Listen to this episode below:
Simon is a property tax specialist heading up Optimise Accountants. In this week’s property podcast, he talks about passion for problem-solving and working out the most efficient ways to maximise income, whilst reducing tax.
He has been investing in his own property since 2006 and ensures that his clients make the best use of his personal experience to avoid making the same mistakes and to capitalise on his successes. He has adopted a relentless focus on continuous improvement in both his accountancy business and his personal investing.
What’s Your Favourite Book?
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The Game of Life and How to Play It – Florence Scovel-Shinn
Simon isn’t afraid to admit he’s made some mistakes along the way, but he thinks his biggest success is his ability to learn from them. As an example, he once got caught up in the emotion of an auction and bought a house that he really shouldn’t have.
He’s made it a rule not to buy at an auction again, but has learnt that buying both pre- and post-auction can give fantastic results, enabling him to buy properties that now give him a 20% ROI.
Thinking back to a property Simon bought to split into five flats, he talks about not being rigorous in the planning process. As a result, builders did some work they weren’t required to which resulted in increased costs, and poor quality products were used because nobody specified what should be used.
A lot of money and time were wasted, along with emotional investment, but again he has learnt from his mistakes and now makes sure every detail of a project is mapped out and everyone is aligned.
Simon’s Links & Resources
optimiseaccountants.co.uk – Get your free initial consultation with Optimise to find out how they can help you reduce your property tax bills
xero.com – Simon’s bookkeeping software of choice
property-bee.com – Firefox add-on that shows you a wealth of information on property listings like when they were added, a history of price changes, and whether any sales have fallen through