It is Special Guest Day and we’ve got Damian Collins from Momentum Wealth with us on our very first Vodcast!
Just a bit of a background on Damian, he is an established property investor, the founder and managing director of Momentum Wealth, a Perth-based property investment and buyers advocacy firm and is also on the board of PIPA which means he is very well qualified to talk about the art of investing in property and building a portfolio.
So for today’s episode, the three of them will be talking about:
Damian’s experience as an investor and what motivated him to build his portfolio
The mistakes, lessons and investing tips he learned as an investor
How is the Perth’s property market doing and where is it on the cycle
Was there a sentiment shift considering the recent economic changes
We’ve received a lot of great feedback regarding our Money SMARTS System and quite a number of our listeners have requested us to unpack a little bit more. So for today’s episode, we will be talking about some of the dumb things people do with their money!
If you’ve listened to all our previous episodes in this podcast, by now you would have understood that good money management is crucial to building a successful property portfolio. But this is easier said than done. What we would like to highlight in this episode is small things leads to big things. A tiny expense here and there would eventually sum up to a significant amount if not monitored properly. So Bryce and Ben listed 12 bad habits that they’ve seen and here’s the top 5!
Having too many separate individual bank accounts
Not changing your lenders simply because you are too familiar with the facilities and online banking arrangement
Thinking credit card money is your money
Not paying yourself first
Not having an offset account
Tune in to find out the rest! 🙂
We will also be answering questions from:
Luke:Hi Guys, love the podcast as it has helped me define my goals and strategy. Keep up the great work! I took great interest in your Money SMARTS System and have recently started using it. My question is, you say to pay investment property expenses from the Payments Account (i.e. the credit card), however, I have noticed that if paying by a credit card (VISA or American Express) you are charged a considerable fee (1.5-3.6%). Do you suggest we still pay via credit card as the interest savings from keeping funds in the offset account will outweigh the charge for using the credit card? For example, I went to pay the strata fees for one of my properties which were $407 for the quarter. If using American Express, I would have been charged an extra $15. Do you think it’s worth it?
Michelle: Hi! Just a quick question regarding your Money SMARTS system. I’ve been implementing some of your theories in regards to putting all Income into an Offset Account (Including Rental Income), paying money into a spending account for discretionary expenses, and using a credit card for known expenses (Managing to save an extra $1000 per month this way – woohoo!) Is this setup still acceptable if the offset account is linked to an Investment Property loan and not a PPOR? Thanks for all the great info via your podcasts and the Armchair guide to Investing, I’ve just given birth to our third child so podcasts are a saviour when I’m spending countless hours feeding my baby!! Multi-tasking at it’s best
Apart from that, we are also sharing Bryce’s free report called How to Buy an Investment Property without Impacting the Family Budget. Just fill in the form below and we’ll send it to your nominated email:
Before you go on, let’s make this very clear: We have full respect for real estate agents out there. This episode is not about highlighting the differences between us and them. Instead, what we are focusing today is the full role of a real estate agent. As insiders of the industry, we noticed that a lot of buyers out there do not seem to realise that the real estate agent is not working for them. Real estate agents work on behalf of the vendor and hence, at the end of the day, the role of the agent is to sell the vendor’s property to the highest bidder so buyers should not be expecting the real estate agent to be offering them any discounted price.
So today’s episode is about understanding the process the agents have to go through, the decisions they have to make and from there, suggest a few ways that buyers can implement to outsmart a real estate agent. Bryce and Ben will be sharing their tips on reading an agent’s body language, picking up the subtle messages, what does the property price guides actually mean and more! Tune in and let us know what you think! 🙂
Other resources mentioned in this episode:
Replay for our Facebook Live Q&A Chat – Watch here
Ben’s RBA Cash Rate June 2016 Announcement – Watch here