£10k a month with Simon Zutshi
Dr. Jack Dawhra
Founder PEN Franchise Helping people become property millionaires WhatsApp us now on +447886962647
Jack Dawhra: There's quite a large population who are not happy with their jobs and what they do and or let's say on the other side of the coin? maybe someone is running a small business a a cafe around the corner with a lot of respect maybe he enjoys but now he's hit a plateau can't grow doesn't make a lot of money uh you know.
Now kind of getting to a point where they're fed up and even though they love making coffees and you know but they still are not loving it because they're not making enough money uh in their small business and feel like literally a slave of the system how can they get to 10 grand a month income cash flow?
Simon Zutshi: So let's say 10 grand a month okay which strategies can someone focus on ? Okay so first thing to say is to get to 10 grand a month is very possible but let me be very clear it's not easy okay.
I think a lot of people look at property investing looking for some get rich quick now you can certainly make money quickly but get rich quick suggest there's no effort I don't want to dispel the myth there is certainly time and effort required but what you got to do i guess is compare it to you might be doing a job that you don't enjoy.
You know spending 40 hours a week or maybe you're running a business and you might enjoy your business but it's not making enough money except you might put in 40 50 60 hours into your business what you've got?to understand is look at the moment you're putting loads of money as loads of time into something?else and not really getting what you want.
So this is about using property as a vehicle to give you the income you want so you have the freedom you want and people say yeah but I don't really like but you don't look you don't have to like property you don't have to be? passionate about property because I didn't get into property for the sake of owning property.
I got in property to give me financial independence and so I think just get that distinction first of all and what are the strategies that get there well I think the strategy you use depends on? a number of factors it depends on your personal circumstances.
For example if you are in a job or running a business and using all your time there are certain strategies that might be better than other ones because some you need more time than others also how much funding do you have.
Now most people think I don't have much money and and you might have some money in the bank you might have some inheritance you might have some money in your business that's all good money to start with but at some point everyone runs out of money so recognize that as well and the way that most people invest in property to acquire more assets that create money for them is by releasing equity from existing property.
So you might have a mortgage you've been trying to pay down in your own home or you might inherit a property those are perfect ways of using that equity to acquire more property and to do that? is sometimes counterintuitive because Jack we're told that debt's bad we're told we should pay down our own home mortgage and that is good advice if you're only ever going to have one property.
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But if you've read books like rich dad poor dad or if you read my book property magic you'll understand actually you can use that equity to buy more assets that create the income for the given the freedom that's right it's a bit of a leap of faith to do that you've got to learn how to do that properly but the good news is you're not the first person trying to do this hundreds of thousands and millions of people have done it before you okay.
And so it's you're not trying to reinvent the world which is great so you've got to think about your circumstances you're going to think about the market you know what's happening in the property market over the last 10 years throughout the UK we've had? pretty good growth that's following the crash we had in 2008 2009 because the global financial crisis I thought I was wrong i thought we were going to have a property crash at the end of 2020.
I wasn't the only one luckily the Bank of England thought we're gonna have a 16% crash a? lot of people thought it's going to happen because of the pandemic I think the government reacted really well put some strategies in place like stamped due to holiday the bounce factors all? this stimulated the market and so it's gone on now the question is is it going to continue to? go up or is it going to come down.
And I don't know no one knows jack but actually if you know what you're doing it doesn't really matter what's happening in the market you can still make money? but you might need to adapt your strategy to do that okay so having said those things think about your personal circumstances thinking about um the economy and what's happening in the market you can then try to hone in on some strategies.
So if you want to get to 10k a month you have a couple of? choices you could go and buy single-let properties which might give you a hundred or a couple of hundred pounds per month but you're going to need 50 plus of those properties and that's going? to take a long time to acquire 50 just even if you had the money to buy 50 just the time and energy to find them to get them better it is ridiculous so actually rather than make having lots of properties.
I think a much smarter strategy is to have fewer properties but ones that are more? profitable so that you know if you only need to get 10 properties instead of 50 you're going to get to 10 much quicker than you would get to 50.?
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