Progressive Property PodcastMark Homer Talks Investing and How to Avoid the BIGGEST Financial Mistakes
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Kev is joined by “The brains behind Progressive Property” Mark Homer for a second time to talk about how to build and manage a property business including your accounts and finances as well as investing. Mark and Kev also discuss investing abroad, the best way to do crypto and the biggest financial mistakes they see people making again and again.
KEY TAKEAWAYS
- One day Mark envisions moving abroad, his plan would be to come back to the UK once a month for 3-4 days for tax rules and use that time to manage his team on the ground in the UK
- Mark recommends using a simple spreadsheet to manage your costs, finances etc when first starting out, it’s simple, it works and is usually free!
- The impact of late payments (excluding mortgages) on a company credit file is less than on a personal file, another one of the benefits of setting yourself up as a limited company as soon as you can.
- Bitcoin is probably the most stable coin from an investment perspective, anything else is a real gamble. Mark would still recommend you don’t put any more than 5% into Bitcoin as it’s still very high risk.
- Most of those in cryptocurrency are then converting it into something ‘real’ such as fiat currency.
- Now is the time to buy property, prices are falling and will continue to fall and then increase again.
- Mark only buys properties with a 10-year view, he doesn’t flip properties. He also focuses on unloved properties as this is where he can add the most value.
BEST MOMENTS
‘Leverage is often not paying a bill, because the bill is wrong’
‘The underlying technology behind crypto, the ledger system, is revolutionary’
‘You can use property [investing] as the vehicle to earn money and put that into crypto…it’s a no-money-down crypto’
‘I’ve never made more money, investing wise, out of anything other than property’
‘As interest rates have gone up, it’s pushed property prices down’
‘I love the stuff that’s unloved because that’s where you add value’
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
https://www.facebook.com/kevinMcDonnellProperty/
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