Gill Fielding - Wealth Company

Lettings logic

There is some good stuff in the Daily Express today about the lettings market which is picking up at the moment. This is because some people are not buying property because they think the price is going to fall and hence they can buy it cheaper later (hardly ever works that one!) and some people are convinced that it is going higher and they will never afford it. These two states of mind are caused, of course, by the crazy media who writes from one extreme to another just to sell their papers……. anyway I’ve started to ramble now.

The outcome of those two views has caused a rise in the number of people who wish to let properties as they are now not buying for themselves – and there are some strong tips in the paper about how to protect yourself in the lettings market – so have a read of that.

Two things that made me think:

One being the idea of losing money because of poor tenants. Firstly if you do all your checks properly then this is unlikely but even if you do have to boot someone out and you don’t get the rent – don’t forget that this loss is tax deductible so you can effectively get it back from the wonderful Inland Revenue!

The other was the idea of the checking in and out lists – and most of us still grapple with huge long tick lists of items, the condition of the property, marks on the wall etc when tenants move in and out.

It occurs to me that in this day and age (as my mum would say) that this ought just to be a simple video of the property with a voice over – a copy of which is given to the tenant and the landlord each time there is a swap – now wouldn’t that be easier than a long list which still leaves openings for argument when it says things like “black mark on the wall”!

Investor virtues...

Yesterday we had the seven sins, and now the seven virtues of the serious investor:

1. Patience - have the strength to wait until the deal that matches your strategy and formula arrives - it WILL come. Don't just jump in because you have itchy feet.
2. Consistency - formulate your strategy and create your wealth system - then stick to it consistently. Don't make the mistake of constantly tweaking the 'recipe'.
3. Organised - get yourself and your paperwork organised in a simple way so that it takes the minimum of time and effort.
4. Confidence - as long as you have created your wealth system on sound principles just have confidence that it will perform over time. It always has so it's most likely that it always will.
5. Courage - to believe in yourself and the wealth principles and formulas. This is often difficult as the man it the pub often knows better and will tell you that you're stupid. Don't forget that any advice you get from the man in the pub is free because it's worthless!
6. Systematic - wealth creation is purely a matter of simple principles and a systemised approach - just read or remember the story of Ray Kroc and McDonalds.
7. Generosity - I don't know of a serious wealth creator who isn't a fantastic giver as well - because that's what the Sea of Abundance does for people - it allows them to flow money in and out

And, for my 10 year old son and for you Star Wars fans out there - May the 4th be with you!