X

457 | CHRIS VOSS: FBI Hostage Negotiation Masterclass on Why You Should Never Split the Difference

Folks…we’re going to be honest with you. 

This episode took us 4 years (and countless emails) to land, and that’s because today’s super special guest is none other than the famous… 

CHRIS VOSS, former FBI hostage negotiator and author of the book Never Split the Difference!  

 He has had a jaw-dropping, movie-worthy career working for the Federal Bureau of Investigation (FBI) that spans 24 years. Across the time, he has worked in roles such as the Lead International Kidnapping Negotiator and Hostage Negotiation Representative for the National Security Council’s Hostage Working Group (Yep. We’re also jealous of those titles 😉) 

But of course, that’s not all! In 2019, he went on to create and narrate The Art of Negotiation Masterclass and is currently the CEO of the Black Swan Group. He also works as adjunct Professor at Harvard Law School, Georgetown University’s McDonough School of Business, and as a lecturer at the Marshall School of Business at University of Southern California. 

Basically, Chris has had a lifetime of experience in resolving crises and high-stake negotiations and today, we get to sit down with this inspiration and discover how to use his knowledge to win the property game.  

From the #3 tactics Chris uses to gain the upper hand in negotiations to the 3 extremely different and crucial Yes commitments, we’re digging into Chris’s fascinating brain to understand exactly what Tactical Empathy is and why you should NEVER split the difference.  

It’s an episode that’s been 4 years in the making and we promise you – it’s one that’ll completely enthral you. Give it a listen now folks!  

 

P.S. Be sure to stick around ‘til the end to hear the two golden tactics that’ll make you, as a buyer, the one they want to sell to!

 

 Give it a listen now or watch the Episode below! 

 

Free Stuff Mentioned… 

  • (NOT FREE) Join Chris’ global group coaching sessions on Fireside! Deep dive into one topic every month with the Black Swan’s best coaches. Find out more here.  

 

Here’s some of the gold we cover… 

  • 00:00 – CHRIS VOSS: FBI Hostage Negotiation Masterclass on Why You Should Never Split the Difference  
  • 3:18 – Mindset Minute: People default to whatever society tells them…  
  • 8:11 – We’ve been chasing this interview for 4 years?!?!  
  • 10:48 – Leading by example & learning money habits in college  
  • 14:06 – Kidnapping in Haiti…    
  • 17:05 – What’s more stressful?? 
  • 18:16 – When you put predictably in the process… 😮 
  • 19:47 – Putting certainty into the conversation  
  • 21:23 – “No plan ever survives the first encounter with the battlefield”  
  • 22:08 – The Accusations Order   
  • 24:26 – Listen to someone who….  
  • 27:46 – Sympathy vs. Empathy  
  • 28:18 – Tactical Empathy – it’s all about the packaging😉  
  • 30:50 – The Lizard Brain: These levels actually change in your brain…  
  • 32:59 – Use this 1 line to get people to open up!  
  • 34:17 – Never Split the Difference 
  • 37:26 – The Tactics & Question Chris Uses to Gain the Upper Hand 
  • 38:52 – Hearing “That’s Right” vs. Saying “That’s Right”!!!  
  • 40:44 – Why is “That’s Right” better than “Yes”?   
  • 42:51 – Manhattan Bank: The very first hostage negotiation he ever did!  
  • 46:38 – The Dark Side of Empathy  
  • 47:31 – What a win-win solution looks like  
  • 49:11 – Tone: They either fought, ran or flew 
  • 52:43 – Calm is Contagious (Here’s why)  
  • 53:44 – Like father, like son: Learning by watching 
  • 55:52 – How to use tactical empathy when buying properties  
  • 57:37 – Mirroring & Labelling: Why it increases your chances!  
  • 59:58 – Why Chris does what he does… 
  • 1:01:20 – The Black Swan Method 
  • 1:02:38 – Join Chris’s global group coaching sessions! Find out more about Fireside now.  

 

And… 

  • 1:05:47 – Wow! Thank you Chris – what an amazing episode!  
  • 1:12:05 – Lifehack: How can labelling and mirroring work with your budget?  
  • 1:13:38 – What’s Making Property News: WARNING! There’s a taxpayer creep… 

 

Want to work with Bryce & Ben’s Award-Winning Team? 

 

Get Moorr out of your money.
Log in or create your free account via the Moorr web platform, or download the app on Apple and Android and transform the way you view and track your wealth. 

 

357 | How To Master Relationships With Real Estate Agents – Chat with Todd Sloan

Have you ever wondered what to say to a real estate agent to INCREASE your likelihood of being the winning buyer?

If you want to know how to get a real estate agent on your side and navigate the delicate dance between buyer and seller, then this is an episode you don’t wanna miss, folks!

Today we are interviewing Todd Sloan, an award-winning real estate sales agent and professional renovator who has been involved in more transactions every month than what most folks see in a life time. He is the host of Pizza & Property podcast, the author of Australia’s Home Buying Guide – How to buy a property faster and for less.

And Todd is about to reveal how you can master relationships with a real estate agent so you are front of mind (without giving away all your cards) and much more likely to secure the property!

You’ll get plenty of practical tips like What to say and What NEVER to say and, ultimately, an insider framework to get a return on relationship and seal the deal.

Plus, Todd also has a unique and useful perspective on selling investment properties and renovating them for profit, which could be up your alley if you’re interested in manufacturing equity and active investing.

So, are you in?

Listen now to get the gold on how to master your relationships with real estate agents!

 

Free Stuff Mentioned

 

Here’s What We Cover…

  • 00:41 – The last weekend in September…
  • 02:42 – New PICA Webinar Announced!
  • 03:52 – Do you agree with this Mindset Minute?!
  • 05:45 – Meet Todd…
  • 08:10 – Learning To Save vs Learning To Invest
  • 09:34 – The Big Inhibitors of Investing in Property
  • 10:08 – Todd’s first investment property….
  • 10:30 – What made him realise it wasn’t the best investment?
  • 11:38 – The Accident That Changed Everything!
  • 12:50 – But then… The BIG Turning Point!
  • 13:40 – The $62,000 House…
  • 14:46 – The First Renovation Project
  • 16:32 – Investing in regional at a much lower price point
  • 21:20 – How to safeguard yourself from “What if I don’t know what I’m doing?!”
  • 23:18 – The pivot to being a real estate agent!
  • 24:55 – WHY should investors care about building relationships with real estate agents?
  • 27:09 – What buyers need to do in a hot seller’s market!
  • 28:37 – What’s a real estate agent always looking for?
  • 29:43 – Always Remember THIS!!!!!!!!
  • 30:05 – The best practical tip to master a relationship!
  • 31:30 – Why Buying Property Is NOT A Ride….
  • 32:34 – How real estate agents get paid
  • 33:18 – Make It Easy To Be ___!
  • 34:05 – HOW can you quickly build genuine rapport?!
  • 38:38 – What should you say to a real estate agent?
  • 40:15 – HOT TIP: How can you show your interest WITHOUT giving away all your cards!?!
  • 43:15 – What to do if you’re dealing with a volume agent…
  • 47:17 – Find The __ ___!!!
  • 48:28 – Renovation tips from Todd!
  • 50:13 – Should you be a borderless investor
  • 55:00 – The four-letter F word!
  • 56:04 – Life Hack: What to do with your bonus!

And…

  • 59:45 – WMPN: The transactional numbers!

 

 

355 | Zero Debt & $2,000 A Week In The Bank: HOW?!

How can property investors reach zero debt AND still hit a four-figure passive income each week?
And what do we mean when we say “retire” the debt, anyway? What does this look like and, importantly, WHEN should you start this process?

Folks, in today’s special Q&A episode we’re circling back to a few basic principles and fleshing out some confusion when it comes to property investing. This includes clearing air (and tidying up our language!) when it comes to being informed of the step-by-step investing process.

For one – you’ve no doubt heard us talk about achieving $2,000 in passive income… well, WHERE exactly does this money come from? Is it just your rental income?

As part of this we’ll also be covering “Failure to Launch” principles and “Investment Remorse” – the latter, which may actually be a more common feeling than you think! So what should you consider if you find yourself second guessing your asset selection?

PLUS, because we’re officially in Spring – this episode comes with a WARNING about this year’s “Spring Selling Season”… ‘cos there’s a critical shift taking place ALL home buyers need to be aware of.

Suss the exact questions we answer below – or, better yet, simply hit play and get the gold now 😊

 

Free Stuff Mentioned

 

The Questions We Answer

Question from Stevo on “Post Purchase Restlessness”
Hi guys 12 months after purchasing an investment property, I’m starting to get this feeling that it might not of been a great purchase and also restlessness about wanting to “go again” and am worried the growth might not be quick enough compared to capital cities. I say that based on an old episode where you mentioned something about the limitations or a price ceiling in certain areas based on the demographics.

Obviously being a regional property, which doesn’t have the same wage potential as capital cities, am I exposed to the idea that the growth has happened and it won’t come again?
The property is available via this link. It’s shown growth over the past 20 years in capital and rental return.

For reference the idea of “inner city” living (albeit in Mildura) has exploded recently and is the driver of the growth over the past five years. The council and state govt have invested to upgrade the riverfront (very close to the CBD) and has completed stage one. Stage two has started to attract funding and small upgrades/extensions have started. Data suggest Mildura will continue to grow in population albeit slower than Geelong and Bendigo for example, however, it is still positive growth compared to other regional towns this distance from capital cities (which are often stagnate or negative). Major industries – agriculture and tourism, health, Govt. Sorry for the long-winded question and info.

Also, is this a normal feeling people get (delayed remorse)?

 

Question from Ebony on “When is the best time to sell your investments?
Hello, I have a question around when is the best time to sell your investments? My husband and I are mid 30s and have two investment properties. Right now, in our town the property market is a sellers’ market and prices are crazy. Our accountant has recommended that we should seek advice from a financial advisor and possibly sell both investments because they are positively geared and that we would be better off building a new home as an investment or investing elsewhere. I am really unsure about this because I think that we already have 2 great investments, and we would be potentially paying more down the track for land should the market stay the same. However, we have had one property for 2 years and the other for 1 year and could look at earning $100K off the sale of each investment. I guess it’s hard to know if the market will stay at these prices or crash when interest rates rise. Really after some advice from someone who is knowledgeable about property investments. Thank you.

 

Question from Paul on Retiring Debt
Can you elaborate on what you mean when you talk about retiring your debt? I’m confused by what you mean by this.

 

Question from Chris on “$2,000 per week in passive income”
Hi Ben and Bryce, Love your work. 👍 I’m not sure if you’ve mentioned it before, and you probably have, but I would like to know where the $2,000 a week comes from? Is it pure rental income (taxed) above expenses for the portfolio or is it accessing equity against capital growth (is this now defunct with new lending criteria?) or is it a combination of both? Thanks in advance. This is a major thought blocking me from moving forward. 👍

 

Rest, Recovery & High-Performance Graphic

Here is the graphic Bryce was referring to in today’s Life Hack:

 

 

 

344 | Have You Made The Wrong Investment Decision?

“Have I made a mistake?” This is a common question we get from investors who just start listening to our podcast and learn the fundamental principles we teach for the first time.

Sometimes it’s directed to a specific property in their portfolio or is based on an investment decision they were initially considering but are now unsure if it’s a good idea or not.

And today we are answering some of these key questions – one, in fact, where the listener is not entirely “wrong” in their choice, though at face value seems to go against our general rule of thumb. You’ll learn why exactly this is and how to use this information in your own decision making process.

On top of that, we’re unpacking how to tell HOW MUCH a property is worth – including common D.I.Y mistakes folks make when trying to value their property and some simple (but overlooked) tips to assess this yourself and how to recognise when it’s time to bring in an expert.

Plus, if you’ve ever considered if solar panels on an investment property will increase its value and even the amount of rent you receive, then definitely tune into this episode… ‘cos you might be surprised by our answer!

You can suss all the questions we answer below – otherwise simply hit play and enjoy the show!

 

Oh, and, yep – Next week we’re kicking off our NEW WINTER SERIES. It’s kinda like our Summer Series but, umm, in Winter 🤣 So we’ll be interviewing our listeners who’ve had Real Life Financial Transformations! And we gotta admit… these stories are off the charts!

 

 

Free Stuff Mentioned 

 

The Questions

Question from Ricky Comerford on “Getting Solar Systems For Investment Properties

Hi Ben & Bryce and all the team working behind the scenes. I just want to thank you for these podcasts and all the wonderful things that you are doing at Empower Wealth. I have a question today in regards to Solar Energy in a Solar System. Now, we’ve got a strict budget for our primary place of residence that’s currently being built. This house is going to be turned into an Investment Property in 6 years’ time. We’ve been quoted for a solar system and it’s pushing the budget by $3000. Now, the return for investment for this Solar System will be 3-5 years, not taking away the fact that solar power is great for the environment. I just want to know strictly financials What is your opinion on solar systems for an investment property?

Do they increase the value of the home by much and the rental yield? And should we get one installed knowing the situation of this house and our budget and the fact that it’s going to be an investment property? Thanks for your time and yeah, hopefully I get a response.

 

Question from Riley on “Buying New with Grants Instead Of Established”

Hi Bryce and Ben, I’m just wondering with all the government grants that are coming out at the moment, if it’s almost a bit too good to say no to at the moment as a first time buyer. I’ve been looking to get into the market for a while now. And down here in Tasmania, we can access up to $45,000 in grants to build a new place. I know it sort of goes against everything that you’ve taught in your podcast. But I’m just wondering if it’s probably now with these grants a better way maybe to get into the market. I know certainly from my perspective, that’ll help with cashflow as well, given that I’ll probably get an extra, maybe bedroom and bathroom into the house as opposed to buying a smaller townhouse type of property closer to the city. So just wondering what your thoughts would be on that, if it is now possibly a better option to be building a house rather than buying existing? Thank you.

 

Question from Kate on How To Calculate Loan To Valuation Ratio

Love the show. I’ve been listening for a few years now and I’ve done all the episodes and I tell everybody I can about The Property Couch. So my question relates to loan to value ratio.

Obviously, it’s easy to determine what the outstanding loan amount is, but where would you go to determine the best value do the free bank valuations cut it? You know, the ones, I mean, I’ll flick by most of the big banks put the address into the website and they spit out a value, but it is generally so broad that is almost useless. Should I ask the bank where the mortgage is held for evaluation? If so, would there be a fee payable? Should I get a real estate agent thing? I probably want to over the value of the property and use RPM. Isn’t that the same as what the bank is? Please help.

 

Question from Riley on “Have I made a mistake?”

I just want to start off by saying that I absolutely love your podcast along with the books and resources you provide. I have just signed up to your workshop and the Money S.M.A.R.T.S portal, which I am excited to get started on! You’ve probably heard this a lot but I wish I had found The Property Couch sooner!

My wife and I are settling on our first investment property in Vasse, WA next week.  I only found your podcast 4 weeks ago and have a lot of catching up to do! I have a couple of questions if you guys have the time to go over them.

Little bit of background:

We are 34 and 30. Bought our first home together almost 8 yrs ago in Padbury, WA and still living in it now. Had the expensive wedding, bought the dream car (for my wife who has expensive taste) and now we are just about to settle on the first investment property.

Together we earn $203,500 before tax but we are hoping to start a family asap so we will drop down to one wage of approx $104,000 (self-employed and pay myself $2k p/week before tax) in approx 6month – 18months.

The house is a 6yr old 4×2 in Vasse on 570m2, great spot (I think) between the high school and primary school in a fast-growing area (they predict the population of the South West will quadruple in the next 20yrs) and rentals are very scarce. We paid $416,000 and it is currently rented out for $480 p/week on a 18month lease. We signed up on a very low rate 2yr interest only loan and I have worked out that after expenses (mortgage, prop manager fees, insurance, rates and 1.5% maintenance) we will have approx. $10,240 left over making this property positively geared.

In my view (prior to discovering your podcast) I thought it would be great to have it positively geared straight away as we can put that surplus towards the deposit for the next property and/or renos for the Padbury house (want to make it into a 4×2, currently a 3×1

and already have plans drawn up) but from everything I have heard is that when you first acquire a investment property it starts off negatively geared and may take 5-10yrs to become positive.

 

So to the questions:

  1. Have we done something wrong?
  2. Do you recommend that we put all that surplus into the Padbury house (PPOR) offset until we are ready for the next deposit or would you put it into the investment house offset?
  3. Do we make it negatively geared for the short term to pay less tax? (we have surplus cash that I’d love to put towards our next property asap even though we are paying lots of tax)
  4. After the 2 yr period would you switch to a P&I loan or keep it on a IO loan?

 

I know there are a lot of factors at play, and I hope I have given you guys enough information to comment on our situation and we would love to hear your views. Sorry if this has been covered in your podcast but I am still only up to episode 40, I need to do some more long drives as that is the only chance I get to listen 🙂. Again, thanks to both of you for your time and knowledge, you make me excited about property investing and I can’t wait to learn more and more as I go through TPC free resources.

 

 

 

343 | “Pass Go & Collect $200” – 6 Property Lessons From Monopoly!

Ah, Monopoly – the classic board game… chances are you’ve got fond (or maybe even frustrated?) flashbacks playing it…

[… Nothing quite like the feeling of “Passing Go”, getting a quick cashflow lift, and then proceeding to bankrupt your loved ones in a friendly-but-no-so-friendly game of Monopoly… 😅]

Well folks, Did You Knowthe 100-year-old property-trading game actually has 6 Proven Property Lessons that you can (and should!) apply in real life!!

Yep. And here’s the deal… today we’re unpacking exactly how you can apply these key lessons from Monopoly to YOUR own lifestyle design!

Look, this episode’s a bit of fun BUT, most importantly, is full of timeless takeaways that’ll shake up the way you look at property investing… (and help cement the wisdom!)

 

Can You Guess The 6 Property Lessons…? 👇

  1. Always Be __
  2. The Most __ __ Is Not The Best
  3. Focus on __
  4. __ Your Investments
  5. __ Matters
  6. __ __ Is The Key

 

Tune in now to get the answers!

 

Free Stuff Mentioned

 

Here’s A Bit Of What We Cover…

  • 02:49 – Your BIGGEST Competitive Advantage!
  • 04:24 – Wait, you’ve NEVER heard of Monopoly..!?!
  • 05:43 – Bryce first thought you had to do THIS when negotiating…
  • 07:46 – LESSON 1: Always Be __
  • 08:39 – Trying to buy everything you land on… (and The Meltdown!)
  • 11:43 – How to Hack Probability WITHOUT Gambling…
  • 13:09 – Things we ask ourselves BEFORE we purchase anywhere
  • 13:22 – Can you get it right 100% of the time!?!
  • 14:17 – The block of dirt Ben almost bought…
  • 15:14 – LESSON 2: The Most __ __ Is Not The Best
  • 15:28 – When you’re caught up trying to buy Mayfair and Park Lane…
  • 17:48 – The most expensive properties on Monopoly… but in Australia!
  • 19:55 – LESSON 3: Focus on __
  • 20:18 – How to recover when you pick The Unlucky “Chance” Card
  • 23:20 – When the borrower is at the mercy of the lender…
  • 25:06 – The BIG yield between the “red” and the “blue” properties!
  • 25:47 – LESSON 4: __ Your Investments
  • 28:26 – What Monopoly teaches us about BORDERLESS investing…
  • 32:19 – LESSON 5: __ Matters
  • 32:45 – What squares are MOST landed on in Monopoly? (And what does this hint at when you invest in property…?)
  • 37:19 – LESSON 6: __ __ Is The Key!
  • 40:32 – Robert Kiyosaki’s cashflow game…
  • 43:42 – What the creators of Monopoly quickly realised…
  • 44:38 – 7 reasons why playing Monopoly is a great for kids!
  • 46:42 – Bryce’s version of Monopoly at home (LOL)
  • 46:57 – The Reality of Retirement WITHOUT a passive income…

 

 

Instagram

Free Resources

What to be notified when there are
new updates & free resources?

  • This field is for validation purposes and should be left unchanged.

×

MONEY SMARTS SYSTEM

Plus We Will Also Notify You When We Release New Episodes

We Only Send You Awesome Stuff

×

SUGGEST A GUEST!

We Only Send You Awesome Stuff

×