{"id":14141,"date":"2017-10-02T01:00:30","date_gmt":"2017-10-01T14:00:30","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=14141"},"modified":"2017-10-02T01:00:30","modified_gmt":"2017-10-01T14:00:30","slug":"its-never-too-late-simon-pressley","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/its-never-too-late-simon-pressley\/","title":{"rendered":"It\u2019s never too late! \u2013 Simon Pressley"},"content":{"rendered":"

When we all get to a certain age, we often assess what\u2019s gone before us and what lies ahead. Even with the sunniest of dispositions, sometimes that assessment makes you realise that the time to act is fast running away from you. So our success story this week deals with Karen and Rod who decided in their early 50s that they needed to do something about their financial future with their retirement looming sooner rather than later.\u00a0 Propertyology\u2019s Simon Pressley<\/strong> tells their story.\u00a0\u00a0 It is never too late!
\n
\nTranscript:<\/strong>
\nKevin:<\/strong>\u00a0 When we all get to a certain age, you often assess what\u2019s gone before you and what lies ahead. Even with the sunniest of dispositions, sometimes that assessment makes you realize that the time to act is fast running away from you. That\u2019s what\u2019s called age.
\nSuch is the case with Karen and Rod. They decided in their early 50s that they needed to do something about their financial future with their retirement looming sooner rather than later. That\u2019s the success story we\u2019re going to tell you about now, because I don\u2019t know if you\u2019re like me, but I love to hear about what other people have done, their successes, and learn from some of their lessons.
\nThey actually turned to Propertyology, and joining me to talk about the lessons and the journey, Simon Pressley from Propertylogy joins me.
\nSimon, thank you very much for your time.
\nSimon:<\/strong>\u00a0 Good to chat again, Kevin.
\nKevin:<\/strong>\u00a0 Tell me about Karen and Rod, how it all came about, and how you guys were able to help them.
\nSimon:<\/strong>\u00a0 Yes, a lovely couple, early 50s, Brisbane-based at the time, just of recent months, moved up to the Sunshine Coast, but what we probably generally refer to as the empty nesters, a couple of children who are now late adolescent years and have moved out of home.
\nHave had different careers throughout their life as most people would have by age 50, spent ten years or so of that in their own business, and along the journey, had dabbled in investing in property a couple of times with mild successes on occasion and some failures on others \u2013 such is life \u2013 but realized that in their early 50s, they really couldn\u2019t afford to make a mistake a second time around.
\nIt would appear that they had been looking at different companies throughout Australia for some time. They reached out to us amongst others. We were delighted when they appointed us, and they\u2019ve since gone on over the last couple of years, already purchased two investment properties and are very close to being ready for their third.
\nKevin:<\/strong>\u00a0 What were some of the lessons that came out of this? Obviously, they set about educating themselves, which was the first part of the process. Were they able to tell you about some of the things that they learned along the way?
\nSimon:<\/strong>\u00a0 Yes. I guess things are always easier in hindsight, aren\u2019t they, Kevin? We\u2019ve all done it. We don\u2019t know what we don\u2019t know. We all have skills, and Rod\u2019s skills were blue-collar skills. He\u2019s great tools of trade, got a maintenance background, had a successful career in that regard. But he felt that with property, the way to do it was to get his hands dirty, without really being conscious of what he wasn\u2019t looking at.
\nThe investment properties that they bought in the past were largely based on buying something in close proximity to home and then Rod saying \u201cI can renovate it. I can do it this way or do it that way,\u201d but had very modest results.
\nAt the end of the day, it\u2019s rarely renovations that make property values grow. Renovations guarantee us costs, but it\u2019s really the broader market that that property sits within that causes the most growth.
\nOne of the other lessons they learned was that they\u2019d never considered investing anywhere other than their home city, and it\u2019s probably the most common I\u2019ll say mistake that investors make. They\u2019re just not conscious of \u201cIs my own city, the place throughout all of Australia that has the best potential?\u201d
\nSo, they realized that and then that led to another question, which is \u201cHow do I identify the fundamentals of all these locations throughout all of Australia? Who can I trust to help me pick that location out, and then find the right property when I don\u2019t live there?\u201d
\nIt\u2019s wonderful when people are able to reflect and want to do better and go out of their way to seek out professional advice.
\nKevin:<\/strong>\u00a0 When you seek that professional advice out, too, you have to be prepared to listen and do it with an open mind. Obviously, the reason you do that is because you want someone else\u2019s opinion about what you should be doing, so you have to keep an open mind about this, but at the same time, you cannot abdicate that responsibility.
\nAt the end of the day, it\u2019s the investor\u2019s responsibility to make that final decision, isn\u2019t it, Simon?
\nSimon:<\/strong>\u00a0 Absolutely. With every decision we make in life, more often than not, there will be a service that all sorts of professionals who do that every day can offer for you, but the devil is in the detail. It\u2019s the consumer\u2019s responsibility to ask the right questions and to determine whether that skilled professional is most equipped and has your best interest at heart.
\nBut then once you\u2019ve gone through that process to make that very important decision of appointing a professional, yes, absolutely, it would be not really worth the process if you didn\u2019t listen to what they said. That doesn\u2019t mean you have to do everything they say, but certainly have an open mind. If something doesn\u2019t make sense, ask why, with their expertise, they\u2019re making those recommendations.
\nKevin:<\/strong>\u00a0 That\u2019s the point I was making there about not abdicating that responsibility. You have to remain involved, make up your own mind.
\nCan I just get back to Karen and Rod for a moment? They have two investment properties. How long did it take them to put those two together?
\nSimon:<\/strong>\u00a0 From when we first met to settlement on their second property would have been roughly six months. It takes several weeks for both parties to get to know each other properly, to form that really professional relationship. We need to understand a lot about Karen and Rod\u2019s background, work situation, past investment experiences.
\nWe then invest heavily into their investment education, so we talk a lot about our methodology and how we pick certain locations. We share some history of Australian property markets to substantiate some of our beliefs. It\u2019s all about earning trust and confidence. That\u2019s done in the early stages of the relationship.
\nThen it\u2019s a matter of working out a strategy that\u2019s tailored for their needs. Everyone\u2019s budget is going to be different. Everyone\u2019s investment journey ahead is going to have different time periods. Different people have different appetites for risk. So, we need to make sure that both parties are really comfortable with each other, and then we start making recommendations about a specific city and finding an individual property.
\nWe do it at Rod and Karen\u2019s pace, so it would have been roughly about four months after we met when we found that first property. And we intentionally didn\u2019t want to have two property transactions on the go, so even though their strategy was to initially buy two, we didn\u2019t want to overwhelm them and have two on the go, as I said.
\nWe took our time. We found one. We make sure the due diligence stacked up and got the lowest price. It settled. We got a tenant in. They took a breath for a couple weeks and then we started the process for that second property.
\nKevin:<\/strong>\u00a0 I want to thank you for sharing that story with us, and I also want to thank Karen and Rod for allowing us to do it. It\u2019s a great story. It\u2019s one of the many stories that you\u2019re going to pick up if you go to the Propertyology website. There are a lot of success stories there, a lot of great reasons why you\u2019d want to deal with these guys. We recommend them. You can check their channel out, too, on Real Estate Talk. That\u2019s Propertyology.
\nSimon Pressley, thank you so much for your time.
\nSimon:<\/strong>\u00a0 Always a pleasure, Kevin. Have a great day.<\/p>\n","protected":false},"excerpt":{"rendered":"

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