Manage episode 284490507 series 2342628
The world is an uncertain place right now and with nobody being able to predict the future it begs the question, where should I put my money? Join founders of Progressive Property Rob Moore and Mark Homer as they discuss how best to invest £1 million. Discover how you’re able to snap up hotels in the current market, the best watches to invest in and high risk crypto currency strategies.
- Become really interested and passionate about what you are potentially investing in. Become knowledgeable about a particular class and stick with that when investing. If you are aiming to make serious amounts of money through this platform, then you will likely need to become a professional in this niche.
- If you want to make a large amount of money fast, the best way to do that would be to invest into a business and become really good at it. Secondly, put your money into property that is well leveraged as that will always do better than investing in cars, watches etc.
- Out of £1million pound it is wise to hold 10%-20% back in cash as a contingency. Max your government ISA out every year by placing £20,000 into it.
- Due to the current pandemic there are many hotels sitting empty waiting for investment. If there aren't deals there now, there will be very shortly. There will be many opportunities within the hotel industry to either re-open to guests in the summer months or to convert the hotel into something else.
- Things to consider if looking to invest into a hotel are: Where is it? What is it? And What is the occupancy? Occupancy in both HMO’s and Hotels is everything. If it is running at 70% full, that is all your profit gone and it is then running at a loss.
- You can invest in different property strategies such as buy to let, single lets and HMOs. You have got to become knowledgeable about all of them in order to become successful in these fields. Focus on one or two of these at a time. Over time try to diversify into a few classes of properties.
- When investing in watches, cars or art try to ensure that you invest in products that are limited edition or where there was only a small amount produced. Rolex, Patek Phillipe and Richard Mille are the three watch models that are strong in the market currently.
- New petrol and diesel vehicles will not be available from 2030 according to the government. Theoretically speaking existing petrol and diesel cars will go up in value as they become rarer to buy. There will likely be less service stations to purchase petrol and diesel however it is unlikely that they will be impossible to run.
- As long as you buy right, investment into classic cars is a good place to park your money and enjoy it at the same time. Whilst it may go up in value, it probably won’t make much profit. What you should be aiming for is to have something that doesn’t go down in value.
- You could invest a small amount of your £1 million into a higher risk strategy such as crypto currency or EIS schemes. They are very high risk and can drop to be worth nothing however there are big tax benefits to doing this.
“I think it has surprised a lot of us at how aboyant it's been.”
“The world is in a completely different place. We don’t know when this ends.”
“When the next recession comes along we do not know what is going to cause it. This one was caused by a virus and the previous one was caused by a banking crisis.”
“Over time try and diversify into a few use classes in property.”
“All of those could be good, all of those could be rubbish.”
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ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties. Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur
Rob’s official website: https://robmoore.com/
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