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I Bought the Wrong Property; What Should I Do Now?

By in Podcast, Q&A

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Note: This episode is a re-run of one of our older episodes. It originally aired on 2nd July 2020 😊  

In this week’s episode, Bryce and Ben answer 10 listeners’ questions! 

With practical advice on property selection and analysis, this episode is your guide to navigating the intricacies of property investment in Australia. 

If you have a question, leave us a message here!  

If we answer it on the podcast, you’ll get FREE access to our Start & Build Workshop (usually retails for $497!!). This online course is a deep dive on the foundations, framework and everything else you need to know on how to build your very own property portfolio. 

  

Free Stuff Mentioned

 

Previous Episodes/Guests Mentioned

  • Peter Koulizos 
    • Ep 241: 12 Steps to a Profitable Property Development  
  • Jane Slack-Smith 
    • Ep 61: Property Education and Renovating for Profit 
    • Ep 213: How to Adjust Your Renovation Strategy 
  • Naomi Findlay 
    • Ep 188: What’s Renovating Got to Do with Dating? 
  • Household names from The Block 
    • Ep 110 (Part 1) & Ep 110 (Part 2): Meet Frank Valentic from The Block! 
    • Ep 132: Josh & Jenna – This Bickering Couple and their Tiny House Movement in Australia 
    • Ep 284: Kyal & Kara – How to Renovate, Raise Kids, Run a Business & Not Lose Your Mind in the Process 

 

Timestamps

  • 0:00 – I Bought the Wrong Property; What Should I Do Now? 
  • 5:56 – Proposal submission for review of WA tenancy laws [Editor’s Note: The review has since concluded; June 2023 update here]. 
  • 9:43 – Mindset Minute: Be coachable!
  • 15:20 – Q1: I want to buy in a location I love and am familiar with, but it is poorly diversified. How do I mitigate the risks? 
  • 22:10 – Q2: How important are historical growth rates?
  • 29:15 – Q3: I want to invest interstate. Should I look for a local Buyer’s Agent or one who operates nationwide? 
  • 30:39 – Our sister company wins an award! 
  • 41:29 – Q4: Is it better to prioritise high yield or high growth?
  • 46:45 – Q5: Should I move into my rental property? 
  • 52:52 – Q6: Is it worth getting an average property in a good suburb if I’m planning to hold for the long term? 
  • 57:18 – Q7: Thoughts on buying Defence Housing Australia projects? 
  • 1:03:18 – Q8: What do you think about active investing – buying to subdivide, fixer uppers, etc.? 
  • 1:07:02 – Q9: I bought a ‘House and Land Package’ before I was educated. What can I do now to ensure growth? 
  • 1:10:18 – Q10: Is putting a granny flat out the back a good idea when retiring out the debt? 
  • 1:11:55 – Sort out the basics of money management before you invest! 

 

Exploring “Scarcity” in Property Investment

By in Podcast

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Note: This episode is a re-run of one of our older episodes. It originally aired on 12th November 2015 😊  

In today’s episode, we dive deep into why the old adage of ‘location, location, location’ still rings true for property investment. We explore how 80% of your return is determined by where you buy, and only 20% by what you buy. 

One of the three filters in our asset selection criteria is scarcity, and today we take a close look at that concept. What exactly do we mean when we refer to scarcity in property investing? Are there certain elements in particular to look out for that will increase your property’s value? 

Throughout the episode, we’ll also underscore the importance of considering owner-occupier appeal in your investments, why developers favour high-density projects, and why smaller investors should hone in on scarcity in top-tier locations. 

Get comfy because this bonus episode is all about helping you understand the crucial role of scarcity and how it can ensure your next investment decision is a savvy one! 

 

Free Stuff Mentioned 

 

Timestamps  

  • 0:00 – Exploring “Scarcity” in Property Investment 
  • 04:16 – When searching for your next investment, try asking the agent this question… 
  • 06:33 – 3 important filters when it comes to asset selection 
  • 07:24 – The two different parts to scarcity 
  • 07:33 – 20% of your return comes from the property, while 80% comes from the…?  
  • 11:46 – Consider the property’s proximity to the CBD… 
  • 13:56 – …as well as whether the land is fully utilised 
  • 14:28 – Peter Koulizos on the 3 Ls of property value 
  • 21:51 – Choosing the correct property is important, even though it only represents 20% of the formula! 
  • 24:21 – Linking back to the Buyer’s Decision Quadrant 

 

480 | How to FAIL to Retire on $2K Per Week

By in Podcast, Property Investment

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Ever wondered how to FAIL at building a successful property portfolio? 

Want to learn how NOT to build a weekly passive income of $2k?  

If so, then this is the episode for you! 😉 

This week’s episode gives you a step-by-step guide on how never to take action or build a weekly passive income of $2k. 

From the worst ways to approach the property market to the incorrect beliefs you should hold about investing, we’re breaking down this episode into the 4 crucial ways you could go wrong…

Can you guess them?   

  1. The Wrong S_R_ _E_Y: Approach this wrong; you’ll be frozen in paralysis forever. 
  1. The Wrong P_O_E_T_: Get this wrong, and you could pour thousands of dollars into your portfolio….and still never make a passive income 😮.  
  1. The Wrong M_N_ _E_: Slip up on this, and you can say goodbye to growth.  
  1. The Wrong N_T_ _R_: Refuse to seek this, and you’re going to fall into a lot more traps on the way… 

To avoid taking these wrong turns (and, in all seriousness, avoid making these mistakes), listen in now!  

 

P.S. As mentioned in Ben’s “What’s Making Property News”,  the Property Investors Council of Australia (PICA) needs support! As a not-for-profit organisation representing the everyday property investor without a voice, any membership or donation helps. Become a member, donate or find out more today >>  

 

Free Stuff Mentioned

  • FREE PROPERTY SUBURB REPORT: As our birthday gift to you, we’re giving away our data-packed Property Suburb Report – for free! (Usually RRP $40). Get your free report here >> (Note: There’s been a change in email restrictions which requires you to verify your email to allow us to send it to you. Please be aware that we are following these changes.)  
  • Watch our most streamed video ever >>  
  • Upcoming Q&A: Send us your puzzling property questions (and as thanks, get a free Start & Build course!) Send them through our SpeakPipe >>  

Timestamps

  • 0:00 – How to FAIL to Retire on $2K Per Week 
  • 1:25 – Our FREE birthday present for you…  
  • 4:56 – Mindset Minute: What is your ROI on a BOOK?  
  • 9:33 – “Invert, always invert”  
  • 10:59 – #1) The Wrong S_R_ _E_Y:  Sell N_ _!  
  • 11:57 – Wait To B_ _  
  • 13:05 – Don’t T_in_  
  • 14:06 – Leave It To The G_ _  
  • 15:45 – Play The S_ _ _ _ Game  
  • 17:21 – #2) The Wrong P_O_E_T_: Focus on P_ _p_r_ _ Appeal alone 
  • 19:13 – Ignore S_a_c_ty 
  • 20:20 – Don’t R_ _e_r_h 
  • 21:54 – #3) The Wrong M_N_ _E_: Treat your b_l_e_s like… 
  • 23:16 – Pr_ _r_s_in_t_  
  • 25:43 – Seek instant g_a_i_ic_ti_n 
  • 28:27 – #4) The Wrong N_T_ _R_: Take a_v_c_ From Your Family 
  • 30:31 – Self-Ma_a_e Your Properties 
  • 32:56 – Neglect B_i_d_ng Ins_e_t_ _ns  
  • 35:57 – The Checklist to Failure  
  • 38:28 – Our most streamed video ever… 

And… 

  • 40:04 – Lifehack: Value is found in the second or third lap (Thanks Merv!)
  • 43:47 – WMPN: Help us to support PICA 

 

471 | How He Built His $2.3M Property Portfolio After Leaving School At Just 16 – Chat with Ethan

By in Podcast, Property Investment, Summer Series

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Folks, today marks the first episode of our much anticipated 2023/24 Summer Series!

We’re extraordinarily excited to sit down with some amazing listeners and dig into their money story, explore the steps they took to build their property portfolios and ultimately unpack the intriguing question (which is also the theme of this series…)

“What does money mean to YOU?”

As our 6th Summer Series, we’re spending this season digging deep into the psyche of the investor, understanding what motivates us ultimately as humans and understanding how we can use this knowledge to bolster us on our property journeys.

 

 

To start us off, we’re welcoming an incredibly hardworking and humble guest who realised at a young age that if he wanted anything in this life, he would have to make it happen himself. 

Ethan, today’s Summer Series guest, grew up with a younger brother with Down Syndrome and at just 16 years old,  was diagnosed with depression. Knowing that the school teaching system wasn’t working for him, he left school shortly after.

Over the next 14 years, Ethan has completely transformed his circumstances and now owns a 5-property portfolio worth 2.3 million dollars. 🤯

Tune in to discover how he bought his first property at 18 while earning apprentice wages (He was on $6 an hour folks!), why he continues to invest in Wodonga and the benefit of having a strong network and great tenants.  

Ethan was recently diagnosed with Aspergers, adding another layer to his incredible journey.    

 

Thank you for blasting off our 2023/24 Summer Series Ethan, what a truly motivational tale that showcases the importance of hard work and highlights that young people can get onto the property ladder! 

 

 

Free Stuff Mentioned

 

Timestamps

  • 0:00 – How He Built His $2.3M Property Portfolio After Leaving School At Just 16
  • 1:40 – Welcome Ethan!  
  • 2:39 – Money background & growing up with a brother with down syndrome  
  • 4:58 – The pivotal moment with Dad that transformed his world  
  • 8:35 – Same circumstances, two very different responses  
  • 10:35 – How was Ethan affected by his recent diagnosis?  
  • 11:40 – The life changing reason he left school  
  • 13:21 – Ethan’s golden advice to those who don’t thrive in the school system  
  • 16:09 – “You save for a house; you won’t have to pay for…”  
  • 17:35 – He’s NEVER used spreadsheets. Here’s how he budgeted instead. 
  • 18:44 – He was on $6 an hour?!?  
  • 19:15 – How no social media actually benefitted Ethan!  
  • 20:52 – How his Aspergers has helped him on his property journey 
  • 22:10 – The first property he bought at just 18!?  
  • 23:58 – Moving into his property & the wild gap year  
  • 26:48 – A death, using community brokers & his next property purchase  
  • 30:08 – Renovations and flipping properties 
  • 31:55 – Buying at Mortgage Auctions and the true benefit of networks!  
  • 33:51 – Ethan has always based his calculations on THIS… 
  • 34:49 – Why Ethan keeps choosing Wodonga  
  • 38:47 – Renovating his PPOR and his most recent property purchase  
  • 40:55 – The property he bought… from his neighbour?! 
  • 42:45 – Having great tenants (including one who’s renovated his property!)  
  • 45:20 – How has interest rates affected him?  
  • 47:19 – What does money mean to Ethan? (+ his next steps)  
  • 50:36 – The total value of his portfolio!  
  • 51:30 – Why did he decide to come onto the podcast?  
  • 53:02 – Relocating to Regional Towns: Benefits & Integrating into communities  
  • 57:13 – Thank you Ethan! What an awesome way to kick off our series! 🤗  

 

468 | Why Don’t We Start with Property First and the Hidden Power of Building a Moat

By in Podcast, Property Investment

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In this week’s episode, we’re back with our final Throwback Thursday episode focusing on our last. three foundational pillars from our Four Pillars of Property Investing Mastery!  

Folks, these pillars are absolutely critical for anyone wanting to build a stable property portfolio which is why we’re revisiting and unpacking these concepts with today’s market conditions.  

From APRA’s 3% buffer rate to rising interest rates and its impact on Asset Selection, we’ll be tying together our cornerstone principles from 2015 with our top strategies to hold and afford new properties today. 

We’ll be covering… 

⚡ Ep 4. Borrowing Power: How to smash glass ceilings, why finance is like a game of chess and the top #3 solutions to maximise your leverage 😊   

🔬 Ep 5. Asset Selection: Why we don’t start with property first, the telescope vs microscope view and applying the Buyers Decision Quadrant today.  

🛡️ Ep 6. Defence: The most important asset, why you need to build a moat and the critical elements of defence 

A topical episode that ties into our evergreen investing strategies, tune in now!  

 

Free Stuff Mentioned

  • Get your hands on our free Binge Guide! This contains the First 20 Episodes – which are our foundational episodes – of The Property Couch. Get it here >>  
  • Read the article from Ben’s “What’s Making Property News?” here >>  

 

Timestamps

  • 0:00 – Why Don’t We Start with Property First and the Hidden Power of Building a Moat 
  • 1:30 – Some invaluable feedback (Thank you Francis!)  
  • 3:39  – Mindset Minute: “Imagine playing Monopoly and Never Buying Any Assets or Investments…” 
  • 6:08 – Ep 4: Borrowing Power 
  • 7:13 – Do THIS if you feel you’re paying too much interest 
  • 11:40 – Beware! Leverage can cause glass ceilings  
  • 12:26 – The top #2 rookie mistakes property investors make  
  • 15:16 – Why is finance like a chess game?  
  • 18:10 – The critical link with Cashflow Management  
  • 20:07 – The #3 Solution Tiers: Tailoring vs. Off the Shelf  
  • 23:10 – 200+ years of experience?!  
  • 25:20 – Ep 5: Asset Selection  
  • 26:36 – The Veblen (aka. The Envy) Effect & Human Behaviour 
  • 30:48 – Telescope vs. Microscope View 🔭 
  • 31:56 – The Buyers Decision Quadrant  
  • 41:04 – Our evergreen quotes…  
  • 41:44 – Ep 6: Defence 
  • 42:18 – THIS is the most important asset to an investor  
  • 44:58 – The #3 essential components of defence  
  • 50:08 – Folks, this is about building a stable stool!  

And… 

  • 55:13 – Lifehack: We should all live life by our Ikigai 
  • 58:11 – WMPN: A 650% increase on Brisbane Landlords?!  

 

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