This is the third property investing book I’ve read and the best so far. I have followed Rob Moore’s property podcast and been a member of his property investing group on Facebook for some time now. I think he has so much valuable information, a lot of which he gives away for free. I would recommend anyone in the business/entrepreneurial space to follow him.
His business partner Mark Homer spends less time in the public eye but has so much invaluable property investing experience. I have seen both of them talking live on stage and have met Rob in person. If you are looking to get into property or even if you are in property then you will definitely learn something from this book.
What I love about this particular book is that it covers all the basics about how to work out yield and find good property including some great checklists to critique any property you are going to buy. But it covers a vast section of knowledge which will help you become not only a better property investor but also a better person.
A couple of sections which stand out to me in particular are:
#28 (pg 295) about protecting the downside. So vital to approach any big decision in life like this. It covers ways to save money investing in property covering builders quotes and having a balanced mortgage portfolio of tracker mortgages and fixed rates.
#29 All about marketing. Long list of ways to find deals and market yourself. Not just for property but can be used for any business.
#30 Teaches you about great deal making and negotiation. It essentially boils down to not being selfish, giving a shit about other people and finding solutions to their problems.
#33 explains why most people don’t succeed, not just in property but in life.This among other things includes a lack of focus and clarity on your vision. It covers why most people think others are successful and which don’t impact success rate which include how much money you have, the amount of courses you’ve done or not done, your family, your circumstances, your experience and just about any other circumstance you can imagine. But the one over-riding success factor above all other is by making it of highest importance to you or linking it to the value which is your highest imporatance. I think this chapter is the most important in the book. I read it 3 times
#35 Has some great tips on how to look at your role again not just in property but also within life. They use the L1. M2. DL model (Leverage 1st, Manage 2nd, Do Last) and TI vs Ts (Time Invested vs Time Spent).
So as you can see there is so much more to this book than just property and that’s why I love it so much.
Favourite quotes from the book:
Buy once, earn forever.
The deeper the roots, the higher the tree grows towards the sun. – pg 66
Anyone can, not everyone does. – pg 69
Time is the one thing we have that is equal. – pg 69
There’s always a lag between the increase in property values and the rise in rents. – pg 76
Money simply moves from those who value it least to those who value it most. – pg78
Sanity in investing is overestimating costs and underestimating profit. – Mark Homer – pg 84
Skilled investors will make money regardless of the marketplace. – pg 88
Our portfolio rents on average in 9 days from completion for 3.1 years per tenant, with an average yearly void of just under 7 days a year. – pg 89
Fear influences bad decision making. – pg 89
Always look for value by buying the worst properties in the areas that will pull the relative value and rentals up. – pg 194
Being your own bank isn’t about the balance of your account, but the creditworthiness that the world perceives you have. – pg 222
Money moves from those who value it least to those who value it most. – pg 222
I can teach you how to fish. Fish for money. – pg 223
The numbers make you money, and guesswork and emotions lose you money. – pg 245
Most estate agents will tell you what you want to hear, to have you list properties with them.. Learn to take at least 10% off their valuation in most cases. – Pg 261
Other people mock anyone who teaches/trains, saying that those that can, do, and those that can’t, teach. You can be and do both, or partner with someone who does most of one (doing or teaching) while your partner does the opposite. Don’t let what anyone thinks of you define who you are and what strategies you choose; let your vision and legacy decide that. – pg 279
If interest rates are relatively high, then look to have your investments in cash related vehicles and look for the innovations and opportunities that it brings. Low rates means low interest rates for savers. Savers and wealthy people need to get their money out of the banks. Money is getting eaten by inflation and it needs to be leveraged. – Pg 298
Facts tell, stories sell. – pg 360
Most people will make money in the very long term, but only if they stay in the game long enough. – Pg 391
Chase too many rabbits, get none. Spin too many plates, smash them all. – Pg 393
Most people are unsuccessful, so common sense isn’t in fact common sense, and most people are not worth listening to. – Pg 393
Be successful, be courageous and observe what successful people do and do that; don’t let the crabs drag you back in your box. – pg 394
… each time you go up a level your challenges change form and grow in scale, they do not go away. Growth is defined as you getting better at dealing with them. – pg 395
Those who succeed… found a way of making it of highest importance to them. – Pg 396
What you consistently do represents what is most important to you, or you’d be doing something else – pg 397
Everyone experiences leverage. You either leverage, or you are leveraged. – pg 399
We all need each other, and we are all interdependent. The banks need the borrowers and the borrowers need the lenders. The landlord and tenant need and serve each other. – pg 399
It’s the biggest worldwide myth that you have to work hard for money; you need to make your money work hard for you. – pg 400
In property investment we can look at leverage from 4 angles:
- Leveraging other people and their time and ideas.
- Leveraging money (OPM, bank, JV, private investors)
- Leveraging systems and software.
- Leveraging other people’s contacts and resources.
The hardest part, like 80% of the fuel to get a rocket off the ground, was getting our first couple of people, the first small steps. – pg 411
You choose which price you will pay – the short term delayed gratification or the long term regret. – Pg 419
People think that millionaires have these luxuries of service because they are millionaires, but the reality is they became millionaires by valuing their time highly, only doing the highest IGTs and outsourcing/leveraging the rest. – pg 421
Ti has a passive residual and recurring benefit long long after the time is spent, many Ts tasks will pay immediately but at a very low level and once. – pg 422
Spend less time and invest more of it. – Pg 422
Don’t spend time doing things you don’t want to do or don’t have to do.You have ultimate choice. – pg 422
You should be looking for a long term, passive, residual and recurring benefit from most of the time you invest. – pg 424
What’s the difference between giving a Michelin star chef a knife, and a murderer? Do you think their beliefs may impact how they use the ‘tool’. – pg 433
It’s never too late to start but it’s always too late to wait. – pg 452
Procrastination and indecision are diseases of progress and momentum. – Pg 457
Mistake are part of the journey to success that can’t be avoided. – pg 457
The more you sweat in battle, the less you bleed in battle – pg 460
You should expect people to live by their own highest values and not yours, expect them to have their own self interests at heart, expect them to let you down from time to time. And forgive them. – pg 473
Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination are omnipotent. The slogan ‘press on’ has solved and always will solve the problems of the human race. – Calvin Coolidge. – pg 475
The main thing is to keep the main thing the main thing. – pg 475
Overall: 93%