Lessons I Learned From Mark Homer: Stability, Longevity and Security
Welcome to a special Progressive Property Bonus series with Co-Founder Rob Moore. In this unique series, Rob shares with you something new and completely different. Over the next few episodes, Rob will be revealing the lessons learned from property expert, mentor, and partner, Mark Homer. Tune in to discover never-heard-before insights from over 14 years of business with Mark. Hear advice, lessons and behind the scenes insights on property, business, finance, and joint-ventures. Listen to part 1 of this special bonus series today.
KEY TAKEAWAYS
Much of the stability, longevity, and security or our wealth and Progressive’s success is Mark. He’s an unsung hero and I don’t know anyone who knows more about property in UK than Mark Homer. Sometimes people jump into joint-venture partnerships too soon they don’t do enough due diligence and the partnership ends up breaking down. The odd few people trust to quickly and assume too much. Mark’s view is to ALWAYS test partnerships before getting into contracts and legalities. Do not rush it and make sure it works. Mark tested our partnership before we went into business and watched me work for 3 months before we started a joint-venture, so always test, observe, watch and do your due diligence. Watch and listen rather than to think and to act. You learn a lot more listening than you can by talking and where there is conflict and challenges it is better to sit and do nothing than to react emotionally. Mark is fiercely loyal and does all of the ‘dirty’ work behind the scenes that keeps Progressive going and keeps everyone including myself accountable. It’s important to hold your business to a high standard and keep your business secure behind the scenes, you may not get a lot of credit for this but it is essential to success and stability. You never know the real numbers of a property or a deal until you’ve been in it, owned it or done it for 6-12 months. Therefore it’s important to buy a small number of properties and to test strategies such as buy-to-let, HMO or serviced accommodation because you don’t know until you’ve been in it and seen the numbers for yourself. You need to judge the average net income, tenancy rates, and voids before you scale and you know it’s a success. You cannot master what you do not measure. Mark taught me to track my net-worth (net-assets minus total liabilities) It’s important to find out your net-position and every 3 months evaluate it. As a result, your net-worth will increase as a subconscious driver. Mark also routinely does worst case, best case, and likely case analysis to better understand the position of your assets and income.
BEST MOMENTS
“I’m very grateful and fortunate to be Mark Homers, business partner”
“Observe potential partners intensely and do your research without telling them”
“Don’t scale to quickly, only buy more and scale aggressively when you’ve got the systems and the proof that it works”
“Always look an an assets minus sale costs”
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
