23 November 2011
"Do you need talent to become a property investor?"
I've been reading a very interesting book I thought I'd tell you about.
It backs up a theory we have been testing for around 5 years training over 100,000 how to become Property Investors, teaching ALL ages, experiences, demographics and sexes.
It's called:
"Bounce: The Myth of Talent and The Power of Practice" – by Matthew Syed
It's all about how top performers in any and every field aren't especially 'talented' or gifted, or born with skills, but in fact are the people who have practiced the most.
Examples across many different sports and industries are shown to back up the theory with fact.
The author believes it's definitely not talent that drives success…but practice
[Don't get me wrong, to be the best takes lots of practice].
About 10,000 hours in fact. As Malcolm Gladwell agrees in his book 'Outliers'. Another great book.
Anyway, Mark and I recently looked back at some of the early Property deals we did back in 2005…
One word: LEMONS!
We certainly prove the theory that we weren't born Property Investors 
.
Of that, we are sure…
You only need to look at Mark's deal he bought in Bulgaria in 2003 or an early over priced new build mistake we bought in 2005 to see that.
Not great.
But we've practiced a lot since then.
We've bought a lot.
And read a lot.
I don't say this to impress you, we'd have to be idiots not to get the lessons because by our best estimates, we've 'practiced' for a combined total of 17,000 hours.
So according to Gladwell and Syed, we're now experts in our field.
We believe some people do have some foundational talent that varies from person to person. There's no doubt that Tiger Woods has 'foundational' talent to play Golf [and other things] that's higher than average.
But maybe not by as much as you'd think.
So what's the point…as it applies to you?
You might think you're not cut out, good enough or born to become a Property Investor.
But we think you're probably wrong
Practice.
Read.
Learn.
Do.
Do Again.
Make Mistakes.
And experience.
Try just one hour a day.
You can quickly get to 'intermediate' level.
Then 'advanced'.
Then 'Expert'
And maybe even Master, or Artist.
Shoot for those 10,000 hours.
The payoff is compoundedly [a word?] huge.
It's disproportionately huge to the little amount of time you will spend once you get to 10,000 hours but continue to reap the rewards for many, many years to come
"You have to work hard enough to earn the right to not have to work hard"
Invest for Freedom, Choice & Profit
Rob Moore & Mark Homer
Co-Founders of the Progressive Companies
Full Time Property Investors
Double Best Selling Property Authors
Over 350 Properties Bought & Sold
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© Progressive Property Education LLP 2011
Comments on "Do you need talent to become a property investor?" »
Great post! 10,000 hours! I am a third of the way there!
Hi Rob,
Interesting…my journey to becoming a property investor is becoming that much closer after attending your masterclass at the weekend. So much buzzing around in my head that I have started to put into practice this week…didn't realise my goldmine area was just around the corner.
Thanks for your help.
Mike
Absolutely right. If you don't believe me, it was Thomas Edison who said 'Genius is 1% inspiration and 99% perspiration.' Anyone could do it, but anyone usually doesn't. You might, if you put in the effort.
Yes Andy, Edison took 10,000 experiments to finally invest the lightbulb didn't he?
Ha, look at my subconscious, I meant invent of course – not invest
Yup,
I think we often like to regard those who are successful as particularly "talented" or "gifted" in an area from birth – perhaps because it excuses those who aren't making things from happen from feeling like they should be able to do the same?
The reality is that most people who are really good at something have just done it for more time and longer than anyone else….but we don't see all that went into the finished product do we…?
I agree with Mark..Talent is generally seen as an innate ability; a gift you’re born with – you either have it or you don’t. We often attribute talent to people with exceptional abilities or use it as an excuse as to why we can or cannot be exceptional at a given ability. However, you can argue talent either doesn’t exist or if it does, it has little to do with exceptional achievement. Instead, exceptional ability or success is due to “deliberate practice” in the learning zone; not just a couple months of hard work, but years. In fact, on average it takes a minimum of 10 years of deliberate practice until the characteristics of great achievement are evident. At 8 months old, Tiger would sit and watch his dad hit golf balls for hours, Mozarts symphony at age 4 and first concerto at age 7, serves us to remind us that practice plays a bigger role than any innate ability, talent, genetic trait or intelligence
Great post btw guys
Yes i completely agree too, i think that the idea of a 'quick fix' or the 'cheats way' just doesnt exist. There are people you can learn from and be tutored by and be mentored by, this is the thing that will cut down on the time you spend chasing deals.
BUT…there is no substitute to hard work and learning your goldmine area/investing strategy.