Rob Moore: How I Went From £50,000 In Debt To Multi-Millionaire Property Investor

When I started in property, I was almost £50k in consumer debt.

I’d tried my hand at a few businesses; art, architecture and pub landlording, but none of them were a real passion for me.

My university debt compounded and times were hard.

Shrewd investor: Moore now has interests in over 700 properties and is a multi-millionaire. Source: Wikimedia

A gallery owner who was hanging out at my work invited me to a property networking event. I kept turning him down because I said “I don’t have any money”, and “I don’t know anything about property”.

He said “every master was once a disaster”, and that “most people on the rich list are in property”.

That was good enough for me, and at my very first event I met my 11 year business partner Mark Homer. We partnered up. He had experience and money, and I had time, enthusiasm, and a desire to learn and work hard. We bought 20 properties together in our first year, using his deposits.

When we ran out of his money we raised money from his Mum. When we ran out of that we used his step Dad. Then my uncle. Then my Mum.

Moore: your net worth is the sum of the 5 people you spend the most time with. Source: Progressive Property

We either paid them a percentage return on their money or we JV’d (Joint Venture) owning the property, equity and cashflow 50/50. Then we recycled all the cash through property growth and remortgaging, and went again.

Then we reinvested our own profits. Then we went to external private investors. Then to commercial banks.

We now have over 700 properties that we own, co-own or manage.

I became a millionaire before my 31st birthday, less than 5 years after my depths of debt. I was not born rich. I wasn’t handed millions to play with. I believe most people could achieve this too if they follow the right system.

Petrolhead: Moore crashed his dream £170,000 Ferrari Spider 458 just five days after buying it in 2015, but walked away unscathed

Here are the main financial lessons (and mistakes) I learned along the way:

  1. You don’t need money to start. You need enthusiasm, passion, a desire to learn and an asset that a partner/financier can invest in and earn from with you; splitting the profits fairly
  2. It is never too late to start but always too late to wait. Get perfect later, start investing and learning now
  3. Property seems to double every 10 years. The average house was worth less than £2,000 in 1952 and is now more than £200k despite the recent recession. Don’t wait to own property, own property and wait
  4. Have a clear financial plan and money bucketing systems. Apportion what percentage of your income you will live off, save and never touch, invest with and ‘spend to enjoy’. Never break these rules and reduce the percentage expenses and increase the other buckets as you earn more money. I went from 120% expenses to income ration down to 30% (before kids & school fees!)
  5. Continually invest in yourself. Listen to podcasts. Read books/audiobooks. Go on courses and get mentors who’ve been there and got the results you want: the more you learn the more you earn.
  6. Once you are out of debt and earning fair money, focus on how you can help others: create meaningful products for them, solve their problems and continue to innovate
  7. Hang around the right people. Your network is your net-worth. Ensure people inspire and lift you up. If people drag you down, let them go. Your net worth is the sum of the 5 people you spend the most time with.
Moore works alongside savvy business parter Mark Homer (right) to source, refurbish and let properties. Source: Progressive Property

I started 7 years later than I should have learning about money & investing. I believed I couldn’t do it and as an artist didn’t have the skills. I didn’t feel worthy of money and felt if I were too business focused I’d be screwing people over and people wouldn’t like it. All of these beliefs were wrong, but real to me.

Don’t make the same mistakes I did. Follow the 7 points below and keep on keeping on.

If you don’t risk anything, you risk everything.

Rob Moore is a property investor, entrepreneur and host of the “Disruptive Entrepreneur” podcast.

He co-founded the UK’s biggest property education company Progressive Property in 2006 with Mark Homer and has since helped over 100,000 entrepreneurs to achieve their property ambitions. He is also the best-selling author of  “Money” and “Life Leverage”.

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