{"id":7196,"date":"2016-03-02T01:00:52","date_gmt":"2016-03-01T14:00:52","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7196"},"modified":"2016-03-02T01:00:52","modified_gmt":"2016-03-01T14:00:52","slug":"what-makes-a-successful-property-investor","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-makes-a-successful-property-investor\/","title":{"rendered":"What makes a successful property investor? – Andrew Mirams"},"content":{"rendered":"

 
\nProperty success stories are everywhere but we have to warn that there are many stories we don\u2019t hear about because there are many people who fail. So what makes a successful property investor? That\u2019s what we discuss with Andrew Mirams<\/strong><\/a> from Intuitive Finance\u00a0who has seen it all.
\n <\/p>\n

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

Kevin:<\/b>\u00a0 Joining me this time to have a look at another one of the common myths in property investment, Andrew Mirams from Intuitive Finance.
\nAndrew, welcome to the show.
\nAndrew:<\/b>\u00a0 Good day, Kevin. Thank you.
\nKevin:<\/b>\u00a0 The one I want to tackle with you is that you can actually get rich quickly by investing in property. What are your thoughts about that, mate?
\nAndrew:<\/b>\u00a0 That\u2019s a great question. If it was, why wouldn\u2019t we all be doing it, Kevin? It seems so simple, doesn\u2019t it?
\nI think one of the things that we often get presented with, as financiers, is people coming and wanting to flip properties. It\u2019s \u201cI\u2019ve heard someone do it, and you make good money and it has to be an easy way to make money in property.\u201d
\nKevin:<\/b>\u00a0 Let\u2019s firstly qualify what flipping property is.
\nAndrew:<\/b>\u00a0 Buy a property or buy a quick reno or improvement, turning it back over in the short-term. Flipping is all about not a long-term hold; it\u2019s a short-term strategy where you can turn it over quickly and make a good profit from it. I\u2019ll preface this by saying there are people who can do this, but the greater majority in our experience have been failures, and some have been quite dismal failures.
\nKevin:<\/b>\u00a0 Just on that point, of the ones that you\u2019ve seen succeed, what are some of the qualities that they bring to the table that others don\u2019t?
\nAndrew:<\/b>\u00a0 There are probably five things that are really important in flipping properties, and when we go through the five things, you\u2019ll see probably where people are both successful and fail.
\nThe first one of those that we find is a lack of knowledge. By that, I mean that people haven\u2019t done their research on an area or a suburb, they haven\u2019t done their research on the type of property, and more importantly, what will sell and how long it might take to sell at the end.
\nPeople jump in thinking \u201cI saw a house next door,\u201d or \u201cI\u2019ve done this,\u201d or \u201cI\u2019ve done that,\u201d and not doing their knowledge tests and having some skills behind them is probably the first step. Again, people who do research that really well and know the areas that they should target have done fantastically, have gotten good results.
\nThe second point is a lack of skills. The skills that are probably the two most important are the financial in terms of actually doing the correct analysis, and then more so, probably, the technical and being able to get in and do a lot of the work yourself.
\nPeople who can do a lot of trades and people like that who can do work themselves, it can be profitable, but if you\u2019re outsourcing and think you can turn it over quickly, all your trades are going to want their margins on a property, and doing it then erodes your profit or potential there.
\nThe next one is a real lack of patience, Kevin. Probably the next two work together: a lack of patience and a lack of time. The first one is a lack of patience. \u201cIs it done yet? How quickly can this thing turn around so we can get it back on the market?\u201d A lack of time tends to be probably the effort that they can put into the property. Obviously, if you can do work yourself, you don\u2019t have to pay someone their wages to do it for you.
\nKevin:<\/b>\u00a0 I would imagine that\u2019s a fairly big one, that ability to roll your sleeves up and do some work yourself, because that adds straight to the bottom line.
\nAndrew:<\/b>\u00a0 Yes, absolutely. The time and the patience are all working together because at first, it sounds like a great idea. At this time of the year, people are on holidays and they think, \u201cWe\u2019ll get in and we\u2019ll do that.\u201d All of a sudden, things take longer and there is something else to do \u2013 \u201cIt\u2019s a nice day; I\u2019ll go to the beach.\u201d \u2013 and all of a sudden, it doesn\u2019t get done. That\u2019s where we get impatient or then it becomes a burden. That\u2019s the real lack of time. Every week, \u201cI have to go to this place and do this again.\u201d It can become a real burden.
\nThose who are good at it, love it. They can\u2019t wait to get there and they\u2019re really clever at both the finishes they can put on and also the work that they can do, like you said, rolling up their sleeves and doing a lot of it themselves.
\nKevin:<\/b>\u00a0 Andrew, also on that point, I find, too, that the really successful ones are the ones who treat it like a business not like a hobby, not like something I\u2019m just going to do on the weekends, so I\u2019ll fit it in and I\u2019ll have to make all that other stuff fit around it. For them, it\u2019s a job really, isn\u2019t it?
\nAndrew:<\/b>\u00a0 Absolutely. I think what you said, getting rich quick, that\u2019s the thing. The ones who do it as a business not as a hobby are the ones who are successful, and the people who want to get rich quick because it\u2019s so easy to do are the ones who tend to run out of these first four things.
\nCertainly, the last point that I\u2019d like to make is the major one as far as what see. It\u2019s the lack of money that people have. They think it\u2019s a relatively cheap exercise \u2013 get in and do it because everyone is doing it. But there are three things with that lack of money. There is the buy cost. People don\u2019t often look at what it costs to buy a property, the transaction costs, the stamp duty, and things like that.
\nThe second point is while they\u2019re renovating, they\u2019re not getting a rental or anything else like that so it\u2019s your hold cost. You\u2019ve still got interest, rates, and other things. You have to meet insurance while you\u2019re holding it. Then there\u2019s the sale cost. It\u2019s getting agents in and how you advertise it, and things like that.
\nThose three things can really cruel a project. If you\u2019ve been able to do all those first four steps potentially yourself but you haven\u2019t done your research on what the monetary items are, you can end up doing it for nothing. We\u2019ve seen people do it for nothing and\/or lose money from trying to do it quickly and turning it over.
\nKevin:<\/b>\u00a0 There you go. It might be possible, but it\u2019s not easy. Our guest this time, Andrew Mirams from Intuitive Finance.
\nAndrew, thanks for your time.
\nAndrew:<\/b>\u00a0 My pleasure, Kevin. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Property success stories are everywhere but we have to warn that there are many stories we don\u2019t hear about because there are many people who fail. So what makes a successful property investor? That\u2019s what we discuss with Andrew Mirams from Intuitive Finance\u00a0who has…<\/p>\n","protected":false},"author":176692471,"featured_media":7197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,36,17,25],"tags":[101],"class_list":["post-7196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nWhat makes a successful property investor? - Andrew Mirams - 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\/what-makes-a-successful-property-investor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What makes a successful property investor? - Andrew Mirams - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Property success stories are everywhere but we have to warn that there are many stories we don\u2019t hear about because there are many people who fail. 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