Average Landlord to Property Millionaire Entrepreneur

Average landlord to property millionaire entrepreneur? Is that even possible? Yes, it is!

  • You don’t go from average landlord to property millionaire entrepreneur by accident
  • You must take 5 really important “mindset steps”

Disclosure: Some of the links in this post or on this website may be affiliate links and if you go through them to make a purchase I will earn a commission. I only link to products or companies I consider to be of quality.

A “property millionaire entrepreneur” is an entrepreneur owning property assets worth £1 million or more.  

Have you ever wondered what are the special skills and resources  needed to jump from being an average landlord to a property millionaire entrepreneur?

Perhaps you are worried that you are not property entrepreneur material, don’t have the missing ingredients…and will never find them.

The great thing is there is no elusive magical key which is a needle in a haystack.

You can get there by identifying and actioning the 5 readily accessible “mindset practices” which make the difference between “average” and “special”.

This blog reveals those 5 mindset practices or steps:

1. Prepare a killer property plan

2. Drown your fears

3. Be an investor not a gambler

4. Never run short of cash

5. Accept no limits

1. Prepare a killer property plan

All good things start with a plan – and before the plan is a goal or objective.

To achieve great things in property, as with anything, set your sights high – reach for the stars.

If you want to be a property millionaire entrepreneur, you should start by identifying your clear and realistic goal.

Write it down, put a figure to it and allocate a timescale for its achievement.

Choose the property strategies which will best attain your goal.

Make your plan comprehensive, realistic and straightforward. Break it down into manageable steps or stages.

Review and amend it as required at every corner, without sentiment or fear.

Appoint as your “accountability partner” someone who has successfully carried out the property strategies you intend to pursue. Look for someone who can authoritatively assess your business decisions and actions. Find someone able to effectively analyse your progress, helping you to make effective changes to your plan where required.   

2. Drown your fears

Fear takes many forms and we are all masters at hiding it. How many times have you heard someone, or worst still, yourself, saying fear-driven things like:

“I am not interested in doing anything big, just a few properties to supplement my pension…”

“I am not trying to build an empire, my day job takes too much of my time for that…”

Yes, what’s happening here is people are getting in their excuses first.

Fear is not a crime or culpable. It is natural and sensible. However, it is a weakness which is only rarely excusable.

Fear prevents failure; if you never do something, you can never get it wrong.

To achieve property millionaire success, indeed any success, you have to slam-dunk drown your fears.

Whatever the hurdle you face in your property journey, you need to find a way to surmount it. Turning back or walking away should never be an option.

Remember that you can overcome fears easier with the support of others. Build a frightening power team of skilled and knowledgeable experts and specialists to support you at every stage.     

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3. Be an investor not a gambler

The move from average investor to property millionaire entrepreneur is a quantum leap.

The average investor has assets of relatively modest value; the property millionaire entrepreneur is comfortably in the millionaire league. 

To get to that millionaire status, the average investor needs to grow the value of their capital assets to the magic seven figures and beyond.

That is not easy and neither is it fast. In fact, the growth of property values is usually very slow, especially if the property is “standing still” by providing a roof for tenants. 

If you are an average investor and looking to upscale to millionaire status, the urge to turbo-boost growth can be overwhelming. To accelerate growth, you need to  add  substantial value by “forcing appreciation”. 

Cutting corners

You may be tempted to try and cut corners, basically to gamble on growth by taking dangerous risks.

That is the last thing you should do. You always need to favour being an investor rather than a gambler.

An investor looks to make the best choices most likely to succeed, even if the payoff  seems likely to be slow or unexceptional.

The gambler is always chasing after amazing outcomes, oblivious or dismissive of the potentially fatal risks.

Examples of gambling litter the property landscape and include:

  • Buying properties with modest rental return – where an unexpected increase in interest rates could mean rents are not enough to cover mortgage payments
  • Taking on an expensive development – even though the profit margin is too low, and without an adequate plan B to cover shortfalls or losses
  • Making over-optimistic assumptions about any property variable – such as the grant of planning permission, the length of time building works will take to finish or the sale price of finished units. 
  • Embarking on any property strategy – where you lack the time, money,  knowledge, experience or expertise to execute it successfully.

Car crash

In the end, if you persist with your gambling, there can only be one outcome – a terminal financial car crash where you don’t walk away from the wreckage.

As an investor, as opposed to a gambler, you will prefer highly researched, careful well-considered decisions, backed up by the advice and assistance of relevant experts and specialists at every stage. 

4. Never run short of cash

Shortage of cash to pay running costs is one of the biggest killers of businesses.

That is no different with a property business where there may be plenty of mortgages, loans and contractors to pay.

It is good practice to always have a reserve for all anticipated expenditure at any one time, and a reserve equal to 30% of the expected spending is not over-kill. 

Having such a generous reserve should mean your chances of not being able to pay a liability are slim.

Unless you’re negligent with your calculations, you should not run out of cash.

Operating on inadequate reserves is another example of gambling rather than investing.

As well as holding healthy reserves, you should also have a plan to deal with insufficient reserves. 

You should have one and preferably two realistic plans to obtain alternative sources of cash to pay your bills.

All this may seem over-cautious. However, it will seem smart if you ever face business termination on account of not being able to pay a liability. 

Property coach module

5. Accept no limits

Aiming for the upper echelons of business is definitely a risky business.

However, if you are too cautious, too gripped by fear, your progress may be so slow you end up going backwards.

It is true that nothing ventured means nothing gained. Fortune really does favour the brave.

But you need to strike a balance between super safe investment decisions, which move you forward at snail’s pace, and the pursuit of strategies with higher than normal risk but with the payoff of higher than normal returns.

Property millionaire entrepreneurs accept no limits to how far or wide they will grow.

Therefore, they will slam-dunk fear which feeds ordinariness and mediocrity. However, recklessness is never part of their lexicon.

Conclusion

Follow the 5 mindset practices to put yourself in the property millionaire entrepreneur league. Stay in the league by following the principles throughout your business life.  

Remember too that there are other mindset principles that can impact on your ultimate success or failure, notably:

  • What you give is what you get
  • Be careful who you jump into bed with
  • Bad things always happen
  • The buck stops with you

Comments

Are you looking to scale up from being a regular landlord to a property millionaire entrepreneur? Can you truly say the fear I talk about is not something which stalks you?  Please leave your observations or comments below.

Disclosure: Some of the links in this post or on this website may be affiliate links and if you go through them to make a purchase I will earn a commission. I only link to products or companies I consider to be of quality.

Dalton Barrett
Rebel Property Coach

About the author

London-based blogger Dalton Barrett has over 30 years experience as a property solicitor, conveyancer, investor and coach. Read about his unconventional worldview of property here

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