If you have not gone through Part 1 of my ‘Your Relationship with Money’ BLOG, I suggest you do that first.

Now – there are two other primary questions for which I want you to repeat the above exercise – and remember as you start to dry up – ask the question again with the same words with the word “Really” afterwards to allow your subconscious to dig deep and more internally. Here are the other two questions:

1. What is having no money?

2. What is having lots of money? Then shift the question to What is having an abundance of money?

Each of the three stages should take about 10 minutes (30 for the whole exercise).

Once you have done it – have a look at what you have written.

When I am coaching a Client on this issue I usually drill deep to find out if there are any responses that reflect some belief issues that may have literally created a BLOCK in the flow of wealth. Typical questions to ask yourself are:

What do you notice about your belief about money – are they positive or negative?

What are your beliefs about having no money?

What are your beliefs about having lots of money?

Do you have positive or negative associations with some of these questions & beliefs – IF SO – have these beliefs held you back?

What do you need to do to change these beliefs so that you are empowered?

I have a challenge for you. What are your beliefs about money? How would you describe your relationship with money?

Try this exercise – ideally do it with someone who you trust enough to challenge and push you, otherwise you will need to do it by yourself by keep repeating the questions. OK – here we go and do not underestimate the power of this exercise.

Take a blank piece of paper and write the question “What is money ?”. Now write down anything and everything that comes to mind in response to this question. As you start to slow down on what comes to mind – have the person you are working with (or ask it of yourself) – ask the question again. DO NOT vary it  – simply ask the question again What is money?

Write down anything that comes to mind – good or bad – it needs to reflect any thought, emotion, feeling, vision, second-hand experience or belief that you have about money. Everything and anything.

As you run out of steam – change the emphasis and try What is money – really?

Keep writing and then ask the question again So what is money – really? Do not hold back

The next step will follow in my next BLOG

Following a large number of enquiries about the Bridging Facility that can allow you to purchase your discounted properties with little or no money down, I have set-up a webinar for this Wednesday 16th at 7.30pm.

Date:    Wednesday 16th December

Time:   7.30pm start (60 mins approx).

If you would like to attend click below:

REGISTER FOR WEBINAR

This is an area of property investment that is rarely taught at any depth by training companies when running property investment seminars.  However, although is vital that you develop the skills of looking at property, negotiating and making the acquisition there is another major factor that influences the whole of your financial future – that is business systems. In short, you must learn how to run your property portfolio as a business.

The important thing to remember is that the reason you are developing your portfolio is, for most people, to create financial freedom & security, not to create another job.

As human beings we tend to gravitate to the areas where we are most comfortable and that we feel we are best at; and therefore somebody running their own business for the first time usually avoids all the elements of the business that they are least comfortable with.

For example the entrepreneur will go out and meet people, build great vision with others, write down their goals and the passion for building a large property business and yet when it comes to dealing with the paperwork and the administration related to mortgages and the sale or purchase of property they are not inspired and therefore try to avoid this area of the business.  However they do still operate as a manager and a technician in order to get the work done but they are less inspired.

A thought – how do you run your business at present – how can you automate it further?

There is generally a BIG fear amongst investors about Compulsory Purchase Orders(CPO) – which is where the local council decides to purchase your property because of regeneration related projects. Without doubt, when you are buying properties you certainly have to do your research – this is vital. However, you can also be in ownership of a property and then receive a CPO even though originally there was no indication that the council were looking to remove properties in your area. In some cases your street may not be included in the CPO list and then a change of strategy in the regeneration may change this situation. In my case it happened a few years back when the CPO area was extended by several streets. This included one of my BTL’s.

This is not a bad thing as long as you have kept your property in good condition..

So here is a VERY important TIP to all those property investors who currently own property that may be subject to a Compulsory Purchase Order (CPO).

When you receive notification from the local Council that they wish to initiate a CPO on your property you must engage a surveyor to act on your behalf and have the house assessed at fair market price. Your surveyor can present your case to the council to achieve the best price.

Here is the BIG one – on completion you are also eligible for:

1. Landlords Loss Allowance (other terms are used) this can be around 7.5% of the sale price.
2. Disturbance Allowance – which includes costs of valuation for another property plus all related legal costs
3. Relocation allowance.

There is a lot more to the process – but this is something your surveyor/valuer can help you with. These three allowances alone can add several thousand pounds onto the sale proceeds that you receive – CHA CHING!

The key is to always keep your property in good market condition