For those of you that aren’t familiar with Mark Homer, he is a very successful property investor based in the UK. Over the past decade or so him and his partner, Rob Moore, have made their fortune buying, selling, refurbishing and renting property of all kinds.
Mark’s book “Low Cost High Life” details his childhood experiences that gave him the mindset for success, the lessons learned along the way and the advice for anyone else to replicate.
These are the lessons I gleaned from it, some I already learned from other authors but they bare repeating as that is how we learn best – repetition.
1. Always make sure you get more value than you pay for. IE: Don’t pay market price for investments if possible – reduce the risk
2. Learn to balance creating money and time equally in order to enjoy the independence true wealth brings.
3. Do not spend earned income on luxuries – it should only go in to either; living, saving or investing. Buy luxuries from passive income.
4. Understand the business you’re in as much as possible, it helps you remain passionate and spot opportunities. Temper your emotional urges with this knowledge to make rational decisions.
5. Get good at local property before considering overseas property. The laws and best practice may well be very different.
6. Networking events grow your network and that can be your best route to JVs, finance, expertise and latest investor trends.
7. Model those you admire that have been successful and made the mistakes. When walking through a mine field it’s best to follow someone else’s footsteps.
8. For maximum productivity stay fit and healthy. This will provide the energy and clarity of thought you need to focus and work effectively.
9. Put systems in place for everything, then manage the systems.
10. Keep 6-12 months operating cash at hand – ALL the time!
11. Invest for cashflow FIRST, and capital growth second.
12. Tap into the market’s perception of value in order to increase your price.
13. Get a PA asap.