{"id":5176,"date":"2015-07-24T12:00:44","date_gmt":"2015-07-24T02:00:44","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5176"},"modified":"2015-07-24T12:00:44","modified_gmt":"2015-07-24T02:00:44","slug":"suburb-gentrification-7-ways-to-bleed-the-banks-dry-deposits-on-contracts-successful-renovators-handover-what-does-flipping-mean","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/suburb-gentrification-7-ways-to-bleed-the-banks-dry-deposits-on-contracts-successful-renovators-handover-what-does-flipping-mean\/","title":{"rendered":"Suburb gentrification | 7 ways to bleed the banks dry | Deposits on contracts | Successful renovators | Handover | What does 'flipping' mean?"},"content":{"rendered":"

 
\nWe talk to Cherie Barber<\/strong> about why some renovators become hugely successful with some skills they employ without even picking up a hammer. She also tells you why the internet is not a great tool to rely on when you are researching a property or market.
\nRecently there\u2019s been a lot of talk about banks changing the goal posts making it harder for property investors to get loans so Michael Yardney<\/strong><\/a> details the 7 ways to bleed the banks dry.<\/b>
\nConveyancer Garth Brow<\/strong>n answers my questions about deposits on contracts. Amongst them \u2026. what happens if there is no deposit, what are the circumstances that would see a buyer loose the deposit to the seller and how to avoid that?
\nSuburb gentrification is the new term for a hot spot. So what determines that an area should be, or is about to be, gentrified? Property lecturer and author Peter Koilizos<\/strong> says many investors have jumped in thinking an area is about to be transformed when it was never going to happen because the fundamentals were never there. Peter tells us what to look out for.
\nShannon Davis<\/strong> explains what flipping is and how it stacks up against other strategies like buy and hold.
\nIf you are building a new home either as a principal place of residence or as an investment, one of the \u2018knife edge\u2019 moments, apart from deciding on the location, design or builder, is when it comes time to do the handover. It needs an expert eye. Don\u2019t rely on a contractor supplied by the builder. That just set up a conflict of interest. We will have the solution for you today.
\n <\/p>\n

Transcripts:<\/h4>\n

Cherie Barber<\/h3>\n

Kevin<\/b>:\u00a0 One of the reasons why many people become very successful in property and through renovation is because they thoroughly research and understand the market before they purchase, not after they purchase. I know this is a topic that is near and dear to the heart of our next guest, Cherie Barber from RenovatingForProfit.com.au and also a regular guest on The Living Room<\/i> on Channel 10.
\nCherie, some of the techniques that you use that you\u2019d like to highlight for us to make sure that we actually buy the right property at the right price?
\nCherie<\/b>:\u00a0 Wow, that\u2019s a big one. It takes about two days to explain that in my workshop. Let me try and give you a couple of key tips first of all. One of the first things that I say to people before they actually rush out and buy a property\u2026 That is very tempting. A lot of the renovation shows on TV spur people into going out on the weekends and wanting to do a renovation, and they jump into it before doing the proper research.
\nI think the first thing is become an expert at the suburbs. You only have to spend about a week in a suburb, driving the streets, looking up suburb demographics online. There is so much suburb data on the Internet these days. It\u2019s incredible. First of all, do your suburb due diligence. That will take a week or two to get a really good feel of the suburb.
\nOnce you\u2019ve done that, you need to then move to pricing due diligence. One of the big things is a lot of people do a lot of their pricing research via the computer these days. As you know, Kevin, you call that desktop valuation. It\u2019s simply not enough, because all of those Internet reports are great tools but if that\u2019s your sole mechanism for determining the value of a property, you\u2019re in serious trouble, because none of those Internet online reports will tell you where the negative and positive price pockets are at a suburb level.
\nWhat I mean by that is that you can go into a suburb and some streets pull higher prices \u2013\u00a0 and for no logical reason, you have other streets that historically have lower property value. What can also skew that is the location of infrastructure, like if you\u2019re closer to the water, naturally, property prices are going to be higher. If you\u2019re closer to the shops, property prices could be lower. You need to be going through properties, you need to be going through other people\u2019s homes, and actually trying to work out some of this stuff yourself.
\nKevin<\/b>:\u00a0 As you said, those desktop valuations or the supplies of those don\u2019t really keep up to date with the things that are happening in the area nor what is being renovated in the area. I\u2019ve quite often seen houses put up as three-bedroom when in fact they are four-bedroom because they have been extended, Cherie. It makes a huge difference to the valuation of every property.
\nCherie<\/b>:\u00a0 It does. I\u2019ve had a lot of conversations with valuers over the years. Obviously, I\u2019m in the game of buying and selling or buying and renting properties for a living, so I deal with valuers a lot. When I finish a renovation, I call the valuers in to get it re-valued, so I can tap into the new increased equity so that I can go out and buy my next property.
\nI\u2019ve always been having conversations with valuers about the values of property, and I can\u2019t tell you how many times evaluations have come in low. You\u2019re not having arguments, but you\u2019re having heated debates with valuers saying, \u201cYes, but apples to apples, that property that you\u2019re basing that figure on didn\u2019t have this, it didn\u2019t have this, it didn\u2019t have that, and it was unrenovated. Mine is renovated.\u201d
\nValuers and people who do the desktop valuations \u2013 you\u2019re right \u2013 they don\u2019t have that insight to the condition of the property at the time of the sale. It can mean the difference between tens of thousands of dollars.
\nKevin<\/b>:\u00a0 That is a fantastic tip that you\u2019ve given us there, because we have come to rely very much on the Internet to do our research, but you\u2019re saying get on the ground and get that on-ground experience.
\nCherie<\/b>:\u00a0 The Internet is great, and I hate to say it, but the Internet has made us lazy. The good old-fashioned way, just go through people\u2019s homes. It\u2019s actually not a bad thing, because when you go through people\u2019s homes trying to work out which properties sell higher for higher prices, which style is more in demand.
\nIf you go to an open for inspection and buyers are swarming all over a beautiful federation house, probably in the suburbs, you go, \u201cMaybe I should renovate my house more in a federation style as opposed to a more contemporary style.\u201d You actually learn a lot about hitting the pavement.
\nAt the same time, you also develop good relationships with the real estate agents, so they know that you\u2019re a more serious person, you\u2019re not a tire kicker. When they see you going through properties, they\u2019re more likely to go, \u201cI saw that person coming through the open for inspection. I might give them a call and let them know that this property is about to come on the market soon.\u201d
\nI\u2019ve sourced a lot of properties over the years just by being present at the open for inspections. There is a whole heap of benefits there that you can really do <\/b>on researching a property.
\nApart from that, I have a property due diligence checklist that I have developed for my students. In fact, what you may not realize, Kevin \u2013 you may have to do an episode on this one day \u2013 there are 60 things that you should research on a property before you sign that contract of sale. Can you believe it?
\nKevin<\/b>:\u00a0 Sixty things? Is that right?
\nCherie<\/b>:\u00a0 Sixty things. The good thing is the 60 things don\u2019t actually take long to do. It takes my students about one and a half days or less to tick off every single thing. I can probably give you a couple of things now if you have time.
\nKevin<\/b>:\u00a0 Yes, please.
\nCherie<\/b>:\u00a0 For example, really basic stuff that people don\u2019t think to research: my students when they buy a property will make a quick call to their council and say, \u201cCan you tell me what the zoning of the property is? Can you tell me if this property is heritage listed? Can you tell me if the property is in a heritage and conservation zone?\u201d That is different to heritage listings.
\n\u201cCan you please tell me are there any tree preservation orders on this property? Can you tell me is this property in a bushfire-prone zone? Is there any land contamination that you are aware of? Has anybody tried to lodge any development applications on this property in the past with council? And more importantly, have any of the neighboring properties been approved for development?\u201d
\nThey\u2019re just a small handful of quick questions that somebody can either phone council or walk into council, and that can uncover a lot about a property before you rush out and sign that contract.
\nKevin<\/b>:\u00a0 Yes, another great reason to make sure that you get into one of Cherie\u2019s workshops. They go for two or three days, I think, don\u2019t they, Cherie?
\nCherie<\/b>:\u00a0 Three long days. It takes me about three weeks to get over one, Kevin.
\nKevin<\/b>:\u00a0 They\u2019re fantastic. You can get all the details at Cherie\u2019s website, RenovatingForProfit.com.au, and pick up the free DVD while you\u2019re there.
\nCherie, always great talking to you. I look forward to seeing you on The Living Room<\/i> and more importantly, having you back on the show again really soon. Thanks for your time.
\nCherie<\/b>:\u00a0 Anytime. Thank you, Kevin.
\n <\/p>\n

Michael Yardney<\/h3>\n

Kevin<\/b>:\u00a0 There is a lot of talk about macro-prudential controls and ways that the banks are going to make it more difficult for property investors to get their loans. Is this all that new, and what are the ways that you can actually overcome this and protect yourself a little bit more?
\nMichael Yardney joins me. Michael, I know you\u2019ve been investing for decades. Is this all that new?
\nMichael<\/b>:\u00a0 \u201cInvesting for decades\u201d \u2013 that makes me sound old, Kevin. The rules are changing all the time with lenders, but that has always been the case. I remember the old days of credit squeezes where the Reserve Bank was able to restrict bank lending, so it\u2019s now new, Kevin. You just have to make yourself attractive to the banks.
\nKevin<\/b>:\u00a0 How do you go about doing that, Michael?
\nMichael<\/b>:\u00a0 It all has to do with serviceability. That\u2019s the term that they use to protect themselves from taking on what they see as risky loans. Fortunately, not all lenders use the same criteria to determine your serviceability \u2013 how well you can service the loan \u2013 and that can make a really big difference.
\nI know some lenders will lend up to $100,000 more than others to the same person just based on how they take into account their income, their credit cards, and their job. I think it\u2019s important to shop around to different lenders, but you have to do it in the right way. That\u2019s why I think having a good finance strategist on your side is a good way to start.
\nKevin<\/b>:\u00a0 So it has nothing to do with how you dress and how you talk, Michael?
\nMichael<\/b>:\u00a0 It used to be in the old days. I remember I used to have to put a suit on, go make an appointment, sit with the bank manager, and impress them. You also used to have to have a savings record. Remember those little savings books that you had before? The rules have changed now, so you just have to play with the current rules, Kevin.
\nKevin<\/b>:\u00a0 What are some of the things we should be aware of to make our profile better with the bank?
\nMichael<\/b>:\u00a0 They check your credit record before they make any decisions. One of the things they look at is what your income is and what your expenses are, but they also have a look at how many credit cards you have, have you defaulted on your credit cards, because they actually see the potential for you to max out your cards even if you\u2019re well disciplined.
\nMy suggestion would be look at your credit cards, and maybe get rid of one or two \u2013 if you don\u2019t need them \u2013 prior to applying for a loan. If your balance is zero, they still see that you could potentially use up those balances.
\nKevin<\/b>:\u00a0 Yes, you have access to those funds. I guess in doing that sort of homework too, making sure that your records look good when you take them in, like you know what you\u2019re doing.
\nMichael<\/b>:\u00a0 You should because banks require you to give proof of your income. If you\u2019re self-employed, they request that in different ways. Often, it\u2019s more than just a couple of pay slips. Having all that paperwork under control makes you a better investor any way, but it also makes you look as a better investor to the banks.
\nKevin<\/b>:\u00a0 When you\u2019re putting all that together, Michael, is it as simple as money coming in is simply income?
\nMichael<\/b>:\u00a0 You would think that, wouldn\u2019t you, Kevin? But some banks take into account 100% of your rental income. Some only take 80%, and some less. Some see dividends, second jobs, child maintenance, company bonuses, commissions, government benefits, and annuities all differently.
\nThat is, again, the reason why you have to have somebody who understands the rules of the game to take you through the maze. That\u2019s where an experienced finance broker can really be immensely helpful.
\nKevin<\/b>:\u00a0 Michael, you mentioned earlier about credit cards. I guess included in that would be lines of credit. Is it important to have an understanding of those and try to get rid of them if possible or reduce them?
\nMichael<\/b>:\u00a0 I think that\u2019s a good idea. One of the ways you can sometimes do that is even roll them up into your home mortgage and pay them at a lower interest rate. You may have a couple of store cards that you\u2019re now paying 18% or 19% on, and that way, you actually can maybe only end up paying 4.5% or 5% with your mortgage.
\nThe real trap, though, is if you do roll up your debts into one lower interest rate one, you have to pay them off quickly, make sure that you get rid of them, not pay them for the next 30 years of the length of your mortgage.
\nKevin<\/b>:\u00a0 Indeed, mate. You mentioned there about working with brokers. That\u2019s all a part of looking around for those discounts, but it\u2019s also difficult to know how to compare them, Michael.
\nMichael<\/b>:\u00a0 It is, and I wouldn\u2019t just choose a bank based on the discounts they give you this month, the fees, or the interest rates. There is a lot more to it, and a good broker would also look at the flexibility of the loan. I think everyone needs one loan with all the services with an offset account and credit cards. But once you get into your second, third and fourth investment property, sometimes the loans don\u2019t require all those bells and whistles. You can go to a smaller secondary lender who is going to maybe have a better package for you.
\nKevin<\/b>:\u00a0 Some of the other issues, just to round it out, Michael?
\nMichael<\/b>:\u00a0 One of the things that you could consider is taking on loans for longer terms if you can\u2019t afford the serviceability. Kevin, do you know that there are some banks that still give 40-year terms?
\nKevin<\/b>:\u00a0 Goodness, they wouldn\u2019t do it for me.
\nMichael<\/b>:\u00a0 Maybe not for you and me because they\u2019re not figuring we\u2019re going to be around for a long time. The concept is, though, that if you take a $300,000 loan over 30 years or if you take it over 40 years, what is going to happen is your interest payments are less, your monthly payments are less, and it makes it more serviceable.
\nThe trouble is that you\u2019re paying it for longer, so over the term of the loan, you\u2019re going to be paying back much more. But it\u2019s a good way to get in, and then consider refinancing it down the track.
\nKevin<\/b>:\u00a0 It goes back to that first point that you made about serviceability, doesn\u2019t it?
\nMichael<\/b>:\u00a0 It all has to do with how the banks see serviceability. Maybe a final point is that while they are all very different, sometimes the banks are on your side, and sometimes the right thing to do is nothing.
\nIf you haven\u2019t got the serviceability, don\u2019t get yourself into trouble by taking on a commitment now considering that down the track somewhere interest rates are going to go up and you may have difficulty sticking to your commitment.
\nKevin<\/b>:\u00a0 Wonderful stuff. Thanks again for your time. Michael Yardney from Metropole Property Strategists. Michael, your blog if we want to catch up on more?
\nMichael<\/b>:\u00a0 PropertyUpdate.com.au.
\nKevin<\/b>:\u00a0 Always good talking to you, mate. Michael Yardney from Metropole Property Strategists. Don\u2019t forget they have offices all around Australia, and you can contact them through their website, as well, Metropole.com.au.
\nThanks for your time, mate.
\nMichael<\/b>:\u00a0 My pleasure, Kevin.
\n <\/p>\n

Garth Brown<\/h3>\n

Kevin<\/b>:\u00a0 We often think when we buy a property that the deposit is just part of the process, that\u2019s what you have to pay. Quite often, I get asked the question, \u201cHow much deposit should I pay?\u201d Let\u2019s have a look at that, and we\u2019ll also have a look at what really makes up a deposit and why it\u2019s important to have one with every contract.
\nI\u2019m talking now to Garth Brown from Brown & Brown Conveyancers. Garth, thanks again for your time.
\nGarth<\/b>:\u00a0 Thanks, Kevin. I appreciate it.
\nKevin<\/b>:\u00a0 How important is it to have a deposit with a contract? Can you actually form a contract without a deposit?
\nGarth<\/b>:\u00a0 No, you need to have the deposit. It\u2019s part of a valid and binding contract. It\u2019s known as consideration. There needs to be a deposit paid, a contract signed, and an intention to be legally bound. It\u2019s a major part of a valid contract. It must be there. If it\u2019s not there, you don\u2019t have a valid contract.
\nKevin<\/b>:\u00a0 How is the deposit used? Once it has been gathered by the agent, what happens?
\nGarth<\/b>:\u00a0 The agent places the deposit in a trust account. It\u2019s held there until settlement.
\nKevin<\/b>:\u00a0 Okay Garth, so that goes into a trust account, which means it\u2019s held in trust. It is owned by neither the seller nor the buyer at that stage. Is that correct?
\nGarth<\/b>:\u00a0 Yes, that\u2019s right. It\u2019s held by the agent as a stakeholder, and that is just ensuring the obligations of both purchaser and vendor. When they\u2019re completed, the deposit is released after the agent deducts their commission from the deposit.
\nSometimes what happens is that part of the deposit is needed before settlement. Both vendor and purchaser conveyancers agree to have part of the deposit released before settlement so that it can be used for the property to settle. Maybe the mortgage is a lot higher than what the contract allows for, so the deposit needs to be released to help out the settlement.
\nKevin<\/b>:\u00a0 That has to be by agreement between all the parties.
\nGarth<\/b>:\u00a0 That\u2019s right. It\u2019s very important that all parties, once a contract is exchanged, that the settlement proceeds do cover what is required at settlement to pay up the mortgagee. If not then all parties need to agree to have part of that deposit released to make sure that there is enough surplus to cover the mortgage to pay it out.
\nKevin<\/b>:\u00a0 You said earlier that it\u2019s there to allow the settlement to happen. In a scenario where it goes all the way through to settlement, the purchasers may have a pre-settlement inspection and find that there is something not quite right. At that point, is the settlement held up, or can it still go ahead?
\nGarth<\/b>:\u00a0 The object is to get the property across the line to settle. What can happen is that part of the deposit \u2013 it could be $1000 or whatever \u2013 could be held back. This would be resolved after settlement. They would just get the property to settle and then come back to sort out the smaller part of the transaction. The main objective is to get the property settled and then come back and sort out what is needed from there.
\nKevin<\/b>:\u00a0 Rather than let the sale fall over, it settles, the purchaser get its, they still get occupation, and then whatever problem needs to be sorted out with that $1000 or whatever the case may be, that\u2019s then done.
\nGarth<\/b>:\u00a0 That\u2019s right. We had one in country New South Wales, where the hot water system was faulty. It was working at the time of the inspection, but when it came to the pre-settlement inspection, the hot water system wasn\u2019t working. What happened there, the vendor agreed to hold back $1000 and to allow the property to settle. Then both vendor and purchaser negotiated together. They decided to replace the hot water system with that $1000 by the vendor, so it worked out really well.
\nKevin<\/b>:\u00a0 Right back at the start of our chat, you said that the deposit is paid to make it a binding contract. In the event that the sale doesn\u2019t proceed \u2013 because maybe the purchaser can\u2019t get their financing and has to terminate as normal \u2013 what happens to that deposit?
\nGarth<\/b>:\u00a0 Particularly in New South Wales, if you don\u2019t settle on that contract settlement date, you\u2019re issued with 14 days notice, known as a notice to complete. If you don\u2019t settle within that 14 days, the vendor can terminate the contract and keep your deposit, and then the vendor can go and sell the property to someone else.
\nKevin<\/b>:\u00a0 Under what circumstances can the purchaser get their deposit back?
\nGarth<\/b>:\u00a0 Particularly after you have exchanged contracts and paid the deposit, the purchaser\u2019s conveyancer would undertake checks to make sure that there are no road proposals to go through the property, or any railways, to acquire the land for education, or to put power lines through.
\nThese sort of things affect the value of the property, and if they haven\u2019t been disclosed in the contract, in the special conditions, before signing and you find out about these after you\u2019ve signed the contract, then you can rescind the contract to retrieve your deposit back based on some legislation there.
\nKevin<\/b>:\u00a0 There are parts of Australia where a contract can fail subject to finance, and I know in New South Wales, you\u2019ve explained that that is not the case, but in some parts of Australia, if it fails on the finance, for instance, the deposit is paid back to the purchaser.
\nGarth<\/b>:\u00a0 Yes, as long as that condition is in the contract there.
\nKevin<\/b>:\u00a0 A lot to get through. We will come back with Garth at some future time. I do want to talk to you about agency agreements, because that is another critical area that sellers in particular should be aware of.
\nGarth Brown from Brown & Brown Conveyancers. Thanks for your time, Garth.
\nGarth<\/b>:\u00a0 Thanks, Kevin.
\n <\/p>\n

Paul Corn<\/h3>\n

Kevin<\/b>:\u00a0 Many property investors, of course, decide that they want to get a new property built because there are obvious advantages of that \u2013 of depreciation and so on that we have covered in the show before \u2013 but one of the things you\u2019ll find if you do have to build a new home or you want to buy into a new unit complex is the difficulty you\u2019ll have at the point of handover.
\nYou have to assume, therefore, that everything has been done properly, and quite often, builders, you\u2019ll find, will have their own inspection done prior to settlement. But is that good enough? Maybe you should get an independent party to have a look at it for you.
\nThere is a company I\u2019m going to suggest to you now \u2013 Handovers.com. That is what they do. They come in. They will represent you as the buyer, have a look at the property, and then give you an impartial report about the things that need to be done to bring it up to standard if that is necessary.
\nPaul Corn is the man behind Handovers.com, and he joins me. Good day, Paul.
\nPaul<\/b>:\u00a0 Hi, Kevin. How are you?
\nKevin<\/b>:\u00a0 Good, mate. A great service that you offer. What do you see as, obviously, the benefits of this, but also where do a lot of these areas of concern come up in your experience?
\nPaul<\/b>:\u00a0 Kevin, it seems that a lot of builders e-mail or ring the client and say that it\u2019s a practical completion and they have to make their final payment. What we do is go out and have a look, and if it is at practical completion, we will tell the client it is but if it\u2019s not, we then recommend that they don\u2019t make their final payment because it\u2019s not a practical completion.
\nKevin<\/b>:\u00a0 What are some of the things that you look for, some of the problem areas that may emerge in this that I, as a novice, wouldn\u2019t know?
\nPaul<\/b>:\u00a0 We look at everything that you, as the novice, look at, but we know what is either right or wrong. We look at paint, tiling, door margins, all that. Brickwork, you name it, we look at it. We\u2019re just making sure that the builder\u2019s interpretation of quality is what is acceptable. If not, we do a list, and for paint and plaster, we use a safe removal tape on the walls and then we ask the builder to rectify those items.
\nKevin<\/b>:\u00a0 How much control or how much power do you have over the builder to do that?
\nPaul<\/b>:\u00a0 We have the same amount of power as the owner, but in saying that, we know what\u2019s right or wrong. If it had to go to one of the governing bodies, we believe that our report, everything that we write down, would be asked to be rectified by the governing body.
\nKevin<\/b>:\u00a0 I suppose from time to time, too, Paul, there might be things that I, as a consumer, would think need to be done but practically, they don\u2019t have to be, and you\u2019re that third person who can say, \u201cNo, that\u2019s not the role of the builder.\u201d Is that a fair comment?
\nPaul<\/b>:\u00a0 That\u2019s a fair comment. We see numerous times where an owner has gotten themselves worked up into a bit of a lather because they believe that this certain item isn\u2019t right, but if it is right, we will tell the owner and we\u2019ll explain why it\u2019s not a defect.
\nWe have to work within the guidelines. There is a document called Guide to Standards and Tolerances<\/i>. It\u2019s a condensed version of Standards Australia<\/i>. We use that document. It might be the margins on a door or the architraves <\/b>around a window, but everything has a standard and tolerances. That\u2019s what we have to work to.
\nKevin<\/b>:\u00a0 You mentioned this earlier in our chat, too, that you come in prior to that final payment being made. That is fairly critical, isn\u2019t it? If that final payment is made over and then you come in and do your report, you might even find it almost impossible to get the builder to come back and rectify some of those problems.
\nPaul<\/b>:\u00a0 We have had where the builders have said, \u201cNo, you haven\u2019t written it down, and we\u2019re not going to fix it.\u201d We have gone out and had a look at it, produced a report, had a discussion with the builder, and all of my employees, we all speak \u201cbuilder speak,\u201d so to speak, and we can negotiate with the builder.
\nWe have never had to go to any of the tribunals or whatever, because we can talk to the builder, and most of the time, we\u2019ll get it through that yes, it has to be fixed \u2013 because a defect is always a defect. It never changes.
\nKevin<\/b>:\u00a0 Paul, before we need to go, I understand you have flying cameras up and around Australia, too, to help investors have a look at where their property sits. Tell me about that service.
\nPaul<\/b>:\u00a0 We have these flying cameras. It\u2019s just an add-on service where a lot of owners don\u2019t see their investment property. What we do is we will use the camera, hover above the house, give them a 360-degree aerial shot of where the house is, and they can have a look at where it is in the town that they\u2019re built in, what it looks like. It\u2019s just an add-on service that we have for our clients, and it seems to be taking off rather well.
\nKevin<\/b>:\u00a0 I think that the service you offer just in helping investors in that handover process is very powerful. Paul, thank you so much for your time. The website is Handovers.com.
\nMy guest has been Paul Corn. Paul, thank you for your time.
\nPaul<\/b>:\u00a0 Thanks, Kevin.
\n <\/p>\n

Shannon Davis<\/h3>\n

Kevin<\/b>:\u00a0 There is an American term you might have heard us use in the show here that has come into our vocabulary, and that is \u201cflipping.\u201d Flipping is where you buy a property, renovate it, and flip it back over \u2013 but you need to do it quickly. Is that a good strategy to use in this market as opposed to a buy-and-hold strategy?
\nShannon Davis from Metropole Properties in Brisbane joins me. Shannon, is it different in each city. Would you be flipping right now in Sydney as opposed to Brisbane?
\nShannon<\/b>:\u00a0 With a market like Sydney right now, there is a much better chance that it\u2019s going to make it.
\nKevin<\/b>:\u00a0 Yes, you\u2019re really taking the punt by the time you buy it, renovate it, and then flip it \u2013 which can probably take anything up to six to eight weeks \u2013 that the market is going to continue to grow, because if it folded in Sydney, you\u2019re going to be in a lot of strife.
\nShannon<\/b>:\u00a0 Yes, exactly. The more you have to time your exit strategy, the more that I\u2019m worried about it, because no one can control the market. In Sydney\u2019s market right now, you probably could do nothing for six to eight weeks and still make a profit.
\nKevin<\/b>:\u00a0 That may be, but then it might tank in two months, too.
\nShannon<\/b>:\u00a0 Yes, that\u2019s correct. For me, I\u2019m a buy-and-hold person. I don\u2019t like the entries and exits of property. You have stamp duty, you have sales commission, you have conveyancing fees, and often, finance costs on top of that. You have to make the improvement, buy well, have the market not turn against you and then with all those entry and exit costs, still make a profit at the end of that. Then, if it\u2019s sold in the first year, you have capital gains tax in the full whack.
\nFor me, if you have a clever finance person, you can still make those gains, do your value-add, but refinance in order to get yourself another deposit as well as hold the asset. If we\u2019re doing it for wealth, then that\u2019s a much better strategy, because you\u2019ve paid no entries and exits, you\u2019ve paid no taxes and you still have another appreciating asset as part of your wealth.
\nKevin<\/b>:\u00a0 We\u2019ve heard Michael Yardney talk about looking for properties that you can maybe add a twist to. You might pick it up at a certain figure, you might do some slight improvements to it that are going to maybe return you more, because you might have added another bedroom or something. Is that part of your strategy?
\nShannon<\/b>:\u00a0 Definitely. If you can see opportunities where others see obstacles, like adding an extra bedroom, that is going to definitely pay dividends in the long-term for the value-add. Property is the one thing that we can add value to. We can\u2019t do it with shares, fixed interest, or gold and silver. If we\u2019re in property and we\u2019re going against value-add techniques, then really, that\u2019s the one thing you have in your favor.
\nKevin<\/b>:\u00a0 It\u2019s very true. When you think of it, that\u2019s the one thing that stands out, and if you\u2019re not utilizing that, then you have rocks in your head. Why are you doing it?
\nShannon<\/b>:\u00a0 That\u2019s right. Even in a falling market, I\u2019ve added value to properties through renovation. That means you\u2019re in control.
\nKevin<\/b>:\u00a0 Let\u2019s look at the Sydney market for a moment. If you were going to flip in Sydney, one of the things you probably should do is try and get early access to the property so you can be renovating before you even settle, before you have that major capital outline.
\nShannon<\/b>:\u00a0 Yes, and it needs to be agreed with the other party and solicitors, and there is a little bit more risk in doing that for both parties.
\nKevin<\/b>:\u00a0 All right, there it is, a bit of a scenario for you about flipping and a good explanation about flipping as well.
\nShannon Davis from Metropole Properties in Brisbane, thanks for your time, mate.
\nShannon<\/b>:\u00a0 No worries, Kevin. Any time.
\n <\/p>\n

Peter Koulizos<\/h3>\n

Kevin<\/b>:\u00a0 A suburb that\u2019s gone through gentrification is a suburb that no one really has wanted to live in for some 30 to 40 years but which is now desirable and a more expensive place to live. As an example, Balmain in Sydney, St. Kilda in Melbourne, New Farm and Newstead in Brisbane, as well as Paddington in probably both Brisbane and Sydney. How do we find out the next ugly duckling waiting to turn into the next swan?
\nPeter Koulizos, property lecturer and author, has been looking at this, and he joins us. Peter, why does gentrification occur?
\nPeter<\/b>:\u00a0 Gentrification occurs when wealthier people move into an area, in particular, an area close to the city or close to the sea. But very importantly, it needs to have character and\/or period-style buildings, because it\u2019s those sorts of buildings that the people are looking for to update and live in.
\nKevin<\/b>:\u00a0 Generally, how long does it take for a suburb to become gentrified? I mentioned there at the start about Balmain in Sydney and St. Kilda in Melbourne. Typically, how long? Is it like a generation?
\nPeter<\/b>:\u00a0 Yes, a generation, decades. It doesn\u2019t happen overnight. Places like Balmain didn\u2019t become highly sought after overnight. It was down and out for maybe a century. I\u2019m not exactly sure, but it was certainly down and out for a long time. It could take 20, 30, or 40 years to come good. Then people very much want to live in those sorts of areas, but obviously pay a very high price to live there.
\nThe key is just because something has started to gentrify doesn\u2019t mean you\u2019ve missed the boat, because you still have many years to go. In many cases, you\u2019re far better off being relatively sure that the area is being gentrified rather than buying in somewhere thinking, \u201cOh, yes. Well, surely, this has to be gentrified sooner or later.\u201d
\nDon\u2019t forget, if your property investment goal is only five years \u2013 and I\u2019ve just said that gentrification could take 30 to 40 \u2013 well, buying in an area that hasn\u2019t even taken off yet is not going to meet your property investment goal.
\nKevin<\/b>:\u00a0 But I guess in a sense, the longer it takes, probably the more substantial it\u2019s going to be. It\u2019s a bit like oak trees take a long time to grow, whereas weeds grow almost overnight and don\u2019t have any life span.
\nPeter<\/b>:\u00a0 I like that analogy, Kevin. That\u2019s very good. Can I use that, as well?
\nKevin<\/b>:\u00a0 You certainly may. Any time at all.
\nPeter, what sort of impact does gentrification have on property values?
\nPeter<\/b>:\u00a0 Oh, it\u2019s fantastic. You have the solid bones of an older-style property, a character property. Somebody comes in, polishes the floorboards, updates it and keeping the character, possibly does an extension, pours a lot of money into the property. At the same time, the local council and possibly state government are also fixing up the area. So, so far as property values are concerned, it\u2019s fantastic. They increase markedly, especially compared to the majority of the property market.
\nKevin<\/b>:\u00a0 Yes, I guess it comes down to pride, too, doesn\u2019t it? If people can see their area improving like that, they\u2019ll take a lot of pride in their own property, as well, Peter.
\nPeter<\/b>:\u00a0 That\u2019s right. Don\u2019t be scared off by the high prices because in my opinion, you\u2019re far better off getting a small property in a good location than a big property in a poor location. Even if you can only afford in a one-bedroom unit in an area that\u2019s going up in value, that\u2019s being gentrified, you\u2019re far better off doing that than spending the same money in another area to buy a house that is a long way from town and is a long way from being gentrified.
\nKevin<\/b>:\u00a0 Peter, I\u2019ve heard you say that you should drive through a suburb. What is it \u2013 when you do \u2013 that you look for?
\nPeter<\/b>:\u00a0 I look at a number of different things. I look at the people in the area. Are there young adults wandering the streets in the middle of the day and there\u2019s vandalized bus shelters, or are there lots of well-dressed parents pushing prams with young kids in them?
\nAs you mentioned before, housing. Is there evidence of people being house-proud, or are the front yards full of weeds and car wrecks? So far as cars are concerned, are there lots of little prestige cars, like little black BMWs, Audi, or Lexus? This is a sign of wealth. Streets: are there wide tree-lined streets? Are they lined by \u2013 in the main \u2013 character or period-style homes?
\nThere are lots of little things that I look for. Even looking at places where people go to have a drink or have a bite to eat. If you go to the caf\u00e9, are they just selling your standard cappuccino flat white, or are they selling herbal teas and affogatos and macchiatos, and for the little children, babycinos. The second type of caf\u00e9, you will generally find in a gentrifying area.
\nThe local pub: is there a jazz band on a Sunday afternoon playing in the courtyard? Is there a wide selection of boutique beers on tap, or is it mainly VB and Tooheys on tap, horseracing on the big screens, and not a glass of wine to be seen anywhere?
\nKevin<\/b>:\u00a0 You really have to get your feet on the ground, haven\u2019t you? When you\u2019re going through these suburbs and you identify them, what types of properties do you look for in those areas, Peter?
\nPeter<\/b>:\u00a0 The keys are the older style, the character properties, and the date or the event to remember is the 1940s or World War II, anything before then. Some of the common styles are art deco, bungalows, cottages, villas, or in Queensland, the typical Queenslander-style property. They\u2019re the sort of properties that do best because many people \u2013 and in particular white-collar workers \u2013 are willing to pay a premium for those older style homes in anticipation of updating them.
\nOr you can even take the next step. You can buy one of those older-style homes, update it yourself, and then people will pay you a huge premium for that.
\nKevin<\/b>:\u00a0 My guest this time has been Peter Koulizos. Peter, thank you very much for your time.
\nPeter<\/b>:\u00a0 My pleasure, Kevin. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

  We talk to Cherie Barber about why some renovators become hugely successful with some skills they employ without even picking up a hammer. 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