The Progressive Property Podcast Lessons I Learned From Mark Homer! Know Your Enemy
In Part 3 of Progressive Properties One-off Bonus series, Rob celebrates more lessons learned from Mark Homer. Get the fast-track knowledge from over 14-years of successful business, property and wealth. Learn about longevity, consistency, and compounding focus and wealth. Discover the value in consistency, self-insurance, and absolute clarity and accuracy. Understand the need for leveraging your tax-free allowances, planning your contingencies and keeping everything on file in this revealing episode.
KEY TAKEAWAYS
Lessons Learned From Mark Homer
14. Mark believes in longevity, consistency, and compounding. Consistent action over a long period of time will generate vast, lasting and deep-routed compounding wealth. Don’t concern yourself with big and loud competitors in your marketplace because they won’t be there long. Slow and steady wins the race and consistency is key.
15. Accuracy is very important in business. Take the right amount of time to be specific and accurate in anything that you’re doing and what you say and what you do. You must be happy with what you post, what you claim and what you propose in everything that you do.
16. Only listen to those that have been there and done it. Free advice is worth every penny
17. Believe in self-insurance by having an account that over-time becomes its own insurance pot. Begin by putting the amount of money you would pay for insurance in a separate account as a safety fund.
18. You must have a bigger contingency than you think that you need. Mark has multiple bank accounts for every scenario, for irregular shocks, for save and never touch, for VAT and for expenses. Saving money away will compound and prepare you for every situation.
19. Aim to get multiple quotes for every job. For builders, boilers, contractors, car insurance, refurbs, building projects and everything in between. Suppliers tend to quote low and then bump them up over time, so you need to stay vigilant and look after the pennies so that the pound looks after itself.
20. Always hold back the last payment for any refurb or contract work on your properties to ensure that the job is done to the standard agreed. As soon as you’re up-to-date with payments people get lazy.
21. Mark believes in absolute clarity and absolute detail. The devil is in the detail and this definitely applies to contract joint-venture partnerships and agreements.
22. Aim to keep a file on everything and every one of anyone that you work with. You may need it down the line and may need to recall it in a certain situation. Remain organised wit accurate information that can serve you.
23. Leverage and maximise all of the tax-free and tax-saving allowances that you have as property investors and entrepreneurs. Look to max out your ISA, leverage your entrepreneur’s relief and capital allowances in commercial projects. Research and investigate what you do not need to pay because you don’t know what you don’t know.
24. Surround yourself with a great tax advisor, accountant and everyone that is very knowledgable with tax and it can save you hundreds of thousands of pounds in the long run. Hire specialised in the right areas that you’re operating in.
25. Know your enemy! (Covered in Part 4)
BEST MOMENTS
“Mark is a very private person and drives a lot of what happens at Progressive“
“Mark and I partner on everything, we split everything 50/50”
“Stay on one course until you’re successful”
“Mark believes in longevity, consistency, and compounding”
“Learn from those that have been there and done it”
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