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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! 

 

Episode 308 | Pain & Gain: The Wealth Effect & The Housing Affordability Debate – Chat with Eliza Owen from CoreLogic

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When it comes to the current property market… WHERE is the Profit being made? And, just as importantly, WHERE are the Losses happening?

‘Cos let’s be honest folks… it’s been quite the year indeed!! But it looks like we’ve finally reached a turning point in the market…

So, here to discuss the latest housing trends and data coming out from the property market is a very, very special guest and someone who definitely knows her stuff when it comes to property, economics and a big issue almost all first homebuyers face… something called “housing affordability”!

Introducing today’s huge guest… Eliza Owen is Head of Australian Research at CoreLogic! She has a first class honours degree in economics from the University of Sydney and has been a regular economic commentator on FBI Radio and guest speaker on Triple J’s Hack, 702 ABC Radio, Sky News and TEDxSydney! Not to mention, she’s also provided comment for many media outlets including The Guardian Australia, the Australian Financial Review, Pedestrian TV, the Daily Telegraph and plenty more!

PLUS, on top of her first-class knowledge bank, guess what Eliza’s also brought with her today?!

… Nonother than CoreLogic’s most recent Pain & Gain Report – that is, the Quarterly Report that unpacks (in a whole lot of detail!) how different properties, regions and cities are performing across the country. Yep… this includes exactly WHERE the profit and loss is occurring!

So, ready to dive in?!

Listen now to get the latest insights into the Australian property market, including where there’s “Pain” and “Gain”… AND get the tour into The Wealth Effect and The Housing Affordability Debate!

 

P.S. The Pies got slammed last week. Poor Ben. (kinda)

 

Free Stuff Mentioned…

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Here’s a bit of what we cover…

 

 

294 | The Secret To Triple Returns: How This Socceroos Star Changed The Projection of His Entire Future – Chat with Chris Ikonomidis

By in Podcast, Q&A

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* yes, this is one of Ben’s favourite episodes EVER! *  

Have you ever been around someone who you “just know” is going to be successful? Like, really, really successful?! They talk differently. They think differently. It’s like you can see that the “thing” driving them is coming straight from the core who they are, or something… and, almost always, they aren’t afraid of going against the grain, doing things differently, right?!

Well, it can be argued (and rightfully so!) that today’s guest is already REALLY successful, especially from a career point of view…  BUT what makes this guest so impressive is something else… there’s WAY more to them that made us go, “Wow!” multiple times during this interview, actually!

Here’s the deal…

Today we are interviewing 25-year old Australian professional football player (or “soccer” player for some 😉) who plays attacking midfielder or winger for the Socceroos and Perth Glory… Chris Ikonomidis!!

Yes, that means he’s playing “The World Game” at an ELITE level… but it also means that his teammates are often cruising around in their new Lamborghinis and diamond Rolex’s when they’re not on the football pitch…

But Chris?! Nope. Chris is playing an EVEN BIGGER game. See, he’s resisting the lavish lifestyle now ‘cos he’s fully aware that his sporting career won’t last forever.

And that’s where today’s epic episode comes in…. we’re doing a LIVE Critique of Chris’s Property Plan… that is… what properties he’s invested in, what he’s thinking of  investing in (and if it’s a good idea or not) and how he’s managed to switch his mindset to stay focused on the long-term play!

This episode’s packed with wisdom ALL of us (yes, that includes us too!) can leverage from and money tips we can apply in our own lives.

Highly recommend this one, folks! Tune in now & let us know what you think!

 

Free Stuff 

Join more than 21,000 other users and create your free access to our MyWealth Portal below! We’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

Here’s What We Cover… 

 

 

013 | Buy an investment property and continue renting or buy a home – Q&A Day!

By in Podcast, Q&A

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Right off the bat folks, a big THANK YOU to our listeners for all the questions they’ve sent in!  

We’re excited to be answering a BUNCH of great questions in our FIRST EVER Q&A session!

We’ll be covering a lot of ground, from the crucial conversations you should be having before making ANY decisions to the type of research and data that’ll help you determine the best option for you. 📈

We’re also sharing our thoughts on the Government’s policies on negative and positive gearing, and explaining why removing negative gearing is actually a terrible idea! 

Once again thank you to all our question submitters, we’re glad that this podcast has inspired you and we had tons of fun recording this one!   

Listen in now folks, plenty of gold to help you make the right decisions.  

P.s. In the future we are hoping to answer ALL of your questions, so please keep sending them in!  

 

The Questions…

Dan and Ryan:  

“Should we buy an investment property in a high growth location and keep renting, or move a bit further out and get something we can afford?” 

Leah:  

“Do you think the tax rules around negative gearing will change in the future, so as not to benefit those investing in multiple properties and how do you diversify your portfolio?” 

Mark:  

“How do you identify high disposable income suburbs and if you’re buying in a block of units, how do you work out if there are more owner-occupiers than renters in the building and area? Also, what do you think about dual living homes ie: granny flats?”

 

Free Stuff Mentioned:  

  • Just starting your property investing journey? Check out our FREE Binge Guide to the Foundations of Property, Finance and Money Management, which shows you which episodes you need to understand the basics! Or fill in the form below and we’ll email it to you right away! 

    • Are you also interested to have a better understanding of your cashflow position via our FREE Money SMARTS Platform?
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Here’s some of the gold we cover…

  • 0:37 – Dan and Ryan’s Question  
  • 2:15 – What you need to analyse first!  
  • 4:00 – Why you SHOULD consider renting in a lifestyle location  
  • 5:25 – The conversation you need to have… 
  • 6:21 – Leah’s Question  
  • 7:07 – The fundamentals of gearing  
  • 8:35 – What we predict for the future of negative gearing policy… 
  • 9:10 – How the Government gets its revenue 
  • 9:42 – Our questions to the Government on positive gearing tax  
  • 10:35 – Why removing negative gearing doesn’t work!  
  • 12:50 – How do you diversify your portfolio?  
  • 15:03 – Mark’s Question  
  • 15:45 – Where and how you can find the income story!  
  • 17:00 – Why you should focus on small blocks  
  • 18:29 – ALL the data we use  
  • 20:00 – When is it best to have a granny flat?  
  • 21:23 – Some gold from Bryce!  

 

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