So one week on from my first blog about being out of the corporate world and focussing on being #propertymum for real … am I happy? Absolutely. Am I slightly scared? Definitely! Am I a mix of all emotions? Hell Yeah!
Following the excitement of leaving my job, came the realisation of what that fully meant – I had left a pretty well paid job (that I’d worked hard for over a number of years) in an industry and role I enjoyed…most of the time. That job had given me the security and the feeling that I was contributing my share to the household costs, which had massively increased since getting the house, the dog and having our two lovely kiddos. Now, even with the property income that I’d built with my husband over the past two years, there is still a dent needing to be filled … and that’s down to me! This gives me a massive feeling of responsibility, and in a way can overwhelm me a little. I’m feeling a little out of my comfort zone, as I’ve not been in this position before. On reflection I realise this is okay and I’m confident that I’ll come out the other end and look back and be proud, happy and also be successful in what I end up doing to fill the dent.
From past experience, when I start feeling overwhelmed I know I need a plan. A plan gives me the push to take action and by doing something to move me closer to where I want to be I find it takes away the fear and that general sense of feeling overwhelmed. When this happens I feel excited …
So what are some of the things I’ve been cracking on with?
1. I’ve updated our accountant on my new situation and taking advice on how to amend our business structures to fit our new situation and plan.
2. I’ve agreed with Darren to focus on activities that will generate income for us (Income Generating Tasks – or IGT’s as he calls them 😉 ) in the short-term. It’s easy to get side tracked easily with “shiny pennies” but I think it’s important that I can acknowledge this and pull myself back in, without of course limiting myself. The ‘shiny pennies’ I am referring to were some really cool commercial units we’d been working up but are unlikely to generate income until well into 2020 – whilst we loved the thought of more challenging projects, I recognised we need to adapt our plan to fit the here an now. So with that in mind…..
3. I’ve ramped up my viewings and meetings with estate agents, letting agents and other people who have access to properties for sale. I’ve looked at areas that I target and called a number of agents to book in blocks of viewings for next week so that I’m making the most of my time.
4. I’ve put a plan in place to become an accredited Property Sourcer within the next month. For those that don’t know a sourcer acts very much like a bespoke broker, matching investors who want to build their portfolio with property deals that meet their investment criteria. As someone who views a lot of properties in a month, there are times when although the deal may not stack up for our business, they may work for another investor who is happy to leave a bit more money in the deal for longer, but has no time to go out and find it. Therefore it’s a Win Win for people like me to agree the deal and source the deal on for a fee, which in turn helps my income increase.
4. I’ve set up time with our existing and potential Angels (the people who invest money with us) to let them know we are ramping up and discuss opportunities for them to earn a better return on their money compared to what they are getting in their savings accounts.
5. Spent time with like-minded people. As being a Property Investor can be lonely, in between my viewings this week I’ve been catching up with other Investors. For me, I feel best when I’m around other people, listening and learning from the exciting things they have been doing and trying to offer help with any challenges they are facing.
To help move all of this forward I’m also working on getting structure in to my new week. I like structure and can get a little forgetful and un-organised when I don’t put structure in place to my week. When I look at all the areas in my life the important ones for me are – Property/Business, Family, Friends, Travel and Self. It’s important for me to get a balance between these to help me feel fulfilled. If I worked 7 days a week, 18 hours a day on my property business I may have a successful business and sort that dent in income out, however, Darren may not speak to me again and the kids may forget who I am … plus I’ll miss nights out with the girls (more likely to be spa days or nights at the cinema these days rather than a night out at the Shed!). One of my business coaches highly recommends colour coding your diary based on the key roles you play that are important to you, so that you can see clearly what areas you are spending most time in and therefore allowing you to adjust these as needed to help you feel more fulfilled. I love this and over the next week I am going to do this for me. I’d love to also hear about any tips you find useful about planning your working week so please let me know in the comments if you do!!!
At 5.26pm on a Wednesday I’m now off to pick my two wee kiddos up from nursery and I’ve got a great two days planned with them….as I said getting the balance right is so important and I’m so grateful I have an opportunity to be spending this time with the kids growing up – life’s definitely not just about the money!