching your local area and sourcing the right members of your property team and how your business skills from previous jobs can be transferred to make your property business a success.
- If you are going to invest in property and create a property business/portfolio make sure you focus on it and don’t just dabble. To enable to create a large property business it is beneficial to have ongoing support by signing up for a VIP package with progressive which allows you to have ongoing mentorship and support.
- The support from Progressive can offer you so much such as the technical aspects of buying and refurbishing the property and approaching it in the right way, in particular on optimizing your cash position and how you can be clever with recycling your cash and refinancing. The VIP programme also offers a certain level of accountability and knowing that if you’ve invested in your education/mentorship programme, you want to ensure you are getting your value for money and continuing to progress.
- It is important to research the area you wish to start buying properties in by learning the demographics and the property statistics of your chosen area. Once you have done this you need to identify key people you will need in your teams as well as identifying and highlighting your key strengths and skills that can be added to your property business team, you may need to source a great lettings agent, broker and tax accountant.
- For anybody that is wondering what will be right for their own journey, it is recommended to spend a bit of time in terms of what are you trying to get out of it? This may be cash flow to allow them to quit their jobs, others may want the equity growth or perhaps a bit of both.
- There are adjacent skills and experiences that I think transfer across different business sectors anyway, and sometimes people don’t always realise that.”When you start out in property you might be doing a job that is totally unrelated and thinks that you have no skills in the industry whereas actually if you take a step back, you have got lots of transferable skills.
- If you’re looking to get into property don’t procrastinate you need to make a start and don’t worry about it all being perfect, it will come together. Secondly, get out there and meet like-minded people that will support you throughout your journey. Finally, know your numbers and create a simple plan that will help guide you through in terms of what you are trying to achieve.
“If you’re going to be serious about this, and investing hundreds of thousands or even millions of pounds in your property business you need to have spent a bit of time on the ground.”
“Spend the time and the effort upfront to get your relationships set up if you go running out the block too fast and you’ve not got that in place, then it can be more difficult and you will probably make a few more mistakes along the way.”
“Everyones different, you need to think about what is the right schedule for you but definitely allocate dedicated time.”
“You can read and research as much as you want but ultimately you have to do something.”
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ABOUT THE GUEST
Jeannette Linfoot is a highly regarded senior executive, property investor, board advisor and business mentor with over 25 years of global professional business experience across the travel, leisure, hospitality and property sectors. Having bought, ran and sold businesses all over the world, Jeannette now has a portfolio of her own businesses and also advises and mentors other business leaders to drive forward their strategies as well as their own personal development.
Jeannette is a down to earth leader, a passionate champion for diversity & inclusion and a huge advocate of nurturing talent so every person can unleash their full potential and live their dreams.
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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