Why to Not Use The Scattergun Approach

DESCRIPTION Welcome to another episode of the Mark My Words Podcast. In today’s episode, your host Mark Homer discusses the different property areas you can invest in, to acquire right property deal and achieve the possible yield.   Mark is always getting asked ‘which areas you should invest in, to receive the highest yield’ and in today’s episode Mark explains the pros and cons of a scattergun approach and why you too, can make the most money over time by investing in your local area, learning through osmosis and increasing your knowledge with every investment.   Don’t be a small fish in a big pond and spread yourself too thin, dominate your local area and super-charge your property investment business.   KEY TAKEAWAYS Whilst the whole letting industry has improved over the last five years, there are still a few agencies who are not as good as they should be. They might be taking tenants in who they shouldn’t, not referencing properly or abiding by local council laws. You need to know the rules of your local area and build a reputation, particularly with the local estate agents. I believe in creating a business that creates widgets. If you do the same thing over and over again, you create something close to perfection. If your trying to build ten widgets in ten different investment areas you add many layers of complication and complexity. Most people initially think it’s best to invest elsewhere in the UK, to get higher returns. But chasing the highest return isn’t necessarily a good strategy, a scattergun approach is not always the best idea.   BEST MOMENTS “It’s very important to build up a local knowledge yourself, if you don’t have a level of technical yourself people will tell you what you want to hear” “With any business, you tend you make the most money over time when your knowledge base increase. I’ve made more and more money the longer I’ve been in a certain area, I’ve learnt through osmosis” “You’re going to have to kiss a few frogs to find a good one. But you’ll learn throughout the process and your work in finding the good ones is multiplied over different investment areas” “If you invest in a new area you’ll have to learn the rules of that area” “If you get a great tennant with a great lease, your property is going o be worth a lot more money”   ABOUT THE HOST Mark Homer is an entrepreneur investor.  He has worked with investment since he was 15 years old using the laws of wealth! He is a spreadsheet analyst with an impressive following from major publications including BBC Radio, The Wall Street Journal, The Independent, as well as co-authoring the UK’s best selling property books.  Mark has always looked for the best investment vehicle, and at the end of 2007 with Rob Moore the co-founder of Progressive Property his joint portfolio produced more profit than any of his other investments he’d tried in the last ten years, combined.   CONTACT THE HOST Email: [email protected] LinkedIn: https://www.linkedin.com/in/markhomer1 Facebook: https://www.facebook.com/markprogressive Twitter: https://twitter.com/markprogressive ‘Brought to you by Progressive Media’: https://progressivemedia.uk/