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Episode 256 | From Gold Mine To Fool’s Gold: How This Property Investor Nearly Lost It All During The WA Mining Boom! – Chat with Rick Hockey

Some investors learn things the hard way. And today’s guest Rick Hockey — property investor AND real estate agent specialising in The Pilbara region in far north Western Australia — is, unfortunately, one of these folks.

In this episode you’re about to get a completely raw look at what it was like to be INSIDE the mining boom that hung a lot of property investor’s out to dry. And you’re going to hear it from someone who was right in the thick of it, and did TWO things during this time…

(1) INVESTED in the WA property boom, and

(2) SOLD REAL ESTATE before, during and after the boom!

Here’s the story… back in 1980, Rick Hockey and his wife Bev made Port Hedland, a dusty but dynamic little town exporting some seriously big volumes of minerals all over the world… their home. And things were good. Really good, actually. Especially when Rick made the shift to working in real estate and then the mining scene boomed to deliver some of the highest rental returns we’ve ever seen — and people from all walks of life were practically climbing over each other to call a basic 4 bedroom house in regional Western Australia theirs. And why was everyone keen to jump in? Well, that simple property in the middle of not-a-whole-lot would put $3,000 PER WEEK in their bank!

And Rick, like many of the locals, invested in these properties too. Lots of them. And life was passive cashflow rolling in (literally hundreds and hundreds of thousands each year), selling million dollar houses, releasing equity and buying again, and again, and again. Everyone thought the mining boom, and these crazy returns would never end.

But then the huge orange trucks stopped turning up. And almost overnight, it seemed all of the tradies with their fat wallets did too. The price of iron ore plummeted. And, just like that, everything changed…

 

ABOUT RICK HOCKEY

Rick Hockey is an award winning real estate agent specialising in The Pilbara region in north Western Australia — Port Hedland, South Headland and the Marble Bar area. He’s a Senior Sales Consultant at Hedland First National and has a THREE DECADE connection with Hedland’s property market.  As a proven real estate consultant, he has developed from Rookie to Diamond Achiever and a Top Salesperson with more than 50 industry awards to date. Rick and his wife Bev made Port Hedland home in 1980 loving the opportunities, lifestyle and raising their 3 children there.

 

THE “YOU CAN’T MISS THIS” MOMENTS

  • 09:00 – How did Rick pivot into property?
  • 11:53 – When did he start investing?
  • 15:20 – The Property Spruikers
  • 17:40 – What did he friend say that hinted at what was to come?
  • 18:30 – What was it like to SELL property during the mining boom?
  • 20:46 – How did they value property during the boom?
  • 23:20 – When the peak starts dropping…
  • 28:02 – Being a real estate agent during the bust
  • 30:50 – How many properties did Rick own & WHEN did he deciding to sell?
  • 35:50 – What was the price of property PRE-boom?
  • 36:56 – What was the of property DURING the boom?
  • 37:36 – What was the price like POST-boom?
  • 46:33 – Now that the market’s recovering, is it time to invest now?
  • 51:36 – Who should invest in mining towns?

 

FREE RESOURCES MENTIONED

Get Your Free Book HERE —-  Make Money Simple Again

 

Episode 254 | NRL Star Unpacks His Money and Property Story – Chat with Matt Srama

Top athletes often have a big spike in their income over their lifetime. That is, at the top of their game they’re looking at earning some serious coin… but beyond that… their income can plummet right down, sometimes to ground zero. And things get a bit tricky if the skills they possess aren’t necessarily transferable to the workforce too!

So, folks, what we want to tackle in today’s episode is this… how does a top athlete — or anyone on a fluctuating income for that matter — juggle a small window of time where they’ve got access to more cash than they’ll potentially earn in the future?? How can they maximise this so they can set themselves up BEYOND their time in sport?

Here to help us answer this question, and unpack his money and property story, is someone who has been there, done that… Matt Srama!!!

For those playing at home who might not be familiar with who Matt Srama is… he’s a professional NRL rugby league player for the Gold Coast Titans who had to park his career at the ripe young age of 26 due to injury. Meaning… after a solid career in the NRL, he’s personally experienced with what it’s like to be back “in the real world”! And he’s going to share A LOT of this gold with you today… and folks… you’ll see why what he’s learnt has set him up to work in a development role for the Gold Coast Titans, where now he helps other young players navigate this space!

Oh, and if you’re one of our folks who… ahh… aren’t particularly chuffed with our footy banter… …then you can breathe a sigh of relief!! Because we promise this ep is NOT just sports talk! There’s some pearls of wisdom in here that we can ALL learn from and apply in our own lives 😉

Pssst… and, yep, we got a new intro!!!

 

Folks, we’re doing Relay For Life!!

On October 26th our office is donning our runners and active gear (let’s be honest… ol’ mate Kingsley will probably where his black and white stripes) to participate in Relay For Life to help raise much needed funds for Cancer Council!!

Our goal is to crack $5,000 so we can help fund ground-breaking research into new and better ways to prevent, diagnose and treat cancer! So if you’d like to chip in — even if it’s just a couple of bucks — we’d love it if you could donate to our team here.

 

Resources Mentioned in today’s ep…

PICA’s Meet Up with Greville Pabst – happening on 31/10 in Docklands, VIC

Your Free Book —> Make Money Simple Again – (yep, it’s free and we encourage you to share the link www.makemoneysimpleagain.com.au to your friends, family and everyone in your network!)

 

The Top Five Standouts in today’s chat

  • A NRL Star’s Humble Money Upbringing & How It All Began
  • What’s Life As An Elite Athlete Like… And How Much Do They Get Paid?
  • How To Not Let Money Get To Your Head!
  • What To Do If You’re Earning Good $$$ Now, But You Know It Won’t Last
  • Matt Srama’s Property Story

 

 

 

Episode 250 | Roger Montgomery – Chat with Australia’s Warren Buffett

Warren Buffett is probably the greatest investor in the world. And when we say “probably” we really mean…“is”.

Sure, Buffett is estimated to be worth $US83 billion (not incl. the billions he’s already given away to charity)…… and, yep, he sure did make the majority of his wealth after his 50th birthday.

The question is… HOW did he become a self-made billionaire????

…… Value-investing!

In other words: he invested in stocks that were priced for LESS than their true worth. And he held onto them for the long term. That’s it.

So as a very special treat for OUR 250th EPISODE… WE’VE GOT “AUSTRALIA’S WARREN BUFFET” in the house!

And that brings us to today’s guest….

Roger Montgomery, Chief Executive Officer and Founder of Montgomery Investment Management, which is a Sydney based specialist boutique equity manager that manages $1.5 billion on behalf of private investors, their advisors and families. Through a simple, common and time-tested philosophy, Montgomery manages several VALUE-ORIENTED FUNDS focused on the various aspects of quality to generate superior return over the very long term.

Before we unpack all this completely, Roger’s 26-year background in financial markets includes Equity Analysis, Equity and Derivative Trading and Investment Banking. After founding, listing and selling a financial services business and listed investment company, Roger established his boutique investment management office.  In 2010, he published his first best-selling book, Value.able – How to Value the Best Stocks and Buy Them for Less Than They’re Worth.

… the clincher, folks?? … His book, of course, sets out his three simple steps for value-investing and online trading.

So. Shall we get on with it… and simply chat to Australia’s version of Warren Buffet????

… You betcha!!!

 

AND DON’T FORGET….. WE HAVE A 250TH EPISODE “BIRTHDAY” GIFT FOR YOU….

Yes, YOU CAN GET A COPY OF MAKE MONEY SIMPLE AGAIN FOR FREE!!!

Huge heads up: there’s a couple of cool surprises tucked behind it that we think we’ll blow your socks off 😉

 

Before we go ahead, here’s Wayne Schwass’s eulogy that Bryce mentioned in today’s show. Click here to watch it now.

 

THE TOP 10 HIGHLIGHTS

  1. Everything You Need To Know About Value Investing!
  2. When Roger was in his entry-level role, what did the Asia Pacific Partner of Pricewaterhouse say to him that he’ll never forget?
  3. What advice was given to lottery winners?
  4. How much of an influence has the real Warren Buffet had to Roger’s philosophy and success?
  5. What are the TWO Most Important Frameworks you need to know?
  6. Shares vs. Property — what does it come down to?
  7. How can you take advantage of “booms and busts” in the share market?
  8. Was “a fall in house prices of 40%” ever realistic?
  9. Does investing for the long term really matter?
  10. Where can you find value in the market now?

 

“Price and value are two different things. Value investing is about paying a lower price than the value received.”
Roger Montgomery

 

 

 

 

 

Episode 249 | The 4-Step Framework To Renovate or Build Your Home… AND Enjoy it! – Chat with Amelia Lee

Considering renovating or building your own home? If so, this is the perfect episode for you!! Here’s why…

We’ve got Amelia Lee, the architect behind Undercover Architect, an award-winning online resource to teach folks how to design, build or renovate their homes. To give you an idea, she’s been in the industry for over 25 years and has solid personal experience in the trenches as a “serial renovator”!

And the best part? Amelia’s on a serious mission to take the “bamboozle” out of the renovation, building and design process!

‘Cos let’s be real folks… these projects can often be draining on the ol’ tolerance levels/bank account/relationship health/overall health… BUT  as you’re about to find out… it doesn’t have to be like this AT ALL!!

(Ben’s now wishing he chatted with Amelia BEFORE he attempted three renovations on the one house!)…

‘cos, what d’ya know… it turns out that renovating and building your own home can actually be…. enjoyable!!

And all you need to do is follow Amelie’s simple, 4-Step Framework…. BEFORE you even pick up a hammer, tear down a kitchen sink or stub your toe on an exposed nail, cursing and questioning why you ever took the project on. (And/or telling yourself “never again!” like our mate Ben… who went ahead and did do it again AND AGAIN, oblivious to the fact that this wonderful framework existed.)

Learn from Ben’s mistakes folks — avoid hemorrhaging cash.

Go get your overalls ready…. this is going to be fun!

 

The Top SEVEN Takeaways…

  1. What does building and renovating with “intention” look like?
  2. How can you stretch your dollar further?
  3. Who do you need on your team?
  4. What are the big slipups people often don’t think about?
  5. How do you find a decent builder?
  6. What things are the top considerations for investors and home owners?
  7. Would an architect ever be an owner-builder? (and Should You???)

 

P.S. It’s our 250th episode next week folks… that means… MEGA GUEST… AND… MEGA  GIVEAWAYS…

… so make sure you show up!

 

P.P.S. We’ve been doing exciting stuff via Facebook lately… so, if you haven’t already… Like and Follow Us on Facebook to Get the Unannounced Social-Media-Only Gold!

Episode 248 | Everything You Need to Know About The 138 Changes Landlords Are Facing

There’s ONE HUNDRED AND THIRTY EIGHT CHANGES to Victoria’s rental laws coming into effect next year… and we think these are about to set the precedence for legislation across the entire country.

Which means… landlords need to be clued in on their rights and what’s going to be expected moving forward — and frankly folks… we think the pendulum has swung slightly too far, and is now quite in favour of tenants. So, what do “Residential Rental Providers” — which, by the way, is what Landlords are about to be called — need to know BEFORE these changes kick in??

Here to fill us in on everything in this pretty epic episode, 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. Plus, she’s also a fully licensed Real Estate Agent and has worked in property management since 1999 (she’s well-and-truly passionate about this stuff, folks!)

And here’s where it gets super important…

Hayley has actually gone through the ENTIRE 500-page Residential Tenancies Amendment Bill with a fine-tooth comb.

And not only is this impressive… but also, it’s actually incredibly helpful for us landlords — or wanna-be landlords, or even the tenants amongst us!

Let’s find out what on earth is going on and how exactly these changes to legislation affect us!

And just a bit of a disclaimer folks: this is Hayley’s interpretation of how these changes will impact landlords and as such should not be taken to represent advice in any way. If you want more information, please seek professional advice from your property manager 😉

 

Today’s Links…

 

Free Reports from Ep 246 & Ep 247

 

The TOP Highlights…

  • When are these changes coming through?
  • How much notice do you need to get the tenant to vacate?
  • What are the changes to the rental minimum standards?
  • What’s the fine if you don’t advertise your property at a fixed amount?
  • How does “Section 68” affect a landlord’s responsibility for repairs?
  • Is there anything landlords can do about tenants keeping pets?
  • How long will landlords need to give notice to vacate?
  • Why are tenants being let off the hook when it comes to cleaning?
  • Is there any way to protect yourself from a tenant’s ability to make “modifications” to your property?
  • How much notice do you need to inspecting a property?
  • What is the fine if evict the tenant in order to move in but then don’t actually move in?
  • Why’s https://thepropertycouch.com.au/ep82-qa-investing-in-property-overseas/a great tenant so important?
  • What’s “The Landlord Blacklist“?

 

P.S. You might also be interested in…

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