The Progressive Property Podcast Lessons I Learned From Mark Homer! Every Pound is a Prisoner
In Part 2 of Progressive Properties One-off Bonus series with Rob Moore, discover more lessons learned from 14-years of business with Mark Homer. Learn the insider secrets to property investment, why it’s important to look after your costs and manage your capital, why evolution is more beneficial than evolution and why focusing on your market will bring you compounding and consistent wealth. Tune in for more never-heard-before property and business lessons from expert and entrepreneur, Mark Homer.
KEY TAKEAWAYS
Lessons Learned From Mark Homer
6. Don’t buy overseas, don’t buy off-plan and don’t buy new builds. Always buys local, older and existing properties. Mark tested overseas properties himself and knows they do not work as well and you cannot take the numbers on a spreadsheet with projected figures as fact. You need to test, measure and get proof of property strategies before scaling up to another bigger strategy.
7. Every pound is a prisoner - You make more by saving a pound than you do by making a pound because when you make a pound you’ve paid the tax, charges and a host of costs to obtain that pound and the net value of a made pound is a lot less than a pound saved. You must preserve capital at all costs and only purchase assets that appreciate in value and generate and income which in turn you can spend on your business, but never spend the capital.
8. Things cost more, take longer and are harder when you’re in the inexperienced phase of business. So it’s important to understand the maximum exposure and maximum risk in any deal and planning accordingly with best, worse and likely case analysis.
9. Trust but verify first both in deals and in relationships and partnerships. Do random spot checks to better understand the trust in your joint-ventures and the accountability of your relationship. The key is to check and then check again.
10. Saving tax and managing your expenses well is often more important than driving turnover. Aim to be careful with the amount of money you spend vs earned because a point saved is much more beneficial than a pound earned.
11. You can make money in all property markets no matter the economic situation. There are creative strategies for a rising market (adding value) to a falling market (securing BMV deals) and in a stagnant market by changing the use of a property (residential to commercial).
12. Never do refurbs too big or too soon. Aim to focus on the evolution of your property and where you can add value rather than the revolution.
13. Often the business that you’re in is often the best route to success than changing careers or moving industries. Focus on what you’re already doing better and improve it rather than just doing something new. This will you a compounding positive effect on the industry you’re operating in. Consistency will bring you wealth in the end.
BEST MOMENTS
“Find other people who have been there and done it and learn from them”
“If you want to learn how to do something well, find something who’s done it and learn from them, learn from their mistakes and don’t be a trailblazer”
“Spend the income not the capital”
“Mark is very persistent and he doesn’t take no for an answer”
“Mark looks to build a deeply layered pyramid of wealth”
VALUABLE RESOURCES
https://robmoore.com/
ABOUT THE HOST
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” and “The Money Podcast” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything”
CONTACT METHOD
Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn - https://uk.linkedin.com/in/robmoore1979