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You Are Not Racing

Veteran international property investor John Corey comments

The Tour de France passed through Yorkshire and then London on the way to Paris. As you likely know, the crowds watching were somewhat larger than what is found at a UK property meeting or even a property auction. The return of the Tour to the UK does remind me that investing in property is not a race. It does not matter who is in the lead. There is no winner. Each investor is focused on their own goals or objectives. At the same time, many property investors are very willing to help each other with advice, suggestions and a level of sharing of knowledge that is not found in many other investment sectors.

The obvious reason for the collaborative behaviour is each individual benefits from the ideas shared without the person sharing losing out. An idea passed on, an investment technique shared can still be used profitably by the person sharing. There is very little that is truly unique, very little that could honestly be called intellectual property if the phrase implies knowledge that has not existed before.

Fail to Plan, Plan to Fail
A second observation based on some recent meetings is the number of investors who really do not have a plan for what they want to achieve. Beyond the 'let's get rich' chants after a weekend motivational seminar event, the bulk of the residential real estate investors that I come across have no specific plan. Many will have a target in terms or monthly income or number of properties which they own or control but many do not have a clear plan for how to get to the goal.

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