{"id":14406,"date":"2017-10-20T01:00:00","date_gmt":"2017-10-19T14:00:00","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14406"},"modified":"2017-10-20T01:00:00","modified_gmt":"2017-10-19T14:00:00","slug":"next-generation-young-brave-and-financially-free-the-4-step-process-to-investing-success-how-long-does-a-20-year-report-last","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/next-generation-young-brave-and-financially-free-the-4-step-process-to-investing-success-how-long-does-a-20-year-report-last\/","title":{"rendered":"Young, Brave and (Financially) Free + The 4 step process to investing success + How long does a 20 year report last?"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>The most financially savvy generation<\/li>\n<li>Picking the right Mentor and what to expect<\/li>\n<li>Understanding the numbers<\/li>\n<li>When to get a new depreciation schedule<\/li>\n<li>Advice from an industry heavyweight for those starting out<\/li>\n<li>Success stories that will inspire you<\/li>\n<li>The ideal speed to accumulate property<\/li>\n<li>Updating your property records online<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>The new generation of investor &#8211; Simon Pressley<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Simon Pressley from Propertyology says there are many more Gen Y investors entering the property market but they\u2019re doing it in different ways. Also, when speaking of Millennials, he believes the most successful young investors are more ambitious about financial independence than their parents are and it\u2019s paying off for them. Simon joins us to discuss the impact of Gen Y and Millennial property investors.<br \/>\nSimon, thanks for your time.<br \/>\n<strong>Simon:<\/strong>\u00a0 Always a pleasure, Kevin.<br \/>\n<strong>Kevin:<\/strong>\u00a0 How are they doing it differently?<br \/>\n<strong>Simon:<\/strong>\u00a0 A lot of them are taking the rent-vestor trap.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Trap?<br \/>\n<strong>Simon:<\/strong>\u00a0 Not a trap at all; opportunity. I just think it\u2019s fantastic that at such a young age, they\u2019re taking their financial future more seriously than perhaps what they\u2019ve been given credit for as a generation. We hear a lot about the Gen Y who are spoiled and they just want it now and they pout their lip when they don\u2019t get it. And while that might be the case for some, it\u2019s certainly unfair to blanket them all like that.<br \/>\nWe\u2019ve really enjoyed, as a business, working with lots of Gen Y\u2019s who are, I would say, probably more financially savvy than, in some cases, their parents. They\u2019re more flexible to trying different things and perhaps as they\u2019ve entered the workforce, they\u2019ve reflected back on what mom and dad might have done, the decisions they might have made and where they\u2019ve ended up and gone \u201cYeah, but you\u2019re not going to be relying on a pension, and we want something better than that. We\u2019re going to need to do things differently to what you did.\u201d<br \/>\n<strong>Kevin:<\/strong>\u00a0 Isn\u2019t that incredible? We\u2019ve quite often talked about the lessons you can learn from your parents and listening to the conversations around the table. I notice in the report that you\u2019ve released \u2013 which is available as a download, of course, on our site \u2013 you say that Millennials are less set in their ways and they\u2019re braver than previous generations, probably because they\u2019ve learned some great lessons from listening and watching their parents.<br \/>\n<strong>Simon:<\/strong>\u00a0 Yes, that\u2019s right. Sometimes we\u2019re sat down and spoken to or we read things in a book, and other times, we learn just be observing. Children learn from parents all the time, sometimes just from observing.<br \/>\nThe age pension statistic \u2013 I know we\u2019ve spoken on that before on this show, Kevin \u2013 it\u2019s alarming, and it\u2019s something that as a nation, we\u2019ve never addressed. But we have 3.7 million living Australians today who are aged 65 or more, and according to official federal government statistics, only 18% of those are financially independent.<br \/>\nThat\u2019s 45 years in the work force, but of course, we\u2019ve never taught financial literacy, we\u2019ve never encouraged households to invest. And I think a lot of Gen Ys, whilst they haven\u2019t been encouraged either, they\u2019ve had to figure out for themselves that we have to do something different to what mom and dad and their grandparents did.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There\u2019s probably another influence too, and that is technology. I do believe that this generation coming through is the one that\u2019s going to benefit from the most information. We\u2019ve never had this much information as what\u2019s available on the Internet \u2013 shows like ours and sites like yours that provide great schooling for young people about how to get into property, Simon.<br \/>\n<strong>Simon:<\/strong>\u00a0 I agree, and I think this is what has contributed significantly to the Gen Y really opening up their mind to alternative ways.<br \/>\nAnd they live differently to what their parents did. Airfares were very expensive for their parents, but they\u2019re much more affordable now, so they want to travel more. They\u2019re prepared to be more mobile for employment. While some might want to always live in their hometown, others are prepared to, for example, go to London and live and work for five years and then come home whilst they\u2019re doing that.<br \/>\nWe\u2019ve helped lots of expats invest. They earn their money abroad and they invest here, or they might live in an expensive city \u2013 Sydney, Melbourne, Perth, somewhere like that \u2013 want to get in the market but aren\u2019t ready in their life to really anchor themselves to the family home. They still want to have choice and be flexible but recognize the importance of getting in the property market.<br \/>\nThey might rent a really nice apartment that they probably couldn\u2019t afford to buy, so they\u2019re really happy from a lifestyle point of view, but their savings, they\u2019re saying \u201cWhy do I need to buy a property in the city that I live in?\u201d They have more a mindset of, say, a share investor, saying, \u201cAustralia is a big country. There are massive opportunities out here. Where is the best place to get my money working hard?\u201d And that\u2019s probably going to be somewhere other than the family home.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s that rent-vesting attitude. The other thing too, my memory of growing up was that you had to have a house and your house was your security. You didn\u2019t really think past investing; it was just a matter of securing that house. But that\u2019s all changed, where kids nowadays, because of things like rent-vesting, don\u2019t look at it as a home to live in; they look at it as a property to invest in. There\u2019s a totally different mindset, Simon.<br \/>\n<strong>Simon:<\/strong>\u00a0 It\u2019s a completely different mindset. We see that in the style of dwellings, as well. Apartments were very rare in this country 20 or 30 years ago. The typical family home was a quarter-acre block with a Victa lawnmower and a Hills Hoist clothesline, but a lot of the Gen Y, even if they could afford that, are going \u201cI don\u2019t want to be mowing lawns on the weekend and maintaining the garden. I want to be closer to town. It\u2019s too expensive to buy a house close to town.\u201d It\u2019s just a completely different mindset.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Just inside the transcript on this interview, we have a download link for you to get a little bit more information, or you can just simply go to Propertyology.com.au, and you can reach them through our website, RealEstateTalk.com.au, as well.<br \/>\nAlways good talking to you, Simon Pressley. You always make so much sense. Keep those reports coming, mate. They\u2019re fascinating reading. I love them. Thank you.<br \/>\n<strong>Simon:<\/strong>\u00a0 Thank you, Kevin. Have a great day.<\/p>\n<h2>The life of a schedule &#8211;\u00a0Brad Beer<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>I\u2019d like to answer a question of the show now that came in from Ivan Lim. Thank you for your question, Ivan. We\u2019re directing this one as you requested to Brad Beer at BMT Tax Depreciation.<br \/>\nFirstly, hi, Brad. How are you? Brad\u2019s on the line. G\u2019day, mate.<br \/>\n<strong>Brad:\u00a0 <\/strong>I\u2019m great, Kevin. How are you today?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good, mate. Here I am talking about you and not talking to you. My apologies.<br \/>\n<strong>Brad:<\/strong>\u00a0 That\u2019s fine.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I\u2019ve sent the question from Ivan through. Let\u2019s quickly read it. \u201cHi, Brad. Prior to using BMT, I\u2019ve used other quantity surveyors.\u201d Unforgivable Ivan, I will say. \u201cThey\u2019ve produced depreciation reports that report up to ten years. BMT\u2019s report lists depreciation for 20 years.<br \/>\n\u201cMy question is what do I do with my old reports, which are coming up to the ten-year mark, when I know there are is still depreciation left to claim, mainly on the capital works, Division 43? Do I get another depreciation schedule? This is without any substantial renovation to the property.\u201d<br \/>\nOver to you, Brad.<br \/>\n<strong>Brad:<\/strong>\u00a0 Thanks, Kevin and Ivan. The answer is no, you don\u2019t need to go and get another depreciation schedule. I see you\u2019ve done no substantial renovation to the property. That Division 43 number capital works that you\u2019re talking about there is actually the same number and continues for the full 40-year life of that building. So, if it was new when you bought it, that same number continues.<br \/>\nWith the plant and equipment for everything that is left, it\u2019s actually quite easy. Your accountant will be able to calculate what the next year\u2019s numbers are. It\u2019s a very simple science and the quantity surveyor should be able to help you, or the accountant will do it, or I\u2019m happy to give you the way to do it in more detail if you like.<br \/>\nWe do project the detailed list for the 20 years, and that\u2019s because most of the plant and equipment has gone by then, but we do actually provide the numbers for the full 40 years of ownership on a different page in your report that you have from us. So, you should never have to revisit and get those numbers back in a different way.<br \/>\nIf you do any major work to it or even if you do do work to it these days, I\u2019m a believer in the option of the live depreciation schedule where if you do change something, you should be able to update that.<br \/>\nWe\u2019ve built a portal that means that your BMT one, should you change something, you can easily online update them, and as an existing client, you\u2019ll have access to that and we\u2019ll be able to put your schedules in there.<br \/>\n<strong>Kevin:<\/strong>\u00a0 The information about that live site, is that on your website?<br \/>\n<strong>Brad:<\/strong>\u00a0 It is. It\u2019s called My BMT. If you\u2019re an existing client, we can easily give you access, and you can also share the reports with your accountant, as well. He can get access to those as they get updated.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Dumb question, but let me ask it. I am the dumb person in the room. He mentions someone else producing the depreciation reports for 10 years and BMT\u2019s are 20 years. Is that the norm?<br \/>\n<strong>Brad:<\/strong>\u00a0 Ours are 20 years in detail, but they\u2019re actually projected for the 40 years. It\u2019s actually just on a different page of the report. When we first started, we actually did do them for 10 years back many years ago, but we updated the people when they came to us in year 11 and gave them the rest of the numbers because by then, we were well and truly doing them for the full 40 years.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s certainly a great tool to be able to do it live and update your records online. They pretty much live live there, Brad.<br \/>\n<strong>Brad:<\/strong>\u00a0 They live in an environment where as you change things, you can update them, and really your accountant is not searching around for invoices at the end of the year. I\u2019ve updated it, we\u2019ve taken the old things out, the new things go in, and your accountant can see those numbers as you change things through the life of the property.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Excellent stuff. Brad Beer, of course, a regular guest on your show and a sponsor too, BMT Tax Depreciation. You can use the button on any one of the pages at Real Estate Talk to contact the guys at BMT Tax Depreciation.<br \/>\nAnd Ivan, thank you so much for your question as well.<br \/>\nBrad, thanks for your time.<br \/>\n<strong>Brad:<\/strong>\u00a0 Thanks Kevin. Great to be here.<\/p>\n<h2>Where to look and what to believe &#8211;\u00a0Enzo Raimondo<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 There\u2019s no doubt the Internet has made it easier for buyers of property \u2013 or has it? Is there too much information and therefore, the risk of paralysis by over-analysis? Where do you start, and what are the best tools to use? How do you read all of the information that\u2019s available?<br \/>\nWell, View: you\u2019ve heard us talk about View. That\u2019s a website that\u2019s been designed to be the property insight site. Enzo Raimondo is the driving force behind the site. He joins me now.<br \/>\nEnzo, thanks for your time.<br \/>\n<strong>Enzo:<\/strong>\u00a0 Good day, Kevin. How are you?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Fantastic, mate, thank you. I\u2019m really enjoying working with you and working with the site as well. Enzo, just a question for you. How do we make our way through this mass of information that\u2019s available and growing all of the time, I have to say?<br \/>\n<strong>Enzo:<\/strong>\u00a0 The Internet has made it so easy to find information, but sometimes, like all information, you have to sift through it to find out what is valuable and what isn\u2019t. We decided at View.com.au that with my experience of having worked in the real estate industry in REIs in Melbourne and South Australia and also at the national level, that one of the things that consumers used to complain quite a lot about in every state is they didn\u2019t necessarily trust the information they were being given and they found it very difficult to wade their way through numerous websites.<br \/>\nSo, what we decided to do at View was provide a database of every address in Australia so that anyone wanting to know about a particular property, wherever they are in Australia, they can come to View.com.au and have a look at the property, its attributes, how many times it sold, what it sold for, the neighborhood, the demographics, and even construct their own desktop valuation of the property.<br \/>\nWe think it\u2019s great for homeowners who just want to know what their property is worth today, whether they\u2019re thinking of selling, whether they\u2019re thinking of buying, whether they\u2019re thinking of investing. We want to make sure that we bridge the information asymmetry gap that currently exists between people who aren\u2019t active in the market regularly compared to those who are working in the market every day, like estate agents and others.<br \/>\n<strong>Kevin:<\/strong>\u00a0 What advice do you have for people or someone starting out their house hunting journey, Enzo?<br \/>\n<strong>Enzo:<\/strong>\u00a0 The advice is very simple and it\u2019s been consistent: do your research first. Find out what property prices are doing in an area that you\u2019re looking to buy into or invest into. Look at the amenities, look at the price growth over the last five to ten years.<br \/>\nAre you buying it as an investment to make money? Are you buying it for a lifestyle? Sometimes you have to forgo capital growth for lifestyle and vice versa, so make a decision based on what you want from the property and visit View because we\u2019ll give you as much information as we can about every property.<br \/>\n<strong>Kevin:<\/strong>\u00a0 You mentioned earlier about desktop valuations. Do they really work? How accurate are they really, Enzo? What influences them?<br \/>\n<strong>Enzo:<\/strong>\u00a0 Desktop valuation use a whole range of data sets and very comprehensive algorithms. Now, the banks use them, obviously, before they approve a loan. They\u2019re a starting point or price guide for what a property may be worth. At the end of the day, the market will determine what a property is worth, but an automated valuation model or a desktop valuation model is a starting point and will give you a fairly close indication of what the property may be worth.<br \/>\nSome properties, if they\u2019re unique and there are not many around that you can compare with, obviously, the algorithm is going to find it a bit more difficult to give an accurate valuation, but generally for your typical median-priced home in any capital city in Australia, it\u2019s very, very close to what the property is worth.<br \/>\n<strong>Kevin:<\/strong>\u00a0 The other thing I\u2019ve noticed and I\u2019ll quickly mention this about View is there is a lot of great information on the site. It tells you about the makeup of the house. Sometimes improvements happen in a house and View might not know about it necessarily, which is going to impact the valuation, so it\u2019s always good to cross-check that. And that could be an explanation as to maybe why the valuations are not quite what you thought, Enzo.<br \/>\n<strong>Enzo:<\/strong>\u00a0 We\u2019ve even tackled that, because you can actually change the attributes. The algorithm works on the number of attributes. It works on the location, it works on the attributes of the property, how many bedrooms, how many bathrooms, car spaces, land size, sold properties in the area, and the median price. But as you said, it won\u2019t know if you\u2019ve added a bathroom or a bedroom or another kitchen or whatever you want to do.<br \/>\nSo, we\u2019ve given the public the ability to go in and change the attributes and pick their own comparables. The algorithm will serve up three of what it believes to be the closest comparables based on the attributes it knows, but if you change those attributes, you\u2019ll be able to change the comparables, and it will change the price as you scroll through those comparables.<br \/>\nIt\u2019s a really easy way to get an indication of what adding a bathroom or another bedroom might do to your place, or if you\u2019ve actually done that, to work out what the current value of your property is.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Well, there you go. That\u2019s a great tool for you to start with and get a good handle of what the market is doing: View.com.au.<br \/>\nEnzo, thanks so much for your time and your support too. I look forward to working with you. Thanks, Enzo.<br \/>\n<strong>Enzo:<\/strong>\u00a0 Thanks, Kevin.<\/p>\n<h2>What to expect from a Mentor &#8211;\u00a0Helen Collier-Kogtevs<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Hi, I\u2019m Kevin Turner from Real Estate Talk, and joining me on this special podcast, Sarah Megginson from <em>Your Investment Property<\/em> magazine.<br \/>\nGood day, Sarah. How are you doing?<br \/>\n<strong>Sarah:\u00a0 <\/strong>Hi, Kevin. How are you?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good to be talking again. Sarah, we decided we\u2019d get together and talk about education, what you can learn from having a mentor, and both of us are so impressed with what Helen Collier-Kogtevs has done from Real Wealth Australia. We decided we\u2019d get together and invite Helen to join us, which she is about to do right now.<br \/>\nHelen, how are you?<br \/>\n<strong>Helen:<\/strong>\u00a0 I\u2019m doing well, Kevin. Hi, Sarah. Great to be back, guys<br \/>\n<strong>Kevin:<\/strong>\u00a0 Nice to have you with us, Helen. Now, a lot of this is going to be without notice, so we\u2019ll just fire into it, but as I said at the outset, I\u2019m so impressed with what you\u2019ve done. You\u2019ve dedicated most of your life to educating people about property.<br \/>\nWhat can we actually learn from a mentor, Helen?<br \/>\n<strong>Helen:<\/strong>\u00a0 A property mentor \u2013 any mentor really, Kevin \u2013 should be someone who takes you from where you are today to where you want to be. As a general rule, I like to work with mentors who I resonate with, who have achieved what it is what I want to do achieve. That\u2019s a key factor here.<br \/>\nIf I want to buy a hundred properties, I would look for a mentor who has that kind of wealth because they\u2019re the ones who have really have to go the experience, the know-how, the knowledge, they\u2019ve made the mistakes, they\u2019ve gone through the process, and you can really leverage their knowledge and experience.<br \/>\n<strong>Kevin:<\/strong>\u00a0 How do you know, though, Helen, that the person you\u2019re choosing isn\u2019t just selling themselves, because at the end of the day, they\u2019re all sales people and they do that very well?<br \/>\n<strong>Helen:<\/strong>\u00a0 Absolutely they do, yes. And how you actually identify the right person is really by asking a lot of questions. You have to do your own research. If I\u2019m looking for a mentor, I\u2019ll Google them, I\u2019ll ask for some references. I want to see who has some runs on the board. I want them to prove them it to me. I\u2019m quite a facts-and-figures type of girl, so I want to see some facts, some data, some actual case studies.<br \/>\n<strong>Sarah:<\/strong>\u00a0 That\u2019s really interesting, Helen, because we were chatting before and you were talking about the fact that you personally have lots of mentors yourself. You\u2019re someone who is dedicated yourself to educating others but you also still tune in to the experts above you to keep on the right track.<br \/>\nWhat are some of the areas you get your own personal mentoring in?<br \/>\n<strong>Helen:<\/strong>\u00a0 I guess back in the early days when I started the journey with property investing, I was looking for property mentors, and I found some great people who really allowed me to go from having a whole lot of credit card debt and I had a car loan and I was renting, all of that. I was able to turn my life around and retire at 37. I credit my mentors at that stage for that result.<br \/>\nI have learned lots and I\u2019ve continued the property investing journey, however, when I decided \u201cYou know what? I can retire now,\u201d I\u2019m not one to play tennis all day and I\u2019m not one to watch TV. It\u2019s like \u201cWhat am I going to do with the rest of my life?\u201d<br \/>\nThat\u2019s a key question you need to ask yourself because when you retire\u2026 I\u2019m 37. It\u2019s not like I was 107. I had the rest of my life ahead of me. What did I want to do? What was I passionate about? That\u2019s where teaching others what I got from my mentors and my own experience added into that.<br \/>\nThe lifestyle that I gained, I wanted to share that with others, so that\u2019s where it all came from. However, I had no idea how to run a business. When I decided \u201cThat\u2019s it,\u201d I quit the corporate job. I was home and it was like \u201cOkay, I want to teach people how to invest in property and build property portfolios.\u201d I had no idea how to find clients. I had no idea about marketing. I didn\u2019t know a great deal about running a business, so I went looking for business mentors.<br \/>\nI\u2019ve had that mindset of looking for mentors all the way through. In fact, as we were just talking a little bit earlier, I have an eight-year-old now, a gorgeous little girl who is the light of my life. When she was born, I don\u2019t know about other women, but I was a bit freaked out by it. I went from being this corporate woman, to retiring, to having a great lifestyle, to all of a sudden, being at the beck and call of this tiny little human being.<br \/>\nSure, I knew how to change nappies and do all of that, but I want to be the best version of myself. I want to be the best mother, the best mentor. I want to be able to expand myself so that I have a full life \u2013 so much so that I even had a mentor with parenting, how to be empathetic, how to understand children and their feelings, and how to grow them up where they are well-balanced people.<br \/>\nI don\u2019t just look at business and property as mentoring. Even if want to learn to sew quilts, I would look for a person who really knows how to do great quilts, who has maybe won awards with their quilting, whether it be local shows or whatever. I have friend like that, so I know who to go to if I wanted to learn how to quilt.<br \/>\nThat\u2019s what I do, that\u2019s how I go about looking for the right mentor, regardless of what area of my life I\u2019m looking in.<br \/>\n<strong>Sarah:<\/strong>\u00a0 It\u2019s kind of that you\u2019ve had that experience of seeing exactly what mentoring can do for you in your own life, so you\u2019re able to that or inform your style as a mentor.<br \/>\n<strong>Helen:<\/strong>\u00a0 Exactly right, Sarah.<br \/>\n<strong>Sarah:<\/strong> \u00a0Awesome.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Picking up on a point you made earlier, Helen, and that is that you didn\u2019t know what you didn\u2019t know. I guess that\u2019s the thing about learning, isn\u2019t it? We just don\u2019t know. Especially if you\u2019re going to go into something like investing in property, it looks so easy until you start to do it and then you find how many mistakes you can make.<br \/>\nI wonder if you\u2019d just help me, though, Helen, because there is a popular misconception about being able to afford to invest in property. Can anyone do it?<br \/>\n<strong>Helen:<\/strong>\u00a0 Yes, they can, Kevin. Absolutely they can. They have to want to do it. If people are going to go about their normal day spending all their money and not really taking care of their pennies, then no, but for those who are willing to make some changes, save, pay their bills, not overspend, even with all the APRA changes and ASIC changes and bank changes, all that is going on right now, I have quite a number of case studies here that I can talk about now, of clients who have been able to purchase property even with all of the changes going on. Just last week alone, we had three clients go and purchase property and sign contracts.<br \/>\nIt can be done; you just got to be willing to do it, obviously, learn the process so that you don\u2019t make mistakes, and then having a mentor to guide and navigate you is what accelerates that.<br \/>\nI have one client, Bruce, he\u2019s Asian, and he came to me one time and he said, \u201cHelen, I want to buy a property, however, my friends all keep telling me I should buy blue chip properties.\u201d You\u2019ve probably heard that yourselves.<br \/>\n<strong>Sarah:<\/strong>\u00a0 Absolutely.<br \/>\n<strong>Helen:<\/strong>\u00a0 Blue chip, 2 km to 10 km from the city, or maybe 2 km to 20 km if you\u2019re in Sydney.<br \/>\nHe said, \u201cThat\u2019s what I\u2019m going to buy.\u201d He had $50,000 as a deposit, on a single income. So, he\u2019s single, $80,000 a year, and he wanted to buy blue chip property. I said, \u201cOkay, Bruce, what\u2019s your strategy?\u201d<br \/>\nWhen I talk about strategy, there are 13 key ingredients to formulating a strategy. It\u2019s not \u201cOh, do I buy capital growth? Or do I buy cash flow? Do I buy blue chip? Do I buy a development? Do I buy and renovate?\u201d It\u2019s not that; it\u2019s deeper than that.<br \/>\nIt\u2019s about your financial situation, and identify where you\u2019re at in life, what are your goals? What\u2019s your budget? What\u2019s your lifestyle? What\u2019s your financial position? How does the bank view you? How do you want to structure your assets? Do you want to buy in trust? Is it superannuation? What is it you want to achieve?<br \/>\nWhen you lay that all out on the table, it\u2019s actually quite in depth, so it takes a little while to sort through that to formulate a strategy. But with Bruce, he said, \u201cNo.\u201d Blue chip capital cities is all he wanted to do because that\u2019s what everybody told him.<br \/>\nWhen we did for strategy with him, he actually realized that had he bought a blue-chip property, the banks would have lent him the money, of course, no problem. He would have bought one, but only one.<br \/>\nBecause he did that strategy and actually went through the process, Bruce, even as a single guy on $80,000\u2026 And half way through all of this mind you, he was made redundant, he moved states and got a new job, and in the new job, he now earns $95,000. He\u2019s now up to purchasing his fifth property. That\u2019s like today, now. It\u2019s not back in 2015 or 2012; it\u2019s right now.<br \/>\nThat\u2019s just a perfect example of when you\u2019re driven and when you want to do this\u2026 He made changes. He was the type of guy, single, going out every weekend, spending all of his money. He turned that all around. Yes, he still enjoyed his lifestyle, he still went out with his friends. He didn\u2019t stay home watching TV all weekend. He enjoyed himself, but he was smarter with his money.<br \/>\nNow, he\u2019s up to his fifth property, and I\u2019m so proud of Bruce because he had to go against not only what his circle of friends and family were telling him but this belief that he had that blue chip was the only way to go.<br \/>\n<strong>Kevin:<\/strong>\u00a0 In the full version of that interview, you can hear on the <em>Your Investment Property<\/em> magazine channel and also on the RET channel, that chat with Helen Collier-Kogtevs, more fantastic examples in there.<br \/>\nBut more especially, I want to tell you about the offer that she makes, which is a free download where she\u2019s written a paper on how to find a mentor and the benefits from having a mentor. This is a great read. It\u2019s yours absolutely free. Just go and find the podcast on the website. Use the link. We\u2019ll also be letting you know if you\u2019re a subscriber about it in a special broadcast. Watch out for that, and make sure you pick up that special report from Helen Collier-Kogtevs at Real Wealth Australia.<br \/>\nThanks Helen. Thanks Sarah. Talk Soon.<br \/>\n<strong>Sarah:<\/strong>\u00a0 Thanks Kevin.<br \/>\n<strong>Helen:<\/strong>\u00a0 Thank you.<\/p>\n<h2>4 step process to success &#8211;\u00a0Phillipe Brach<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 I introduced a topic a couple of weeks ago on the show with our guest who is my next guest, Philippe Brach from Multifocus Properties &amp; Finance and also the author of the great book <em>Property Wealth in Any Market<\/em>. We talked about that rule of 72.<br \/>\nHi, Philippe. How are you?<br \/>\n<strong>Philippe:<\/strong>\u00a0 I\u2019m good, Kevin. Thank you.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I love that rule, teaching kids about compounding. So, go back and have a listen to that. We broadcast that a couple of weeks ago. Just go up into the search panel at Real Estate Talk, put in Philippe\u2019s name, and all of his interviews will come up.<br \/>\nPhilippe, I want to talk to you about the bones of your book. It\u2019s all about the process of property investing success, and you give us a four-step process. I know we can\u2019t cover it in a matter of minutes, but can you just give us a bit of an overview, please?<br \/>\n<strong>Philippe:<\/strong>\u00a0 Certainly. The four steps are fairly logical. In fact, the first step is more a phase, if you want. When people are going on the property investment journey, there are a certain number of things you do in a certain order.<br \/>\nThe very first thing you need to do is go into what we call the planning phase, which is the very first phase, which is where an investor or a would-be investor actually educates themselves to understand how it works.<br \/>\nEducation in terms of understanding the numbers is paramount because, to me, investing in property is not really about property; it\u2019s about making money and creating for wealth. For that, you need to understand how the numbers work. It\u2019s a numbers game.<br \/>\nThe planning phase is really the crucial one because it will dictate how you\u2019re going to invest, how far, how fast, etc., and also help you set up your targets.<br \/>\nThe second phase is what we call the accumulation phase. Once you understand how property works and you\u2019re comfortable with the numbers and you\u2019re ready, you have your deposit, you have your borrowing capacity sorted out, then you go into the accumulation phase where you actually execute the plan and the strategy, which is if your target is five or six properties, to start accumulating them.<br \/>\nThe speed at which you accumulate them will be sorted out in the planning stage, and so you start buying and accumulating these properties. Every time you buy one, you look at where you\u2019re going to get the deposit from \u2013 is it equity from the previous property, or is it savings, etc. \u2013 and you build up your portfolio.<br \/>\nThen you go into the third phase, once you\u2019ve achieved your goal, and that is the best phase of all. It\u2019s called the transition phase, and it\u2019s where you do absolutely nothing. You just stop buying, and you let capital growth do its magic and actually build up wealth for you.<br \/>\nDuring that phase, if you can, some investors start paying down their debt because they\u2019ve repaid their home loans so they have no more non-tax deductible debt, so they start repaying their investment then.<br \/>\nAnd then when you get to phase four, which is the drawdown phase, it\u2019s when you finally decide to retire and you need to start looking at the income stream for you once you\u2019ve retired.<br \/>\nThe drawdown phase can be in three parts. The first part is if you\u2019ve paid down your loans enough to create positive cash flow that is sufficient for your needs, then that\u2019s it; you just continue doing that. You might want, from time to time, to sell one property because until you sell a property, you can\u2019t cash in the equity you\u2019ve built up in there. As you grow older, you sell one property from time to time and use the cash to do whatever you want.<br \/>\nThe other option you can have is to sell the whole portfolio. So, go to the other extreme: sell the whole portfolio and put it in the bank. If you have a portfolio with about $2 million worth of equity, sell the whole lot, pay the tax man something, probably $500,000, and then put the rest in the bank, earn interest and just live off that.<br \/>\nThen the most probable way of drawing down your wealth is by doing a combination, a hybrid between the two methods I\u2019ve just highlighted, and that is to sell some of your properties to pay the debt off on some of the others until such time as you create enough income stream for you to live on, and then also that will still leave part of your portfolio exposed to capital growth.<br \/>\nThen the same thing: as you grow older, if you\u2019re left with three or four properties, at some point you decide to sell one because then you can cash something in and go on a massive cruise around the world or help your kids get into property.<br \/>\n<strong>Kevin:<\/strong>\u00a0 That last phase you talked about there, it would seem to me to be very appealing to be able to sell down some of it to reduce that debt but hold to some of those properties to enjoy that capital growth. Not that you\u2019d want to gear against it, but it\u2019s compounding the whole time, Philippe.<br \/>\n<strong>Philippe:<\/strong>\u00a0 It certainly is, and that\u2019s the secret of it, the compounding. If you start early enough and you build a substantial portfolio, then it\u2019s so much better and you have so many opportunities to do what you want. Having a bit of money is actually giving you choices, and it\u2019s great to be in that position.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It makes a lot of sense, and there\u2019s a lot more information about that four-step process inside Philippe\u2019s book, <em>Property Wealth in Any Market<\/em>. That\u2019s quite freely available at most book shops.<br \/>\nActually, I saw a post that you put up recently when you said it\u2019s nice to be in good company. I think your book was right beside one by Richard Branson.<br \/>\n<strong>Philippe:<\/strong>\u00a0 Yes, that\u2019s correct. It was a bit of a fluke because, obviously, my name starts with B-R-A and Branson\u2019s as well, so when people put it in alphabetical order on the shelf, invariably, I\u2019m next to him and always get that joke saying \u201cWho is this guy next to Philippe?\u201d<br \/>\n<strong>Kevin:<\/strong>\u00a0 Yes, that\u2019s right. Google it. You\u2019ll find it. It\u2019s written by Philippe Brach. It\u2019s called <em>Property Wealth in Any Market<\/em>.<br \/>\nPhilippe, great talking to you, and thank you so much for your time.<br \/>\n<strong>Philippe:<\/strong>\u00a0 No problem. Thanks very much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: The most financially savvy generation Picking the right Mentor and what to expect Understanding the numbers When to get a new depreciation schedule Advice from an industry heavyweight for those starting out Success stories that will inspire you The ideal speed&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":14411,"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-14406","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":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Young, Brave and (Financially) Free + The 4 step process to investing success + How long does a 20 year report last? 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