Learning from your Accountant & Solicitors for Your Property Journey
Lets face it your accountant and solicitor are not solely yours. They handle many other clients and they get to look over the shoulder of many successful people and successful property investors. The key is use them for a sounding board. In our case we have been with our accountant and solicitor since the early 1980s. We would go to breakfast at 7am once a week and discuss our property deals. What is one of the pull outs of this, we start VERY early. Most of the accountants successful property investors are either at the gym or at work by 6am. Same with us. The number one non-money habit that will make you a millionaire is waking up earlier than the rest of the world. Waking up early has plenty of benefits; however, the two that stand out the most when I’m conversing with clients are that it gives you time to work on your property projects you never have time for and it jump starts your productivity.
The difference between people living mediocre lives and people living successful lives is that the successful people create time to work on the property projects that the mediocre people dream about. Don’t have time to review three property deals a day? Wake up early!
Another take back is out of every 3 deals….sell 1 to 2 of them and keep at least one of them. Get a capital repayment mortgage ( we have started this with our Professional HMOs), pay down the debt….write it off and cash flow. More so, contrary to the vast majority, only go for very low gearing. We seek only 50% LTV loans.
At some point there will be a property recession. Prices with fall….Professional HMOs should become fuller as it is a cheap way to live…Many property investors who are geared to high will crash.
Using your accountant and solicitor will give you insights into property and business that you personally have not experienced. They have seen it over and over again. There is nothing new under the sun. Learn from mistakes of others..
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