{"id":5101,"date":"2015-07-17T12:00:16","date_gmt":"2015-07-17T02:00:16","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5101"},"modified":"2015-07-17T12:00:16","modified_gmt":"2015-07-17T02:00:16","slug":"line-of-credit-offset-account-and-redraw-facility-10-events-that-could-crash-the-housing-market-the-best-price-for-your-home-is-the-love-price-top-ten-tips-for-first-time-property-investors","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/line-of-credit-offset-account-and-redraw-facility-10-events-that-could-crash-the-housing-market-the-best-price-for-your-home-is-the-love-price-top-ten-tips-for-first-time-property-investors\/","title":{"rendered":"Line of credit, offset account and redraw facility | 10 events that could crash the housing market | "The Best Price For Your Home is the Love Price" | Top ten tips for first time property investors | Renovations"},"content":{"rendered":"

 
\nWe are experiencing many warnings of housing bubbles, crazy\u00a0house\u00a0prices and other alarms. So what needs to happen in the economy to cause\u00a0dwelling prices to fall significantly is a question we ask\u00a0Michael<\/strong> Yardney<\/strong><\/a>. He outlines the 10 events that will signal such an event.
\nOur finance expert Andrew Mirams<\/strong><\/a> explains the difference between a Line of Credit, Offset Account and Redraw facility. He outlines when it is best suited and which one might work best for you.
\nYou will have heard agents talk about getting a premium price for a property \u2013 it is language they use to secure a listing. In a new book that I have been reading, written by top Aussie agent Peter Hutton<\/strong>, he tells you how to make sure you get the LOVE price when you sell. We talk to Peter today.
\nIf you are a first time investor well we will have the golden rules for you to follow if you don\u2019t want your plans to come to a screaming halt.
\nIt is romance sometimes that drives investors to think that renovations are the path to wealth. Something you can build in to add value. Well we tell you today that renovation could be the last thing you want to do.
\n <\/p>\n

Transcripts:<\/h4>\n

Andrew Mirams<\/h3>\n

Kevin<\/b>:\u00a0 We hear these terms all the time, and I don\u2019t know about you but sometimes it\u2019s nice to know exactly what they mean: lines of credit, offset, and redraw facilities. These are all important tools for property investors but what do they really mean and how can you best use them?
\nAndrew Mirams from Intuitive Finance joins me. Good day, Andrew.
\nAndrew<\/b>:\u00a0 Good day, Kevin. How are you?
\nKevin<\/b>:\u00a0 Good, mate. We bandy these terms around all the time. I thought it might be helpful if you could take us through what they really mean.
\nAndrew<\/b>:\u00a0 Yes, we do. It\u2019s quite interesting. We ask all of our clients when we\u2019re talking to them about these terms, and it\u2019s quite interesting the amount of information or lack of information out there about what they mean and how it can have an impact on certainly your investment portfolio.
\nFor the home, it\u2019s a little bit different, but if you\u2019re using some of these facilities on an investment portfolio, you can actually muddy the waters, really mix up your debts, and it can have some significant tax impacts.
\nKevin<\/b>:\u00a0 Would it be fair to say, Andrew, that these can be used at different times for where you are in your portfolio building status?
\nAndrew<\/b>:\u00a0 Absolutely. Lines of credit, they were the first thing that came to fame with all these, \u201cYou can pay your home loan off in 10 years and draw your money in,\u201d and things like that. What we\u2019ve found for people, as a rule, as a home, we think it\u2019s normally better to have a home loan with an offset account.
\nLines of credit, people tend to not be that disciplined with their home, and they can see themselves getting ahead, and then they find their way to going on that holiday, buying a new car or something, and the debts tend to sit there and not reduce. Lines of credit are really effective for setting up your investment portfolio, trading, and helping you manage your day-to-day cash flow with an investment portfolio. That\u2019s their real strength.
\nKevin<\/b>:\u00a0 Pardon me interrupting you, but if I had a line of credit, say for $100,000 as an example, when the bank is looking at me as a financial risk, if you have $100,000 there even though you\u2019ve only used $20,000 of it, do they say, \u201cWe\u2019re going to count that full $100,000\u201d?
\nAndrew<\/b>:\u00a0 Absolutely, they do. Yes, because you can go out and spend that tomorrow. It\u2019s a bit like a credit card. It\u2019s a limit. A line of credit is an exposure that you have. Yes, a lot of people we also talk to say, \u201cI have a line of credit for $200,000 but I\u2019m not using it.\u201d It doesn\u2019t matter because you literally write out a check tomorrow. That is why the bank is committed to give you that access to that credit, so yes, they always do an assessment based on you using the full figure. That is right, Kevin.
\nKevin<\/b>:\u00a0 Let\u2019s look at some of the others.
\nAndrew<\/b>:\u00a0 Probably the key between an offset account and a redraw is a lot of people don\u2019t actually understand what it means. A redraw account, or a redraw, is on any payments that you\u2019re in advance on your loan. It\u2019s really effective for a home loan. If you\u2019re paying principal interest on an investment loan and you\u2019re putting extra money into it, you have access to those additional repayments.
\nWhy we probably like offset accounts a lot more, especially on your investment debt, is it\u2019s cash. It sits in the account, and while you\u2019re saving interest on your loan, it is your cash. It\u2019s quite effective, an offset account, for people who might buy their first unit but they\u2019re going to in the future, keep that unit but upgrade to a house. There\u2019s no point to paying off that home loan as it stands today, because when it becomes an investment, you want to have the maximum debt against that. By having it in an offset account, it\u2019s your cash. You can then go and do it.
\nIt effectively works the same because the cash in your offset is effectively paying down your home loan. If you\u2019re paying it into redraw and then you want to convert that property into an investment property down the track and you\u2019ve paid your loan down, you just can\u2019t take the money out of the loan and use it because you\u2019ve blended the use of the money. You\u2019ve taken that money to buy an owner-occupier, not an investment debt. That\u2019s really the key.
\nKevin<\/b>:\u00a0 How easy is it to set these up? Is it just a matter of talking to your broker or the bank?
\nAndrew<\/b>:\u00a0 Yes, really simple. We will always set them up. All the banks are a little bit different about how, but we\u2019ll guide all our clients through what needs to be done with an offset account. I would probably say 99% of our clients always will have an offset account.
\nWe\u2019ll always give them access to redraw, and if they\u2019re setting themselves up with their portfolio, a line of credit is really important to having access to using and managing their cash flow effectively. We\u2019ll talk through every client\u2019s situation and circumstances to make sure they understand what we\u2019re doing and why we\u2019re doing it for them.
\nKevin<\/b>:\u00a0 Very good. Thanks for clearing that up for us, mate. If you want to get a bit more information, talk to Andrew and his team at Intuitive Finance. You can contact them through the website, RealEstateTalk.com.au, and watch out for all those new blogs that are coming your way from Andrew regularly on his featured channel.
\nAndrew, thanks for your time.
\nAndrew<\/b>:\u00a0 Fantastic, Kevin. Thank you.
\n <\/p>\n

Michael Yardney<\/h3>\n

Kevin<\/b>:\u00a0 Property prices go up and down, but the talk about a crash is something that really brings a lot of emotion. Prices will go up and down all the time, but what actually will cause property prices to crash? This is a question I want to pose of Michael Yardney from Metropole Property Strategists.
\nHi, Michael.
\nMichael<\/b>:\u00a0 Hello, Kevin.
\nKevin<\/b>:\u00a0 It\u2019s highly emotive \u2013 isn\u2019t it \u2013 when we talk about price crashes?
\nMichael<\/b>:\u00a0 That\u2019s what one implies when you talk about a bubble, that it\u2019s going to burst. Let\u2019s be blunt that in the big capital cities, we actually haven\u2019t had price crashes in the past, while we have in segmented markets, but it could happen, Kevin.
\nKevin<\/b>:\u00a0 List out some of the events that could run us into that area.
\nMichael<\/b>:\u00a0 I guess it\u2019s the things that have been leading us up to these high property prices that may change. One of the dangerous ones, I guess, is a halt to our rising population. Our property values are increasing because there are more of us. I\u2019m not suggesting that it could happen, but that is one of the things that could cause property values to drop \u2013 if our population doesn\u2019t keep growing at these very high rates.
\nKevin<\/b>:\u00a0 Is it as simple as supply and demand, Michael?
\nMichael<\/b>:\u00a0 The demand side is related to household formation from our population growth, but also if there was a recession or, more likely, a depression where the entire country would have high unemployment and people defaulting on their mortgages.
\nRemember, if we\u2019re talking about a crash, we\u2019re not talking about the orderly slowing down of property values or slight drops; we\u2019re talking about the fact that people can\u2019t sell their homes and sell them at any price. That\u2019s when property values freefall. That doesn\u2019t usually happen because we\u2019re underpinned by a whole lot of owner-occupiers, so we really need some significant events, Kevin.
\nKevin<\/b>:\u00a0 What about overseas buyers, Michael?
\nMichael<\/b>:\u00a0 In certain segments of the market, overseas buyers make a big difference. If, for example, the Chinese and other Asian buyers stop buying, that definitely could affect their property markets.
\nThe two most likely causes are the government\u2019s actions making Asian investors feel unwelcome or some effects in their own hometown \u2013 like we saw way back in the 1980s when the Japanese were buying up Australian real estate and then all of a sudden, their economy faltered and it stopped them buying overseas. Again, we\u2019re just talking about the possibilities. Both of those are possibilities but probably not probabilities.
\nKevin<\/b>:\u00a0 Mixing up and all the talk about negative gearing, is that a danger for us?
\nMichael<\/b>:\u00a0 Clearly, the investor market is one of the things driving our general Australian property markets<\/a>. In some locations, especially Sydney and Melbourne, investors make up a significant portion of purchasers. If negative gearing is taken away, it will have a definite short-term impact when a whole heap of purchasers are out of the market, and that could cause property values to drop significantly.
\nKevin<\/b>:\u00a0 At a more local level, Michael, with councils, how much influence do they have on the market in terms of their approval for developers and so on?
\nMichael<\/b>:\u00a0 Council approvals are one of the reasons why property values are high. Ask any developer and he\u2019ll tell you how hard it is to get a development approval for apartments, but even if you go through the new estates, how hard it is and how expensive it is to get the infrastructure in. Therefore, changes to building regulations, in a way that they actually free it up and make it easier and therefore, increase more supply, could be one of the factors, even though I think it\u2019s unlikely to cause a property price drop.
\nKevin<\/b>:\u00a0 What about unemployment, Michael?
\nMichael<\/b>:\u00a0 Unemployment or concern about your job \u2013 in other words, consumer confidence, really \u2013 is one of the big factors that affects people making big buying decisions. If you\u2019re not certain about your job or if you haven\u2019t got one and can\u2019t keep a mortgage, that is one of the factors that can cause property prices to crash.
\nKevin<\/b>:\u00a0 What about higher interest rates? How much of a lever are they really?
\nMichael<\/b>:\u00a0 I remember paying 18% or 19% in the late 1990s. I bet you do, as well, Kevin.
\nKevin<\/b>:\u00a0 I do.
\nMichael<\/b>:\u00a0 It was for a really short period of time, but you don\u2019t even need to get to those levels. We found in 2003 \u2013 it actually happened in 2010 and it happened in the 1990s, as well \u2013 just an interest rate rise of about 2% stops the property markets dead in their tracks. That is probably the most likely thing that is going to stop this property cycle a couple of years down the track.
\nKevin<\/b>:\u00a0 I guess population is one thing. You mentioned that earlier, Michael. What about the aging population?
\nMichael<\/b>:\u00a0 Interestingly, currently pensioners are encouraged to hang onto their dwellings rather than downsize, but if these rules were changed, many dwellings would possibly come onto the market. People have talked about what the Baby Boomers are going to do, as well. That is one of the factors on the horizon that, if there are significant changes, may affect our property markets.
\nKevin<\/b>:\u00a0 And superannuation?
\nMichael<\/b>:\u00a0 Clearly, one of the big drivers of investor purchasing in the last couple of years has been people buying their self-managed super funds. Interesting, not just Baby Boomers, but I\u2019ve seen a lot of younger Gen X\u2019s and Gen Y\u2019s already getting into the property market through their self-managed super funds. If the government tinkers with those, that is another factor that could have a negative effect on property values.
\nKevin<\/b>:\u00a0 A lot of things to consider there, Michael. Sum it up for us if you could
\nMichael<\/b>:\u00a0 They\u2019re all possibilities, but if we talk about probabilities, the most likely thing to stop this property cycle will be rising interest rates or creditor squeezes in the way of macro prudential controls stopping investors in particular, but also home buyers, spending on properties.
\nI don\u2019t see either of those happening in the near future, and they\u2019re not likely to cause a crash, Kevin. I think it\u2019s just going to slow the market down and property values will fall a little.
\nKevin<\/b>:\u00a0 Thanks for that insight. Michael Yardney, thanks for your time.
\nMichael<\/b>:\u00a0 My pleasure.
\n <\/p>\n

Peter Hutton Part 1<\/h3>\n

Kevin:<\/b>\u00a0 I want to chat about a book that I\u2019ve been thumbing through for the last couple of weeks. It\u2019s called \u201cThe Best Price For Your Home is the Love Price.\u201d It\u2019s written by a Brisbane real estate agent, Peter Hutton, who joins me.
\nHi, Peter.
\nPeter:<\/b>\u00a0 Good day, Kevin.
\nKevin:<\/b>\u00a0 Good to be talking to you again, mate. A great read. As I said, I\u2019ve been looking through the book for the last couple of weeks. It\u2019s a book that you\u2019ve written as an agent, I guess, with some inside knowledge but from your experience about where agents and sellers can go wrong. You call it getting the love price. What do you mean by the love price?
\nPeter:<\/b>\u00a0 I thought long and hard over the years why some buyers pay more than other buyers. My realization \u2013 quite a few years ago, and it really helped my clients \u2013 was that similar properties often don\u2019t sell for a similar price. When I realized that, Kevin, I went looking for why that is, and what it is is it\u2019s emotion.
\nThe love price is about love, actually, and when a buyer falls in love with a property, they often put their budget aside, they put their rationale thinking aside. That emotion drives them to acquire that property.
\nKevin:<\/b>\u00a0 Great agents, Peter, can actually tap into that emotion, though, can\u2019t they? It\u2019s not just the property and the buyer; the agent plays a pretty important part in that.
\nPeter:<\/b>\u00a0 A very important part, actually. Just putting a sold sticker up on a sign doesn\u2019t represent, in my mind, and in my experience, success in terms of getting the very highest price for a homeowner. The agent has a big part to play in that, and moving a buyer up that what I call that process of emotional momentum, building that momentum so that they make a buying decision, and pushing forward in that negotiation process for every last cent.
\nI guess there will be a few buyers listening today, Kevin, who may not like to hear this, but that\u2019s the truth. Our job is to look after the seller. We\u2019re employed by them, we\u2019re there to protect their interests. Really, we have to get the last cent for that property.
\nKevin:<\/b>\u00a0 I think that\u2019s one of the reasons why buyer\u2019s agents are becoming more accepted around Australia is that the skill of the agent in working for the seller is now getting much better all the time, and I think that buyers are looking to counter that in some ways. That\u2019s where buyer\u2019s agents are coming in, Peter.
\nPeter:<\/b>\u00a0 Yes, I think so. Similar representations. Look, I\u2019ll say this. I saw an old buyer who bought a property from me years ago \u2013 and I talk about this in the book \u2013 and it was advertised by another agency \u2013 long story short \u2013 for offers over $1 million. The sale was concluded at $1.425 million, and during that whole process, I had to hold the hand of my buyer and allow that emotion to drive them forward.
\nA few years forward in time, I ran into that buyer in Cole Shopping Center in Mercer Village, and he was delighted to see me. He paid top dollar for that property, but you see, what he got was it\u2019s a home for his family and they love it. Yes, he paid more than the other buyers might have paid, but he\u2019s been in that property, now, for over five years and absolutely adores it. Their life is there. It\u2019s worth every cent. What price do you put on happiness?
\nKevin:<\/b>\u00a0 Peter, just moving away from buyers for a moment and getting back to sellers, there are two key things, in my opinion, the seller needs to do apart from making sure that their property is presented in the best light, of course, and that is choosing the best method of sale and, of course, the best agent. Are they both as important as each other, or do you think there\u2019s one more important than the other?
\nPeter:<\/b>\u00a0 It\u2019s a really good question. I actually think they\u2019re both very important, but here\u2019s the problem, Kevin. Most people think two-dimensionally about the method, for instance, and what I mean by that is they think in terms of auctions versus private treaty, to give you an example, and that\u2019s a very two-dimensional way of looking at method. Method is a lot more than that.
\nSelling real estate is dynamic, and there are a lot of influences on price. You have to actually marry up the right method with the owner that matches them. You have to look at the property, you have to look at the market that property is in, the market at the time, the competition that\u2019s out there from other properties that are on sale. You have to look at supply and demand issues and all of those things.
\nMethod is critical, and obviously, best agent is critical. I think the biggest problem with choosing an agent is it\u2019s the default setting of most consumers, not just in real estate, but in consumers of all products and services. Our default setting is we tend to look towards the familiar brands out there and because they\u2019re familiar, they have the most \u201cfor sale\u201d signs up, they must be the best. Now, that\u2019s actually, again, a very two-dimensional way of looking at what is the best agent.
\nThe question is, how do you define the best agent? What vendors need to understand is how to actually define an agent.
\nKevin:<\/b>\u00a0 Yes, we might get to that in a moment because I want to refer a little bit later in our conversation to that survey that was released by CoreLogic during the week that I think gives us a great insight as to how to choose that agent.
\nA very interesting point you make, though, Peter, and that is the brand \u2013 which is why a lot of agents are attracted to a big brand \u2013 will actually get you inside the door, but it\u2019s actually the skill of the agent in locking that listing up once they\u2019re inside the door.
\nThe brand will only get them in there; the skill of the agent then has to come into play to actually secure the listing.
\nPeter:<\/b>\u00a0 Look, absolutely. There are a lot of big, successful brands out there, and they do get their foot into more doors. Because of that, they\u2019ve got more salespeople per office, generally, the big brands, and then owners are, I guess, more open to their point of view because they\u2019re the biggest so they must be the best.
\nWhat I say to sellers is you have to be a lot more discerning. If you really want to get the love price and get that really top price, firstly, you need to understand how that price is going to be created, the agent needs to be able to explain that to me methodically, really explain it deeply, and then, also, the agent needs to be able to demonstrate that they have the prowess to do it.
\nKevin:<\/b>\u00a0 We\u2019ll take a quick break, now, and when we come back, I\u2019ll continue my talk with Peter Hutton, and we\u2019ll talk about his pitch to buyers. This is Real Estate Talk.
\n <\/p>\n

Peter Hutton Part 2<\/h3>\n

Kevin:<\/b>\u00a0 Peter Hutton has written a book called \u201cThe Love Price,<\/i>\u201d <\/i>and I\u2019m talking to him about that this morning. A great book for buyers or sellers, if you want to know a little bit of inside knowledge about how agents work and how you can get the best price if you are selling.
\nI continue that talk with Peter Hutton.
\nThere is another point I want to raise with you. In a part of the book, you talk about the importance of the pitch to the buyer. What do you mean by that?
\nPeter:<\/b>\u00a0 The pitch is like the pointy end of the whole process. You\u2019ve promoted the property, you now have your open home and buyers are coming to the property, and that\u2019s where a pitch starts. You\u2019ve probably heard of the term elevator pitch, where you have 30 seconds to convince somebody to buy your service of product.
\nThat\u2019s pretty old school, actually, when you\u2019re thinking about pitch. We\u2019re not in a rush. We have more than 30 seconds, so there\u2019s no point trying to hammer a buyer in to buyer a property they moment they walk into a property.
\nPitch is like a bit of a dance, really. They come in to the property, and how you manage that process, and how you help them understand the property, and how that then moves towards closer to them, asking the kind of questions that signals that this buyer is somebody who has got a deeper interest, and how you follow up on them as an agent in those critical conversations that we have in the days after a buyer has gone through a property is crucial, and that\u2019s part of the pitch.
\nThen the pitch rolls into now the buyer is getting closer to making a buying decision, and how do we move them towards the negotiation table? Then once they\u2019re at the negotiation table, how do we actually help move them so that it\u2019s natural, it\u2019s not manipulated, but they are opening up their pocket, so to speak, their wallets, to actually buy that property and get that property? That\u2019s what pitch is all about.
\nThere\u2019s a real art to it, and I think one of the key things that an agent should learn is how to negotiate. I don\u2019t see enough of that in the industry of education. They get taught how to list a property and do listing presentations and be really good at prospecting, but negotiation, to me, is the critical part of the whole thing.
\nKevin:<\/b>\u00a0 Yes, a great lesson is for agencies to be able to demonstrate how well they\u2019re going to negotiate. There has been a lot of training around that over the years, for agents to be able to show sellers how they can negotiate, and even for a seller to ask a question like, \u201cIf someone comes in with an offer that\u2019s $50,000 below what we\u2019ve already told you we\u2019ll accept, how will you negotiate those people up?\u201d A good agent should be able to tell you that.
\nPeter:<\/b>\u00a0 Yes, exactly. That\u2019s right. There are various schools of thought about that, and when I wrote the book \u201cThe Love Price,\u201d Kevin, one of my best friends is a prominent barrister \u2013 I won\u2019t mention his name because he\u2019ll get embarrassed.
\nKevin:<\/b>\u00a0 He\u2019ll probably sue you.
\nPeter:<\/b>\u00a0 Yes, he\u2019ll probably sue me. I asked him to have a read of my book first, because he teaches negotiation all around the country, and I have a thorough listing of dos and don\u2019ts in the book about negotiation. It\u2019s very good for a homeowner to read them, because they\u2019re in the negotiation, as well, obviously. He just gave it a big thumbs up, which is fantastic.
\nKevin:<\/b>\u00a0 Yes. It\u2019s a great read, and I thoroughly recommend it to anyone. We\u2019re going to round this chat out very quickly, mate, but I just wanted to touch on a point that you did raise, and that was people choosing their agent.
\nI was surprised in that CoreLogic survey to read that 38% of people said they only interviewed one agent. Is that changing? Do you think people are becoming more attuned to the selection of the agent, so therefore, they only need to talk to one?
\nPeter:<\/b>\u00a0 I think, unfortunately, the world has become so busy and we make decisions quite quickly. In interviewing somebody, we go, \u201cOkay, we\u2019ve seen their signs up. They have good listings.\u201d There\u2019s a lot of social proof of an agent\u2019s success, but as I said earlier on, Kevin, that actually is no indication that they\u2019re actually the best agent.
\nWhat I would suggest to any seller is, yes, interview that agent, definitely. Why not? You\u2019d be crazy not to. But, also, choose at least one or two others that are different to them and get some balance into your decision making. Yes, it\u2019s going to take a little bit more time \u2013 you\u2019re going to have to spend another hour or an hour and a half with each of those agents \u2013 but it\u2019s well worth it.
\nKevin:<\/b>\u00a0 Speaking of time, we are out of it. Pete, thank you so much for your time. The book is called \u201cThe Love Price,\u201d <\/i>and you can find a little bit more about it by going to Pete\u2019s website, HuttonAndHutton.com.au.
\nPete, once again, thanks for your time, mate.
\nPeter:<\/b>\u00a0 Thank you, Kevin. My pleasure.
\n <\/p>\n

George Raptis<\/h3>\n

Kevin<\/b>:\u00a0 Maybe you\u2019ve decided to become a first time investor. Well, congratulations. To help ease the burden as you first start in, George Raptis \u2013 a man with a huge amount of experience \u2013 has helped lots of first time investors get into the market. George, of course, is from Metropole Properties in Sydney.
\nGood day, George.
\nGeorge<\/b>:\u00a0 Hi, Kevin. How are you going?
\nKevin<\/b>:\u00a0 Good, mate. I want you to give me your top ten tips for first time property investors.
\nGeorge<\/b>:\u00a0 Thank you, Kevin. Obviously, the first one is you set clear financial objectives. Never invest in something just because someone else said it was a good thing to do.
\nKevin<\/b>:\u00a0 Not even you, George?
\nGeorge<\/b>:\u00a0 That\u2019s right. Not even me. Investing in property is no different. Take a step back. Make sure you have yourself clear financial goals. For starters, you would have to define what they are and then ask yourself, \u201cWill investing in real estate help me achieve them?\u201d You have to have tangible things like return on investment, cash flow, and timeframe. You also need to consider risk and liquidity factors.
\nThe next thing I would say is treat your investment like a business. Owning a business is like owning a business and you\u2019re the CEO. You have to make sure your business is structured correctly, supported by the right leadership, resources, technical knowledge, and experience, is financially viable, it\u2019s meeting your financial targets, and it complies well with the government rules and regulations. If you think you can\u2019t deliver on these requirements yourself, then you need to hire someone who can or think twice before investing.
\nThe other important thing, Kevin, is some people think they can do it on their own. Seek help. Before taking on what will be probably one of the biggest financial and emotional commitments one will make, make sure you learn about and fully understand the business of property investing.
\nKevin<\/b>:\u00a0 Is this about building a team around you, George?
\nGeorge<\/b>:\u00a0 Correct. Remember, a little knowledge is a dangerous thing. If you don\u2019t invest, you don\u2019t know, and if you don\u2019t get the right advice from sources like trusted family and friends who may have prior investing experience, independent advisors like accountants, property advisors, and financial planners are essential.
\nResearch the market. As part of your education process, make yourself the area expert. Get out there. Hit the pavement. Have a look at what\u2019s selling, what\u2019s not selling, what people like, what they don\u2019t like, and so forth. In other words, get out there, focus on a particular market, and know what\u2019s going on in your local patch.
\nThe next one would be be patient. Invest sensibly. We see so many people rush off and they follow the stampede. They want to do something for the sake of doing it. Don\u2019t rush. You have to balance two competing requirements \u2013 what you want and what your potential renter and buyer wants. Take your time. Consider all the options.
\nAnother thing is capital growth is key. It might be stating the obvious, but you should only buy where there is potential for above-inflation and long-term capital growth. This is where research, education, and wisdom come to the fore.
\nKevin<\/b>:\u00a0 That\u2019s another great reason to take your time with it, George. Isn\u2019t it?
\nGeorge<\/b>:\u00a0 Exactly right. There\u2019s no rush, Kevin.
\nProperty inspection is a must. The last thing you want to do is buy a lemon. How many times do we hear about people buying something off the Internet halfway around the world and when they have a look at it, it\u2019s nothing like what they envisioned it to be?
\nIt\u2019s important that you inspect a property thoroughly with an objective eye, and it\u2019s a good idea to bring some family, friends, or get an unbiased perspective on what\u2019s good and what\u2019s not. If you\u2019re serious about a property, bring in the experts for a structural or pest report just to make sure you\u2019re not buying yourself into a money pit.
\nThe other important thing is cash is king. It\u2019s extremely important that you don\u2019t over-commit yourself financially and that you can afford to own, manage, and maintain your investment property. This means you must prepare both a personal and property budget so you can qualify how much of your own money you\u2019ll have to commit up front as well as everything on an ongoing basis.
\nAvoid these fancy rental guarantees. We\u2019ve heard about these rental guarantees, Kevin. They\u2019re often associated with new property developments. It\u2019s a bit of a marketing ploy \u2013 that little carrot dangling in front of you to entice you to buy. It sounds good in theory that you\u2019ll get a minimum rental return no matter what, but in reality, they have a dubious value. They\u2019re not there for no reason at all. Obviously, they\u2019re trying to entice people with regards to a rental guarantee, and at the end of the day, you\u2019re the one who pays for it.
\nLast but not least, don\u2019t do it all yourself. As a first time investor, it makes sense to get all the advice and help you can get. Sure, you can do it yourself, but unless you have the right level of knowledge and experience, you\u2019re more likely to make mistakes unless you have the support and guidance of a trusted and experienced advisor. Of course, there are costs involved, but you should view this as a way of mitigating your risks and as an investment in your education.
\nKevin<\/b>:\u00a0 Indeed, it is. I\u2019d suggest you go back and have a listen to those words from George because there is so much good advice in there. If you want to not make mistakes when you start out, that\u2019s the way to do it.
\nGeorge, thanks so much for your time and sharing your experience with us, mate.
\nGeorge<\/b>:\u00a0 You\u2019re welcome, Kevin.
\n <\/p>\n

Zaki Ameer<\/h3>\n

Kevin:<\/b>\u00a0 We talk about adding value by doing a renovation, and sometimes it might not be the answer. That\u2019s according to real estate expert and wealth development coach Zaki Ameer from Dream Design Property.
\nGood day, Zaki. Nice to be talking to you again.
\nZaki:<\/b>\u00a0 Good day, Kevin. How are you, mate?
\nKevin:<\/b>\u00a0 I\u2019m fine. Thank you. You say that renovation is not the be all and end all. Why do you say that?
\nZaki:<\/b>\u00a0 I feel most people who buy a property whether it\u2019s in original condition or somewhat even new condition, they believe that just because they renovate, they\u2019re going to increase the value of the property or increase their rental income. I don\u2019t think that\u2019s the case in all investment properties, as I\u2019ve experienced myself.
\nSome properties, if you do your research, even if it\u2019s original condition and can do with a new bathroom, kitchen, etc., you might see that you\u2019ve already got good value in it. So I suggest that do you research, see what the comparable properties in the areas are selling for, for a similar condition, and just have a think about \u201cIf I did spend $50,000 renovating this property, is it actually going to increase the market value?\u201d Or even when it comes to the rental income, is an extra $10 to $20 of rental income a week going to make such a difference to go through the headaches of managing a renovation.
\nKevin:<\/b>\u00a0 Yes. As you say, not all renovations are going to return well for us. How do you know which ones to renovate and which ones not to?
\nZaki:<\/b>\u00a0 Definitely, the first thing you have to decide is \u201cAm I making an emotional decision renovating the property?\u201d You might want to actually question that yourself before starting a renovation.
\nThe second part is when you know you\u2019re doing this [1:36 inaudible]<\/b> numbers, just to work out the numbers, saying, \u201cOkay, if this property was bought for \u2013 let\u2019s say \u2013 $500,000, and I\u2019m going to spend $15,000 renovating, am I going to make an additional $30,000?\u201d What I\u2019d look at is somewhat close to doubling the value of the renovation before I begin that process.
\nKevin:<\/b>\u00a0 Of course, it\u2019s very easy when you\u2019re doing a renovation to over-capitalize, as well. Is that one of the other problems, Zaki?
\nZaki:<\/b>\u00a0 That\u2019s true, and that\u2019s the same with our clients at Dream Design Property, and that\u2019s one of the reasons we offer that project management for renovations. We find many investors out there not really having the experience to project manage a renovation. The builders will say, \u201cYou need a new this, new that,\u201d and then you just keep spending money because you feel like that\u2019s the right thing to do, and before you know it, you\u2019ve over-spent.
\nKevin:<\/b>\u00a0 One of the problems I see, too, with people who do renovations is that they renovate from the heart as opposed to from the head. In other words, they don\u2019t really look at it as a business.
\nZaki:<\/b>\u00a0 That\u2019s correct, and that\u2019s a rule of investing, anyway. You have to decide that investing is a pure numbers game and has nothing to do with… Controlling emotions is everything about it, and that\u2019s why sometimes outsourcing those positions of project managing a renovation is probably a good idea to someone who does this day in and day out for a living.
\nKevin:<\/b>\u00a0 Is it still possible, Zaki, to buy a property, to renovate it, and then flip it and make a profit, or are the margins too narrow nowadays?
\nZaki:<\/b>\u00a0 Compared to when I was investing seven years ago, 2007\/2008, I feel like they\u2019re starting to slim down, because the majority of the investors, like myself, have already got into the market, especially around Sydney\u2019s western and southwestern suburbs, and turned in all those original-condition properties back to somewhat new condition. I feel it\u2019s just a matter of time before you have that opportunity, again, to go in and turn it around.
\nKevin:<\/b>\u00a0 How far away do you think that timing is?
\nZaki:<\/b>\u00a0 In my view, I\u2019d give it another ten years, especially for Sydney. But if you look at the Brisbane and upcoming areas in Brisbane, then you have the same opportunities I had back in the western and southwestern suburbs of Sydney to renovate a property.
\nKevin:<\/b>\u00a0 What sort of properties are good in the Brisbane area to be renovating right now? The Old Colonials?
\nZaki:<\/b>\u00a0 Yes, that\u2019s it, the same thing \u2013 the properties that are about 30 or 40 years old in the surrounding areas of, say, Logan, Ipswich, [3:57 inaudible] <\/b>areas, some areas around the Gold Coast. They have properties in original condition that you could buy and renovate.
\nBut once again, you have to do your research, like we do for our clients, before you actually even purchase a property. \u201cIs this property one that we\u2019re going to renovate? And if we do renovate, is it going to add value to it?\u201d
\nKevin:<\/b>\u00a0 That makes sense to me. Thanks for your time. I\u2019ve been talking to Zaki Ameer. Thanks, mate.
\nZaki:<\/b>\u00a0 Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  We are experiencing many warnings of housing bubbles, crazy\u00a0house\u00a0prices and other alarms. So what needs to happen in the economy to cause\u00a0dwelling prices to fall significantly is a question we ask\u00a0Michael Yardney. He outlines the 10 events that will signal such an event. Our…<\/p>\n","protected":false},"author":176692471,"featured_media":5102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[101],"class_list":["post-5101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shows","tag-podcast"],"yoast_head":"\nLine of credit, offset account and redraw facility | 10 events that could crash the housing market | "The Best Price For Your Home is the Love Price" | Top ten tips for first time property investors | Renovations - 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\/line-of-credit-offset-account-and-redraw-facility-10-events-that-could-crash-the-housing-market-the-best-price-for-your-home-is-the-love-price-top-ten-tips-for-first-time-property-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Line of credit, offset account and redraw facility | 10 events that could crash the housing market | "The Best Price For Your Home is the Love Price" | Top ten tips for first time property investors | Renovations - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  We are experiencing many warnings of housing bubbles, crazy\u00a0house\u00a0prices and other alarms. 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