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Episode 296 | (Part 2) How To Reach The Summit: Achieving $2K Per Week in Passive Income – Q&A

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We’re picking up where we left off last week… how to create $2,000 per week in passive income and actually design the lifestyle you’re proud of (instead of just daydreaming about it)!

This means we’re riffing through a stack of listener questions, including how to speed up the process (and what’s at stake if you do), the true power of compounding and the ‘secret sauce’ of property investing that has nothing to do with the amount you earn.

Plus, we’ll explain WHERE the smart money goes and why there’s always a “Flight to Quality” (something we’re currently witnessing… even during a pandemic!).

You’ll get the pros and cons of active vs passive investing, a mindset reframe on how to look at debt and, excitingly, a case study demonstration of capital growth versus yield! (yeah, Ben did a bit of homework for this one… shock horror!)

We obviously blew out with our answers (as per usual) so it’s another epic episode, but we’re positive the science of achieving $2K per week as a passive property investor (aka. reaching the summit!) is going to help set you up for life and take your property, finance and money management knowledge to the next level 😉

All Q’s listed below. Enjoy!

 

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And here are the questions!

Question from Esha Frykberg
Any advice for those who want to be able to semi retire on less with the portfolio sitting in the background working towards that goal? i.e. having a portfolio that is making $1k/week by age 50 with the aim to be making $2k/week by 65, or is this just going to be the natural progression of a maturing portfolio. Would like to be able to gradually have the option of winding back work rather than working hard for 20 years and stopping.

 

Question from Craig Chalmers
If looking to keep a $2k per week passive income in retirement. When do you switch from growth to yield assets for passive income? Or do you purchase both during acquisition phase as a balanced portfolio and then sell down the growth asset to realise the gains and pay off the yield asset for holding for passive income?

 

Question from Steve Gilmore
In retirement would you prefer $2 million worth debt free, or $4 million with 2 million debt?

 

Question from Adam Wild
Legends! first time caller, long time listener. What are the pros and cons of a passive vs active strategy to retire debt? What would you guys prefer given the choice to do either?

 

Question from Megan Mary
How do you achieve it without waiting 30 years+?

 

Question from Craig Cooper
How truly do-able is it over a 10-year time frame?

 

Question from Jeff William Simons
How do you keep patient and resist the temptation to sell?

 

Question from Kosta Dokolas
What strategies do you recommend to retire down the debt sooner than the 20-25 year slog? Thinking about older investors close to retirement or ambitious investors looking to get to that 2k per week sooner. Love your work, go blues! 😜

 

Question from Steven Jermey
Tips on speeding up the process on one income, ie 70-90k pa. I’m onto 3rd property (cheeper properties while renting. Interested on your take for the lower “average” income. For me it’s taken a long time, and balance between quality of life now (with a family) and looking to the future.

 

Question from Jared Kennedy
Is it possible on a single income (without any dependents)? Earning between 70 – 80k a year?

 

Question from Arty McFarty
I’d like to see the figures behind your claims.

 

 

 

 

Episode 295 | How To Reach The Summit: Achieving $2K Per Week in Passive Income – Q&A

By in Podcast, Q&A

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So… earlier this week, we posted this on our Facebook page:

And the response was overwhelming! Thank you to everyone that everyone that wrote in and that’s why, in this Q&A episode, we cover everything you need to know to build a property portfolio that pays you a passive income you can live off.

Here’s the deal… if you’ve listened to us for some time, you’ll know already that we bang on about “$2K per week” a fair bit. So, first we’re going to tell you what we mean by this “magical” number. Including why it’s NOT magical at all, but instead is actually ACHIEVABLE for many folks!

From there, we’ll dive deep on the considerations and investment strategies to build a portfolio, like the big one – how to finance multiple properties without significantly impacting your cashflow! Plus, we’ll walk you through heaps of new questions on this topic AND share the secret of reaching the summit of $2K per week!

It’s a big episode, but we’re about to deliver some fresh gold nuggets as well as some quality reminders. Tune in now & let us know what you think!

Psst… We’ll be continuing this episode next week as we received a tonne of questions on the “Who, What, When & How” of achieving a passive income… so keep an ear out for that.

You can suss all of the questions we answer today further down 😊

 

To the summit we go!

 

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Questions Answered In This Episode…

Question from Mark Bradicich:
Is it $2k clear of expenses?

 

Question from Samantha Dean:
How many properties, earning how much per week would you need to acquire within your property portfolio in order to earn a passive income of $2000 / week ? And would this be $2000 / week income be during length of loan (say year 10 of the loan – when it’s negatively geared?) or once loan is entirely paid off and all income coming from said property is positively geared?

 

Question from Hugh Nitt:
2k is a great target! Is it possible/likely for a couple to achieve this income individually as a goal? Granted that every couple would have their own set of specific financial / income scenarios that impacts this goal. For example, a combined 2k each. 4k total passive income. How rare is this to achieve?

 

Question from Christine Browning:
If you are over 58 can you still achieve this?

 

Question from Helen Harrison:
I’m 52 years old and woken up to passive income. Have I left it too late to build wealth? Have equity in my home of residence. Educating myself including a daily lunchtime dose of your podcast!! Thanks

 

Question from Jenny Ann:
With $500k to invest and low cash flow, can this be done and how? (Ps I’m 54, single and a sole trader with only 4 months income statements, otherwise debt free).

 

Question from Sabrina Gajnabi:
What is the best way to find an investment savvy mortgage broker?

 

Question from Benjamin Tuxford:
What is the best way to find an investment savvy mortgage broker?

 

Question from Angus O’Loughlin:
At what stage do you go to principal and interest to try and retire the debt?

 

Question from Angela Niznik:
s it a good idea to sell an investment property to wipe out most of the mortgage on own home and significantly improve cashflow for further investments property purchases?

 

Question from Mat Newbury:
Is using LMI a good strategy to buying a third investment property to get in quicker? Seeing as the LMI is tax deductible. Rather than waiting for the equity to build and potentially missing out on a good buying opportunity in that time. Currently have one in Melbourne and one in Brisbane and am a borderless Investor. Would love your advice!

 

 

 

Episode 293 | What Property To Buy & Practical Tips For Asset Selection

By in Podcast, Q&A

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Have you ever wanted to know what property an investor should buy? It’s a question we get asked ALL the time and for a very good reason…. pick the wrong property and you’re in trouble!
So today’s central theme is all about Asset Selection! i.e. What type of property should an investor buy? What indicators can we measure to prove it’s a good one? How can you increase your capital growth?

You’ll get the answers to TEN quality (and recent) questions from our listeners… and we’re not holding back with our responses! (to the point where we actually had to tell ourselves to hurry up so we could get through all ten for you..!!)

This episode is a must-listen for anyone even remotely interested in property investing, folks! So plug in your head phones now! You can check out all the questions we answer below. And remember to write in here if you have a question for us, or follow us on Facebook so you don’t miss out on impromptu shout outs like the one that inspired this episode!

Finally – Asset Selection is one of our Four Pillars of Mastery for a reason, folks! So please choose wisely when it comes to your investment property! Tune in now and get the practical tips to find an investment grade property… 🙏

 

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Questions

Question from Sambooks
Long time listener, first time engager.! We have been epically saving for our first home, which we would like to have the option to make an investment property when we grow out of it. Only catch is we currently live and rent in the Whitsundays, which is struggling significantly due to lowered tourism rates from COVID. Having listened to the podcast for over 2 years, I understand the risks of purchased property in a location with a poorly diversified economy. Understanding that you are unable to provide personal financial advice, is there anything else we can do to mitigate the risk, as we love the area (& both have stable employment) and can see the potential of some of the lower range properties coming into the market.

 

Question from Matt
I often see properties bought by Empower Wealth with the historical capital growth rate – on Facebook, Instagram etc. Is this a factor to consider when deciding whether a property will perform over the long term (20+ years)? Thanks in advance

 

Question from Todd
Q: Borderless Investing / Buyers Agents

My partner and I are looking at buying our next property interstate to 1) diversify our portfolio and 2) reduce land tax liability. Are there Buyers Agents which cover Australia wide who can give an objective view of which interstate market to buy in? Or do we need to reach out and find a local buyers agent in each state?

 

Question from Dan
Obviously depending on your own horse and what course you want to ride, but typically speaking Is it worth having 2 smaller to mid-range properties delivering high yield ($300-350k with 6% y) or worth chasing a high growth high level home (600-700k with 3%yield)?

Or even if the yield and growth stories were aligned, is 2 at half the pa income better than 1 at full pa income? Lower or higher risk?

(Psst… Bryce and Ben here. If you’re interested to learn more about this subject beyond our answer, check out this free case study on growth versus yield 😉)

 

Question from Kieren
Tossing up between moving into one of my rental properties as I have been renting the last twelve months after selling my last home ($1 saved is better than a dollar earned at the minute). Do you think this is a good strategy to ride out this COVID storm rather than buy right now? I want our next property to be the big rock in the jar. I also want to buy acreage, what are your thoughts on samford valley in Brisbane for long term Growth?

 

Question from Jack
Getting the location right can be narrowed right down to the street but as an investor holding long term and not actually wanting to sell, is it better to try get a house on that busy street in an a grade suburb at a discount so when getting valuations and comparable sales in the future it will work in your favour?

 

Question from Matt
Thoughts on buying defence housing Australia projects? I wouldn’t buy new as I understand you’re buying the developers margins but would you buy as the second or third owner once the market has caught up?

Are there any downsides to permanent long term leases. I believe you’re locked in with their real estate agent that’s a much higher management fee (around 16%) but they cover any minor repairs and at the end of the defence lease they refresh the house up to ‘new’ standards.- new carpet, fresh paint ect

 

Question from Damien
Could Bryce and Ben talk about active investing – fixer upperers, buying to subdivide and build units, and buying 2 bed-1 bath period/character homes to turn into 4 bed-2bath homes

 

Question from Jarryd
I bought ‘house & land’ 3 years ago before I was educated. What can I do now to ensure growth?

 

Question from Matt
Is putting a granny flat out the back a good idea when retiring out the debt? Pros and cons?

 

 

 

 

 

Episode 292 | How to Get Australia’s Property Market Back on Track with This 7 Point Plan – Chat with Ken Morrison, CEO Property Council of Australia

By in Podcast, Q&A

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Get excited. Here with us is a “V.V.I.P” guest… and this very, very important person is, wait for it… the national representative of the Australian property industry… Ken Morrison, CEO of Property Council of Australia!

And he’s about to unpack the newly announced Seven Point Plan for Economic Recovery!

Yep. You’re about to become fluent in what’s exactly in store for the property market from the man who plays a significant role in shaping it – this includes everything from Government stimulus packages, accelerated growth plans, housing affordability AND a little thing called “Stamp Duty”… & why it’s probably about time this ol’ tax ended up in the dustbin!

To give you an idea of the caliber of expertise you’re about to hear from…

As the Chief Executive of the Property Council of Australia, Ken Morrison has played a key role in shaping tax, planning and infrastructure policy for our property markets across the county for over two decades. He’s super passionate about the future of our cities and sits on a range of government task forces and committees. Plus, he’s also a director of the Green Building Council of Australia, deputy chair of the Business Coalition for Tax Reform, a director of the Australian Sustainable Built Environment Council (ASBEC), and is a Property Champion of Change promoting women in leadership roles.

 

Key Takeaways

  • A deep dive on the 7 Point Plan for Economic Recovery (and what it means for the property market)
  • Ken’s backstory and what lead him to playing a significant role in the industry
  • The Key Themes to Think About Beyond COVID-19
  • How involved is Ken in making critical Government decisions?
  • The 3 Critical Elements the Property Council of Australia is looking at right now to accelerate growth in the property market
  • The Property Grants on offer across the States
  • The Private Sector vs Social Housing
  • Abolishing Stamp Duty – what you need to know is currently happening
  • What can replace Stamp Duty?
  • Negative Gearing & Capital Gains Tax
  • Why is the Negative Gearing Policy STILL not off the cards?
  • The Biggest Economic Downfall
  • Who is Buying Investment Properties?
  • What is this idea about a “Property Rating” and home can it help homeowners?
  • Change for women in leadership roles: What does it look like?
  • How much does the property market influence the overall Australian economy?
  • What have people been doing with their superannuation during COVID-19?!

 

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Episode 291 | The Property Loophole: Recognising A Pipe Dream From The Real Deal

By in Podcast, Q&A

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The Property “Loophole”… is it a myth?!

If you’re interested in investing in property, at some point or another you’re probably going to run into someone who tells you about some “secret loophole” – whether it be about property, tax, SMSFs… you name it – that you can use to, ahh, exploit the system.

Well, folks… let’s just call it out, shall we?

Because there’s a MASSIVE difference between a Pipe Dream and the Real Deal. And we can assure you, the price you’ll pay if you get the two wrong is no small fee!!

Here’s the deal… during the week we reached out to folks on our Facebook Page and asked them what questions they had on their mind right now… and we received some eye-opening comments that made us go…

“Whoa. Hang on a sec…”

And so, of course, this episode was born!

You can check out the exact questions further below, but here’s a quick scope on what we cover:

 

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The Questions

Question about Buying Off The Plan from Angivin:
Guys we are very clear that you aren’t fans of buying Off The Plan, however can you please provide insight when this strategy has/could work please? 

 

Question about The Pipe Dream & Its Consequences from Kieren:
Is turning your super into a SMSF to borrow and build property a good idea? My mate at work got sold the pipe dream by his brother in law to do this. He tells me he is building dual key units and that it’s eventually going to net him $300,000 per year based on rental growth forecasts! I have told him this is not believable. Turns out his brother in law who convinced him to do this is getting $60k in kickbacks and is going to split it with him. He also tells me his interest rate is 5.7% because apparently no one lends to trusts cheaper than this? He also pays some bird $3k per year who will “sort any issues he has” on top of the property manager. And there is a snake “finance broker (as he referred to it)” in there somewhere who I reckon stitched him up on the interest rate. What happens when all this falls over and the money you put into your super each year doesn’t keep up with repayments? There is a $25k limit on how much super you can put in without big tax $$ so what then?

 

Question about How Much of A Buffer You Need from Toui
Hi TPC team, loving the Money SMARTS system! Question: when you talk about 3 to 6 months of living expenses, do you typically recommend that calculation on Essential spend? Or both Essential and Discretionary?

 

Question about The Pros & Cons Of Interest Only Versus Principle and Interest from Matthew
Hey guys! What is your opinion on the pros and cons of paying interest only vs principle? I am learning the ins and outs and have seen people succeed in either.

 

Question about The COVID-19 Recovery Across Specific States from Adam
Do you think any state will emerge from the covid storm quicker or better off than other states? And if so, will this translate in their property prices?

 

Question about Mortgage Payments On First Investment Property from Shannon
Suggestions on looking into P&I loan for first investment property if little difference in mortgage payment compared to interest only+ offset?

 

 

 

 

 

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