The Progressive Property Podcast Securing Your Property: Navigating Loans and Borrowings Safely with Mark Homer
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In this episode, Mark explains how to protect yourself and the importance of due diligence when engaging in joint venturing, borrowing, and lending money. Mark talks about the checks you can do to ensure you don’t make any mistakes when choosing someone to work with as well as red flags to look out for and how to identify them. He also talks about how to check for credibility in people, businesses and investments and other ways you can invest money in a careful and considered way.
KEY TAKEAWAYS
- You need to know someone for at least 6 months before choosing to invest with them.
- Ask for someone's credit file to get a good picture of whether what they are saying is true.
- Ask specific questions about their current investments and their portfolio.
- You can ask an individual to apply for basic disclosure to show any unspent convictions however this won’t show you many things that are historical.
- Ask for past people they have done deals with, you can cross-reference these with the land registry to ensure they are legitimate.
- A good brand and social media profile isn’t a good enough reason to trust someone. You must do legitimate checks on anyone you work with.
- It’s essential you find a solicitor that is your own and they check any agreements instructed by you before signing any deals.
- You should carry out the same due diligence on anybody, no matter who they are and what appearance they give out.
BEST MOMENTS
‘"I call them toilet paper in a way because I've got a personal guarantee only."
“Try and work out if they are the sort of person you can trust, telling the truth and whether you like them”
“I would only lend on a first charge basis and I’d only lend on a 70% loan to value”
“Just because someone looks like they’re doing something, doesn't mean you should be doing any less due diligence”
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
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