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Episode 334 | Bernard Salt: The BIG Shift In Australian Property!

If you listen to just one episode, please make it this one!

Folks, today we are chatting with one of our very own virtual mentors (of all time!)… BERNARD SALT!!

Yep. You’ve probably heard us talking about Bernard on the podcast before – indeed, he has formed a lot of our own views about where the demand for property is heading.

In a nutshell: if there is one person on earth who deeply understands the intricacies of Australians and what drives people 1) to this country, and 2) to make specific property and lifestyle decisions, it is this man!

(And if you know these insights… you’ll begin to see where the property price increases are likely to occur, right?!!)

It obviously goes without saying that over the decades we’ve absolutely read and reread (and dog-eared the pages) of Bernard’s highly-regarded book (just one of many) called “The Big Shift”.

Yep. Big Guest.

Bernard Salt is widely regarded as one of Australia’s leading social commentators by business, the media and the broader community. He draws on a range of data sets to interpret social change now into the future. He argues that social and cultural change are powerful forces that are reshaping the way we live, the way we work and even how we form relationships. He was awarded the Member of the Order of Australia (AM) in the 2017 Australia Day Honours and was a partner of KPMG until his retirement in June 2017, and still acts as a special advisor to the firm. Between 2011 and 2019 he was an adjunct professor at Curtin University Business School.

Now Bernard is the Managing Director of The Demographics Group, and he writes weekly columns for The Australian that deal with social, generational and demographic matters.

Essentially… Bernard is the Go-To Guru on how statistics tell human stories and what the data suggests about key future trends!

Tune in now – ripper episode, folks! 🤸‍♂️

 

 

Free Stuff Mentioned

 

Here’s What We Cover…

 

 

 

Episode 332 | New Laws To Sting Landlords! – Chat with Hayley Mitchell

Rental Reform is here. And with this comes quite the ‘sting’ for landlords. So we want to make sure our community – in particular those who already own an investment property and also folks who are considering an investment property now or in future – know what to do to prepare for these new laws.

Here’s the deal…

As of March 29th 2021, there have been 132 rental rule changes here in Victoria. And while these laws have NOT (and perhaps won’t) make their way into other states and territories across the county, we recommend all our listeners to tune in to this episode.

Yes… these are Big Changes. And with them come consequences… BOTH to landlords AND tenants. Both Great and Not-So-Great…

At the end of the day… this is Brand New Policy and with that comes new learning and course-correcting along the way. With our advocacy work through PICA, we will continue to advocate for property investors and make sure our collective voice is heard. So, please know that what we are talking about today might not always be the case… and, for the record… we are fully on board with the safety precautions in place for our investment properties. What we struggle with is policy that is short-sighted and regulated down to the 5% of people who are doing the wrong thing.

Here to help us unpack this New Legislation is Hayley Mitchell, Director of Geelong Property Managers and Director and Trainer of Mitchell PT, which provides training and consulting in the property management industry. She is a fully licensed Real Estate Agent and has worked in property management since 1999… and she knows her stuff when it comes to legislation change & how to best prepare landlords for New Policy!

 

Yep. We spoke with Hayley WAY back in Episode 249 when these proposed changes were on the horizon… but now that they are HERE, what do us property investors need to know???

And, most critically, Are these Rental Rules as “Fair” as they appear to be?

Listen now to find out – VERY important episode folks!

 

A Key Message to those who have invested or are looking to invest in Victoria…

Yes – we’re not super happy about all of these new laws, either! But please remember the fundamentals and what attracts people to this State (and hence increases the demand for property!) – we are playing The Long Game here. What might “sting” a bit now needs to be put into context of a 20/30/40-year decision. So, Keep Calm, do your numbers and reach out to your property manager on the best way to navigate these changes.

 

Free Stuff Mentioned

 

What’s Covered In The Episode….

  • 02:05 – Start & Build Winners!
  • 03:57 – How to get LocationScore for less!
  • 05:12 – April Fools Pranks!
  • 06:32 – How to spur people on to success
  • 09:05 – Meet Hayley…
  • 10:05 – What was life like as a property manager during COVID-19?
  • 12:34 – They DONT have a copy of the written legislation yet!?!
  • 14:43 – What are the most significant changes?
  • 15:26 – Who is going pay for these changes?
  • 16:16 – What is going to happen to rents as a result?
  • 17:40 – What will happen tenants after lower-priced rents??
  • 19:02 – What changes “snuck” through?
  • 20:30 – New Rental Minimum Standards
  • 21:15 – What are the new ventilation requirements?
  • 25:25 – Unintended consequences of the new electrical standards
  • 27:09 – You have to PAY for the codes to access the minimum standards!
  • 28:26 – Our new name as landlords…
  • 29:00 – How will it change you way you buy property?
  • 30:29 – Will there be a pivot where the vendor needs to make sure these standards are met (as opposed to the buyer)
  • 33:47 – New disclosure requirements
  • 35:11 – What happens to properties that are rented after 29th March?
  • 36:38 – What’s going to happen to the line at VCAT!?!
  • 38:56 – New Urgent Repairs
  • 41:15 – Pest “Infestations”
  • 42:47 – Ben’s story about the tenant and the “ants”
  • 44:15 – Compensation for Sales Inspections
  • 48:36 – Painting!
  • 49:55 – When the website and the legislation don’t match up…
  • 51:51 – The 120 day Rule (Ouch!)
  • 56:50 – Hayley’s Two Worst Changes!
  • 57:17 – What will these changes mean for the industry?
  • 58:35 – The Five Strike Policy!

And…

  • 1:01:11 – Message for landlords
  • 1:07:29 – “Not Happy Jan!!”
  • 1:08:13 – Our Key Message for our Victorian Landlords
  • 1:13:15 – Ben’s Lifestyle Design Update!
  • 1:13:37 – Auction results from the weekend

 

 

Episode 331 | What Is Your Money Personality? – Chat with Effie Zahos

Did you know we all have a distinct “Money Personality”??

Yep – we do! And in this episode, we’re giving you the complete lowdown so you can identify which one is YOUR personality (and what it says about your money habits!), as well as practical tips to improve your bank balance, make your Super work harder and build a nestegg for your retirement that won’t cost you “an arm and a leg” to set up!

Folks, joining us today is our good friend and one of Australia’s leading personal finance commentators, Effie Zahos! Effie is Canstar’s Editor-at-Large and has more than two decades’ experience helping Aussies make the most of their money. As the money expert for The Today Show, Effie offers her insights into current money matters and – get this! – prior to joining Canstar, Effie was the editor of Money magazine for more than 20 years. (… Anyone remember our interview from the legend Paul Clitheroe!?! Well, Effie worked right alongside him… so you can bet on the fact she knows her stuff!)

We cover a lot of ground in this ep, like… the psychology of money, the best way to tackle debt and simple (but effective) money hacks to get your money working harder. You can see exactly what we cover further below.

EVEN BETTER, Effie gives us some exclusive insights from her new book, “Ditch the Debt and Get Rich” that’ll have you on track to earning a passive income & tweaking your spending habits like a pro!

So. Which Money Personality are you!?! Well, let’s find out….

Psst… bonus points up for grabs if you can guess Ben’s money personality! 🤣

 

 

Effie’s Books

 

Free Stuff Mentioned

 

Here’s What We Cover….

  • 01:50 – Who won our Start & Build giveaway this week!?! (a few more weeks to go!)
  • 04:06 – Mindset Minute!
  • 06:28 – Meet Effie Zahos…
  • 08:03 – Effie’s WORST Fear!
  • 10:57 – The day Bryce met Effie…
  • 12:56 – How to Retire on $2,000 a Week (how it started…!)
  • 13:58 – How to Ditch the Debt and Get Rich!
  • 15:00 – WHY are so many of us “bad” with money?
  • 16:19 – Reasons people derail from their financial goals
  • 17:17 – Triggers companies use to make you spend more money!
  • 18:19 – The $10,000 Online Shopping Cart….!
  • 19:51 – How to bring the future into the present so you can make lasting change
  • 20:30 – Latest Data on investment trends!
  • 22:33 – Why do you need to go BACKWARDS to go FORWARDS?
  • 23:52 – The #1 tip to “get the monkey off your back”!
  • 24:12 – Debt Avalanche vs Debt Snowball
  • 25:45 – Where do people get into financial trouble?
  • 27:13 – What Is YOUR Money Personality?
  • 27:32 – How to model the most successful investors…
  • 29:27 – The overlooked difference between SPENDING and INVESTING!
  • 30:12 – The 48-Hour Rule
  • 32:02 – The 2 Critical Things to put “side by side” to curb your spending
  • 33:08 – Generational Differences with Money Strategies
  • 35:29 – Do this immediately with your super!
  • 37:05 – Why “Balance is B.S” with wealth creation!
  • 39:12 – Why is writing your goals down so important?
  • 39:45 – Effie’s 3 Financial Goals This Year!
  • 40:43 – The “Coke bottle trick” that makes you money!
  • 42:02 – Why money makes money…
  • 43:26 – Investing in shares!
  • 44:52 – How much do you need to invest!?!
  • 45:35 – Understanding the psychology of wealth creation!
  • 47:08 – Buy now and pay LMI… or wait ‘til you have a deposit?
  • 49:37 – Pay off your mortgage or invest?
  • 54:36 – A key tip about Debt Avalanche…
  • 58:44 – Do you have this in YOUR car???

And…

  • 1:00:29 – What’s making property news?

 

 

 

Episode 329 | From Sports Star To Successful Investor – Chat with Tom Symonds

Here to help to hit your passive income goals and explain exactly how this sports star became a successful investor is NRL champion (and TPC Listener!), Tom Symonds!

Yep. Tom Symonds is a 10-year professional footy player (Roosters, anyone!?!) and, although retired from the game, Tom’s currently the Players Operations Manager with Rugby League Players Association. From 2009-2012, Tom played for the Sydney Roosters; from 2013-2016 for Manly Sea Eagles and from 2016-2018 for Huddersfield Giants!!

In other words – Tom is a Pro Athlete turned Pro Investor!!!

… And he has TWO Big Tips he wants to share with you that’ll seriously move the dial on how you create a passive income for life!!

This episode is an absolute “MUST” if you’re in the sporting world… BUT it’s not just for our sporting folks

… Tom has some great insights into goal-setting (yep!), how to take your ego our of property investing AND – the delayed gratification piece – how to navigate the temptation of “Spend it all now” versus “Save some for later”!!

Plus, there’s something about “The Wage Myth” and professional athletes that might need clearing up too…

Tune in now to hear how this Sports Star became a SUCCESSFUL Investor (and the ups and downs along the way!)…

 

 

Free Stuff Mentioned… 

 

And of course, if you own an investment property in VIC, don’t forget to…

 

Here’s some of the stuff we cover… 

  • 03:32 – 130 New Victoria Tenancy Law Update!
  • 05:50 – Why you should talk about your own mistakes first…
  • 08:38 – How do you get your kids to listen to you!?!
  • 10:34 – The FOMO.
  • 11:01 – Meet Tom Symonds
  • 12:16 – The money backstory…
  • 13:30 – Money messages from parents!
  • 14:32 – Where did his love for property come from?
  • 16:57 – Can you fast track delayed gratification?
  • 17:54 – Trial and Error with property!
  • 19:16 – When you’re priced out of capital cities…
  • 20:39 – The Buyer Decision Quadrantv – what are people compromising on?
  • 23:11 – What was he earning when he first started?
  • 23:24 – What are the incomes of NRL players and The Wage Myth…
  • 24:54 – The property story!
  • 26:45 – The property “presentations” in sports clubs…
  • 29:10 – How did he course-correct property mistakes?
  • 32:46 – Remember this if you are seeking professional advice…
  • 35:30 – Tom’s TOP TWO TIPS!
  • 39:28 – Little-know insights about Exiting the game
  • 40:39 – What would Tom do differently in his property journey?
  • 41:52 – The importance of influencers and mentors in your life…
  • 43:02 – What do the next 5 – 10 years look like for Tom?
  • 44:28 – Goal-setting hacks!!
  • 46:30 – How important is PLANNING in your property investment process?
  • 50:41 – The Three Key Takeaways from the episode!
  • 51:50 – Did you know this about travel pillows!?!
  • 52:58 – What’s Making Property News?
  • 53:26 – How is the current property market in comparison to the peak of 2017?
  • 55:13 – What does the RBA think about the rise in property prices?
  • 56:38 – How long with this market cycle last?
  • 57:27 – CoreLogic’s Home Value Index Results!

 

 

 

Episode 328 | The #1 Checklist For Landlord Insurance – Chat with Greg Rowe

This episode covers everything a landlord needs to know to PROTECT their investment property!

Sure, “Landlord Protection Insurance” probably doesn’t sound like the most exciting topic in the world… but we can assure you it is a VITAL part of a property investor’s Defence Strategy.

Here’s the deal… Building Insurance is NOT enough if you are NOT going to be the one living in your property… you need to make certain you have Third Party Cover and the necessary protection policies in place that are specific to a landlord’s best interests and needs.

So, here to explain The #1 Checklist For Landlord Insurance is an expert in the field – joining us today is Greg Rowe, CEO of Property Insurance Plus (PIP). Greg has extensive knowledge in ALL things Landlord Protection Insurance – like what to do to cover yourself from Loss of Rent, and loss or damage by tenants to your building and contents… on top of the “regular” cover to safeguard yourself from unforeseen events that could occur to your property.

So, what CAN and CAN’T landlords claim if something goes wrong?

What coverage MUST you have in place from the very beginning?

What is the minimum amount of coverage you should be looking at?

Tune in now to find out, folks!

P.S. To recap all of the gold that’s mentioned in today’s episode, here is PDF Report of Greg’s Top 10 Tips For Landlord Insurance – you’ll also get a deeper dive into what some of the legal terms and claims mean… so every landlord can be adequately protected!

 

Free Stuff Mentioned…

Free resources: 10 Tips for Landlord Insurance

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Don’t forget… the affordability chart from Ben’s “What’s Making Property News” segment!

 

Here’s What We Cover…

  • 04:01 – How to criticise and not be hated for it!
  • 07:05 – Meet Greg Rowe!
  • 07:37 – How did Greg get into Landlord Insurance, anyway?
  • 09:22 – What is Landlord Insurance and what does it cover!?!
  • 10:01 – What is Building Insurance?
  • 10:24 – What will a GOOD Landlord Protection Insurance over you for?
  • 10:57 – How many investors get Landlord Insurance?
  • 11:55 – What is Public Liability and how much should you be covered for?
  • 13:51 – How much should you be covered for Rental Default?
  • 15:13 – Do insurers let you choose your policies?
  • 16:11 – The Difference between “Rent Default” and “Loss of Rent”
  • 16:39 – Bryce’s experience with his recent claim for a burst water pipe…
  • 17:30 – The subtle (but significant!) difference between a burst pipe and the resulting damage from a bust pipe
  • 18:21 – Why you need your OWN Landlord Insurance even if you’re a part of a Body Corporate!
  • 20:00 – How do different insurers treat floating timber floors?
  • 20:58 – Understanding policy wording… (get the “jargon explained” here >>)
  • 21:10 – What are the different ways insurers treat Bonds?
  • 22:19 – How much should you be covered for contents!?!
  • 23:27 – Does cabinetry fall under “Building” or contents?
  • 22:43 – GREAT Rule of Thumb to work out Building Items vs Contents Items!
  • 23:59 – How did insurance policies change during Coronavirus?
  • 26:07 – The Armageddon Panic that stripped Rental Default off the table…
  • 27:01 – What was the spike in claims during the pandemic?
  • 27:54 – How do underwriters work and what are the layers involved behind insurance companies?
  • 29:07 – What does “Embargo” mean?
  • 31:17 – How many landlord insurers are there?
  • 33:14 – The biggest complaint that came through to PICA during the height of the pandemic…
  • 34:15 – What was the reason behind “Lower Protection but Higher Premiums”…
  • 36:55 – The biggest change in the insurance industry since COVID-19!
  • 39:38 – What is the cover for legal costs to evict tenants?
  • 40:26 – How great property managers come in…
  • 42:05 – Are the certain limitations and premiums for specific postcodes?
  • 42:41 – What is THE MOST COMMON Claim?
  • 43:00 – What is THE MOST COMMON “Oh, no, we thought we would be covered for that!” claim that is NOT covered?
  • 44:42 – How often should you replace the flexi house attached to the toilet?
  • 45:58 – Differences in cover for periodic lease agreement (month-to-month) vs fixed term lease agreement
  • 48:00 – What is the quickest way to find out what you are covered for?
  • 49:00 – Levels of cover for Damage Caused by PETS…
  • 50:07 – How much does Property Insurance Plus (PIP) cover for pets?
  • 52:45 – Coverage for Death of a Tenant…
  • 53:47 – Coverage for SQUATTERS…
  • 55:19 – What are the Tenant Hardship clauses…
  • 56:40 – The Difference between “Flood Damage” and “Storm Damage”
  • 57:16 – When should you get Flood cover?
  • 59:46 – Rookie Mistakes for Beginners…

And..

 

 

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