{"id":12379,"date":"2017-06-28T03:00:47","date_gmt":"2017-06-27T17:00:47","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12379"},"modified":"2017-06-28T03:00:47","modified_gmt":"2017-06-27T17:00:47","slug":"the-questions-to-ask-to-discover-your-ideal-strategy-michael-yardney","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-questions-to-ask-to-discover-your-ideal-strategy-michael-yardney\/","title":{"rendered":"The questions to ask to discover your ideal strategy \u2013 Michael Yardney"},"content":{"rendered":"

How important is the correct strategy to building your portfolio?\u00a0 Is there one strategy to suit everyone?\u00a0 Michael Yardney<\/strong><\/a> says not and he talks about the questions to ask to help frame the strategy.
\nTranscript:\u00a0<\/strong>
\nKevin:<\/b>\u00a0 Our theme for the show today is having a strategy around building a property portfolio. No one better to ask that question than\u00a0Michael Yardney<\/a>\u00a0from Metropole Property Strategists.
\nYou\u2019re doing this all the time, Michael. I know you have a strategy, but you\u2019re helping other people build their own strategy to build a portfolio, correct?
\nMichael<\/b>:\u00a0 Correct, Kevin. Really, if you don\u2019t have a strategy, any road can get you where you\u2019re heading, but any road can get you lost as well. So, it\u2019s important to begin with the end in mind, and then find a strategy that\u2019s worked\u00a0<\/b>for others over multiple cycles to help get you there.
\nKevin:\u00a0\u00a0<\/b>Do you find there\u2019s one strategy fits all, Michael, or does it depend on your stage of life?
\nMichael:\u00a0\u00a0<\/b>You\u2019re right, Kevin; it will vary upon your stage of life, your risk profile, what you\u2019re trying to achieve. I have a strategy that\u2019s worked for me and for our clients, but I accept it\u2019s not for everybody. Some people are not looking for a big asset base; they\u2019re looking for different things in their life.
\nKevin:\u00a0\u00a0<\/b>When you\u2019re helping someone build their strategy, Michael, what are some of the key questions you ask that maybe someone should be thinking about when they\u2019re putting it together?
\nMichael:\u00a0\u00a0<\/b>The first thing is where are you now \u2013 in other words, what\u2019s your financial position now \u2013 and where do you want to be? Next is to understand what their time frame is. Somebody who\u2019s in their 50s has much less time and can\u2019t afford to take risks than somebody who is in their 20s.
\nWe also have to understand what their risk profiles are. And what\u2019s ahead? What are their job prospects like. Are they going to be on steady incomes, or are they going to stop and have a baby?
\nIt\u2019s a long term process that you can\u2019t plan in concrete. I know some people try to give out 40-year spreadsheets. Kevin, I don\u2019t know what interest rates are going to be next month. So, what we do is set some big goals and then recognize that the plan is going to change along the way.
\nKevin:\u00a0\u00a0<\/b>Some of the key things I\u2019ve heard you talk about too, Michael, are preparing and making sure that you have some sort of a buffer. Because as you rightly said, you don\u2019t know what\u2019s going to happen even tomorrow, next month, or even next year.
\nMichael:\u00a0\u00a0<\/b>What you have to do is plan for the future but also recognize that times will change over the 10 or 15 years. We\u2019ll have some good times, some bad times, some periods of high interest rates, some periods of low interest rates, some times when property values are going to decrease, and other times when they\u2019re going to boom.
\nSo, what you really need to do is cover yourself for the downside while looking forward to the upside. That means protecting yourself personally with life insurance and income protection insurance. It means protecting your property portfolio to ride the storms by having financial buffers in place.
\nAnd it means owning the sort of assets that are going to be strong and stable. By strong, I mean they have to grow at wealth-producing\u00a0<\/b>rates of return, but by stable, Kevin, I mean that they\u2019re not going to fluctuate in value much\u00a0[2:53 inaudible]<\/b>\u00a0having the ups and downs of the more volatile regional mining and secondary locations, Kevin.
\nKevin:\u00a0\u00a0<\/b>Michael, I appreciate you giving us your time and I know we\u2019ve caught you at an airport there. Can I just squeeze one other point in? I received an e-mail from Troy that he\u2019s requested I seek your opinion on, which I\u2019m very happy to do, and thank you for giving me your time.
\nTroy writes: \u201cCome July 1, with stamp duty cuts in benefits, I\u2019d like to know if buying off the plan before the end of the financial year is wise, or waiting until after first-home buyers or just general buyers have done their thing.\u201d
\nHe wants to know your opinion on that, Michael.
\nMichael:\u00a0\u00a0<\/b>Well, Troy, I don\u2019t think that short-term fluctuations \u2013 whether it\u2019s in tax benefits, incentives, or market cycles \u2013 should affect your long-term plans. Of course, everyone wants to buy at the best price or take advantage of First-Home Owner Grants or stamp duty savings, but please don\u2019t make that your major consideration. The time to invest is when you have the finances right or when it\u2019s the right stage of the property cycle for you.
\nThis is, in my mind, not the right stage to buy off-the-plan properties. Most recent results have again shown that prices are moderating, particularly in our two big capital cities \u2013 Melbourne and Sydney \u2013 but also in other parts of Australia.
\nBanks are being very cautious about lending for off the plan because in general, most people recognize there\u2019s a glut of\u00a0<\/b>off the plan properties. And people who buy them are going to end up regretting it because their contract value is going to be significantly more than what the end value would be. In other words, they\u2019re going to have an equity shortfall. They\u2019re going to have difficulty financing at the end.
\nThis is happening in every state in every location at the moment. So I\u2019d be avoiding off the plan no matter how good the incentive. It won\u2019t make up for buying a second-grade property, Kevin.
\nKevin:\u00a0\u00a0<\/b>Michael, thank you for sharing your wisdom with us, and safe travels wherever you\u2019re going. And thank you, Troy for your questions.
\nThanks, Michael Yardney from Metropole Property Strategists. Thanks for your time.
\nMichael:\u00a0\u00a0<\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

How important is the correct strategy to building your portfolio?\u00a0 Is there one strategy to suit everyone?\u00a0 Michael Yardney says not and he talks about the questions to ask to help frame the strategy. Transcript:\u00a0 Kevin:\u00a0 Our theme for the show today is having a…<\/p>\n","protected":false},"author":176692471,"featured_media":12382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,25],"tags":[101],"class_list":["post-12379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nThe questions to ask to discover your ideal strategy \u2013 Michael Yardney - 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\/the-questions-to-ask-to-discover-your-ideal-strategy-michael-yardney\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The questions to ask to discover your ideal strategy \u2013 Michael Yardney - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"How important is the correct strategy to building your portfolio?\u00a0 Is there one strategy to suit everyone?\u00a0 Michael Yardney says not and he talks about the questions to ask to help frame the strategy. 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