What do you do if you’re picking between two properties? Or two locations? Or even two investment strategies?!
Well, step right up… ‘cos we’re about to give you the top tips to make the best judgement call when property investors are weighing up multiple options!
Here’s the deal… in today’s Q& A, some of our folks are currently caught between a “rock and a hard place”, while others have narrowed down their asset selection to TWO choices… but are now snagged on which property will outperform the best over the long term!
And on the other end of the line, some folks haven’t even honed in on the property yet… ‘cos they’ve received conflicting advice on which suburb to buy in… and now they’re left confused and afraid to make the wrong choice…
We even have one listener who’s at a loss with what investment strategy to pick – so much so he’s know fighting an internal debate with himself!
So. How do you pick one property (or location, or strategy) OVER another??
What things do you need to consider
In no particular order, we’ll be unpacking, How To…
- Pick The Better Asset
- Invest Without Regret
- Automate Your Finances
- Sleep Soundly Knowing You Made The Right Judgement Call!
Listen now to get the top tips to help property investors who have decision fatigue or just what the answer to this question, “Which Option is Better??”
Free Stuff Mentioned
- Get The Audiobook of The Armchair Guide to Property Investing
- Get A Free Copy of Make Money Simple Again
- Episode 302 | Back To The Future: Lessons From 50 Years At The Top Of His Game – Chat with Scott Keck
- Get “PICA Flicks” (Become a PICA member for only $5)
Question About “Investing Without Regret” from Trevor
I’m 47, work full time and am single. I have 3 investment properties — the first one bought in 1999 in Darwin (Millner), which went up dramatically and just as dramatically decreased in value and in rent. It has a high strata of $1500 per quarter. I do have another house in Brisbane in Waterford West, bought in 2008. It’d be worth now what I paid for it. I bought a house in Adelaide in 2010 – 3 bedroom. So they’re all not the best properties. All are rented except for Darwin’s decline in rent they all went quite well. My accountant says it’s costing me $% k per year to hold these properties. I don’t feel like I’ve done anything with them, and I’ve done this for quite a while now (since ’99) and don’t want to look back in 10 years and think gee whizz, I wish I bought something different. At times I wish I took the money out and bought something else. Now, if I was to sell, the properties are worth $3 with a mortgage of $3.50. Any suggestions for people who get into these scenarios? Going forward what would you recommend?
Question About “How To Automate Your Finances” From Kylie
Hi guys, my name’s Kylie — love the podcast. I’ve just ordered your book and I’m sure your answers are in it. While I wait for the book, I want to get better at my finances. I’m pretty good at budgeting and money management in my business, but I don’t really keep track of things personally. I’ve downloaded your Money SMARTS system to try and rectify this.
I am in a good position — my company pays for the vast majority of my expenses like rent, electricity, vehicles, fuel and that sort of thing. And I pay myself a small wage for personal items and to keep saving for more properties, which I currently had 3. And I want to add to that. My question is — which bank account, either the payments of Primary Account should I pay my wage into? And I don’t have a credit card. I currently have my mortgage offset account with savings in it and an everyday account with a debit card that pays for everything, which I gather will become my living and lifestyle account? I’m just unsure of how to set it all up. And would just appreciate any help. Thanks!
Question About “Picking Between Two Properties” From Carrie
I have a question about the best type of asset I should invest in. I’m looking to buy my first property, which I’ll live in initially. I have a budget of $750K. I’ve been looking at 70s and 80s free standing villa units in small blocks of 12 – 6 in Melbourne’s east. This puts me in middle ring suburbs around 20km from the city, with a land size of 350sqm. It’s a good balance between decent land mass without being out in the sticks. Alternatively, I could by a 2bdrm appt in an older, low density block — the type with only 2 or 3 stories closer to the CBD.
Are either of these good investments? And which of the two is better? Or is there anything else I should look into? Love your work guys, keep bringing out those podcasts! Thank you
Question About “The Internal Debate” From Mark
Hi Ben and Bryce, Mark here from Sydney. First of all, I want to really thank you for the effort that you put in every week for making these podcasts available. I luckily stumbled on your podcast about 6 days ago as I was looking to get some information on Australian properties and I must say that the information you provide on your podcast has been nothing short of gold… so thank you! The thing that I’d like to know is I’ve working really hard for the last 5 years since graduating and have saved up a 20% deposit to purchase my first property and am on my way to building my property portfolio, which has always been something I have wanted to do. However, I have gotten into a debate with myself and I always seem to get conflicting opinions or ideas on this online. was hoping you could clarify this for me because I do value both of your opinions.
My question is, “Does it make more financial sense to own your own home or does it make more sense that you’re a rentvestor?
So, own your own home or accumulate properties whilst renting? If you can clarify that for me, I will be forever appreciative. Thanks again guys, look forward to catching up on all your podcasts and really looking forward to meeting yoy guys – hoping to attend one or all of your webinars. Thank you.
Question About “Which Suburb is Better?” From Jack
Hi there guys, first up I just want to stay that I’ve just tuned into your podcast and I’m absolutely loving it! I’m going to be buying a couple of your books too they seem to have a lot of great reviews and, yeah, I’m really excited to read them. Fellas, I’m looking at starting my property investment journey this time next year – Dec 2020.
Now, I’m following a couple of investors – one guy’s currently investing up in Brisbane. And this other guy I follow as well stays purely local, mainly Melbourne. He’s explained to me about the growth corridors – how they’re not really growth corridors – Packenham, Windenvale, Tarneit. I’ve gone and hand a look and they don’t average as much as I thought they would. Nice places, but yeah. I can’t afford to invest in Melbourne itself and the different to the two is – the one up on Brisbane is getting people starting up in Brisbane around the $500k mark – and the other guy who invests only in Victoria, says start out somewhere like Bendigo or Ballarat. He doesn’t think Geelong’s got good growth. Yeah, I’m hesitant to go Bendigo and Ballarat as they are in land, but I’m hesitant that my judgement’s being clouded. I’ve always grown up in coastal places – always lived near the coast and love the coast. If you guys could give me your opinion that would be fantastic.