– Jim retired by age 38 through Buy-to-let property investing.
– Became a property expert through experience. He’s been buying & selling property for 20+ years.
In this interview we discuss:
– How to retire by age 38
– What’s going on in the property market right now?
– Numbers & doing the maths is vital in property investing.
– Time-management tip: Put in your offer, first, before you even view the property.
– Make sure you do your research on someone before you listen to their advice & “drink the Kool-Aid”.
Hi everyone, I’m Ben from Ben’s Business Podcast and today I’m interviewing Jim Parker from the owner of property 5 properties in the state agent and let an agent.
So a brief introduction from myself about Jim is he’s retired at 38 years old. He’s got three offices.
Sixth virtual offices as well. More virtual offices and all the rest of it, but ideally just three offices that’s what you don’t need.
Three offices around 5th and these are state agents and letting agents. He’s being an accountant. I think you still are in the accountant today.
I’m an accountant. I’ve been in manufacturing as well before. Before that I used to be a financial controller, financial director and industry.
With some local companies here, probably the most prominent is ESA Manthosh, which is up at Metroson, which maybe is no longer because it was taken over by Half-Lock and something that was happened in between.
So ESA Manthosh, tell us so. Follow Bob and Leven. You’ve got output diagnostics and quite a lot of this. I was with him as well at some point in time.
So I’ve been involved in a lot of the local companies as well.
One thing that I’ve seen watching you on social media and having discussions through social media, this is the first thing we’ve met in person as well, is your video content, your skill of publicity and marketing is really impressive.
Coming from a marketing background and seeing that, it’s really impressive and you’re seeing five properties all over the place.
Also, Jim has over 20 years experience buying and selling properties so we can pick your brain about what’s going on in the property market right now and what’s a good investment.
I’m a property investor and I have a network of property investors, so that’s an audience that will be watching as well as business owners.
That’s my introduction of Jim so far. Would you like to tell us who Jim Parker is as well for getting a library on that?
I do what I do and I’m just like, somebody wants to describe me when I went for a psychometric test. This is when you do for personnel.
When I was looking at a psychometric test, you’re a bit of an open booker and I went, yeah, I’m actually…
I’ll sometimes, for one, a bit of a phrase, blurt it out and sometimes it kind of offend people but it’s authentic, it’s me and that’s just how I do.
I’ll attract the right people to me. I mean, we’re going with the laws of attraction all the time but I’ll attract the right people to me but I know I don’t want to be everything to everyone because then you’ll be nothing to nobody if that makes sense.
So I like this pin my colours to the mask. This is where I am with things. You’re coming along with me for the right, great stuff, if you know, I’m still enjoying myself.
So the first question I have was, what kind of, what is the goal and purpose of everything that you’ve been doing after an hour?
It’s a big question but it’s good to hear what’s the motivation and what’s your life purpose, what are you going for and all of this that you’re doing?
That’s a huge question.
Yes, start off.
Jesus, that’s one piece. I’ll try and bring it down. Your life purpose changes over a period of time.
When I first started, probably when I started to have some sort of sense of what my purpose should be, it was probably in my early 20s.
Up to my 20s, I had no idea what I was doing, I had no duration, I had nothing.
But it was from early 20s when I got introduced to people who were far more successful than me.
And they said, you need to get involved in things like reading books, listening to tapes, that’s an old thing, tapes, new podcasts.
Attending functions and having a mentor and up like, we’d actually got it.
So these four wheels on a car, at least the same, if you don’t have one of these, then you’re basically on a tricycle.
And if you don’t have one of these, you’re on a bike and then if you don’t, you’re on a unicycle and if you don’t have any of that, you’ve had it.
So you’re better to have the four wheels on the car running all at the same time.
So in the pursuit of this over all the years, I’ve constantly pursued that thought process of what I want to achieve.
And I’ll be honest, you know, for me, I think now it’s about legacy.
It’s more, it’s more for my children now and for the wider community is what I want to achieve.
I’ve achieved the things I want to achieve really.
You know, I don’t prescribe, for me personally, somebody else might want that.
It’s like things like, I don’t want fast cars, I don’t want fancy cars, anything like that.
I don’t want a big massive house, I used to want things like that.
But you get, you get, I think you get older as you go on and you’re supposed to be quite young.
But as you go on, when you get older, you begin to realise that’s no important animal.
It tends to be, it tends to be about the surrounding people around you and your community.
And the people you work with as well.
And that’s what drives me forward now.
That’s the most important thing to me.
I would say.
And how did you manage, you’ve said on your bio profile that you managed to retire at 30A?
Which is quite young for most people.
That’s a long story.
And vice on how others can do the same, just as quick or even quicker now with more experience.
You can’t do it quicker because there’s a lot more information out there.
And when I first started, in proper investment when I first started, it was like in the world waste.
And there was no creating strategies from everyone, no one even got involved in proper investment.
By till it is a mortgage or a package or a warrant that never existed, there was no such term at that time.
And it was only, that was only to come five years later after I first started.
And so all my business was done, not with normal mainstream lenders, it was done through banks.
It was all corporate lending.
And I had to convince the banks.
So I took a lot of knows and a lot of rejection.
Because most bank managers when you approach them with this idea about starting a business, about getting involved in proper investment,
just used to laugh and say, like, computer says no.
Is that sort of way to things?
So that’s how first got started.
But it took me about two to four years to actually get to that stage.
And that was all the linen process that happened before.
The books, the tapes, howling, function, the mentors, the, the, the, the, the, where the audio wasn’t stuff like that as well.
It took me about four years to get to that stage, even to commit to buying my first property.
Because I never had that mindset.
I wasn’t of that.
It’s a classic example.
Here it is.
Here’s where I was right now.
This is what had happened to me and successive, previous generations before.
And it’s like when you’re in a, it’s like, it’s like the fleas in the jar.
We know a flea can jump three feet, 36 inches.
But you put a flea in a jar and put a lid on it.
It starts to jump to his head.
And it’s only five inches at a time because that’s the length of the jar.
You put a six inch or 12 inch or whatever jar and put a lid on.
But the flea keeps hitting his head.
And repeating the time, the flea then begins to lament itself there.
That it’s just going to, it’s going to miss the top of the jar.
And if it misses the top of the jar, what will happen is it then doesn’t bump his head.
So then goes, this is easier.
I’m just going to keep jumping five inches.
But then mummy and daddy be able to flee her baby flea.
Baby flea’s bottom, but we all know baby flea can jump three out of six inches.
But baby flea doesn’t know that.
Baby flea sees mummy and daddy flea jump five inches.
And that’s all he ever knows.
So baby flea thinks it can only jump five inches.
And that’s where my thinking was.
I just saw everybody else around me only doing a certain amount.
And only being able to aspire to a certain level.
Therefore, I had no idea there was anything above that.
And that’s where I was mentally.
So it took me four years to actually make that commitment over a period of time to get and say,
okay, I’ll buy my first property.
But I tell you what, once I’ve proved a model.
I just read it on buying and buying and buying.
It was like one round of an ukulele board.
And I just started buying and buying because it was easier.
And it was easier, baby.
I got all the backers.
I got all the backers behind me, the banks.
I got all the banks convinced them.
I convinced certain managers.
I went through all this.
If it works well, would you give my corporate facility a funding?
And then they went, yeah, that’s fine.
So they gave my facility and that’s when I started buying.
It took me probably from the start, the started buying to the, to the, to the, when I retired at 38.
It probably took me actually just eight years.
Which in anybody’s mind was pretty quick.
But for me, of course, it was a long time.
I was working, wasn’t it?
So you see the foundation you said about the car fuels.
How long did it take to move from the, the first mindset, the average mindset, let’s call it, to a new mindset
where you hit 30 and went, went for that after that.
It was a lot of conditioning.
It was a huge amount of conditioning.
It was a huge amount of torment and huge amount of anxiety.
Almost swings and, you know, up and down in terms of my moods and stuff like that.
It was very, very difficult.
And because I was trying to bleak that program.
And it was, it was actually, because you know, you know yourself.
And if you’ve always, if you always think how you’ve always thought, you’ll always get what you’ve always got.
It will never change for you.
So if you want to change outside of that, you have to think out further advanced in that in order to get better of what you do.
And to be more progressive of what you do, hence the reason why I had to adopt that mindset.
So it was challenging at the beginning.
I mean, you know, those times I actually sat in the corner and just locked in back and forward.
I’ve never told that story before.
But just sat there and walked forward like I was a crazy person.
Because I just couldn’t take the anxiety.
And what was causing anxiety?
Is that thing?
Because I was doing something I’d never done before.
I was having to speak to people.
I was having to phone people.
I mean, now it’s natural.
You just phone people.
So this is the deal.
This is what we’re doing in all of this.
But in the beginning I had never done anything like that.
What drove me the dream?
When the dream’s big enough to find us don’t come, we all know that and it’s a great cliche.
But what happens is it’s what drives you to do something more.
I mean, I’ll give you an example of this.
If you’ve got a bonding building and your phone’s left in the bonding building, very few people would run in for your phone.
Because the dream and the goal was not big enough to do that.
Fair enough, if you’ve got your car in the building, some people might go, I’m running it in for my car.
If you’ve got your kids in the building, you’ll be in there like a flash.
So what’s changed in that?
So you can either be in this situation, you can either be pulled by your dreams or you can be pushed by your circumstances.
And for me, it was more pushed by my circumstances because I wanted to be successful at something.
I wanted to excel at something.
I didn’t know what that was, but I had the faith that was going to be forward by the conditioning and the hunt from the books and tapes.
And I’m running the mentors.
That’s what drove me forward to try and achieve what I want to achieve.
It’s a journey, it’s not a destination, though, that’s the thing.
And it will always be a progression for me.
I have never arrived yet.
I will never arrive.
And I will continue and I have complete faith at bigger things to come.
That’s the sort of mindset.
And then I’ve always given myself a goal.
I’ve always been in my own ear before I retired.
I deserve everything I get.
Because I never took a pension.
I deliberately didn’t do that.
Because I thought, I’ve no made a million by the time I retired, 65.
That’s the old thing about the Vikings.
You start peering on the shore.
And when they were going to fight someone.
And what I was, there are a thousand Vikings who would turn up long ships.
And then there would be about 10,000 people fighting them on the shore.
And what the captains of the Viking boats did was they said, burn the boats.
And they were, what?
And they were, burn the boats.
And they said, but there’s only 10,000 of them.
Well, you’re either going to win or you’re going to die trying.
And basically that’s the mindset I had.
And I’ve always had that sort of mindset.
And it’s always for them and it’s always steep limit.
And I try to teach other people that as well.
It’s all enough for me.
You’re either going to succeed or you’re no.
And it comes back to saying it’s like, well, lift your arm.
Lift your arm right now.
So they did try.
They did it.
So you’re either doing it.
You’re doing it.
You’re just trying to lift your arm.
Just like lift your arm.
Okay, that’s it.
And I see that there’s live viewers.
If you have any questions, we can answer them at the end of the book.
But yeah, I like that.
And I have the same mindset when I’m just to…
I know it’s that, anyway.
There’s all or nothing.
And I think that leads to better results rather than have her approach to something where you can go back on the book.
So you kind of answered the next question I had.
Ask it again.
Just in case.
There’ll be other things probably to add on to that.
So you mentioned about the part about getting involved in Bitalette before Bitalette as a phrase.
It’s kind of existence.
What year was that then?
What year and then?
I think that was 1993 or later about.
So you’re talking about 93, 95.
If I was if I was guessing.
That’s the end of it where I got involved in Bitalette.
Bitalette Morgan has never appeared to be able to do two thousands of things.
And when I was involved in Bitalette when Bitalette first got begun.
There was no legislation.
There was nothing.
There was the housing act in 1988 fair enough.
And that’s finding that was in place.
But there was no legislation really for anybody to follow.
So it was like, well, what you meant to be doing.
I was just putting your own thing on how you would set up a tendency of what you would do.
You had sure you should tendency agreements.
But there wasn’t really cast iron.
And there didn’t give anybody any real protection.
On both sides for the tenant and for the landlord.
And it was never really enforced.
And there was never really any legislation in place or what it is today.
So I remember that.
And that’s why I always say it was like the Wild West sometimes.
And what was the benefit and what was the cons of that as well?
I think there’s always been a benefit.
I think I think I know a lot of landlords, property investors, poor and ectubious.
But I actually wholly believe in the legislation process.
And I think the legislation process is the way forward because some of the landlords will just not agree with it.
And they will be knowing the customs because of that.
But a lot of landlords, what a would say is a lot of landlords don’t know what they don’t know.
And it’s unfortunate because most landlords are, when a cottage industry, whether we like it or not,
I mean, you know, you get a landlord, so you’d say, over a professional life.
But no really.
When a cottage industry really, because most landlords of private and property investors have one or two properties.
They don’t have huge amount of properties.
And the one or two properties are only really for them to ask the possible have a top of income for within a tire.
Some to help them out now when they’re going along with what they’re doing.
And then also maybe they’re a bit of capital to have a side because they don’t have no, they never plan for a pension.
I mean, when I was, you know, when I was young and nowhere to pension, what?
Of course, a pension.
Quite a year really.
I mean, maybe my dad always said it to me, but he never said it really.
You got it.
But I say to every single person now, you should be starting pensions for your children right now.
You can do private pensions for your children right now.
You don’t need to wait till 18 when they’re working.
You can ask the do private pensions for them.
Now, we’re a small amount.
And the government will top it up with the tax up to the basic rate of tax.
And they’ve done after your children the compounded effect of that is actually astronomical.
It’s huge over the years.
And earlier they started.
And your children will never need to be in a position where they’ll never need to, they’ll never need to have to work till the day.
Because this effectively was going to happen.
This country, the whole world, has not got enough money to look after people who are living in longer now.
And so we’ll have to put aside for ourselves.
And we have to put aside for successive generations as well.
And for me personally, I think it’s my duty to do that for my family and for everybody who comes after that.
I don’t mean put all the burden on yourself.
I just mean I think it’s I should hope.
I should do that.
And just not leave them if anything for themselves.
After all, I’m the one who made them.
That makes sense.
So I just feel you’re going to do that.
So you’ve been involved in property for over 20 years, maybe more now.
So you’ve been buying and selling properties for over 20 years.
What’s the best advice or observation in less than that you can share to property investors today?
Best advice is property investment and its heart is really just a numbers game.
If the numbers work every single time, then it makes absolute sense.
Now, that doesn’t negate the fact that you’re dealing with people and that is important.
But the core principle of the investment is numbers.
That’s what it comes.
That’s what it is.
Once you get the numbers right, then you can move on from there.
And if you get the numbers right, then you’ll have money to continually to reinvest to make sure the person of the tenant is in your properties after adequate.
So after someone asked the cast to give me the day for saying I increased the rents by £5 a month.
And I’m like, that’s 60, quite a year.
But if you’ve got 10 properties, that could be 600 a year.
But then if somebody’s boiler goes down in a couple of years, then at least you’ve got £200, put aside to replace that boiler.
If you’re not doing things like that, then you’re leading yourself open to the fact that some landlords, and we’ve seen it, I’ve seen it before,
where they’ve no got enough money to ask that provide for the tenant.
And then it puts them in a vulnerable situation.
And you’ve got a duty of care.
That’s the whole point.
So that’s why that’s the best advice I can give to people is to charge the right amount, make sure the numbers are right.
But you make sure the numbers are right in order to make sure they are covered for things like that.
As soon as somebody says, as long as I can just cover the mortgage, I’m like, you shouldn’t be a proper investment.
Because you’ll never have anyone need to put back into work after the tenant that anything goes wrong.
So do you think the fact you did accountancy for so long before you got into property really contributed to…
It did, but I’m wired from numbers.
I’m wired like that.
I mean, I’ve never gotten well at school, and I was asked to leave and all the rest of it.
But I knew I excelled in school, that I risked my taking on mathematics.
So numbers was always my thing.
And then when later on, when I had this period of transition between leaving school to start in college,
when I had that period of transition, I kind of lost that thing.
And then when I got to college, it was like, whoa, this was a whole different ballgame.
It was a different mindset at that point.
And I started to excel again in areas like statistical analysis and business studies and accountancy.
And then went on from there.
So I definitely did a good amount.
You’ve got to know your numbers.
If you don’t know your numbers, how do you know where you’re going?
That’s almost just like a shit leaving the poor.
And then saying, I tell you what, we’re going to try and get to Africa.
And we’ll just see how we get on.
But we’re not going to actually, we’re not going to work out how we’re going to get there.
We’re just going to try for the best.
We think it’s maybe north, and we’ll just keep pulling along that way.
Well, if you want to degree off in that calculation, you’re going to end up at the, maybe in the top of Africa,
rather than the bottom of Africa.
And just because you want to degree off.
But that, see how the compounding effect comes.
Just with that small amount, that small difference will lead you in a totally different track.
That’s like most things all happen in people’s lives.
They don’t plan drifting in the wrong direction.
Honestly, people spend more time planning the next holiday than it is the financial future.
And people, some people just like kick it into the long grass and think,
I’ll just no think about everything.
Because I don’t want to bear the thought about it.
Because I know it’s going to be frightening.
But if you come to that conclusion, we’ve got something to work with in order to help you move forward.
So you know where you are.
If you know where you are, you know where you’re going.
If you don’t know where you are right now, you certainly don’t know where you’re going next.
Yes, brilliant fix.
That’s very good advice.
Because after myself, sort of not being exactly on the point where I should be,
until you actually look at the bank account, like the accounts, the numbers.
When you take your eye off the numbers, that’s when you just end up off track.
I do everything.
And it’s no further looking at the money.
It’s just looking at the numbers.
So you know where you are.
I know of the cash flows, right?
I know the profit.
You don’t look at the other way.
I mean, you could have loads of profit, but you could have no cash.
And I’ve seen a lot of business go to bust, huge amounts of profit, but they’ve got no cash.
Because I always say there’s a, there’s a role, because I used to be in,
I can’t say about credit control.
So I used to collect money from all the bank companies, like Amy and your construction
that were, when I was a man, for construction.
And I used to, they were saying that I put it in a frame and I put it on the wall.
There is no profit until the money’s in the bank.
I agree with that.
I’d say a similar idea that sales not made until the money’s in the bank as well.
And I’m not sure.
On that as well, I think an important point.
For anyone who hasn’t got the gift of numbers, what would you recommend to them?
I mean, business gateway of course is for nothing.
You know, just maybe an afternoon session.
And they’ll do it or they’ll run it for like 30 pounds or something like that.
Just to understand your basic numbers, if you understand your profit and loss account,
and you understand the balance sheet, that’s the two core fundamentals.
So the profit and loss account is a snapshot of how well you’ve done for the year.
The balance sheet is a snapshot of where you are at that point in time in the year.
And that’s where these two statements are.
The cash flow statement is a classic example as well.
Cash flow statement goes along like that.
The cash flow statement shows how healthy your ability to keep going is as well and where your money goes.
Because as I said, you can be very profitable growing your cash.
Because all your money is either tied up and stocked.
Because you ball the stock with the money.
All for it’s all tied up ready to be paid still by the people you’ve done work for.
You’ve actually given them credit.
So all your money could be tied up in that as well.
So cash is king.
Cash is trash.
Cash flow is king.
The better people you have in your hand, isn’t it worth anything?
It’s a promise that you know.
But cash flow is what is the life part of the heavy business.
Profitable as well.
It’s been in profit and knowing that it goes as well as it then goes.
As I say, I keep it an eye on the most of the time.
I’ve got two part-time people that work in their accounts division as well.
And they help me, I mean, Elaine’s, Elaine, my bookkeeper has helped me since the very beginning.
Since I first started and bought a loan, she just helped me all the time.
So she’s worked with me for all these years.
And my daughter Tony, she’s an accountant as well.
And she helps me part-time as well as doing her own thing.
And you say you have a look at the numbers every day.
What numbers do you look at?
Just key in the case for me to make sure everything’s right.
And say, let’s see if I’m going to run out of money.
It’s like, I know that it’s never going to happen.
But you just have, I don’t know, you just have that sort of thing.
And it’s like, oh, I could run out of money.
But that’s never going to happen.
For where I’m right now, it’s like, no, that will never ever happen.
You know, you’ve ever had a poster syndrome.
It’s like, how many of them are here?
And people might find out that I’m possibly no successful
or whatever it is.
But I’m, in their mind, I am.
But for me, it’s just me.
It’s just what I do.
So it’s just what I do.
It’s just what I do day to day.
Everybody keeps saying, I’ve got a lot of people saying, God,
you can sell sand to the harems.
You can sell snow to the Eskimos.
And I’m like, I just do what I do.
It’s just me.
It’s just natural.
And that’s when it comes back to one of the rules that I have
is just be authentic.
And you’ll attract the people that work with you.
Because the last thing you want to do is be someone else.
And then you’ll attract the people that are like that.
But you want to align with them because you don’t believe
so we completely different.
And therefore, you won’t actually be able to work with them
because of that reason.
And so don’t be someone else.
And attract the people to you.
And that helps you with sales, you think.
I’m not going to win them all.
I’ve never planned to win them all anyway.
I just want to work with the people I want to work with.
The people I want to win me and the people I think, like me.
Yeah, it makes sense because then you attract the wrong person
if you’re not being yourself.
If you were looking to invest in a property, viewing it
for the first time, what do you look for when you’re walking
through the property?
I don’t look at them anymore.
I don’t look at them anymore.
I actually get rich at the going.
So if I’m going to riches my lens director,
or I’ll get Kim’s or one of our lens agents as well,
I don’t really go to property anymore.
It’s very rare, but I’ll always make an offer on a property
before I go to see it.
I have no desire to go and view a property only for them
to say there’s no enough when I offer.
That’s a waste of my time.
So in order to meet me time efficient, what I’ve learned
is I’m making an offer based on my numbers.
If they’re in it that value, then I’ll go and view it.
And then if it’s poor, I expect it, then that’s fine.
We’ve got a deal.
What are you doing?
You’re doing the numbers.
You make the offer.
And then once the deal is going ahead, you go and view it.
You’ve got 100 properties you’re looking at, right?
Probably about 95 of them will actually not work for you
when you’re scrolling through them.
So when you’re scrolling through, five of them might work for you.
You make five offers.
And you see where it is.
Some people, most people have come back saying,
no, that’s, we’re not in it.
Some people actually go, that’s brilliant.
But we’re up for it.
I’ve got a wheat bar.
I always try.
I always try it there.
I always try it there.
It’s just me.
So you’ll be in it the right number.
But you’ll not get the, you’ll not always get them all.
So you’ll look at 100.
You’ll never get two.
If you’re looking.
Is that a ratio that you’ve got?
I never want to.
But I know.
I know it really thought around.
That’s kind of where you are.
You’re not going to, you’re not going to get everything all the time.
But when I’m saying look at 100, I’m not saying you go around and look at 100 properties.
I’m saying you just go through the internet and you’re just scrolling all the way.
And it’s like, I know my numbers.
I know what I want and where I am.
So I can look at a property straight away and go, I know what I should be paying for.
And often, you know, I’m quite happy, most occasions, if the numbers weren’t out.
I would just pay 100 for it.
I’ll pay over 100 for it.
If the numbers work, I’ll pay that.
It’s like, just numbers work.
What you bought a bit.
Long term investment you’re doing.
You’re not doing, I’ll make a quick bet.
You’re doing, this is a long term investment.
My numbers work entirely at that level.
So why would I not pay them the right price for their property?
And then we’ll put them both.
It’s a win-win situation.
When you say long term, are you talking about the capital gains?
As well as the cash flow.
I’m talking about everything.
I’ve got, I’ve got, this will be passed on to my family.
This will be passed on to my children.
I’ve got no intention.
This is never for me.
I know it’s not, but this is never really for me.
It’s, it gives me the comfort that I can do what I want to do when I want to do.
I can start working tomorrow, sit on a beach for the rest of my life and still have money.
And my wealth will still go up as a result.
But it’s the comfort of that.
So I’ll continue to work all the time because I just love the comfort that I can actually get away from that.
The one thing I couldn’t stand in my job.
I love my job and I love my manufacturing.
But the one thing it was too much for me was I had to be there all the time every time.
And I had no, I had no, I wasn’t able to do what I wanted to do.
I was restricted.
And I did do that in the beginning.
I did do a lot of stuff outside hours.
I used to come home straight away, put more of those on and just go out to work on my problems.
And I used to do that weekends as well.
And everybody used to put a laugh at me going,
there’s Jim, the cleaner, Walton pastor, the cleaner and stuff,
all the rest of it.
Well, they’re all having their barbecues at the bar garden.
But they’re still staying in the same house that they’ve got.
And I’m an entirely different house than financial and free.
The fundamental difference.
I paid a price area.
This is a weak key for you.
You’re either going to pay the price for success now.
Or you’re going to pay it later.
The invoice for regret later on is a lot bigger.
And I certainly didn’t want to pay that.
And I don’t want my family to pay either.
Because your kids will end up paying it as well.
Because you’ll have nothing to pass on to them.
And you’ll not have taught them anything.
The great thing I’ve done what I’ve done for me, personally, what I think,
is my children have actually seen me doing that.
And that’s like the jar.
That’s like living in the jar.
So they’ve seen me.
I have no jar.
I know I can reach any height I ever want to reach.
I’m convinced of that more in mind.
And they actually know that as well.
And they know they can do that as well.
Plus you have the time to spend with that as well.
A lot of people actually used to say me, you’ve sacrificed all that time.
You’ve never seen your children.
Well, that’s not the case.
Because I always made sure I was there for things like sports days.
The children always turned up.
I always took time off.
I had great bosses.
So I actually used to trade time with me.
I used to trade holidays for times.
So I said to them, I’ll tell you what I’ll do.
Can I just go to my kids sports day?
It’s only going to be two hours.
And then what I’ll do.
And then can I go and view this house?
It’s only going to be two hours.
And then I just saved up all these two hours I was doing.
And then I said, I’ll just trade that for a day’s holiday.
So I used that over it.
And they were great that way.
But I taught them to invest as well.
So what I did was I taught them to invest as well.
And then there’s a particular agreement for me.
Huge flicks about what I wanted to do.
So they’ll allow me out.
And then I just said, there you go.
So I never got enough of them.
I just got a lot of leeway from them.
So I taught them how to do what I did.
They made up fair amount of money as well.
Some of them are just sold out and went away eventually
when 2006 came.
The height of the market.
And it was booming.
Properly places were huge.
And they were core.
I kind of need to sell.
But for me personally, I did sell some.
But then I wouldn’t be able to leave them.
And you win the children, the tree that bears the fruit.
And so that’s why I still got what I’ve got.
Because it’s literally an asset class.
It actually goes up and value.
And pays you to wait.
Well, it goes up and value.
What other asset class does that?
Doesn’t the gold doesn’t do that?
The silver doesn’t do that.
Crypto doesn’t do that either.
Crypto dropped like a stone.
I recently had those on MMA fighter apparently.
It was 40 million.
It was all these money.
It made that easier.
And they made me fighting or whatever that is.
It seemed a lot to me.
I was 40 million.
It was in tears that had one camera and everything.
And I’m fighting cheese.
I mean, it’s gambling.
You know, people like Bill Gates and I sit there
and ask them the crypto and they say to them,
you know, what do you think of you?
And they don’t know.
I just like something that produces something.
Something that’s there that’s cast down.
And they actually will actually produce something.
And will actually make money.
And it’s in the art of fair.
The art of fair, the consistency.
The art of fair, the consistency rather than the volatility.
But a lot of people, you know, I would imagine a lot of people
and what would have tried to meet a crypto
is the thrill of the investment.
But if you’re going to invest in crypto, be prepared to lose it all.
That’s what you do.
Just if you’re going to, it’s like a casino.
Because you’re basically hedging everything on somebody else’s
perception that it’s worth more to them.
Because it’s just software.
That’s, there’s nothing.
There’s nothing tangible about it.
It’s just based on what some of the other things is worth to them.
And in this point in time, it’s probably worth a lot less
than what it was.
It’s like one to go.
No, there is merit, obviously, the internet and blockchain
There is potential there.
And I’ve seen it within internet myself.
I was quite early, not early, but my dad was an early doctor
within internet marketing.
And I got, that’s what, that’s where I make my passive income
from, not, not so much from property.
More, more from the internet.
And so there is like, I can see Bitcoin as one of these areas
I’ve not tapped into enough to, to know enough about,
to talk about it.
But it’s good to have a finger in something.
But like you say, not everything.
Like, I mean, in the, in the finger.
Crypto, NFT, blockchain, all the rest of it.
There will be something that finds its way.
But as everything like that, when it’s first, almost pioneering,
there’s other, there’s people that blaze the trail for this.
But that, there, the trail blaze has usually cost them,
had cost them a fortune to do it.
And a lot of casualties will happen.
It’s like in Yomibba, where 100 and only one model succeed.
And it’s actually finding out what that one is.
It’s what everybody’s trying to do.
And they’re taking, they’re taking massive risks.
Because we don’t really know enough about it.
And it’s quite in time.
Where is the point in time?
With properties, historically going up.
It’s cast iron.
Well, it’s always got a good bet.
It’s always got, you know what?
It always go up.
Because the banks have to sell your mortgage.
And the need for the mortgage to go up and on the,
do that in a population.
And, at least, and even though it’s declining,
more and more people have begun to live separately anyway.
And, and, and bitterly, more and more people need to have one investment
and another setting income stream.
And that, you can’t, the kind of, because the remember,
there’s people out there that can’t afford even the buy house anyway.
And it’s not can’t afford to buy a house because they’re out
with their price range.
It’s because they don’t have any money.
They don’t earn anything.
And, and the, the, the government in the 1980s sold
of 69% of all the housing stock.
For social housing.
69% of all the housing stock in Britain was disappeared almost
within two or three years.
And because they’ve decided to sell it all to the people.
And that’s fantastic.
And that was a great idea at that time.
But they forgot to stick to continue about new stock.
And this is the, this is the, this is all coming home at Roos now.
And they’re trying to point the finger at private landlords saying,
It’s like, you’ve got all these houses.
Well, we’ve not, we’ve got less houses now than we did,
maybe, maybe two or three years ago.
I mean, in the 1950s, private landlords were sitting by houses
talking around about, or landlords were sitting by houses talking around about
going to about 55% in the 1950s.
Now private landlords are going to go 18% from the UK housing market.
In terms of where we are going and where the housing market is going.
I call this simply for the, for the courier.
It’s not out yet.
And I told them.
But there’s not going to be any crash.
And the housing market.
You know, that was…
Is that, I wouldn’t know the article from the courier.
No, I would come out, I would come out probably in the next couple of weeks.
I don’t know if I got a call about the housing market.
I would say, I would do a quarter of that day.
So that would ask me to contribute towards it.
But the lobby across the lobby are plateaued.
Basically because industries are still at a record low compared to 20 years ago.
I’ve been looking at the data today a bit off.
I mean, and then the average interest rate 20 years ago was 7.5%.
average interest rate now is within 1.5%.
In terms of that.
So it’s completely different.
More required as well.
So average house price to average average earnings.
In 5 anyway.
It’s about 6 or 7 times.
And that’s quite normal.
In the UK it’s about 11 times.
But in 5 is about 6 or 7 times.
Because it’s about 30,000 average salary.
It’s about 180,000 average.
Price to buy a house.
And basically there’s one job, obviously more.
But that’s the average.
And so that’s about 6 times.
So that’s normal for…
So 5 is quite a resilient market.
5 is actually quite undervalued still.
I would say comparison to the rest of the UK.
And in 5 as there’s a good proposition for anybody coming to live here.
And what’s exacerbated the situation is the fact that lockdowns now proved beyond the shadow of it.
You can ask them what remotely?
Why would you want to live in Glasgow then?
In mainstream, mixed and say.
450,000 for a two-bedroom flat.
Who could you buy for 450,000 in 5?
You know, you could buy a big blob in like 5 bedrooms.
Basically by the sea.
You could buy someone by the sea.
I mean, they sell them at that level by the sea in East Newk.
So when you look at all that and you think, well, why are you going to be staying there if I could work remotely?
Or even, I could even afford to take the pressure of myself by having such a large mortgage.
Because I can buy the same thing here for almost a fraction of the price.
And then still work remotely.
And still have this lifestyle.
So, you know, that’s probably why 5 is a lot more competitive.
Where I live here, you see the train stations at the back of the house.
It’s straight to Edinburgh, straight to London.
And it makes so much sense.
So you could pop in the office like once every week.
Have you really wanted to?
And it’s the same as well.
You know, the infrastructure improvements are going in a league mouth.
I mean, they’re putting the new train station in there for 2024.
That’s about 100 million investment going in there.
And all the infrastructure itself.
And so again, that’s going to bring that up.
So, you know, more and more people are beginning to realize it’s like, well, I can just commute.
If I’m going to go in there, then I can just work remotely.
And more so.
And because of the crisis with petrol.
A lot of employers, and I would say, could you just work from home.
And now I’ll save you the money.
I’ll have the travel everyday.
So that’ll take all the pressure off.
So that’s another thing that’s possibly coming as well.
As we go further into the so-called energy crisis.
And of course, the news, by the way.
It’s like any morning, it’s doom and gloom every single time.
Just pedal that every single day.
Before and after.
And convince people.
Yeah, convince people.
And if there’s no that, it’ll be something else next.
There’ll be something else next.
There’ll be something else next.
Because negative news always happens.
Just tune out from it.
Meet the list of podcasts.
List of things.
Things business podcasts.
They’re wealth creation podcasts.
Well creation show.
We do a 1230.
We’re actually going to be the top 10 tips this Monday.
So we’re going to be covering the top 10 tips for success.
I actually brought some of them up a book here.
But we’ll not talk about that then.
We’ve got five minutes for you.
No, no, you’re fine.
We’ll talk about that on Monday.
I’ll be honest with you.
So we’ll talk about that on Monday.
We’ll talk 10 tips for success.
In my opinion.
But my opinion is really driven by all everybody else that’s come before me.
I’ve no made this up.
Yes, it’s all.
I mean, you’ve got a huge book library there.
And I was looking at my book library as well.
Yeah, they are there.
And I’ve literally got a lot of these books as well and read a lot of them as well.
There’s a huge amount.
And I’ll read Tony Robbins’ Money is a fantastic book.
Yeah, really good.
And then you’ve got also the Bible of wealth creation which is thinking grow rich.
I mean, what are great principles?
And grow rich.
But that doesn’t mean to say it’s rich in money.
That just means to say it’s rich in success.
And round about you.
And everything you’re involved in.
You’ll be rich in your career.
You’ll be rich in your family itself.
You’ll be rich in your social circle, your interaction with people in your community as well.
That’s what thinking grow rich is all about.
It’s not all about money all the time.
Mind you, money’s right up there who oxygen.
Obviously, need it.
You need it to survive.
You need it forever.
And then anybody who says that says that.
You know, you know, I’m kidding themselves.
What’s the living crisis?
And what is the first thing everybody talks about?
And the lack of it.
More than anything.
And I say, we shouldn’t be focusing on the lack of money.
We should be working out how to attract that money to us.
That money is already there in the circulation.
The money is already there.
Somebody else has got it or it’s somewhere else or it’s in the circulation.
What you’re trying to do, what you want to be trying to do is try to attract that money towards you.
So you can earn that money.
And you should be more successful and more prosperous as a result.
And therefore help you and your community as well.
And like, thinking about, thinking is about the main, the main things.
It’s just what’s going on in that main that actually does the attraction of the world.
Yeah, I would agree.
So, yeah, that’s a really good point as well.
And what should, what would you say apart from thinking, Gorech, what’s your favorite thing?
It’s been the most impactful.
The Virgin Way.
The Virgin Way.
The Virgin Way.
The Virgin Way, the Virgin Way, the Virgin Way of Ritz of Brans is a fantastic book.
It’s really a masterclass in customer service and how you usually gafter people.
Because I, your one or is it, I know their one.
No, the Virgin Way by the Virgin Way of Ritz of Brans.
It’s got quite a few people.
Oh, I’ve read them all.
Or every single bookie writes, I’ve read them.
Yeah, let’s do it.
So, the Virgin Way came later on and I actually got every single person I come with to read it.
We all actually had a book club at that time.
So, we formed a book club.
We’re all reading the Virgin Way and the Virgin Way.
And we went on to think of a great Ritz and we went on to feel the fear of me doing anyway.
And we went on to another book and we’re honestly concentrated on all these different things
to help us work through all these different mindsets, to understand ourselves and actually be
more, more, more forward thinking and also more, I would say, more confident of what we
So, because, you know, we’re all, we’re all born, right?
But, so what determines us, what determines our future?
Because we’re all born, that’s it.
We’ve got, you know, most people have two arms, two legs, two eyes, two ears, all
the rest of it.
So, what determines how we end up?
It is our background to degree, but it’s also up here.
And if you master the six inches you’ve got up here between your ears, then you’re made.
It’ll be you forever.
But the key is to make sure you pass on to other people.
So, that’s what it is.
So, my next project is MCR Pathways.
So, I’m working with MCR Pathways and they work with children in care.
And they argue a mentor for a child in care.
So, what will happen is I’ll visit them once a week for an hour.
I’ll sit down with them and have a wee discussion with them and see where they are, no
But just listen to them.
And what MCR Pathways has proved with children in care is there are about 35% if they don’t
have a mentor.
The 35% if they don’t have a mentor, they’ll be unlikely to actually go into anything else.
So, in other words, 65% of the times they’ll fall by the wayside.
They’ll be in jail or something like that.
They’ll fall in a crime.
And when you say children in care, what do you mean in care?
Well, in care they’ve had to, the states had to look after them.
They’ve got social worker and all the rest of it.
So, that’s children in care.
So, children in care, 35% if they’re left just with no mentor.
If they have a mentor throughout the years to help and guide them, what happens is that
was from 35% to about 80%.
I heard something similar about person’s vocabulary as well.
They end up in, someone improves their vocabulary versus someone who doesn’t have a good vocabulary.
It was a start that showed that people with the lack of vocabulary ended up in jail or in trouble.
It’s the same idea.
Well, that is possible in the case.
One of the things that I also advocate every single time is read books.
It’s not necessarily, it’s not necessarily, it helps you with diction, it helps you with notes, it helps you with grammar.
It also helps you articulate to other people and communicate with other people.
It also teaches, there’s a lot of books out there.
I just read books that give you a valuable life lesson.
Jordan Peterson is one of reading just now, the 12 rules.
And it’s about chaos and how it all comes about and how to change it all.
But I’m in trade now because this guy’s got my attention.
And it’s like, okay, so where does that come from?
So I’m learning from people, I might not take it all on board.
But I will take some good things out of there about what potentially I could do or what I wouldn’t do as a result.
And that’s why I read books like that.
There’s lessons to be learned in everybody, whether it’s good or bad.
And you know yourself, what aligns with you, therefore, you know what you should do, what you shouldn’t do.
As a result of that book.
So you could read one of the worst books in the world, which I could see lately.
I’m going to like them now, Jordan.
Don’t mention it.
I don’t like them now.
I used to have a lot of respect for them, but I don’t anymore.
But there’s a lot of lessons you could learn out of that.
Because of what he’s done and what he’s achieved.
So you could learn both sides of that.
And again, it comes back to what you’re aligned with.
And reading for me is about like, you can read someone’s life story.
A evil person or an unsuccessful person versus a successful, what would you call it?
And you can get a lesson just as powerful from the evil person learning from their mistake as well.
I would agree.
I would agree.
History is a great opportunity to learn from.
And we could see that now because now people who thought were highly successful and put them in pedestals.
And now, like, where am I?
This has changed now because I’m now thinking differently.
And everybody’s thinking differently now.
Maybe they want these people who thought the way in the first place based on what circumstances are now.
But at that time, the circumstances were completely different.
And that’s why that happened.
But now, it’s not appropriate to be like that anymore.
And they afford to learn a lesson about what it’s not.
We shouldn’t be now.
Whereas some people are actually still thinking, well, we should maybe just stick with that.
And probably cutens one of them.
We should maybe just stick with that idea.
And it’s like, that’s the, no, that’s no other idea to do.
But who might I tell him?
If he’s watching, don’t do it.
Let’s see if there’s any questions that come up.
Just post them in the comments.
It hurts the air thing at the moment.
Yeah, it’s fine.
If there’s anything more catch up later on, we’ll move on to the questions.
Just catch them up for the air.
But that’s not, you know, that’s, I think that’s what I see.
Do you want to run off with something?
Like, it’s a mistake.
I know it’s that.
I’m just thinking about time.
Well, what about biggest mistake and biggest struggles?
Like, what would you say they were?
Every mistake I’ve made is for a reason.
And it has brought me to where I am.
And I don’t think I’ve ever made a mistake.
Because I think it was meant to be.
Because I’m exactly where I’m meant to be.
And it’s learned by it.
And it’s asked the alignment to progress on.
I’ll learn by it.
The things, the struggle for me, again, comes back to psychological.
But everybody will go through that.
Because we’re not all that same way of thinking.
And we’re not all that mindset.
As I said before, and I’ll finish off with this, is, if you want to be successful
like someone else, you have to think like them.
And you have to get into their mind.
You have to think how they think in order to be there.
Or you would be there already.
So that’s how it would say about learning from other people.
And, you know, I used to be very cynical about this.
I used to say that, you know, how to make a million about you.
Write a book.
Can you sell it to everybody and you make a million?
You’ve maybe no million in here before you start.
But then you just make up and the book.
You sell it and something.
And then you have a million in here.
And I used to be quite cynical about that.
But I do check out people’s backgrounds first before I go to learn from them.
And probably that’s one of the, that’s one of the biggest lessons of, one of the biggest mistakes
and one of the struggles I’ve had in my lesson at home is probably to actually,
actually look at someone else and check them out before I actually believe them.
Or before I actually, I call it drink their cool aid.
Before you drink their cool aid, make sure they’re the right person.
Make sure they are who they are and what they’re walking the top of the top.
And you align with them more importantly, that’s where I was.
Of course I have you on the Monday.
I sure do.
There you go.
Come back in straight away.
Thank you very much guys.
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