Never Give In Man: Building a Multi Million Pound Property Business
A Thought Leader is a trailblazer, someone who has decided to take a different path to what we would call the ‘norm’ and have become a leader in that space at a very young age I think this description sums up my guest that joins me today Danny Inman started in property at 23 and has been in the business for over 10 years. A serial property Entrepreneur, Danny owns a letting agency & a development company offering a portfolio building service. This service developed over £20 million pounds worth of property last year alone! As if he wasn’t already busy enough, Danny has mentored and coached hundreds of investors, from those just starting out to multi-millionaires and he has just launched a new coaching platform and community -The Prosperity Network What I love about Danny is his no BS approach to business and how transparently he shares the ups and downs of entrepreneurship
Liv: Tell me a little bit about your background before you entered the wild world of property
Danny: I decided to go to university and did a civil engineering degree and then worked at one of the big engineering firms in the UK and lasted two weeks! I found out very, quickly that I was a glorified data entry clerk. I went to the job & basically they told me they had a computer that did everything that I just learned, which I found very frustrating and decided to walk away. I never really had a formal job after that and when we got into property investing through an education company (that we've we've both been part of) I was delivering Chinese takeaways & saved the money from this to start investing.
Liv: You have a very obsessive personality in that you’re so dedicated to making a success of whatever you do. How important has that been in defining your success?
Danny: I can get very easily addicted and I've been fortunate that my addiction has been work, and I absolutely love it. I get very uncomfortable when I’m not doing anything and that thirst for activity keeps me going. Obviously people are very different but I think if you find your passion, it's much easier to feel like you can be addicted to it. I know I have an obsessiveness that has served me to do more work and to work harder.
Liv: We’re very much in the media age where perceptions seem to be influenced by social media and the phrase ‘fake it til you make it’ gets thrown about a lot. What was it like for you when you first started in property Danny?
Danny: I started in property at the young age of 23. I’ve thought about that phrase and I don’t dislike it because it’s wrong, I dislike it because it’s misinterpreted often.
If I ever say ‘fake it til you make it,’ I'm saying fake it to yourself because you have to convince yourself that you're worthy of success and of a better life, whereas other people seem to literally take it as ‘I need to to show these people that I'm really rich in property investment.’
Certainly, the seminar world is a really bad place for that, where a lot of people are bragging about what they’ve done and how much money they have in the bank. Unfortunately I think that’s part of the environment and the way the world is now that they have to create this facade around them that isn’t real.
I would change fake it to face it til you make it. I'm a big social media fan and I have no issues with people documenting their success but it's got to be very, very real. When I first started in the industry, I did have an issue with imposter syndrome. We only sourced deals for the first 18 months, and for two years we didn't buy any property ourselves and we probably should have bought earlier than we did. I thought I was too young to be doing this.
Of course, I was wrong. Regardless, if you fake it to other people, I think that encourages imposter syndrome because you know that you're lying.
Liv: What would be your biggest advice for people that are on social media trying to document their journey?
Danny: I think one of the big things is to show the good, the bad and the ugly. The one thing that I've always been passionate about is just sharing reality and letting people make educated decisions based on logic rather than emotion. That's why I've always carried good relationships in the main with most people because they feel like I've not led them down a path.
People (your followers) want more social proof and they want more physical proof. If you are new to it, admit that you're new to it, but show your knowledge and show your progress. Always show people what you’re doing because people are generally fans of progress.
If you go from not posting on social media for 6 months to suddenly buying 100 houses & documenting that, then people are going to become suspicious. Whereas if you've shown them the whole process and journey, people believe that this is a true trackable story. So definitely document and don't get caught up in other people's hype.
Be consistent on social media. We get leads from people on social media all the time but one of the most common emails or messages I always get is ‘I've been following you for 12 months’ and then it's led by ‘I wonder if you can help me with.’ Social media is not about instant gratification. It takes time and it should take time.
Liv: What platforms would you suggest that people start to use to really grow their audience and build success for property developing specifically?
Danny: We only use four; Instagram, Facebook, LinkedIn and mail campaigns. Social media is not huge in property but it's growing and developing. The honest answer is you can't be on too many platforms.
The more content you can put out the better. You don't have to obsess about the quality and if you don't think you've got the knowledge yet then just show people what you're doing and explain why you're doing it rather than trying to be a knowledge preacher. There's so many different posts for every activity you undertake in the property journey so the sky is the limit.
Don’t be afraid and don't think you're showing off that's another one. Marketing is your way of showing people what you're doing.
Liv: How important is goal setting and vision planning for you?
Danny: The creation of vision boards at various stages of your life becomes an important thing as you get older. When I first started, my vision board consisted of a nice watch, a nice car, a big house and loads of other material things. When you hit those targets, it brings with it a strange motivation lag and you have to find new goals.
I think it's an important thing that you’re constantly updating and striving for more. The goalposts may change or what you want may change in life, so developing those goals is important.
Traditionally, we use the week between Christmas and New Year to set our goals for the year ahead. What do we want to do this year? Have we hit last year's goals? If yes, why? If no, why not? What can we do differently this year? What can we improve and how do we step forward from there?
Liv: How important has building a reliable team around you been?
Danny: First things first; I am a terrible manager, so it’s been very important.
I am an entrepreneur and I like to build things and start businesses. I love the excitement and the buzz of raising money, finding deals and putting them together. Property is the perfect example. I'll find the deal, I'll raise all the money for it and we'll get the property bought. I hate everything that comes after.
At the start, I had to suck it up because I didn't have enough money to employ other people and I bumbled my way along. I don't delegate very well. The best tip I've got for you is to hustle your way through until you've got enough income to employ somebody who is a good manager. In the last six or seven years, we've been quite fortunate that we've managed to get good departmental managers in place.
On the building side, my business partner is phenomenal and that's his zone of genius. He manages people so much better than I do but I'm great at closing a deal. Any business that I start now, my job is to make myself redundant as quickly as possible. You can’t do it all on your own and the sooner you realise it the better. Everyone has different skills and we need them all to succeed as a business.
Liv: Tell me about your coaching journey, Danny?
Danny: I’ve been involved in the property industry for just over 10 years now, and I began mentoring four years in.
I had completed my education through a property education company and went on to have quite a bit of success, upon which they asked me to be come back and share my story in the hope of inspiring other people and helping them with their investment journey.
I moved on from mentoring and went on to do public speaking at events, and I did a lot of public speaking all over the world on property investment and why people should be investing in the UK market.
Very recently, we've just started our new business model, which is a is a property education platform. We're trying to build a model that's more Netflix than Blockbuster, which means we’ve built more of a modernised online platform where you can learn at your own speed and you can get in person help if you want an additional cost.
The old school way worked incredibly well for me but the internet and social media has completely changed the game. Now, there's so much information online and on social media that people don't lack information anymore, they just lack a little bit of motivation; they lack the ability to put all the information together in a clear path.
I don't think people pay as much for the information anymore. We're trying to build a subscription based product, where the clients will get the information and we’ll update it consistently. We will have zoom calls to keep people informed as a big group and build a community of active investors that pay in an affordable way on an ongoing basis.