In chapter 4 of my book, I explore the long-term plan in my strategy. I explain how inflation can wipe out debt. I cover how you can create value by buying at a discount, extending, or converting to create extra bedrooms, or replacing things like kitchens/bathrooms or putting in a new central heating system. I also explain that decorating for tenants should be done simply and with plain magnolia-like colours, and that it’s okay to let tenants paint the odd wall themselves. Regarding negotiations, I point out that you must keep as quiet as possible and find out as much as possible before declaring your hand. You should use your ears and mouth in proportion to each other – in other words, use your ears twice as much as your mouth. Open questions are the most effective to use when finding out something – open questions are questions that begin with Wh or H, such as who, what, where, how, and when. About finance, I illustrate the power of leverage to explain how with a 25% deposit on a £100,000 investment you will make a 50% return when the property’s value goes up by 10%.
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