and, in the last five years, he has built a substantial portfolio in the UK and Spain using the Set and Forget principles.
You will find my full Set and Forget Checklist at the end of the book in Chapter 10. You can go through and see which ones you are already doing and which ones you perhaps need to put some thoughts into. As with anything, it’s not a one-size-fits-all. The checklist works well for me; many of my clients do 80% of the checklist, are perfectly happy and better yet, they still make money.
1. WHAT DO I MEAN BY ‘SET’?
Setting is all about doing the little things that will save you time later and allow someone else to take responsibility for the task. I find that when most people start to build a portfolio, they uncover a massive control issue. This is something that you will have to overcome if you want to build a portfolio. In my experience, the biggest issue you will face in your portfolio is letting go of control.
My early years as a self-employed businessman are a classic case of not wanting to let go of control. I kept finding that I would get to a dozen staff or so and then the business would stagnate. I could never work out why and over time it became a little frustrating.
I guess I was about 29 when I realised that the problem was with me. I needed to let go of control, which began when I moved over to the UK and had to let go of everything into the hands of other people.
These are my portfolio managers, my mortgage brokers, my solicitors, various letting agents and a number of managing agents. I am confident that they will do their jobs and this frees up my time to do mine. It makes things so much easier when you let go of control and stop getting involved in everything.
John and Beth signed up to my newsletter. They were successful landlords with 25 properties, and Beth worked full-time in the business. They were extremely interested in my Set and Forget philosophy, because they had noticed that as they built their portfolio and bought each additional property, they would spend more and more time managing it. You see, they had 25 properties, 25 tenants to manage, 25 rents to collect, 25 mortgages to pay, 25 sets of maintenance and 25 separate properties to be a full-time landlord for. They didn’t know the first thing about investing, but they were awesome landlords.
We sat down, and I very quickly identified that they needed to take back their life. They were both spending so much time on the properties dealing with issues that they didn’t have a life.
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