This weekend I had the pleasure of meeting Dan Pattrick (founder of Dapatchi) and hearing him speak. What a joy and inspiration to hear how he has built up a multi-disciplined property investment company.
From humble beginnings in general property maintenance Dan has built up a substantial property business with tens of million pounds of property under development, and nine business divisions covering the full circle of property investing. What’s more, this has all be achieved at remarkable speed.
His values and heart centred words resonated strongly with me, as I’m sure they did with many in the room. Thanks for your wisdom Dan.
He shared 22 of his success principles for property entrepreneurs- so, without stealing his thunder, here’s 8 of my favourite:
#1 Values are the most under discussed and underrated asset you can have. They solve all problems for you and act as a powerful decision making tool.
[If you’re unsure where to start with your values there’s no better place I know than reading John Demartini’s book The Values Factor and at the very least doing the free values determination exercise https://drdemartini.com/values-determination/ ]
#2 Don’t be a lone wolf, why walk alone when you can walk further together.
In other words, so much more can be achieved when working with others rather than trying to do it all alone. Every problem can be solved with a partner, so long as the partner shares your values.
#3 It’s not how you get into a deal that matters, it’s how you get out.
There are 3 main risks in property development:
1- planning risk
2- development risk
3- exit risk
You will need a plan on how to mitigate each of these, especially to satisfy lenders.
#4 Money is the byproduct of your action, not the outcome, find different outcomes and the money follows. Stop asking how to make money and start asking how to add value.
#5 Start recording what you are doing to run your business now. Create your systems which will enable your growth, rather than grow before creating the systems.
#6 Be kind to others – property, like in most businesses, is about the art of people and relationships. Generally the most successful are the most generous.
#7 Have a driver that is bigger than you, when the going gets tough and you get stuck your own self serving desire is not enough to move you.
And to finish, here’s a universal truth
#8 It will be hard and you will f*ck up.
Accept that now, be brave, take action and be the best you.
To put a proverbial cherry on this cake of wisdom, here are Dan’s closing words about creating a virtuous cycle for yourself,
“Do something today that you will thank yourself for tomorrow”
If these words resonate with you, why not layer in some accountability and share here what you will do today that you’ll thank yourself for tomorrow?
Thanks for posting the summary of Dan’s Principles.
You’re welcome Phil, thanks for reading