What stage are you at in your property investing journey?
Rob Moore’s latest book is a worthwhile read for helping you to determine exactly where you are. You may have heard him speak about The 6-Stage Property Investor System on the speaker and webinar circuit, and this is the detail behind the concept.
Rob and his business partner Mark Homer have been building up the Progressive Property business over the past few years; this book shares what they have learned and the systems that they have put in place over that time.
It was a timely read for me – I found it useful to establish that we are probably now at a stage where we can consolidate and diversify into other income streams while balancing the property activity. I have struggled a bit in recognising this stage; even though they are clearly delineated and described here, in reality the borders of each stage merge in a more woolly manner. But I guess it comes back to that same old story – if you do what you have always done (in earlier stages), you will get what you have always got (not progressing much further later on). I wish this book had been around a year ago, it would have helped me a lot at that time, I think.
We may not be on the path to a mega-business like Progressive, but the principles are sound for a business at any level. The book kind of combines the approaches of Rich Dad Poor Dad and The E-Myth and applies them specifically to property. As far as I am aware, it is the first of its kind in the world of property investment in the UK.
If anyone else has read it, I’d be interested to hear your thoughts.