{"id":7187,"date":"2016-03-01T00:00:40","date_gmt":"2016-02-29T13:00:40","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7187"},"modified":"2016-03-01T00:00:40","modified_gmt":"2016-02-29T13:00:40","slug":"cash-flow-is-the-most-important-thing","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/cash-flow-is-the-most-important-thing\/","title":{"rendered":"Myths: Cash flow is the most important thing – Michael Yardney"},"content":{"rendered":"

 
\nRegular guest Michael Yardney<\/strong><\/a> shoots holes in the theory that property investing is all about cash flow. He says rather we should be looking at it as a high growth low yield investment strategy. He explains more today.
\n <\/p>\n

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

Kevin:<\/b>\u00a0 As we continue to dispel some of our myths, I\u2019m going to catch up with Michael Yardney right now.
\nHi, Michael.
\nMichael:<\/b>\u00a0 Hi, Kevin.
\nKevin:<\/b>\u00a0 Michael, I wanted to talk to you about another myth that I\u2019ve heard, and that is that cash flow is the most important thing when it comes to investing. What would be your reaction to that?
\nMichael:<\/b>\u00a0 Kevin, the crux of my successful property investment strategy is that residential real estate is actually a high growth but relatively low yield investment. Residential real estate doesn\u2019t give a lot of cash flow.
\nThere are four ways you can make money through property, and I think most investors get it wrong how they do it.
\nKevin:<\/b>\u00a0 Could you tell us how they\u2019re getting it wrong?
\nMichael:<\/b>\u00a0 The first way is capital growth. Your property appreciates in value over time. The second way you make money out of a property is the rental return. That\u2019s the cash flow that you\u2019re asking me about. The third way is accelerated or forced growth. This is where you manufacture some capital growth through doing renovations or doing a development. The fourth way is tax benefits, things like negative gearing or depreciation.
\nOut of all of these, in my mind, capital growth is the most important. I know not everyone agrees with my strategy. In fact, when it comes to property investment, you\u2019ll hear the two conflicting stories bandied around.
\nKevin:<\/b>\u00a0 We\u2019ve talked about your five-stranded approach and we\u2019ve featured it in the show before, but let\u2019s go back over a couple of those points that you\u2019ve mentioned there, Michael.
\nMichael:<\/b>\u00a0 The reason behind it is because I believe that the first stage of building property investment wealth is by building your asset base. There is no doubt that you have to watch your cash flow. The reason most people don\u2019t become financially independent is because they spend more than they earn, so you have to get cash flow management right.
\nBut having said that, residential real estate doesn\u2019t give you cash flow. I see people who come to me and say, \u201cMichael, I\u2019d like to buy a property investment and I want it to pay my school fees,\u201d \u201cMichael, I\u2019d like to buy some real estate and it\u2019ll pay for my holiday.\u201d It doesn\u2019t work that way. You have to let it grow.
\nThat\u2019s why the five-stranded approach is to find properties that outperform the averages with regard to capital growth. Once you have an asset base, Kevin, then you lower your loan-to-value ratios and then you turn it into cash flow.
\nKevin:<\/b>\u00a0 Michael, are there any times when you actually would look for a cash flow positive property?
\nMichael:<\/b>\u00a0 Sure, Kevin. Once you build a substantial asset base and you transition to being into the cash flow stage where you\u2019re starting to live off your properties, then often I\u2019ve had commercial real estate but not residential real estate looking for positive cash flow.
\nThe problem is you can never turn a cash flow positive property into a high growth property because of its geographic location, because of where it is. But you can actually achieve both high returns \u2013 cash flow \u2013 as well as capital growth by buying a high growth property and then adding value, doing some renovations, doing something that increases its cash flow. This will bring you high rent, extra depreciation, and that converts your high growth, relatively low cash flow property into a strong cash flow positive property.
\nKevin:<\/b>\u00a0 That is part of your strategy \u2013 isn\u2019t it? \u2013 to look for those sorts of properties where you can add some value and get some extra income.
\nMichael:<\/b>\u00a0 Definitely because I don\u2019t want to downplay the importance of cash flow. That\u2019s what gets investors stuck, when there are those periods like we get every cycle where there is no capital growth for a while or, in fact, property values drop a little bit or during those high interest rate periods. So you have to manage your cash flow, but you do that by budgeting and by having a financial buffer, having something set aside in a line of credit or an offset account to see you through those lean times.
\nBut if you buy a property that gives you more rent return, higher cash flow, in general, you have to forego either security because you bought a property that maybe isn\u2019t as secure because of its location or you\u2019re going to forego capital growth. In property investment, there are three things \u2013 there is cash flow, there is growth, and there is security. You can\u2019t have all three.
\nKevin:<\/b>\u00a0 It\u2019s interesting listening to you, Michael, and reflecting back on a lot of the myths that we\u2019ve been dispelling, a lot of them come about because people don\u2019t have a strategy or they don\u2019t have a plan. Here we\u2019ve looked at one in isolation \u2013 that\u2019s cash flow \u2013 and you\u2019ve demonstrated to us that that\u2019s not right because it\u2019s not part of the overall strategy.
\nMichael:<\/b>\u00a0 Correct, Kevin. Or they have a flawed strategy. When you look at the statistics, we know that less than 8% of investors buy more than three properties. In other words, 92% actually never get past their second property. That never gets them the wealth that they require. In fact, 50% of people who get into property sell up in the first five years. Most property investors fail because they have the wrong strategy, a flawed strategy.
\nKevin:<\/b>\u00a0 I know that you have a series of seminars coming up shortly. No doubt, this will be part of that discussion process.
\nMichael:<\/b>\u00a0 I\u2019ve been investing for over 40 years, which means I\u2019ve lived through the difficult times we\u2019re going through, now at the beginning of 2016, so we\u2019re going to be discussing how investors can avoid the minefields, follow somebody who knows where to walk and not tread on the minefields to see them through the next couple of difficult years. I\u2019m getting some experts to join me at those seminars around Australia.
\nKevin:<\/b>\u00a0 Both of them are regular guests on our show. That is Ken Raiss and Dr. Andrew Wilson.
\nMichael:<\/b>\u00a0 That\u2019s correct.
\nKevin:<\/b>\u00a0 One of the reasons people should be coming along to your seminar is that things have definitely changed. 2016 is going to bring with it a whole lot of new challenges we\u2019ve never even seen before.
\nMichael:<\/b>\u00a0 Every year is a little bit different, but this mirrors the beginning of 2008 when a lot of people were concerned about what became the Global Financial Crisis when issues on the other side of the world affected us. The same is happening again. Much the same happened in 2003. I remember the early \u201990s and I remember the middle \u201980s when it happened.
\nTherefore, I am going to use the experience of having invested \u2013 and some would suggest reasonably successfully \u2013 through those cycles to share the lessons I\u2019ve learned. Boy, did I learn the hard way. I wish I knew what I know now then, but in fact, so have all the other main speakers.
\nThere is nothing to sell at these seminars. We have no properties to sell, so we can actually tell it as it is. There are some difficult times, some bad news, but there is also some good news in there as well because at these times, there are always opportunities, Kevin.
\nKevin:<\/b>\u00a0 Yes, opportunities that others will miss. Are these emerging markets or are they existing markets that maybe have been overlooked?
\nMichael:<\/b>\u00a0 No, I think we have to been even more careful with correct property selection because certain markets are going to suffer more during those times, and so I\u2019d be cautious of those.
\nI guess it goes back to something we discussed only a couple of minutes ago about not waiting for capital growth to occur but maybe manufacturing your own capital growth and most importantly in these more challenging times, protecting your assets by having the right finance, having the right assets, having the right structures because if history repeats itself \u2013 and it most likely will \u2013 there will be some casualties along the way, Kevin.
\nKevin:<\/b>\u00a0 Since we\u2019re talking about cash flow, what are the other considerations that property investors have to bear in mind to be successful?
\nMichael:<\/b>\u00a0 I believe there are a number of building blocks of wealth. The first is to start off with a successful mindset. It\u2019s a bit like if somebody suddenly wins the lottery and if they\u2019ve not got the right head space, they end up losing it. We hear that all the time.
\nYou have to learn the right skills and knowledge from people who have lived through these more difficult times. Then you have to set yourself a strategy. Understand what your strategy is. You also have to get risk management under control in these more challenging times \u2013 you always should, anyway \u2013 which is owning properties in the right structures, having the right finance, owning the rights to the properties.
\nWe\u2019ve already talked about cash flow. That is important, but the main aim for property investors is to build their asset base, build their equity, because this is capitalistic society we live in. We\u2019re building our capital. It\u2019s not a cash flow-istic society.
\nKevin:<\/b>\u00a0 I want to mention about Michael\u2019s seminar that is coming up in March and April. It\u2019s going to be in Sydney, Brisbane, Adelaide, Melbourne, and Perth. All the dates and all of the details at PropertyMarketUpdate.com.au.
\nMichael, thanks for your time.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Regular guest Michael Yardney shoots holes in the theory that property investing is all about cash flow. He says rather we should be looking at it as a high growth low yield investment strategy. He explains more today.   Transcript: Kevin:\u00a0 As we continue…<\/p>\n","protected":false},"author":176692471,"featured_media":7194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,17,25],"tags":[101],"class_list":["post-7187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nMyths: Cash flow is the most important thing - Michael Yardney - 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\/cash-flow-is-the-most-important-thing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Myths: Cash flow is the most important thing - Michael Yardney - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Regular guest Michael Yardney shoots holes in the theory that property investing is all about cash flow. 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