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287 | Why buying a Harley derailed Bryce’s property portfolio & the Ten Tips we’d tell our 20-something selves

If we could go back and invest in property all over again, what would we do differently?!

Well, for one, Bryce probably would’ve have bought a Harley Davidson!! (Yep)

Folks, this is exactly the stuff we’re unpacking today – the Top 10 Tips we’d tell our “20-something” year-old selves BEFORE we purchased our first property!

To give you an idea… Ben purchased his first property at 23 & Bryce at 24. So, if we fast forward a couple of decades to where we are now – two of Australia’s leading property experts, each with a multimillion-dollar property portfolio — what would we go back in time and tell ourselves? ‘Cos, let’s be real, it was anything but a “walk in the park” – and we both made some really stupid and regretful decisions to get where we are now! And we’re sharing these, ahh, “rookie errors” with you so you can AVOID them yourself … or — if like us, you didn’t know you were doing the wrong thing – help you course-correct quickly!!

And folks,… we’re NOT proud of how we’ve learnt some of these tips. Sure, some of us have to “learn things the hard way” and, while it’s all “part of our journey”… we really suggest you learn from our “if only we knew this…”!

Almost always, wealth creation (or any success for that matter) comes from modelling those who’ve achieved the results you’re after… but here’s another bonus tip… wealth creation (or any success for that matter) comes much easier when you learn about the mistakes SECOND-HAND 😉

Enjoy the Top 10 Tips — we’re super excited to share these with you, even we feel a bit vulnerable doing it!

 

As Ben mentions, if you’re a property professional keen to showcase the coalface of the property market so folks out there can see that, yep, the property market IS still alive and happening, simply update your photos on socials and use the hashtag #OZPropertyALIVE (feel free to tag us too… especially if you want our eyeballs on it!)

And remember, leave us a star-rating and review of ANY kind here for your chance to win FREE ACCESS to our brand new online course, Start&Build! (we’d obviously prefer 5-stars, but if that’s not how you feel about us, no worries!)

Congratulations to this week’s winners: Kim Schultze and Jarryd Hennequin! Please get in touch with us at [email protected] to claim your free course!

 

Free Stuff…

 

“What’s Making Property News” Links

 


 What we Cover in Today’s Episode…

 

And of course..

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and 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.

 

 

 

 

286 | Best Case & Worst Case For Property, PLUS what’s making Property News?

You’ve probably heard Commbank’s “warning” that property prices could drop by “a third” as a result of the unemployment levels due to COVID-19…

You’ve probably ONLY seen this scary number come out of their March Quarter 2020 Trading Update, though right?

Probably because it’s the ONLY number being reported in the headlines!!!

But what’s really interesting is there’s a whole lot of OTHER scenarios that the Commonwealth Bank of Australia also modeled… and… guess what? Yep, you’re only getting the clickbait answer!

So, in today’s Q&A, we’re going to let you in The Best & The Worst-Case scenarios, and what Commbank actually believes is most likely to happen with property prices, according todata.

After that, we’re going through a fair few questions that have also come in over the last two weeks!

Plus, Ben’s also introduced a BRAND-NEW SEGMENT — “What’s Making Property News” — and you can just imagine how excited he is, right?!

 

We tick off quite a few boxes in this episode folks, so definitely tune in if you’re keen to hear what we can likely expect between now and 2022, and also get some current property, finance, money management and COVID-19answers!

 

Free Stuff

Or fill in the form below and we’ll send you the free PDF on COVID19 Property Risk Regions:

Free resources: COVID19 Risky Regions

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More Free Stuff From Ben’s Segment

 

The Questions

Question about withdrawing superannuation from Sabrina
Good evening. I really admire you both. I listen to your podcasts. I might don’t get chance to listen to every single one, but I love you guys and try to listen whenever I can. I need your advice please.

My situation is, I have some buffer savings in my offset account around $25,000 and me and my husband both have jobs in this situation. But I am working less hours because I am not sending my son to childcare. The monthly earnings will keep us going but very tight and I don’t know when I can send my son to childcare again.

So, my question is am I eligible to withdraw $10,000 superannuation? Because my hours has been reduced significantly (my company is giving me enough hours but I have elected not to work like before because of my son) so can I apply for super and what are the pros and cons if I withdraw super? I am just scared if I will run out of money and I didn’t apply for it.

 

Questions about cross-colleterialisation and accessing equity from Danielle
Hi Bryce, I have just started reading your book I bought last year “The Armchair Guide to Property Investing”. I find it quite interesting and a few similar matters are bought up like in the barefoot investor. I have read a few times not to have your loans with one bank so my first question is how do you use your equity you have with that bank to purchase another investment and get the loan with another bank? I can’t seem to find much information about it and do not understand it, but my partner has tried to do it and his broker seemed to think it was too hard, but reading it can be done? We have 6 properties between us. I have 2 and Brendon, my partner, has 4. We want to invest more — my aim was a property every two years until we reach the time, we want a new house for ourselves to live in; in the country or a shack.

My second question: I have read a lot about don’t cross-collaterise your loans. I felt like I did this and don’t see how you don’t do it if you’re using your property as security and the equity in it? Then yesterday I read an article, and it says if you have standalone loans for each property that isn’t cross collaterised — it’s only when you have all your properties and loans as one? Is this correct?

My third question is: my partner is about to pay off his first house and own it; the one we currently reside in. He wants to know, if he pays it off, does he get the deed to his house or not because he has used it as security with his other three investments?

 

Question about the planning process from Mazen
I’m up to Ep 120 of The Property Couch podcast and just read chapter 1 of your book. You have turned my mindset about property upside down, in a positive way! One thing I need to get my head around before moving on to chapter 2 is to actually try work out a monetary value of my future goals so that I can put a plan together to achieve them in the timeframe. I’m a bit unsure about where to start and what to consider when calculating how much money I will need (e.g. questions running through my mind… I want to travel “this” often and so I need “this” much money, I want to live close to the beach by “this” age so how much would I need for “this”, etc) Am I overthinking it? Thanks and look forward to hearing from you!

 

Question about LMI vs Renting from Hayley Robinson
What do you think is better? Paying LMI or rent when getting ready for buying a first home?

 

Question about Procrastination and Choosing the “right” debit/credit cars from Aaron
I’ve been trying to get all our debts/credit cards sorted before getting property investment advice, and feel like I’m just procrastinating now…

 

Question about Inflation and Passive Income Target from Grant
How much in today’s money do you need in assets to get $2k passive income?

 

And of course..

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and 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.

 

 

 

 

285 | “Catching a Falling Knife” Is investing in Commercial Real Estate a good idea right now? – Chat with Scott O’Neill

Is the “home office” the future office? Coronavirus has changed the face of many businesses – entire companies are now working from home, retail shops have switched to online selling and others, like cafés and restaurants, have simply “shut up shop”, either temporarily as they wait for the storm to pass, or permanently.

So it begs the question… is investing in COMMERCIAL property still a good idea?

Well, returning to the Couch is Scott O’Neill, Founder and Director of Rethink Investing, a buyers agency that specialises in both commercial and residential real estate! Yep, we first heard from him back on Episode 230 | From Residential to Commercial Investing: How this guy quit his Day Job at 28 … and  today we’re in for a very special treat as Scott walks us through the key themes unfolding in the office, retail and industrial space… PLUS, he gives us his expert opinion on the “new normal” in commercial real estate, so our folks interested in investing in commercial property know what to aim for, what to avoid and how to find the right commercial properties!

Oh, and Scott even manages to sprinkle in a few nuggets of gold on residential real estate too!

 

This is a fascinating and knowledge-backed episode that really sinks in a few key messages – and not just for our commercial property investors, but also for the rest of us who simply want to navigate this coronavirus and learn investing best-practices!

 

Free Stuff

What we talk about in today’s episode

 

284 | Kyal & Kara from The Block – How To Renovate, Raise Kids, Run A Business & Not Lose Your Mind in the Process

Kyal & Kara” Demmrich became household names after the humble chippy & physio joined The Block back in early 2014 for their Fan Vs Favs series. And when that popular reality program was over, the courageous renovation-lovers decided to do it ALL again – this time on Reno Rumble in April 2015!

And now, with their own successful Design & Construction business, Diverse Design & Build, and tackling their own Renovation Series, Kyal and Kara are a near-perfect example of what it’s like to renovate, raise kids, run a business and not lose your mind in the process!

In fact folks, we’ve ‘gotta hand it to them – this couple is remarkably positive, healthy and staying ahead of the game!!

And guess what’s even more surprising? We actually interviewed them during “The Week They Never Want to Repeat!!”

So. What’s their secret?

And what Renovation Tips could the rest of us benefit from?! (Maybe BEFORE you “do a Ben” and challenge your sanity be renovating the family home!

 

Free Stuff Mentioned

Free resources: ABCD during Pandemic

  • Are you also interested to have a better understanding of your cashflow position via our FREE Money SMARTS Platform?

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What we cover in today’s episode…

  • Life “Before The Block”– What was Kyal & Kara’s first ever renovation?
  • Applying for The Block – The audition and interview process
  • What was it like to have a camera crew following you around for 3 months straight? (And how did it feel when it was all over?)
  • Kyal & Kara’s Backstories – What was money and the Property Story like growing up?
  • Why did they decide to do it all again so quickly?
  • What was the Bad Side of being in the spotlight?
  • What was The Planning Process like when turning around a room in one week? (Did they get help from the producers of The Block?!)
  • What’s the deal with Kyal nailing his hand to the wall? (ouch!)
  • How did the find their current renovation project?
  • Top 3 Tips to Survive a Reno!
  • Accidents & Mishaps and things NOT to do when renovating?
  • What’s the “rule of thumb” of renovation costs per metre?
  • Is the goal to Renovate & Sell or Renovate & Accumulate?
  • How do they keep their mindset in check?
  • How has COVID-19 impacted their current life? How have they pivoted?
  • Importantly: What’s the secret to renovating, raising kids, running a business and NOT losing one’s mind in the process?

 

p.s. Here’s a quick snippet of the nail accident! 👇

p.p.s. And here’s a behind the scenes view on our recording 👇

 

 

 

UPDATE: WA Residential Rent Relief Grant Scheme

As each State Govt rushes to respond to this health crisis, we strive to update our community on the most recent changes relating to residential real estate as well. And this update is no different.

This time, we’ll be unpacking the New Residential Rent Relief Grant released by the WA Govt last week on the 23rd of April 2020! The WA State Government is making available $30 million for grants of up to $2,000 for Western Australian residential tenants who lost their jobs on or after 20 March 2020 and are facing financial hardship due to the COVID -19 pandemic.

Here to fill us in on the details is Damian Collins, President of REIWA, the Founder and Managing Director of Momentum Wealth and also the Chairman of commercial property funds management business, Mair Property Funds.

 

In this short update, we’ll be covering these questions:

  • How are WA landlords and renters affected by a moratorium on evictions?
  • If there is any Land Tax Relief for Property Owners?
  • Can rent be increased during the emergency period?
  • What is the emergency period?
  • What constitutes Financial Hardship and what documents are needed?
  • Can a renter ask to reduce their rent payments?

For more questions relating to WA Rent Relief Grant, please refer to this website: https://www.commerce.wa.gov.au/consumer-protection/residential-tenancies-covid-19-response

And of course, if you’re a tenant and are currently facing financial difficulties due to COVID-19, we strongly recommend you to check out the New Residential Rent Relief Grant by the WA Govt here to apply for the grant.

 

Free Resources

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and 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.

 

 

 

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