5 Comments

  1. Rob
    27th January 2012 @ 10:00 am

    Testing is KING.

    It is all too easy to do something based on what someone with an ulterior motive or a lack of training and education in the field says to you.

    This gets confusing, conflicting and their experiences are often different in reality but also different through their perception.

    There is always an ‘Entrance Fee’ of some kind in any business, you have to earn the right, get the knowledge, and work hard enough not to have to work hard.

    Test small and walk away if it goes wrong [but you’re not damaged], or [gradually] scale up as the results come.

    And testing is not something just for the start. Continual testing, reviewing, feeding back and tweaking [Toyota make a million tweaks a year to their production line] will bring you compounded success 🙂

    Rob

    Typos courtesy of lack of ability to type

  2. Peter Hammersmith
    27th January 2012 @ 11:16 am

    Test, test, TEST!!!! 🙂

  3. Loz
    30th January 2012 @ 3:59 pm

    Great post guys

  4. Hannah
    30th January 2012 @ 4:02 pm

    Just shows that you can have two assets that are almost exactly the same and they give totally different revenue streams. You must do your homework and test before you jump in with two feet

  5. PAUL GRIFFIN
    9th March 2012 @ 6:45 pm

    I found the MLWTS lecture really interesting at the 2012 PPSC. Of course, it’s probably right to put a good spin on things when you are making a presentation to 700 people but I’m sure that, despite testing and experience, things must occasionally go wrong. It would be interesting to hear how some of the VIP’s doing MLWTS have dealt with the occasional problem tenant.
    Living in Blackpool, I’ve heard many stories involving problem tenants and how ‘cool’ (in reality, imbecilic is a more accurate description)they are for doing whatever they did to upset a landlord. However, this approach does interest me because of how easy it appears to be. My mother (nicer-than-nice)and step-father (could be tough when he needed to be) were also involved in this business too, and for the vast majority of their time in the business, they ran things well. The occasional bad tenant was dealt with very swiftly, even if it meant losing a deposit or a week’s rent. Basically, get rid !!

    Another advantage with this method, as opposed to say lease option route (how long a term might you need now to make money at the back-end if property values are slow or non-existent?), is that it offers cashflow during a time when property appreciation might not be a good short/medium term strategy. What say you?

Leave a Reply