The Property NomadsInterview with Daniel Wood adapting and coming up with deals to tempt any investor
In this episode, Rob speaks to Daniel Wood who is on the board of Momentum Property Education. He is also the owner of multiple blocks of flats, HMOs, commercial units, and a golf course.
Daniel shares details of the mistakes he and his partners made that led to a £400,000 loss, during the early days of their property development journey. He explains how with the guidance of Kim Kiyosaki of The Rich Dad Company they were able to turn the situation around, pay off that debt, become profitable, and set up a property investment education program. He shares tips that any entrepreneur or property investor can benefit from using. For example, he compares three types of packages you could put together and explains which one works for which type of investor.
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KEY TAKEAWAYS
- Being an entrepreneur provides you with an incredible level of freedom.
- Carrying out proper due diligence is essential regardless of the market you are involved in.
- Listen to your gut. If something does not feel quite right, don´t do the deal.
- In tough situations, don´t try to hide from things. Face up to what is happening and work to solve the issue.
- How you structure your debt is vitally important, especially when there are project delays.
- Understanding whether your investor is a risk-taker or risk-averse enables you to put together a deal that will tempt them.
- If you make an investor a partner treat them as such. Share every decision and update them about everything.
- Reinvesting what you make is an incredibly powerful way to quickly create a large portfolio. So, learn about compounding and use it in your business.
- Get yourself a mentor.
- Don´t become a perpetual student, take action.
- Build a quality team, from the start.
BEST MOMENTS
‘You´re your own boss, the only person you have to answer to is yourself, your clients, and the business.’
‘It´s your decision what you do and how you grow.’
‘You need to structure your debt smarter.’
‘Get yourself a mentor who can guide you down the path and help you to succeed.’
EPISODE RESOURCES
www.momentumpropertyeducation.com
YouTube Momentum Investing and Kim Kiyosaki
Momentum Property Education Facebook
International Property Investors Facebook Group
Free property investment course (Momentum Gift)
VALUABLE RESOURCES
Buy to Let: How to Get Started – By Rob Smallbone (Amazon)
ABOUT THE HOST
Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.
Buckle up, sit tight, and enjoy the ride that is life.
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