{"id":10271,"date":"2017-01-17T01:00:28","date_gmt":"2017-01-16T14:00:28","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10271"},"modified":"2017-01-17T01:00:28","modified_gmt":"2017-01-16T14:00:28","slug":"12-valuable-lessons-for-2017-michael-yardney","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/12-valuable-lessons-for-2017-michael-yardney\/","title":{"rendered":"12 valuable lessons for 2017 – Michael Yardney"},"content":{"rendered":"

 
\nWe are going to kick the year off with some very sound advice from Michael Yardney<\/strong> as he talks about the 12 important lessons for property investors in 2017.
\nSmart investors are always learning and undertaking personal development. The property markets are dynamic, so dynamic in fact that you never quite \u201csolve the puzzle\u201d because the puzzle is always getting reshuffled in front of you right when you think you\u2019ve got it solved. As Michael says\u00a0 \u201cThe more I learn, the less I seem to know\u201d.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 As we welcome you back to the shows for 2017, my good friend Michael Yardney will be joining us again this year.
\nHi, Michael.
\nMichael:<\/b>\u00a0 Hello Kevin.
\nKevin:<\/b>\u00a0 Great to be back with you again in a brand new year. Michael, I read a really interesting article that you wrote that I wanted to deal with first up in the show because I think there are so many great points in it: the important lessons that all property investors should remember this year.
\nWould you mind taking us through those?
\nMichael:<\/b>\u00a0 Sure, Kevin. Every year is a time for learning and personal development. I think one of the great things about being involved in the property market is putting all the bits of the puzzle together. Yes, even though I\u2019ve been involved in property for over 40 years, I did learn some new things, and I guess I relearned some lessons that I learned the hard way many years ago, as well, Kevin.
\nKevin:<\/b>\u00a0 What\u2019s the first lesson, Michael, you\u2019d like to tell us about?
\nMichael:<\/b>\u00a0 Maybe the first one should be don\u2019t let emotions drive your investment decisions. We know that market sentiment is a key driver of our property cycles and it\u2019s one of the reasons the markets over-react. They overshoot during booms and they get a bit too depressed during slumps. So it\u2019s important never to get too carried away when the market is reacting one way or another because letting emotions drive your investments is a surefire way to disaster.
\nWe know each boom sets itself up for the next downturn, just as each downturn paves the way for the next boom. So take advantage of the good times that are going to be ahead in 2017, but be prepared for the next phase of the property cycle, Kevin.
\nKevin:<\/b>\u00a0 Yes, and just on that point, too, Michael, that leads us into the second one, which was take a long-term perspective. I guess if you take the lessons from the first point you made there, that would naturally follow on, wouldn\u2019t it?
\nMichael:<\/b>\u00a0 Very much so. Residential real estate is really not a get-rich-quick scheme, so don\u2019t try and do it that way. Take a long-term perspective, and don\u2019t let short-term influences affect your long-term decision-making, Kevin.
\nKevin:<\/b>\u00a0 I remember the last show for last year, Michael, you said to us that one of the big stumbling blocks for this year would be finance, and you make that as the third point, that property investment is a game of finance rather than a game of real estate.
\nMichael:<\/b>\u00a0 Very much so. A lot of investors who had equity in their properties last year had difficulty getting refinance because APRA tightened the credit extension. You weren\u2019t able to get more credit because of changing serviceability criteria.
\nOne of the lessons is have a smart, investment-savvy finance broker as part of your team to help you through the maze, but the other is to make sure you only own investment-grade properties, good properties, because this will ensure that you can maximize your borrowing capacity, Kevin.
\nKevin:<\/b>\u00a0 Point number four in your article, Michael, was a lesson that we saw come home time and time again last year, and that is that there is no one property market.
\nMichael:<\/b>\u00a0 That\u2019s an important lesson, Kevin, that I learned many years ago but very much was to the forefront the last couple of years where it really was a two-horse race with Melbourne and Sydney leading the<\/i> property market as a lot of people talk about. But there isn\u2019t even one Sydney property market or one Melbourne property market. The top end performs differently to first-home buyers, so our property markets are segmented by location but also by the type of property and by price points.
\nI believe in this current year now, our new year, it\u2019s likely that both Melbourne and Sydney will again outperform \u2013 but not all segments of those markets. I\u2019d be avoiding the new and off-the-plan segments of the market. You\u2019re right, Kevin, there\u2019s not one property market.
\nKevin:<\/b>\u00a0 In fact, reading the article, too, Michael, you make the point that there are something like a quarter of a million properties for sale in Australia, but how many of those are investment grade, which is actually the fifth lesson you talk about. Could you take us through what makes an investment grade property?
\nMichael:<\/b>\u00a0 Sure. Any property can be an investment property, Kevin. You kick out the owner, you put a tenant in, and it\u2019s an investment. But not all properties make good investments, again, as we said a minute ago, because there are multiple markets.
\nIn my mind, an investment-grade property is one that appeals to a wide range of more affluent owner-occupiers, which means it\u2019ll always be able to sell later if you choose to, and one that\u2019s got a level of scarcity. It\u2019s a property that\u2019s in the right location and one that has got good prospects of long-term capital growth. It\u2019s a property that has street appeal and offers security, again, because owner-occupiers like that.
\nI like properties that have a high land-to-asset ratio because it\u2019s the land component \u2013 not how big the land is or how much land there is, but the value of the land under your apartment even \u2013 that goes up in value. I also like investment properties to which you can add value.
\nIf one puts all those characteristics into all those quarter of a million or so properties for sale, in my mind, currently less than 2% of properties would be what I\u2019d be comfortable to call investment grade. In other words, don\u2019t just buy any property and hope that the value of the property is going to increase, Kevin.
\nKevin:\u00a0 <\/b>I\u2019m talking to Michael Yardney from Metropole Property Strategists, and these are the 12 important lessons that all property investors should remember in 2017. We\u2019re about halfway through, Michael.
\nYou and I have talked many times over the years about your five-stranded approach, which is your system. How important is it that we have a system?
\nMichael:\u00a0 <\/b>Kevin, to be honest, almost anyone can make money during a property boom because the market covers up most mistakes. But when the market turns \u2013 as it did at the end of the mining boom, as it did during the Global Financial Crisis, as it does regularly on us and surprises us \u2013 what happens is many investors without a system find themselves in trouble.
\nWarren Buffett said a rising tide lifts all ships, but he also said that you only find out who\u2019s swimming naked when the tide goes out. In other words, if you don\u2019t follow a system that works in all market conditions, you\u2019re likely to get caught naked when the market changes. I think it\u2019s a critical factor of success in property investment, Kevin.
\nKevin:<\/b>\u00a0 Point number seven you make \u2013 and once again this is another lesson that came back time and time again last year \u2013 is the get-rich-quick schemes or the investors who want to make fast money. Has that been a mistake that you see many investors make, Michael?
\nMichael:<\/b>\u00a0 Yes it is, and let me make the first prediction on your show for this year, for 2017. There\u2019s going to be a new swag of people coming out and filling our inboxes with ways of getting rich quickly in property.
\nI think the lesson from previous cycles is that residential real estate is a fantastic way of transferring wealth from the impatient to the patient. So don\u2019t think you\u2019re going to give up your day job quickly. It takes a couple of property cycles \u2013 10 or 15 years \u2013 to build a substantial asset base in real estate, Kevin.
\nKevin:<\/b>\u00a0 What was that great saying from Warren Buffett?
\nMichael:<\/b>\u00a0 Wealth is the transfer of money from the impatient to the patient, one of Warren Buffett\u2019s great sayings.
\nKevin:<\/b>\u00a0 And one of the ones I\u2019ve heard you mention many times.
\nMichael, number eight: beware of doomsayer predictions. Do you think we\u2019re going to get more of those this year? That\u2019s a dumb question because I know we are going to.
\nMichael:<\/b>\u00a0 I remember your great interviews a couple of years ago with Harry Dent, who was so sure how the property market was going to crash by the middle of the year, and last year, you had people on from overseas, as well.
\nEvery year, there are these overseas gurus who tell us why our property values are going to plummet. Unfortunately some people have missed out on the opportunity of developing their own financial independence because they listened to the messages of these doomsayers.
\nOn the other hand, a small group of Australians have ended up becoming financially independent because the value of the properties that they bought when everyone else said they were silly kept doubling in value, Kevin.
\nKevin:<\/b>\u00a0 Over Christmas and the New Year period, I had a couple of weeks off, Michael, and I picked up your latest book, which I think is fabulous \u2013 your Guide to Investing Successfully<\/i>. The thing that occurred to me in reading that book takes me to point number nine, and that is that you have to treat property investment like a business. In reading your book, that\u2019s very much the message that comes through time and time again, Michael.
\nMichael:<\/b>\u00a0 Yes, Kevin. Thank you. I guess the reason is that successful businesspeople have a different head space, a different mindset. They are accountable, they don\u2019t blame others, and they take responsibility. Sure, they have a good team around them, they have some good advisors around them, they don\u2019t try and do it all on their own, but they take financial responsibility for their investments \u2013 and that\u2019s what you should do as a successful real estate investor.
\nKevin:<\/b>\u00a0 I did some segments recently, Michael, for a company who wanted to get some tips on real estate, and I made the comment then that 25 years ago would have been a great time to invest. The second best time to invest would be right now, which takes us to the next lesson, and that is that there\u2019s always a reason not<\/i> to invest.
\nMichael:<\/b>\u00a0 Yes, Kevin. When I first started investing I tried to do it counter cyclically because that\u2019s what I read, so I thought, \u201cAha, this is a good year not<\/i> to invest or maybe this is a better year to invest.\u201d And I realized that every year brings its own set of crises and there are always reasons not to invest.
\nYou can go back as far as you like in history, Kevin, there are always issues occurring that would give you a reason to sit on the sidelines. One of the worst mistakes investors make is that they see this news as a reason not to get involved.
\nI\u2019d take advantage of the opportunities any bad news brings and just buy the next investment property when you are ready financially and when you can afford it. As long as you buy what we spoke about a moment ago \u2013 an investment-grade property \u2013 and allow the cycle to work its magic, you\u2019ll be ahead.
\nKevin:<\/b>\u00a0 I\u2019m always constantly amazed and impressed, too, when I go to one of your seminars and I can see people \u2013 very successful investors who are in your team \u2013 they come back year after year after year because they are always continually learning, which takes us to the next point, and that is about learning, Michael.
\nMichael:<\/b>\u00a0 I think the point I\u2019m talking about is that you know less than you think you know. When I first started off, Kevin, I thought I was smart. One of the worst things a beginning investor can do is get it right the first time, which is what I did, because you think you\u2019re smarter than you are. But the market will soon teach you some lessons, won\u2019t it, Kevin?
\nThe big lesson is that I know much less than I think I know. And if you don\u2019t remember that, the market will soon humble you. So always continue learning.
\nKevin:<\/b>\u00a0 The final point \u2013 and I\u2019m going to quote you now, Michael, because I\u2019ve often heard you say this \u2013 is that any problem that money can solve isn\u2019t really a problem. This comes about the confusion between money and wealth.
\nMichael:<\/b>\u00a0 I think when I first started off, I was chasing money because I came from a poor background. I\u2019m sure a lot of other people are thinking that money equates to wealth. I heard somebody very clever say many years ago, true wealth is what you\u2019re left with when they take away all your money or all your property or all your shares.
\nI became a lot happier when I came to realize that money and wealth are very, very different things. Money is really important in those areas where it\u2019s important in your life, and it\u2019s not at all important in those areas where it\u2019s not important.
\nTrue wealth is your family, your friends, and your health \u2013 there\u2019s no use having all this if you don\u2019t have the health to enjoy it with \u2013 your spirituality, having the right head space and the mindset, and to me also being able to contribute back to society.
\nKevin, that\u2019s 12 lessons I want to share with you this year. But hopefully when we discuss this again at the beginning of 2018, I\u2019m going to be even smarter, and maybe I can come up with 13 lessons next year.
\nKevin:<\/b>\u00a0 Oh goodness. Okay, that\u2019ll be fantastic. Great talking to you again, and thank you and thanks for your continued support. We look forward to working with you during 2017. Thanks, Michael.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

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