Welcome to Progressive Property Podcast!

On today’s episode,Kevin is interviewing Kyran Bracken.  A property entrepreneur. Former rugby world cup winner and now expert property investor. The fellow Irishmen discuss what property they have, what the 2008 crash was like and did to their business, and what they are planning to do in the near and distant future.

KEY TAKEAWAYS

• Kyran started out down the path of becoming a lawyer, but realised the money he made in 2 years from his first property purchase than he was making in his career. This only spurred him on to do more. In the end he leveraged his own home to invest.
• He got caught in the 2008 crash, and Ireland was hit bad. But he worked hard to find ways to work around issues - you have to find what works for you. Nowadays, he’s come back and made enough money to have a decent asset base for supporting his family and to have a steady pension.
• Cashflow is worth more than equity- You don't have to work in a job and still have a constant money stream. Equity won’t pay your bills.
• Stocks and Shares vs property- You can’t leverage shares. You can buy 4x more investments for the same price by leveraging other people's money.You can’t do that in stocks and shares
• Look for gaps in the market- Kyran realised there was a gap in the market for building timber houses, which were popular over in ireland. Now he builds 200 a year with little competition.
• Adding value-Kevin’s rule is to always look to find a property where you can add value and sell it on for more or get a higher rent. No matter if it is single let or HMO, this always applies. You aren't going to get great returns in 6 months anymore - you have to put the value in yourself.
• Tax- you are going to pay tax anyway, don't use taxes as an excuse to stay in a JOB! You are always going to have to pay tax, you just don’t see it when stuck in a job. Plus, with your own company, you can have tax deductible expenses.
• Lease options- A gold standard strategy. Low risk, high return. Options could actually be better than buying. There's no completion, no fees, and you could earn a profit for finding a buyer. You could earn 6 figures on options alone. The upside compared to risk is huge.
• JV- how you can use other people's money to maximise your investing. Joint ventures work on any strategy, and you can minimise any risk.
• Mindset- mindset in business is everything. It is about being knowledgeable and calculated in what you do and understanding what you are doing. Don’t get mindset mixed up with enthusiasm and stupidity, that will cost you over time.- the more knowledge you have, the more confidence you have
• Understand the trends in markets- is a property overpriced? Where abouts in the country is property underpriced? What do buyers want to buy? What government schemes are going on that could affect house prices, such as HS2? What do you think will happen in the next 10 years? Do you know your local area?

 

BEST MOMENTS

• “You are always paying tax, in a job you just don’t see it”
• “When you fall down, maybe there was something there for you to find”
• “Everything you do in life is a bet”

 

VALUABLE RESOURCES

• Progressive Property Podcast (https://www.progressiveproperty.co.uk/podcast/)
• Rob Moore’s Start Now Get Perfect Later (Book) (https://www.amazon.com/Start-Now-Get-Perfect-Later/dp/1473685435)

ABOUT THE HOST

Rob Moore is a 5x best-selling author, a public speaker, an entrepreneur, property investor and a Guinness World record holder among others. He is the co-founder of the Progressive Property and the mastermind of ‘The Disruptive Entrepreneur’ and ‘Money’ podcasts.

CONTACT METHOD

• Website (http://www.robmoore.com/)
• Facebook https://www.facebook.com/robmooreprogressive/)
• Twitter (https://twitter.com/https://twitter.com/robprogressive)

progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/