Remote Property Investor

Financial Fundamentals

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In this episode, Harvey talks about the fundamentals of setting up in property and business in general. He discusses risk, the difference between good and bad debt, company structure, tax and more!

KEY TAKEAWAYS

  • Harvey believes you should always calculate your risk whilst assessing what you can afford to lose. If it goes wrong, you need to know you can afford the gamble. 
  • There is a big difference between good and bad debt. Good debt is when you use the money to leverage and use its power. Bad debt, the kind of debt you do not want, is when you use credit cards on frivolous things like holidays and eating out.
  • Decide whether you want to operate as a sole trader or a company. Think about your tax structures too, as this is the difference between making a good amount of income or not. 
  • Speak to a specialist accountant before making any decisions.
  • There is a vast amount of financial options when getting into property, bank loans, private finance, partnerships and more. Research all the choices, you might be surprised at what would work best for you and your current financial position. 
  • If you are thinking about starting to get into property then be mortgage ready. Get an AIP or DIP in place so you are ready to go.
  • Spend some time creating a ‘balance sheet of your life’, see what you can liquidate, what you can save etc before you start your property investing journey.

    • BEST MOMENTS

    “Everything is a risk but there are different calculations to that risk”

    “Property is one of the strongest asset classes out there” 

    “Get your credit score up really high and make sure you’re credit worthy”

    “Anything you pay for each month is a liability”

    EPISODE RESOURCES

    How to Reduce Landlord Taxes 2019-20 https://www.amazon.co.uk/dp/1999640543/ref=cm_sw_r_cp_api_fabc_79R9ZHHR1A65RYM5YR4J

    The Richest Man In Babylon: The Success Secrets of the Ancients--The Most Inspiring Book on Wealth Ever Written https://www.amazon.co.uk/dp/0451205367/ref=cm_sw_r_cp_api_fabc_MFM0MP7WF7AWGWYX5051

    Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! https://www.amazon.co.uk/dp/1612680178/ref=cm_sw_r_cp_api_fabc_1MY8PQJN7R1NSN167V6P

    VALUABLE RESOURCES

    💻| Join us in our remote property investing Community on Facebook

    📚| Live free training & Q&A every Sunday in the Community. 

     

    ABOUT THE HOST

    Harvey is the founder of Growth Properties Group, a small group of companies that help people live on their terms through property.

    With education, portfolio building, and property management. 

    He built his property portfolio and businesses in the Northeast of England, whilst living in the south, allowing him to spend time with his family and travel regularly. 

    Having built up the systems and team to run from his phone and largely on autopilot, he's now focused on helping others excel on their property journeys and build a remote investment lifestyle for themselves through group and 1:1 coaching programs. 

    His signature program, which runs 4 times per year, is the 6 Stage Remote Buy Refurb Refinance (RBRR) Blueprint.

    I help people to live on their terms through property & Coaching and portfolio building. 

    I’ve spent the last 7 years working out how to run my property business virtually from my phone. 

    Using tech to run my business while I’ve been travelling. 

    DM me clubhouse if you need help with this. 

    CONTACT METHOD

    👓| Find me on Facebook 

    👓| Find me on Instagram

    👓| Find me on YouTube 


    👓| Find me on TikTok

     



    This show was brought to you by Progressive Media

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