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A wealth of information

30 May 2014

A wealth of information

The launch of the Dental Property Club was tremendously well received by delegates at Dr Harry Singh’s Wealth Creation day on 21 February.

Excited chatter was the overall impression of this attendee as the venue for Harry Singh’s Wealth Creation event came into view.  With delegate abuzz before the day had even started, it was clear we were to be treated to something special.

Amarjit Gill opened the proceedings, and introduced the first speaker, Alun Rees, who runs Dental Business Partners to help dentists build their perfect practice.  Throwing the floor open to delegates, he asked: ‘Why are you here?’  Summing up the responses, he observed: ‘You’re here because you want more than you have now’.

Become extraordinary 

In line with this, Alun proceeded to present his 10 key strategies to help ‘move from the ordinary to the extraordinary’. They are:

1. Take the long view

2. Be a leader

3. Value your time

4. Increase productivity

5. Delegate

6. Know your numbers

7. Get an external support team that you can trust and respect

8. Build your skills and practise

9. Embrace financial and personal growth

10. Remember, it all depends on you

 

A new level of service

Next up was Tracy Stuart, a seasoned and proven practice development specialist for forward-thinking and innovative dental practitioners and their teams who understand they have to lead – not follow – if success is to be achieved.

Tracy is of the mind-set that winners don’t wait for chances; they take them. To help delegates understand the reality of this concept, she explored what effective communication really means and requires.

The dental team needs to offer a fabulous patient journey from beginning to end, and how you communicate is paramount in this. Said Tracy: “Consider this; sometimes it’s as much about what you don’t say! Body language is very important, as is eye contact and your energy. They need to match what it is coming out of your mouth.”

 

The property ladder

Those at the event knew that entrepreneur Harry Singh wants to help dentists to create wealth by putting in less effort and work while remaining at the top of their game ethically.

What they probably didn’t expect was for him to enter the room from the back door to the soundtrack of ‘Rocky’, wearing boxing gloves and a ‘dressing gown’. Harry then set the scene. It’s 1974 and an unknown Sylvester Stallone has a script. He suffers rejection after rejection, determined to stick to his dreams of being able to star in this film about a boxer. Two years later, penniless but still determined, Sly finally gets the green light to star in ‘Rocky’.

In pairs, delegates were asked to discuss why they had opted to come on the course and their big dreams. Once you’ve focused on what you want, you can work towards it.

To change anything you need to change yourself, said Harry, presenting us with the acronym ‘RAW’:

• Reader – become an avid reader. At his point Harry recommended a number of titles to get started

• Avoid negative people. See possibilities where others might see problems

• Watch and observe successful people.

 

Harry continued in this vein, motivating the audience to achieve their goals using a number of tools including working in pairs, quizzes and prizes!

Harry then moved on to why delegates might want to invest money in property. Firstly, he asked, why should you invest in property? He answered: ‘Find out the real return on your savings.’ Harry then demonstrated how property can offer significant improvement over a bank’s interest rates:

1. Property is an asset; it something that appreciates over the long term

2. Although you have a mortgage, someone else (a tenant) is paying that debt, and anything over that is cash flow

3. Using the bank’s money to leverage your investment and profits

 

Harry then went on to consider the role of the seller on the path to success. You need to look for one of the three Ds when finding the right seller:

1. Debt

2. Divorce

3. Death

Each of these provides the seller with the motivation to accept a figure below market value and to move swiftly.

Before breaking for lunch, Harry considered the role marketing has to play in successful property investment. He said: “It’s all about exposure”, discussing the pros and cons of leafleting and popping a ‘We buy houses’ poster on your car. Harry commented: “It’s a number game but it does work.” He also reminded us that the realms of social and digital media should not be forgotten when it comes to marketing.

Harry closed the morning sessions with his five golden property investment rules:

1. Be motivated

2. Rent at the right price

3. Have a financial buffer (cash flow)

4. Consider it a long-term investment

5. The time is now!

 

Opportunities abound

The afternoon session revealed some of the detail about why Harry has been able to make such a success from property as he shared how to make the most out of situations where buyers are  ‘motivated’ to sell.  He demonstrated that if this motivation was also matched by the mortgager, a whole host of opportunities opened up and you could actually come to an arrangement where you took over the debt and made money out of it! The amazing feverish sums he wrote on the whiteboard were matched by the scratching of pens on pads as the audience tried to keep up and net a few nuggets for themselves.

Harry’s enthusiasm was boundless and his passion for motivational acronyms unending.  He has undoubtedly created a wealth of knowledge while on his property quest and, the great thing is, he now wants to share it with his dental colleagues.

Last to share his thoughts , Hemal Pandya, a full-time FX trader, money manager and coach, gave the audience an insight into the relevant tax regulations, emphasising that: “Tax laws may change or differ depending on your personal circumstances, so do not act without getting professional, up to date advice.”

If this was a taster of what profits and opportunities exist, there wasn’t a person in the room who wasn’t hungry for more!

 

Harry would like to share his professional property secrets with his dental colleagues free of charge. For further information, please visit www.dentalpropertyclub.co.uk.

The content of this article is for information purposes only and should not be relied upon when making financial choices. It is recommended you seek the help of a financial adviser to assess your needs fully before making any decisions and/or making changes.

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