Lessons from a Property Club

Last night I was lucky enough to be at the launch of Medine Simmons' One Property a Year Club. It's a club for property investors who … you guessed it … want to buy one property a year. Isn't that the coolest idea? Trish loved the idea too ("go and get us a property a year hon" as I headed off to the dinner, and she headed out to her Salsa class).

The reason I think it's such a cool idea is that it ticks all of the boxes for fulfilling on a long term goal (in this case financial independence through property investing). In The Money Workshop I talk about financial independence being a 5, 10 or 15 year project … and something that most people never achieve. We're just not wired for projects that last that long.

And yet I believe we can structure our success if we put the right things around us. If we:

  • set up our long term goals as projects
  • adopt the appropriate methodology
  • get the right support in place
  • hold ourselves accountable externally

The One Property a Year Club gives a great example of doing all these things.

There are two projects implicit in this club. The first is getting your next property within the next twelve months. The second is achieving financial independence through property investing.

The methodology piece was actually the main content of the meeting. The club gets together every two months and Medine or another expert shares something about property investing methodology.

I think the primary benefit of the club is the support. It forms a community of people who are playing the same game, and supporting each other on the journey.

And finally Medine has added an accountability component - at the end of the dinner we all committed to three actions that we'd take before we get together in a couple of months. We wrote them down, gave Medine a copy, and we'll report back to the group next time.

Two questions I'd like to leave you with. Firstly in what domains of your life do you need something like this? A structure that gives you a project, methodology, support and accountability? Second question is where could you provide something like this?