{"id":10688,"date":"2017-03-10T07:00:54","date_gmt":"2017-03-09T20:00:54","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10688"},"modified":"2017-03-10T07:00:54","modified_gmt":"2017-03-09T20:00:54","slug":"what-successful-investors-dont-do-when-a-flip-becomes-a-flop-ugly-suburbs-turned-beautiful","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-successful-investors-dont-do-when-a-flip-becomes-a-flop-ugly-suburbs-turned-beautiful\/","title":{"rendered":"What successful investors don\u2019t do + When a \u2018flip\u2019 becomes a \u2018flop\u2019 + Ugly suburbs turned beautiful"},"content":{"rendered":"

Programs such as\u00a0The Block\u00a0might make house flipping seem straightforward and lucrative, but there are also a\u00a0number of tax issues\u00a0that house flippers should be made aware of.\u00a0 Mark Chapman<\/strong> from H&R Block Tax Accountants looks at where house flippers stand from a tax perspective.
\nOf the over\u00a02 million\u00a0property investors in Australia, only\u00a018% own two properties, and less than\u00a01%\u00a0own five or more.\u00a0 Although any asset is an achievement, success to most property investors is really determined by their ability to continue purchasing real estate. Unfortunately, so many Australians save for their entire working lives to be able to afford an investment property, but very often once they achieve this, their progress remains stagnant because they aren’t sure of what to do next.\u00a0 Zaki Ameer<\/strong> Founder of Dream Design Property tells us about his formulae for building a successful portfolio.
\nWe make no guarantees in this show but one thing I can assure you of is that when our property markets are hot, some buyers lose their cool.\u00a0 Many are now scrambling to get into the market, particularly in Sydney and Melbourne, because they were sure prices would soften.\u00a0 Now they have a very bad case of FOMO or the fear of missing out.\u00a0 When you do that you start to make mistakes like the ones we discuss with Michael Yardney<\/a>.<\/strong>
\nWe catch up with the head of Century 21 \u2013 Charles Tarbey<\/strong> \u2013 about the suburbs that are sometimes called the ugly ducklings but have the potential to be swans.\u00a0 He tells us where they are and buyer\u2019s agent Meighan Hetherington<\/strong> is along to share some wisdom about buying well and what happens with competing offers on a property.
\nWe have some news about a new product called BONDSURE that will ease the rental bond burden for tenants and offers great protection for tenants, investors and agents.\u00a0 It is proving to be very popular.
\nTranscripts:<\/strong><\/p>\n

When \u2018ugly suburbs\u2019 change and competeing with other buyers \u2013 Charles Tarbey and Meighan Hetherington<\/h2>\n

Kevin:<\/b>\u00a0 My next guest is Charles Tarbey, CEO and chairman of Century 21 in Australasia.
\nCharles, I want to talk to you about some of the suburbs around Australia that, well, were pretty cruddy but they\u2019re now very, very much in flavor. You must see a lot of this. When I talk about these types of suburbs, I think of places like Paddington in Brisbane, Paddington in Sydney, even New Farm in Brisbane that weren\u2019t so desirable. In fact, my Mom used to tell me that New Farm was one area that you\u2019d never walk into. But, boy, hasn\u2019t that changed?
\nCharles:<\/b>\u00a0 Kevin, New Farm was a spot that I had to be careful of, as well. My sister had a home in Darra, going back all those years ago \u2013 Darra\/Goodna \u2013 and if you think about the areas around there now and you look at all the different developments that have gone on, it\u2019s just incredible.
\nKevin:<\/b>\u00a0 It\u2019s great the way they\u2019re gentrified some of these areas. Are there any areas that you know, because you get around Australia quite a lot, that are going through that process right now?
\nCharles:<\/b>\u00a0 Yes, absolutely. I had some people visit the other day and they were looking at buying investment property and so on and had their dollars out and talked about buying something for $1 million or $1.5 million in Sydney. I said, \u201cLook, you know, you can still buy properties\u2026\u201d
\nPeople talk about Mount Druitt in Sydney, and Mount Druitt had its first million-dollar sale of a home last year, last January. It was all Commission homes. But people are moving in from overseas, and they think these areas are fantastic compared to the lifestyle ahead. So they come in and they do the same thing.
\nI said to these people, \u201cLook, right in the middle of Sydney, in between the M4 and the M7 freeway are places like Hebersham, Dharrak, that are not far from Mount Druitt where you can still buy a home in Sydney for mid $500,000s,\u201d and 10 kilometers north \u2013 not even that \u2013 people are paying $2 million dollars for homes.
\nI think a lot of people avoid these areas because they hear all these bad reports, but for me, that\u2019s an indication of change, and if I were out there actively investing in residential, that\u2019s where I\u2019d be looking now. I\u2019d being buying two or three homes if I could alongside of each other in anticipation of potential medium density in the future.
\nPeople, again, are investing very heavily. South West Queensland has got a massive amount of profiling in the New South Wales market. Every time you turn the radio on, Kevin, they\u2019re talking real estate, they\u2019re talking about investing in South East Queensland. I think that you have areas of Queensland, southwest of Queensland, that still have a lot of upside.
\nI think you even have areas further south when you go past Ipswich and some of those areas there that people seem to have forgotten. All you ever hear about is flooding or other issues, and again, for me, that\u2019s definitely a green light, not a red light.
\nKevin:<\/b>\u00a0 Good on you. Charles Tarbey there from Century 21. It\u2019s always great to have you on the show, mate.
\nCharles:<\/b>\u00a0 Thank you, mate.
\nKevin:<\/b>\u00a0 You talk about dodgy practices and sometimes with agents, and it brings to mind if you\u2019re a buyer and you\u2019re interested in a property, then you\u2019re told by the agent someone else is interested and, in fact, they\u2019ve made an offer and that you\u2019ve got to be in competition with them. It\u2019s called multiple offers. I do want to talk about that, and I\u2019m going to discuss it with a buyer\u2019s agent, Meighan Hetherington from Property Pursuit.
\nBut just before I do that Meighan \u2013 welcome to the show \u2013 I just want to ask you about some of the tips that you have for buyers who may be going out and buying this weekend. What are some of your tip \u2013 whether they\u2019re buying at auction or by private treaty?
\nMeighan:<\/b>\u00a0 I bet there\u2019s a whole heap of people who would like to stop going to open houses on a hot Saturday, and the only way to do that is, of course, is to buy, but you don\u2019t want to be that person \u2013 that wounded bull \u2013 who commits to a purchase that\u2019s not quite right.
\nKevin:<\/b>\u00a0 But what do you do? You\u2019ve been looking for months, you find the place you like, and say hypothetically, it\u2019s listed at $550,000. I get people who will call me and say, \u201cLook, this thing is listed at $550,000. We think we\u2019d pay $540,000 for it.\u201d And I think, \u201cWell, for goodness sake, for $10,000, if you\u2019re going to own it for 20 years, buy it.\u201d
\nMeighan:<\/b>\u00a0 I think it depends on your timeframe and the reasons for purchasing. Investors very much have to be very sharp on their purchasing, but they also have to realize that in a rising market, every six months is going to cost them more money. So it\u2019s putting that head on of what are the compromises that I\u2019m prepared to make to get into a property that are going to be right for me as an owner-occupier, as a homebuyer?
\nSome people try to have a very long-term view of what they\u2019re going to do with a property, when in reality, we turn over properties about every five to seven years. So having a realistic expectation about how long you\u2019re going to be there and what your life is going to be like while you\u2019re there is a way to help you get across the line of not expecting everything to be perfect on the property for the rest of your life.
\nI think when you find something that looks right, it feels right, and do your research, be prepared to commit to making an offer and make that offer subject to all the right things that will protect you as a buyer. A discussion with the solicitor is going to help you get your conditions right and protect you.
\nBut on the flipside of that, we\u2019re still seeing properties selling with multiple offers of five or six offers on the first day, so you need to be very careful that you\u2019re not being too smart about your offer and not getting yourself in the position to be the buyer.
\nWhat I mean by that is if you think a property is worth $540,000 and there\u2019s a good chance that someone else is going to pay $545,000, would you really want to miss out on that property for $5000 or have conditions that are unattractive to the owner that would make you look like an option that they don\u2019t want to take on?
\nKevin:\u00a0<\/b>\u00a0Multiple offers, it\u2019s always a difficult situation. Agents don\u2019t like it.
\nMeighan:<\/b>\u00a0 The response from the buyers is very uncomfortable.
\nKevin:<\/b>\u00a0 Very, very uncomfortable.
\nMeighan:<\/b>\u00a0 And I think some buyers think that agents are leading them on a little bit and playing them off against each other.
\nWe actually get agents to sign a multiple offer declaration just in the same way as a buyer has to sign a multiple offer declaration. It\u2019s very important, I think because the trust is established on both sides of the fence.
\nKevin:\u00a0<\/b>\u00a0Isn\u2019t that an indication, though, that you don\u2019t trust them, that you\u2019re asking him to sign that?
\nMeighan:<\/b>\u00a0 No, it\u2019s an indication that they\u2019re asking for a buyer to acknowledge there\u2019s a multiple offer, and we\u2019re asking for the agent to acknowledge that there\u2019s a multiple offer.
\nKevin.<\/b>\u00a0 Okay. That\u2019s fair enough. Yes.
\nMeighan:<\/b>\u00a0 So if a buyer thinks that they\u2019re being misled, let\u2019s remove that. Let\u2019s just make it a non-issue, and with that declaration, I think that\u2019s a good way to remove that doubt.
\nKevin:<\/b>\u00a0 So you get the agent to sign a declaration and then you get your buyer to sign a declaration saying that they understand that they\u2019re in competition?
\nMeighan:<\/b>\u00a0 Yes.
\nKevin:<\/b>\u00a0 Is it that their first offer may be their only offer?
\nMeighan:<\/b>\u00a0 That\u2019s usually the way the multiple offer works, and what we encourage people to think about when they\u2019re putting that number together is I say to them, \u201cIf I ring you and I say that the property went for $545,000 and you missed out, how would you feel?\u201d
\nKevin:\u00a0<\/b>\u00a0Yes, how would you feel? Yes. That\u2019s right.
\nMeighan:\u00a0<\/b>\u00a0\u201cWork backwards and arrive at the number where you go \u2018I would\u2019ve have paid it.\u2019\u201d
\nKevin:<\/b>\u00a0 And then you\u2019re comfortable, aren\u2019t you? You\u2019re comfortable to walk away.
\nMeighan:<\/b>\u00a0 Then you know.
\nKevin:<\/b>\u00a0 Meighan Hetherington is from Property Pursuit. You can find them quite easy at that website. Thank you so much for your time.
\nMeighan:<\/b>\u00a0 Thanks for having me, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s been great having you here.
\nMeighan:<\/b>\u00a0 I\u2019ve really enjoyed it.
\n <\/p>\n

The \u2018blunders\u2019 from the fear of missing out \u2013 Michael Yardney<\/a><\/h2>\n

Kevin:<\/b>\u00a0 One thing is for certain: when our property markets are hot some buyers lose their cool. Unfortunately some buyers are now scrambling to get into the market, particularly in Sydney and Melbourne, because in the past they presumed that prices would soften \u2013 which of course, they didn\u2019t \u2013 and now they have a very bad case of the fear of missing out.
\nWhat are some of the blunders that happen that you should avoid if you\u2019re looking at getting into the market? Joining us to discuss these, Michael Yardney from Metropole Property Strategists.
\nMichael, thanks again for your time.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\nKevin:<\/b>\u00a0 What are some of those blunders that we should avoid, mate?
\nMichael:<\/b>\u00a0 We are seeing a lot of them \u2013 you\u2019re right, Kevin \u2013 because currently many investors and home buyers are getting exasperated. They missed out, and so what they\u2019re doing is they buy emotionally. They\u2019ve gone to one auction after another and missed out or they\u2019re beaten to the punch at private sales, and so they end up over-paying for a property because their decision making is based on fear and not on solid research.
\nIf it\u2019s your home and if it\u2019s somewhere where you\u2019re going to live for a long time, it\u2019s okay in my mind to over-capitalize a little bit or spend a bit more because you don\u2019t have to treat that like a business; we know home buyers buy emotionally. But if you\u2019re an investor, that\u2019s not the way it works. Therefore, don\u2019t buy emotionally, either over-paying or buying a secondary property just because you can\u2019t find a good one, because it will always be a secondary property, Kevin.
\nKevin:<\/b>\u00a0 I said in the intro, Michael, that many people were waiting, thinking that the market would soften. That is a bit of a mistake in itself \u2013 waiting for the market to correct \u2013 isn\u2019t it?
\nMichael:<\/b>\u00a0 It depends where you are and in what parts of Australia. But if we\u2019re talking about the hot markets that you talked about, interestingly last year, all the capital cities around Australia grew other than Darwin and Perth. We believe the markets are going to slow a little bit, but they\u2019re not going to correct. They\u2019re not going to go into reverse this year. Darwin and Perth may drop a little bit further but in the other areas, it\u2019s highly unlikely that what we call investment-grade properties in our capital cities are going to undergo a major correction.
\nThey\u2019re going to continue to go up because there\u2019s going to be an ongoing demand for them. So you\u2019re right, Kevin; don\u2019t wait for that correction. Don\u2019t try to time it.
\nKevin:<\/b>\u00a0 Michael, this fear of missing out, too, could also lead someone into making a very quick snap decision, which also could be a mistake, do you think?
\nMichael:<\/b>\u00a0 You\u2019re right. It\u2019s another way of dealing with it emotionally, isn\u2019t it? Strategic investors and professional buyer\u2019s agents buy without emotion. That includes at auctions, as well. So no, don\u2019t make a snap decision. Base it on correct research and due diligence.
\nKevin:\u00a0\u00a0<\/b>Michael, like you \u2013 maybe like you; I don\u2019t know \u2013 but have you seen that guy in a lot of real estate offices who sits there with that big beard waiting for the market to correct, expecting a bargain, waiting, and hanging out for it?
\nMichael:<\/b>\u00a0 Kevin, I\u2019m old enough to remember that picture in the front window, and I know you are, as well. Some of our listeners may not remember that picture. But yes, he grew old waiting, didn\u2019t he?
\nKevin:\u00a0\u00a0<\/b>He did indeed. And that\u2019s a mistake, isn\u2019t it?
\nMichael:<\/b>\u00a0 Another mistake is expecting a bargain in this market. It\u2019s folly to wait for the market to soften \u2013 you\u2019re right \u2013 but it\u2019s equally irrational to expect a bargain if it\u2019s a good property. I\u2019d much rather outbid three other people at an auction and get an investment-grade property than actually say, \u201cHey, nobody turned up at the auction. Look at the bargain I got,\u201d because you\u2019ll wonder why. What do they know that I don\u2019t know?
\nYou make your money when you buy a property by buying the right property, Kevin, not by buying it cheaply.
\nKevin:<\/b>\u00a0 And Michael, real estate agents, I\u2019m one of them; we all love them. But really at the end of the day, if you\u2019re a buyer you have to understand that the real estate agent is there to help the seller get the highest price. They\u2019re not your friend.
\nMichael:<\/b>\u00a0 That\u2019s their job, and they\u2019re morally and I guess legally obliged to do that. They work for the seller, and so therefore another way to protect yourself in this hot market is to have somebody to level the playing field \u2013 and I\u2019m suggesting a buyer\u2019s agent.
\nNow, sure, I\u2019m biased, but I just know that over the last couple of years 53% of the properties we bought in Melbourne and a slightly smaller percentage in Sydney and Brisbane have been bought off- market because of our access to properties that the average buyer wouldn\u2019t be able to find even in this hot market.
\nSo level the playing field and get somebody to help you, Kevin.
\nKevin:\u00a0\u00a0<\/b>That\u2019s a good look at the blunders, Michael. Level it for us now and give us your summation on this point.
\nMichael:<\/b>\u00a0 The key is not to get discouraged if you miss out; it is just part of doing business, and you have to treat property investment like a business. Instead, keep looking for the right property. Don\u2019t\u2019 compromise. Learn how to negotiate. But the best negotiating tactic, Kevin, is the one where you actually end up with the property \u2013 that you own it.
\nI see some people trying to be smart, making low-ball offers, making silly offers because they read somewhere in a book that that\u2019s the way you do it \u2013 you make 100 offers and you get one property. You\u2019re not going to get a good one that way. The best tactic, as I said, is the one that actually secures you the property.
\nSo be ready to be in the position to do that by having your finance in place, knowing what ownership structure you\u2019re going to buy it in, and by having a good team on your side. The key is to be quick but not in a hurry, Kevin.
\nKevin:<\/b>\u00a0 Good talking to you. Michael Yardney from Metropole Property Strategists.
\nThanks, Michael. Talk to you again soon.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

Making rental bonds easier \u2013 Michael Wood<\/h2>\n

Kevin:\u00a0\u00a0<\/b>Queensland entrepreneur and lawyer Michael Wood launched an innovative new property-focused business late last year. We told you about it on the show. It aims to take some of the hassle out of renting.
\nThe company is called BondSure. It\u2019s been progressing really well in the very short period of time since it\u2019s been launched. Over 100 real estate officers around Australia have signed up, and according to Michael Wood, they\u2019re adding quite a few each and every week. Michael joins us.
\nGood morning, Michael.
\nMichael:\u00a0\u00a0<\/b>Yes. Good morning, Kevin.
\nKevin:\u00a0\u00a0<\/b>What a great business this is. Firstly, tell us how it works. How does BondSure work?
\nMichael:\u00a0\u00a0<\/b>Basically, rather than paying their bond up front, it offers renters the choice to pay that off in installments over 6 to 12 months, and then the money is deposited by us with the Residential Tenancy Authority. It\u2019s all the same for the landlord there.
\nBut also what we\u2019ve done is go a bit further. Not only the choice of installments rather than upfront cash, but we\u2019ve introduced a new \u2013 rather revolutionary, I think \u2013 insurance product that protects that bond whilst it\u2019s sitting there with the government.
\nOf course, the landlord still has priority if there\u2019s any rent default, but what we\u2019re trying to do here is introduce a product that protects the bond against increased cost of cleaning and accidental damage, two issues that often erode the bond for the tenant at the end of the lease.
\nKevin:\u00a0\u00a0<\/b>Yes, we\u2019ll talk in a moment about how many people don\u2019t get their bond back or get absolutely get nothing at all back or even part of it. But just before we do that, why did you do this? Did you perceive there was a need for this to happen?
\nMichael:\u00a0\u00a0<\/b>Yes. My main business is insurance, and my Lloyds broker in London introduced the concept of actually having a landlord waive the right to a bond and just have an insurance policy. It\u2019s being done in a very small way over in America.
\nThe situation over in America with strata title is very different, so they approached me and said, \u201cLook, Michael, could this work in Australia?\u201d I looked into it, and I decided that given that we can have a couple of hundred different owners in one building \u2013 rather than like in America where often one person owns the whole building, all the units \u2013 what I thought was that rather than do away with the bond, let\u2019s help the tenants and protect the landlord by still having that bond but then protecting it with an insurance policy.
\nKevin:\u00a0\u00a0<\/b>That\u2019s interesting, Michael. Could it work in a single house situation where the owner would be happy with an insurance policy over a bond?
\nMichael:\u00a0\u00a0<\/b>Most definitely. We offer it both for units and houses. The only difference there is another extra product that we have is a contents policy. There is a slight differential between units and houses, but otherwise, the pricing is all pretty much the same.
\nKevin:\u00a0\u00a0<\/b>I said in the intro that about a hundred offices around Australia have picked it up. What sort of reaction are you getting from them? Because I would have thought that this would be fairly popular with agents.
\nMichael:\u00a0\u00a0<\/b>Yes. We\u2019ve been really, really pleased by the support they\u2019ve shown. The first thing is is the landlord still protected? Which of course, the landlord is. The money is sitting there with the RTA, and as I said, the landlord always has priority if there\u2019s a rent default.
\nBut the big thing is there are often disputes, and I\u2019m sure landlords agree that it\u2019s a bit of a hassle at the end of a lease to be arguing with a tenant over what is damage and what isn\u2019t. That\u2019s one of the main reasons that not only did we introduce a product that is to protect against damage \u2013 such as damaged carpet, damaged curtains, damaged fittings \u2013 but also the increased cost of cleaning, because we didn\u2019t want arguments about what is damage and what is cleaning.
\nYes, we\u2019ve been very pleased, and also it helps them with their rollover of leases. We can be notified, and as an insurer, we pay it. It\u2019s above a small excess, just to ensure that they do still do maintain the premises as they should.
\nKevin:\u00a0\u00a0<\/b>I\u2019m keen to talk to you about how many people don\u2019t actually get their bond back. I read with interest a New South Wales story, of course, that based on the Rental Bond Annual Report there, they suggested that 35% of tenants received some of their bond back, while one in ten received absolutely nothing.
\nMichael:\u00a0\u00a0<\/b>It\u2019s anywhere between 35 and 50%, but generally in the 40%s.
\nKevin:\u00a0\u00a0<\/b>It\u2019s a great product. If you want to know a little bit more about it, BondSure is the name. Is the website just BondSure.com.au?
\nMichael:\u00a0\u00a0<\/b>That\u2019s right. It only takes a few minutes, and you don\u2019t have to hand over your bank statement because we do a full credit check, which again helps the landlord. But it\u2019s only taking a couple of minutes.
\nKevin:\u00a0\u00a0<\/b>Good on you, Michael. Lovely talking to you, and thank you very much for your time. Congratulations on what you\u2019re doing, as well.
\nMichael:\u00a0\u00a0<\/b>Thank you very much, Kevin.
\nKevin:\u00a0\u00a0<\/b>Michael Wood there from BondSure. That website again is BondSure.com.au.
\n <\/p>\n

Why most property investors fail \u2013 Zaki Ameer<\/h2>\n

Kevin:<\/b>\u00a0 Did you know that there are currently over two million property investors in Australia? Though the number may seem quite significant, statistics reveal that the majority struggle to maintain or even grow their success after initially entering the housing market. In fact, only 18% of those investors own two properties, and less than 1% own five or more. This highlights the challenge that many people face when they\u2019re trying to build a property portfolio.
\nZaki Ameer, who is the founder of Dream Design Property, has a very effective theory and practice on building your portfolio. He\u2019s learnt that through bitter experience. He joins me to talk about his experience.
\nZaki, thanks for your time.
\nZaki:<\/b>\u00a0 Thanks, Kevin, for having me.
\nKevin:<\/b>\u00a0 Tell me about your experience and why are those statistics so wide? You\u2019re going from 18% only ever owning one property and 1% five or more. Why is there such a big chasm?
\nZaki:<\/b>\u00a0 I feel like in my years of property experience and now probably seeing about 1100 transactions go through for our clients, there seems to be a trend, and the one that strikes out is about being selfish. What I mean by that is that most investors say they\u2019re investors but they\u2019re actually investing with their heart or their emotions and they aren\u2019t able to look at it from a completely factual point of view. They might be looking at the numbers but they\u2019re still deciding with their heart or their emotions as opposed to complete logic.
\nAnd if you somehow find a way to surround yourself with people who can make strong investment decisions purely on numbers, I believe you\u2019re in it; you\u2019re going to be a part of that top percent.
\nKevin:<\/b>\u00a0 Yes. Zaki, it\u2019s interesting, that point. This is a bit of a mindset, isn\u2019t it? You have to look at property investing as a business and take out the emotion.
\nZaki:<\/b>\u00a0 That\u2019s correct, which leads to my second part about impatience. I\u2019ve seen many, many friends or families or clients, etc. in the community who buy a property and within a year, they go, \u201cIt hasn\u2019t gone up in value, so that was a bad decision.\u201d
\nAgain, that comes back again to mindset and being completely aware that property is a long-term investment and in my take, at least a minimum of seven to ten years and maybe even more because you can\u2019t predict. How is anyone ever going to predict? We can only rely on data, but no one can make an accurate guess. You have to be in it for the long run. If values go down or go up or whatever, you just have to stick it through.
\nBut the other problem, as you\u2019ve seen probably in the Sydney market also, is when the values do go up, they go, \u201cOh, wow. I\u2019ve made a gain. Let me now just sell it.\u201d And then they miss the concept anyway of having holding for the long term and holding that asset to appreciate over time.
\nKevin:<\/b>\u00a0 It is a bit like running a business, though. You have to have nerve and be very, very careful about who you talk to. Do you think sometimes we can over-analyze the market, Zaki?
\nZaki:<\/b>\u00a0 Correct. I think it comes also with technology and social media. Everyone becomes an expert, unfortunately. It\u2019s so easy to get opinions from people who\u2019ve absolutely done nothing, and you rely on their advice. By relying on somebody else\u2019s opinion, you get more emotional and then you make bad decisions. They all go hand in hand. It\u2019s just about being self-aware to stop all the looking at things, take a step back, and let things be.
\nIn my take, if you have a property that can be rented and is hopefully somewhat neutral or maybe slightly positive, just let it be and let it just do its thing over time.
\nKevin:<\/b>\u00a0 Because if you continue to look at something and analyze it too much, you actually do become paralyzed. You become very fearful about moving ahead, don\u2019t you?
\nZaki:<\/b>\u00a0 That\u2019s correct. And you just stay in the same position. Many clients, I\u2019ve heard that they\u2019ve had hundreds of thousands of dollars saved up or from a property they\u2019ve sold or from an inheritance, and they\u2019ve done absolutely nothing and it\u2019s just sitting in the bank I guess for the bank to invest that money.
\nKevin:<\/b>\u00a0 You make another very good point, too, earlier in our conversation about not doing it alone \u2013in other words, building a good team around you, Zaki.
\nZaki:<\/b>\u00a0 Correct. That\u2019s why I think if you\u2019re going to buy quite a few properties \u2013 and I mean anything above two in my take \u2013 modern property investing, I look at it as a property investing business for yourself. You want to surround yourself with the correct people.
\nWhether it\u2019s an accountant or a depreciation provider or a pest and building report or a lawyer, all of them need to be qualified, not just in degrees but also having the results so that they have the experience, which is far more important than just education, and that they can advise you from their own experience in these matters. It\u2019s very key to take advice only from people who have done it before.
\nKevin:<\/b>\u00a0 You\u2019ve made some very good points in our very brief time together, but I guess it can all be underscored with the comment about getting the right mindset and how important that mindset is to becoming a successful investor.
\nZaki:<\/b>\u00a0 Yes. And it reminds me of back in the day, in 2007, when I was getting into property, I didn\u2019t read any books on real estate per se, but I\u2019ve read tons of books on mindset and the correct attitude and when things go wrong. I feel that\u2019s probably 95% of what you need and the other 5% you can learn.
\nKevin:<\/b>\u00a0 Great talking to you, Zaki Ameer. Zaki is the founder of Dream Design Property. How do we reach you? Just through your website, Zaki? Is that the best way?
\nZaki:<\/b>\u00a0\u00a0Yes, DreamDesignProperty.com.au is the best way.
\nKevin:<\/b>\u00a0 Wonderful. Zaki Ameer, my guest. Thank you, Zaki. Talk to you again soon.
\nZaki:<\/b>\u00a0 Thank you, Kevin.<\/p>\n

When a \u2018flip\u2019 becomes a \u2018flop\u2019 \u2013 Mark Chapman<\/h2>\n

Kevin:\u00a0\u00a0<\/b>Recent figures released by the Australian Bureau of Statistics suggest that a record-breaking $18 billion was spent on renovations in the quarter up to September last year. Whereas the bulk of this spend would previously have been attributed to private renovation, this notably high figure is undoubtedly inflated by house flipping, which is a process whereby individuals buy a property, renovate it, and then sell it on for sometimes a tidy profit \u2013 not always, but sometimes.
\nPrograms such as\u00a0The Block<\/i>, which we\u2019ve talked about before, might make house flipping seem pretty straightforward and lucrative, but there are also a number of tax issues that house-flippers should be aware of. So, let\u2019s take a brief look at where house flippers stand from a tax perspective. Joining me is Mark Chapman, who is the tax communications director for H&R Block tax accountants.
\nMark, thank you very much for your time.
\nMark:\u00a0\u00a0<\/b>No problem.
\nKevin:\u00a0\u00a0<\/b>House flipping, as I described there, is the process of turning a property over fairly quickly, so would I be correct in saying that capital gains tax is going to be the first obstacle you might come up against?
\nMark:\u00a0\u00a0<\/b>Certainly, tax in some form is going to be an obstacle. Depending on how frequently you flip \u2013 in terms of whether it\u2019s a one-off thing or something that you\u2019re almost doing as a way of life, as a business \u2013 you\u2019re either going to be paying capital gains tax or you\u2019re going to be paying income tax.
\nKevin:\u00a0\u00a0<\/b>What are some of the other problems you see flippers come up against? What should they be aware of?
\nMark:\u00a0\u00a0<\/b>I guess the first issue is that probably the best way to do this actually is to move into the property while you\u2019re flipping. If you don\u2019t actually have anywhere else to live and you\u2019re basically in a process of moving from one house to another, you buy the house, you move in, you renovate, and then you sell, and then you repeat the process, you\u2019re actually probably in a pretty good position from a tax perspective because you can potentially take advantage of what\u2019s called the main residence exemption for capital gains tax.
\nThe house that you\u2019re renovating becomes your main residence, which means that you can then sell it capital gains tax-free at the end. You obviously need to actually physically live in the house; you can\u2019t have a main residence anywhere else. But if you\u2019re doing it that way, that\u2019s actually really tax-effective.
\nKevin:\u00a0\u00a0<\/b>It effectively becomes your principal place of residence. Is that right?
\nMark:\u00a0\u00a0<\/b>Yes, that\u2019s right. You basically live in the house whilst you\u2019re renovating it, then you sell, and then you repeat the process.
\nKevin:\u00a0\u00a0<\/b>It might make sometimes for a very unhappy partner, if you\u2019re moving your partner every six months or so.
\nMark:\u00a0\u00a0<\/b>Yes, that\u2019s right, especially if you have a young family, although some people do that. You can see that kind of thing on TV all the time with these home makeover shows. And from a tax perspective, that\u2019s the best way of doing it. Not necessarily the best way from a settled lifestyle perspective, though.
\nKevin:\u00a0\u00a0<\/b>Mark, is there a timeframe from when you first purchase to when you move in and how long you need to live in it before you can actually flip it?
\nMark:\u00a0\u00a0<\/b>No, it comes down to the fact of whether it is your main residence or not, so whether you actually live there, whether it\u2019s the place you\u2019re actually living, whether it\u2019s the place where you\u2019re registered on the electoral register, getting your bills, etc.
\nIf it\u2019s actually your main residence, then there\u2019s no minimum period. The longer you stay there, obviously the better from a tax perspective, but if it is physically your house, then you are covered by that exemption.
\nKevin:\u00a0\u00a0<\/b>How many times do you see people go through the process of doing some flipping? Because as you rightly say, on programs like\u00a0The Block<\/i>, it looks so easy, and they potentially make hundreds of thousands of dollars. They come to you after the event and say, \u201cWell, that wasn\u2019t really all that worthwhile,\u201d because they didn\u2019t see this coming. How often does that happen?
\nMark:\u00a0\u00a0<\/b>It is one of those things that people go into without considering the tax aspects. I think particularly with the advent of all these home makeover shows like\u00a0The Block<\/i>, it\u2019s something that\u2019s become a bit fashionable, to get into property. People think that there\u2019s easy money to be made there because they see rising house prices in Sydney, Melbourne, Brisbane, all the capital cities \u2013 well, most of the capital cities.
\nAnd it may well be that there is a good profit to be made there, but you have to be aware of two things. First of all, the tax on the profit that you make in terms of the renovation and the flip, but then there\u2019s the other cost; every time you buy a house, you have to pay stamp duty, and that\u2019s something that people don\u2019t take into account.
\nYou may be paying $30,000, $40,000, $50,000 in your stamp duty just to get the process started, so you have to make a profit at the end of at least that much just to cover your stamp duty, never mind all the other costs and so on that you\u2019re spending.
\nKevin:\u00a0\u00a0<\/b>It says a lot for making sure you\u2019ve got a good tax accountant on board before you even start the process, doesn\u2019t it?
\nMark:\u00a0\u00a0<\/b>Yes. I think the main thing is before you get into this \u2013 and this is the same with any kind of business transaction \u2013 it pays to sit down, talk to somebody who understands tax, and just work out what the tax implications might be, what additional costs that might impose on you.
\nAnd if you factor in those costs and it still looks like you\u2019re going to make a decent return on the investment, then go for it. But if you add in the tax, which you may not have previously considered, and it doesn\u2019t look like such a good investment, then it\u2019s better to find that out before you start rather than halfway through \u2013 or worse still, at the end.
\nKevin:\u00a0\u00a0<\/b>Even a bit of due diligence along the way, too, because stamp duty does vary in different states around Australia, and there\u2019s actually quite a big variation, isn\u2019t there?
\nMark:\u00a0\u00a0<\/b>Yes, exactly right. I don\u2019t claim to be a stamp duty expert, but you\u2019re absolutely right; completely different in every state. So if you do get into the process of flipping houses in other states, then you\u2019re definitely leaving yourself exposed because you can\u2019t assume that stamp duty in your place is going to be the same in another state.
\nKevin:\u00a0\u00a0<\/b>Mark, great talking to you. Thank you very much. Mark Chapman is the tax communications director at H&R Block tax accountants, and you can reach him at their website.
\nMark, thanks for your time.
\nMark:\u00a0\u00a0<\/b>No problem. Thanks very much.
\n 
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Programs such as\u00a0The Block\u00a0might make house flipping seem straightforward and lucrative, but there are also a\u00a0number of tax issues\u00a0that house flippers should be made aware of.\u00a0 Mark Chapman from H&R Block Tax Accountants looks at where house flippers stand from a tax perspective. Of the…<\/p>\n","protected":false},"author":176692471,"featured_media":10689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-10688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","tag-podcast"],"yoast_head":"\nWhat successful investors don\u2019t do + When a \u2018flip\u2019 becomes a \u2018flop\u2019 + Ugly suburbs turned beautiful - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/what-successful-investors-dont-do-when-a-flip-becomes-a-flop-ugly-suburbs-turned-beautiful\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What successful investors don\u2019t do + When a \u2018flip\u2019 becomes a \u2018flop\u2019 + Ugly suburbs turned beautiful - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Programs such as\u00a0The Block\u00a0might make house flipping seem straightforward and lucrative, but there are also a\u00a0number of tax issues\u00a0that house flippers should be made aware of.\u00a0 Mark Chapman from H&R Block Tax Accountants looks at where house flippers stand from a tax perspective. 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