{"id":20833,"date":"2018-04-10T01:00:33","date_gmt":"2018-04-09T15:00:33","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=20833"},"modified":"2018-04-10T01:00:33","modified_gmt":"2018-04-09T15:00:33","slug":"property-investment-sharks-mike-harvey","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/property-investment-sharks-mike-harvey\/","title":{"rendered":"Property Investment Sharks \u2013 Mike Harvey"},"content":{"rendered":"<p>Property expert and founder of \u2018On Your Side Investments\u2019, <strong>Mike Harvey<\/strong>, has released a \u2018tell all\u2019 book which aims to help newcomers to the property investment game avoid the dirty tricks used by property sharks.\u00a0 He joins us to talk about the book and his advice on safer property investment.<br \/>\n<strong>Transcript:<\/strong><br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>We have told you in the past about looking out for sharks. These are people who are out to sell you something. But how do you tell the signs? I was interested to get a book the other day, which is called\u00a0<em>How To Jump Into Property Investing Without Being Eaten By Sharks.<\/em>\u00a0It\u2019s a book that\u2019s written by Mike Harvey, who has his own business. We\u2019ll tell u about that as well. Mike joins me to talk about the book and why he wrote it.<br \/>\nG\u2019day, Mike. How are you?<br \/>\n<strong>Mike:\u00a0\u00a0<\/strong>Good morning, Kevin. I\u2019m glad to hear you\u2019ve got a copy already.<br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>It\u2019s a good read. Do you think it\u2019s getting worse, Mike? What\u2019s the purpose behind you writing this book?<br \/>\n<strong>Mike:\u00a0\u00a0<\/strong>Good question. I\u2019ve been investing myself for many years, I\u2019ve gone through my share of divorces and so forth. So, I\u2019ve lost property and changed property over time and learned a lot through that. That\u2019s not the method I recommend to anybody by the same token.<br \/>\nI\u2019ve bought property. I\u2019ve even worked for companies that sold property and then got bitten a bit myself and eventually started a company that would help people the whole process and connect people.<br \/>\nThe purpose behind that \u2013 and the purpose behind the book \u2013 really is to get the message out to others that many aspects of buying property are not that hard but are also vital. You can make a mistake buying a cup of coffee and it costs you five minutes of heartache, but if you make a mistake buying property and pay too much, it can take you years to recover.<br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>What are the tell-tale signs, Mike, that we could be dealing with someone who maybe we shouldn\u2019t be?<br \/>\n<strong>Mike:\u00a0\u00a0<\/strong>That\u2019s the best question \u2013 rather than \u201cWho are the sharks?\u201d \u2013 because I can talk about a particular shark, but it doesn\u2019t really help anybody unless they\u2019re dealing with them. The behavior of sharks can be different. Like in terms of sharks in the ocean, some of them just want to eat you in one bite and some will nibble away at you.<br \/>\nThe tell-tale signs come down to their behavior. Look at where they make their money from, Kevin. If they\u2019re making money from charging you a fee up front, that can be fine in some circumstances. But if you\u2019re going to go and buy a nice car, you don\u2019t want to pay the salesman for the process you\u2019re going through. So, I don\u2019t believe people really need to be charging a fee to give you advice on what property to buy from them.<br \/>\nThe second part is really around where else they make their money from. Many have undisclosed third-party commissions. So if they\u2019re connecting you to a finance broker or finance advisor, mortgage broker, property manager, insurance people, accountants, a whole range of people who can help you, ask them if they\u2019re making money from there. Are they making money from you by connecting you, or are they wanting to make sure that they introduce you to somebody who\u2019s going to help you?<br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>Shouldn\u2019t they be disclosing those sorts of referral fees anyway, Mike?<br \/>\n<strong>Mike:\u00a0\u00a0<\/strong>Yes, they should, and that\u2019s part of the requirements for them, but some bury that quite deep and many people don\u2019t read the full disclosure. In fact, people I was involved with in the past simply did not disclose that; they got away with it.<br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>A few moments ago, you mentioned that the advice that these people give should not necessarily be charged for. Isn\u2019t it reasonable, though, to assume that if someone has good education and is providing a good service, they should be able to make a charge for that type of advice, Mike?<br \/>\n<strong>Mike:\u00a0\u00a0<\/strong>Absolutely, and I\u2019ll put\u00a0<strong>a\u00a0<\/strong>caveat on that by saying there\u2019s no\u00a0<em>should<\/em>\u00a0about what people do. It\u2019s an opinion of mine that really if they\u2019re selling property, for sure, they don\u2019t need to charge you a fee for the presales advice.<br \/>\nFor example, a financial advisor, many will charge a fee for service, which personally I tend to like because they\u2019re charging you for what they\u2019re telling you. Many will have third-party payments and they have to disclose that, as you mentioned. And that\u2019s fine if that\u2019s the way they make their money, but that should be out, open, and declared to you right up front.<br \/>\nIf they\u2019re charging you a fee for their advice, that\u2019s one thing. If they\u2019re charging you a fee and then making money on the property and making money on everybody else they connect you with, I\u2019ve got a few problems with that.<br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>Yes. I think one of the warning signs we\u2019ve put out is the fact that if you go to an advisor, they\u2019re giving you an advice and then they say \u201cLook, here\u2019s a great property for you to buy,\u201d in other words, it\u2019s one that they\u2019re representing. There\u2019s a likelihood they\u2019re going to be getting that double whammy, Mike.<br \/>\n<strong>Mike:\u00a0\u00a0<\/strong>Yes, there is. My journey has come through buying property, then working in the industry and then being so offended, I suppose, and upset by it that I\u2019ve started a company called On Your Side Investment. So it\u2019s really a matter of rather than having stock that people sell \u2013 and therefore they\u2019re selling you their problem \u2013 it\u2019s best to find somebody who can then source you property, which is what we want to do on the business side.<br \/>\nWhen we\u2019re helping people, we\u2019ll find out what their strategy is and develop a strategy, and then it\u2019s a matter of \u201cWhat\u2019s the best widget?\u201d I call them. So, are they going to buy an older property? Is that what\u2019s best for them? Not usually the best case, but it can be in some cases. Or is it buying a new property? What type of property is that? Is it townhouse, is it house with land? Is it close to the city, or is it a bit further out? All sorts of questions like that.<br \/>\nEverybody\u2019s situation is different, which is why if you go to a seminar that is selling you $5000 courses or CD packs, etc., and they say to you \u201cLook, we\u2019ve got ten of these perfect properties, first in gets best dressed,\u201d I have problems with that because there\u2019s not one size fits all when it comes to property.<br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>Absolutely. The book is called\u00a0<em>How To Jump Into Property Investing Without Being Eaten By Sharks<\/em>. It\u2019s written by my guest, Mike Harvey.<br \/>\nMike, thank you so much for your time.<br \/>\n<strong>Mike:\u00a0\u00a0<\/strong>You\u2019re welcome, Kevin. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property expert and founder of \u2018On Your Side Investments\u2019, Mike Harvey, has released a \u2018tell all\u2019 book which aims to help newcomers to the property investment game avoid the dirty tricks used by property sharks.\u00a0 He joins us to talk about the book and his&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":20834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,34,10,11,13,36,22,25],"tags":[101],"class_list":["post-20833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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