{"id":25305,"date":"2016-09-26T01:00:55","date_gmt":"2016-09-25T15:00:55","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9350"},"modified":"2016-09-26T01:00:55","modified_gmt":"2016-09-25T15:00:55","slug":"brads-tips-for-successful-investing-2","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/brads-tips-for-successful-investing-2\/","title":{"rendered":"Brad’s tips for successful investing – Brad Beer"},"content":{"rendered":"

 <\/p>\n

Last week in the show we chatted to Brad Beer<\/strong><\/a> about his personal philosophy on property investment.<\/p>\n

Now we ask him to give us his top tips for successful investing.\u00a0 5 great pieces of advice.<\/p>\n

 <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:\u00a0 <\/b>Brad Beer joins me from BMT Tax Depreciation.<\/p>\n

Brad, we normally talk to you about tax depreciation \u2013 and why wouldn\u2019t we \u2013 but I\u2019m keen to get your tips on becoming a successful property investor. What have you found?<\/p>\n

Brad:\u00a0 <\/b>I have a few of the top tips. I\u2019ll probably start with moving outside your comfort zone. I think I\u2019ve definitely been guilty in some ways of buying properties around where I know, and there have been certain reasons for that \u2013 it\u2019s good because you can manufacture equity and renovate \u2013 but I think outside of the area is sometimes a very good way to go.<\/p>\n

A lot of property investors in Australia only buy one property, and often it\u2019s just around the corner from home or where they want to go on holidays, but it\u2019s not necessarily the right thing. So look wider, outside of your comfort zone.<\/p>\n

Kevin:\u00a0 <\/b>Yes, I remember talking to you recently, and you mentioned that the bulk of your portfolio \u2013 or quite a bit of it \u2013 is in the Newcastle area, I think. Is that what you\u2019re referring to, is that you\u2019re comfortable with that area because you knew it?<\/p>\n

Brad:\u00a0 <\/b>I was comfortable, I knew it. Now, I had another reason: I was renovating and trying to get equity quickly, and sometimes renovating is a way to do that. It doesn\u2019t always have to be the way to do that. But you know, I should have gone outside the comfort zone earlier in life probably, as well.<\/p>\n

Kevin:\u00a0 <\/b>Yes. You mentioned off air before we started this that you see a lot of people follow the herd. That\u2019s also a big mistake, isn\u2019t it?<\/p>\n

Brad:\u00a0 <\/b>Absolutely. I think this country seems to have a herd mentality in investing in property. If prices start moving somewhere and everyone buys, it\u2019ll push the prices higher and we keep buying, and then we overcook the price and then it goes backwards. You almost need to be going and buying in the areas after it\u2019s gone backwards, but no one likes those at that time, do they? So not following that herd mentality is a good thing to think of, absolutely.<\/p>\n

Kevin:\u00a0 <\/b>How do you get ahead of the herd?<\/p>\n

Brad:\u00a0 <\/b>A very good question. Unfortunately, no crystal ball exists. However, looking at some of the fundamentals about why areas should grow into the future: do they have some of the important things? Do they have infrastructure, jobs, education, health \u2013 the things that are going to mean that population growth in those areas will happen? Why would someone move there? Is there something that\u2019s going to drive demand in that area? That\u2019s kind of what you\u2019re going to be often looking for.<\/p>\n

Kevin:\u00a0 <\/b>Is that like looking at the complete picture, the whole picture?<\/p>\n

Brad:\u00a0 <\/b>I\u2019m a depreciation guy, and I don\u2019t say go look at to buy stuff that\u2019s got good depreciation; I think depreciation is one of the things that\u2019s really important to know, but it\u2019s a kicker at the end with the cash flow.<\/p>\n

You have to look at the complete picture. Cash flow is important, but what am I going to make the most money out of over the next five years with everything that relates to investing into a property?<\/p>\n

Kevin:\u00a0 <\/b>How far into the future do you think? Are you a long-term thinker about your investments?<\/p>\n

Brad:\u00a0 <\/b>I am an absolute buy-and-hold guy. I\u2019ve been holding my properties because I\u2019m looking for growth. I think changing over costs you. I think you have to know about the cash flow on the way through, doing things like PAYG valuations.<\/p>\n

I\u2019m looking long term, but short term is where the cash flow comes all the way through, and short term, you want to make some money, as well, of course, but I\u2019ve been a buyer-and-holder, absolutely.<\/p>\n

Kevin:\u00a0 <\/b>Yes, we all make mistakes, and I think you\u2019ve probably made mistakes with properties, as well.<\/p>\n

Brad:\u00a0 <\/b>Absolutely.<\/p>\n

Kevin:\u00a0 <\/b>That\u2019s not the problem, is it? The problem is if you don\u2019t learn from those mistakes.<\/p>\n

Brad:\u00a0 <\/b>One very important tip would be to learn from the experience. I like a term that I often hear called \u201cFail fast and fix fast.\u201d If you\u2019re going to do something, get in and absolutely do it, so you can learn from it and fix it fast, because the longer you leave it, the worse it becomes. Learn as much as you can about investing; continually learn.<\/p>\n

I\u2019m BMT since 1998 and I still go to property seminars and I listen to people talk about property, talk about investing in property so that I can actually learn about that. I\u2019ve been investing for nearly as long as that, and I still feel like I learned something when I sit there and listen to people who talk about property and what they think is going on in the future.<\/p>\n

Kevin:\u00a0 <\/b>It\u2019s amazing; I\u2019ve spoken to a lot of successful investors like yourself, and Margaret Lomas is another one who comes to mind instantly. I asked Margaret the question about the worst property investment she\u2019d ever made. She told me what it was, and then she told me that she still has it, and she has it for sentimental reasons. I think she probably does it to remember the pain so that she won\u2019t make that kind of mistake again. I don\u2019t know.<\/p>\n

But what about you? Would you quit your worst-performing property?<\/p>\n

Brad:\u00a0 <\/b>Now, <\/b>the thing is I still own my worst-performing property.<\/p>\n

Kevin:\u00a0 <\/b>That\u2019s hilarious.<\/p>\n

Brad:\u00a0 <\/b>I think you absolutely should quit your worst-performing property if it stops you from investing in another one. For me, it doesn\u2019t stop a thing, or I would quit it and sell it tomorrow and cut the loss.<\/p>\n

The thing is you have that problem of once you realize that loss, you really see it and you have to put the money in. I think you have to absolutely be prepared. If you do learn that investing in a property in a different way means that the long-term future is going to look a lot better and what you have is going to stop you from doing that, you should cut your losses and move on.<\/p>\n

Kevin:\u00a0 <\/b>Yes, great advice. Brad Beer from BMT Tax Depreciation.<\/p>\n

Brad, thanks for your time, mate.<\/p>\n

Brad:\u00a0 <\/b>Thanks, Kevin. Great to chat, as always.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Last week in the show we chatted to Brad Beer about his personal philosophy on property investment. 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