{"id":8629,"date":"2016-07-14T10:00:18","date_gmt":"2016-07-14T00:00:18","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8629"},"modified":"2016-07-14T10:00:18","modified_gmt":"2016-07-14T00:00:18","slug":"little-known-co-ownership-benefit-how-to-detect-a-spruiker","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/little-known-co-ownership-benefit-how-to-detect-a-spruiker\/","title":{"rendered":"Little known co-ownership benefit + How to detect a spruiker"},"content":{"rendered":"

Housing is the single biggest asset class in Australia, worth an estimated $6.5 trillion across 9.6 million dwellings.\u00a0 CoreLogic RP Data released its national Profile of the Australian Residential Property Investor and we catch up with Cameron Kusher<\/strong><\/span><\/a><\/span> as he picks out the highlights.
\nThere are six key questions you can ask to help you identify a modern day Spruiker. Hear about all 6 questions that are detailed in Anna Porters<\/strong> book \u201cWhistle Blower\u201d and also how you can get a copy of the book.
\nReal estate investing used to be a rather niche industry, confined to the few Australians who had significant reserves of cash and a genuine interest in the property market.\u00a0\u00a0 These days, you could be forgiven for thinking that everyone<\/i> is a real estate investor \u2013 some much more successful than others. Michael Yardney<\/strong><\/span><\/a><\/span> shares the dos and don\u2019ts of successful investors
\nWith property prices steadily rising, co-ownership of property is becoming increasingly common. Co-owning property has the immediate benefit of increasing your purchasing power while reducing expenses. Brad Beer<\/strong><\/span><\/a><\/span> explains the little known benefits of split depreciation schedules in this case as well.
\nPete Wargent<\/strong><\/span><\/a><\/span> says there is a re-bound in population growth and he looks at what this means for our property markets with a special focus on the Victorian market.
\n <\/p>\n

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

Little known co-ownership benefit –\u00a0Brad Beer<\/h2>\n

Kevin:<\/b>\u00a0 With property prices continuing to rise, co-ownership of property is becoming increasingly common. Co-owning property with a friend, a family member, or a business partner has the immediate benefit of increasing an investor\u2019s purchasing power while reducing the burden of corresponding expenses.
\nSpecialist quantity surveyors can supply split deduction schedules by applying methods that substantially increase the depreciation deductions when an investment property has more than one owner. What are some of the methods they use? Let\u2019s turn to our experts in this field, BMT Tax Depreciation. Brad beer joins me.
\nGood day, Brad.
\nBrad:<\/b>\u00a0 Hi Kevin. Great to be here. How are you?
\nKevin:<\/b>\u00a0 I\u2019m very well, thanks mate. Thanks for your time again.
\nBrad, I wonder if you\u2019d explain the low cost and the low value assets. What are they?
\nBrad:<\/b>\u00a0 Yes, absolutely. What happens when items are purchased as part of your investment property for a value of less than $1000, the legislation just allows us to write them off quicker because they are put into what\u2019s called a low cost pool. And it\u2019s anything that has a value of less than $1000.
\nThe low value pool is if it drops down to that value of less than $1000 as you start claiming that depreciation. So it may have been $1200 in the first year and you claimed some of it in the first year, and when it gets down to that lower value, you get to claim these things at higher rates.
\nKevin:<\/b>\u00a0 What\u2019s the accelerated rate of deductions that these items can be claimed at, say, when low value pooling is used?
\nBrad:<\/b>\u00a0 What it is, rather than its normal effective life rate, which might be 15% or 20%, it\u2019s actually at 18.75% in the first financial year without a pro rata adjustment and 37.5% in all the following years. Now, 37.5% is a pretty high percentage. It\u2019s much higher than the 15% or the 20% that a lot of things actually get claimed over otherwise.
\nKevin:<\/b>\u00a0 Brad, why is it important to choose a depreciation schedule that assigns the owner\u2019s interest in each asset first before calculating depreciation?
\nBrad:<\/b>\u00a0 The simple reason for that is that when you buy a property and you\u2019re buying a whole bunch of things including what we\u2019ll call simple assets, if the asset had a value of let\u2019s say $1600, if you owned half of that asset you\u2019re only actually buying half that asset \u2013 therefore an asset worth $800 \u2013 meaning you\u2019d get to drop into this low value pool straight away instead of at a later date. And all of the assets get split this way.
\nKevin:<\/b>\u00a0 Okay, yes. That\u2019s fantastic. Then using a cooktop as an example, what\u2019s the difference in the deductions a property owner can claim say with and without a split deduction schedule? Is that possible to tell us?
\nBrad:<\/b>\u00a0 Yes, it is. Let\u2019s take a cooktop as an example. Let\u2019s say that cooktop was $1624 in value. Under its normal claim, which is over 12 years, the first year of that cooktop would be a claim of $226. Now, if you just divide that by two, you\u2019d have a claim of $113 each, so $113 would be your claim.
\nIf you owned half of that property and you only owned $812 worth of that cooktop \u2013 as in half of it \u2013 then you actually go into this low value pool. And in the first full year at that 37.5% rate you\u2019d actually end up with a claim of $248 for your half of that cooktop. As opposed to just dividing your cooktop and getting the $113, it ends up at $248 if it was a year where you had that 37.5%.
\nWhen you do this across multiple items, it actually makes quite a difference sometimes to the early years of ownership if you\u2019re a partial owner.
\nThe other place that works really well is when you have things that can be claimed at 100% \u2013 if you owned something that\u2019s worth $500 and you own $250 worth of it \u2013 you\u2019ll get an instant deduction for that full amount because you\u2019ve actually split the value of the asset as opposed to getting it over years and years.
\nIt makes quite a bit of difference in those early years to maximize those deductions and therefore give you more cash back in your pocket.
\nKevin:<\/b>\u00a0 Yes, that makes a lot of sense. That leads me to another question, then. Talking about joint ownership, is there a minimum percentage of ownership in which a split depreciation can be applied?
\nBrad:<\/b>\u00a0 There\u2019s no minimum percentage. The regular is to go 50\/50, and then sometimes you see the husband and wife\u2026
\nKevin:<\/b>\u00a0 75\/25.
\nBrad:<\/b>\u00a0 \u2026A low percentage for the person with the lower tax rate. It doesn\u2019t matter if there are three owners, four owners, five owners; you can still split these depreciation schedules up quite easily if you have the software built properly \u2013 which we do \u2013 so that at your percentage of ownership, you get your percentage of the value of that item and therefore you get your claims. It will always maximize those deductions in the early years for each of these owners in a split-up situation.
\nKevin:<\/b>\u00a0 Of course, we\u2019re into a new financial year now. I guess any time is a good time to be talking about depreciation schedules, not just at the end of the financial year, Brad.
\nBrad:<\/b>\u00a0 You\u2019re going to do a tax return soon after the end of the financial year, so once you get to the accountant, it\u2019s best to have your depreciation schedules there ready. When we do one, we actually send a copy to the accountant as well so that when you turn up, he\u2019s had an opportunity to have the numbers in there ready to do it and not have to go back and try to make it happen at a later date.
\nKevin:<\/b>\u00a0 Yes, great information. That\u2019s why it\u2019s always good to deal with a specialist in their field, and that\u2019s why we recommend BMT Tax Depreciation.
\nBrad Beer, thank you so much for your time.
\nBrad:<\/b>\u00a0 Excellent. Great to be here, Kevin. Thank you.
\n <\/p>\n

Habits of successful investors Part 1 –\u00a0Michael Yardney<\/h2>\n

Kevin:<\/b>\u00a0 You\u2019d be excused for thinking that it\u2019s only the rich who become property investors, and that\u2019s a lot of the hype that\u2019s around anyway. But that\u2019s not necessarily the case. It\u2019s not also that everyone can become a real estate investor \u2013 or that is, a successful real estate investor. Many people try it; many people fail. Why is that? What happens?
\nI\u2019m going to talk to Michael Yardney from Metropole Property Strategists who hopefully will give us a few dos and don\u2019ts and some of the reasons why some people become very successful at this and why some others fail.
\nHi, Michael.
\nMichael:<\/b>\u00a0 Good morning, Kevin.
\nKevin:<\/b>\u00a0 Michael, what are some of the dos and don\u2019ts?
\nMichael:<\/b>\u00a0 Maybe we should start with the dos that I\u2019ve found important seeing lots of other property investors and their successes. I think the first one is do your homework. It\u2019s important to do the homework and research by getting a system, getting a strategy, and understanding where you\u2019re heading.
\nMost people who I\u2019ve found buy an investment property \u2013 na\u00efve beginning investors \u2013 just buy one because they think they know about real estate because they live in a house or rent somewhere. They find something and think, \u201cAh ha! I know how property works.\u201d That\u2019s not the case at all, Kevin.
\nKevin:<\/b>\u00a0 No, it\u2019s not. I think a lot of people have come unstuck by thinking. The other thing I\u2019ve found, too, is that good people make things look so easy. It does look easy, but there are some systems. One of the things I know about you is that you do actually think long-term.
\nMichael:<\/b>\u00a0 Kevin, I think in all elements of life, those people who have a longer term view and are able to delay short-term gratification for long-term success get ahead. In property, it\u2019s delaying short-term cash flow for long-term capital gains.
\nThe lessons you would have taught our kids is yes, you have to go to school, you have to go to university, you have to actually delay the instant gratification of cash and money and lifestyle because later on you\u2019re going to get a career. Thinking long-term is one of the characteristics of all successful people.
\nKevin:<\/b>\u00a0 It occurred to me, too, and you were kind enough to ask me to come along to your retreat at the Gold Coast recently, the Wealth Retreat, and there were a great number of people there, very successful people. When I was talking to them, the thing I noticed is that they all have goals, and one of the reasons why they go to the retreat is to set their goals for the next year.
\nMichael:<\/b>\u00a0 Yes, Kevin. That\u2019s one of the dos that all successful people \u2013 including property investors \u2013 do. You actually have to know where you\u2019re heading. Inside your head, there is a system called your reticular activating system. That\u2019s your own GPS, your pathfinder that will actually point you towards where you\u2019re heading. But if it doesn\u2019t know where you\u2019re heading, it can take you anywhere.
\nYou have to have goals, not just dreams, not just ambitions. Write them down. Know what you\u2019re wanting to achieve, where you\u2019re wanting to go, and then do what you have to do to get there, Kevin.
\nKevin:<\/b>\u00a0 Most people I talk to will say they have goals \u2013 and you made a very good point there about writing them down \u2013 the moment you say, \u201cShow me,\u201d they can\u2019t because they\u2019re simply not written down. We do know the difference between not writing them and writing them. There\u2019s a huge chasm there.
\nMichael:<\/b>\u00a0 Very much so, because we all wake up in the morning, have a shower, have a dream, and think \u201cI want to do this\u201d and \u201cI want to do that,\u201d and then life gets in the way. That\u2019s why having written goals\u2026 A lot of people actually find having pictorial goals, having pictures up of their dream home, their dream investment portfolio, or their dream car works well for their reticular activating system, too, pushing them ahead towards achieving those goals.
\nKevin:<\/b>\u00a0 How important is it to reward yourself, to celebrate your successes?
\nMichael:<\/b>\u00a0 That\u2019s something I learned from one of my mentors along the way, too. There are challenges so you have to enjoy the journey, otherwise you\u2019re not going to enjoy the destination. Yes, have some little celebrations. Give yourself a little gift. Take the family out. Reward your life partner, as well, because they\u2019re coming along on the journey with you.
\nKevin:<\/b>\u00a0 Keeping your feet on the ground is pretty important, as well, isn\u2019t it?
\nMichael:<\/b>\u00a0 Maybe the last two we should discuss is to be realistic \u2013 understand why you want to be a property investor, understand what financial freedom is going to mean to you \u2013 and then have a realistic timeframe and a realistic goal. Sometimes you read in the magazines to buy ten properties in ten years. That\u2019s too hard and it doesn\u2019t work.
\nI\u2019ve found most property investors take up to 30 years to become financially independent. They first of all spend the first eight to ten years learning what not to do, and then they have to unravel it, improve themselves and have to spend a couple of good property cycles growing their goals.
\nHave realistic expectations of what property can and can\u2019t do for you and what you can achieve in life, and then you won\u2019t get disappointed, Kevin.
\n <\/p>\n

Perfect investor profile –\u00a0Cameron Cusher<\/h2>\n

Kevin:<\/b>\u00a0 Housing is the single biggest asset class in Australia, worth an estimated $6.5 trillion across 9.6 million dwellings. They\u2019re big numbers. The housing asset class is worth more than three times the value of Australian superannuation funds, which is currently running at about $2 trillion, and more than four times the value of Australian listed stock, at $1.5 trillion.
\nThe profile of an Australian investor (who is that person, where do they live, what do they do, and what turns them on?) has been the subject of a profiling exercise that was carried out by CoreLogic RP Data \u2013 The Profile of the Australian Residential Property Investor<\/i> \u2013 and that report is out.
\nHead of research for Australia, Cameron Cusher, from CoreLogic RP Data joins me.
\nCameron, thanks for your time.
\nCameron:<\/b>\u00a0 Thanks for having me, Kevin.
\nKevin:<\/b>\u00a0 What are some of the key lessons from this? There is just so much information in this report, but what were the stand-outs for you, Cameron?
\nCameron:<\/b>\u00a0 As you said, there is lots of information in there, but there are lots of stand-outs. But I think what we really wanted to do is just paint the picture of the size of the investor market and how important it is to the housing market.
\nI think some of the more impressive figures: we estimated there are 2.6 million properties that are owned by investors across the country and the total value of those properties comes in at $1.37 trillion.
\nIf we look at the split between houses and units, I think that\u2019s where it gets very interesting. Nationally, 26.9% of housing stock is owned by investors but only 17.3% of houses. Compare that to units where you\u2019re looking at 48.1% of units nationally are actually owned by investors. So the investor market tends to have a preference for unit stock.
\nObviously there are a few reasons for that. Units tend to be more prevalent in the areas where people are renting. A lot of investors own holiday properties, and units on a holiday location are attractive, as well. Plus, obviously, the buying price for a unit is typically lower than a house and the yields tend to be higher, as well.
\nKevin:<\/b>\u00a0 Given that that\u2019s the case, I would imagine that investment stock is skewed more toward the lower valuation bracket, Cameron. Would that be right?
\nCameron:<\/b>\u00a0 It is. We did it based on the current value estimates, and it showed that 37.3% of investor-owned dwellings had a market value of between $300,000 and $500,000, and the majority of them overall were below that $500,000 value range compared to owner-occupiers where it was only 46.9% sitting below $500,000.
\nKevin:<\/b>\u00a0 What did you find out about where they like to buy?
\nCameron:<\/b>\u00a0 What we found is, obviously, the capital cities are very popular locations. Darwin was actually the statistical division nationally with the highest proportion of investor-owned properties \u2013 42.9%. Then in second place was Gold Coast with 32.8% of properties being owned by investors. Third place was Melbourne, fourth place Sydney, fifth place Brisbane. And if we look at the top 20 list, every single capital city except for Hobart actually appears on that list.
\nGenerally speaking, it tends to be capital city housing markets, coastal lifestyle markets, and obviously also the areas where we saw a lot of investment over recent years \u2013 the mining towns.
\nKevin:<\/b>\u00a0 They even did pop up in the mining towns, didn\u2019t they?
\nCameron<\/b>:\u00a0 They did. Particularly in areas like Pilbara, Kimberley, and even the Fitzroy and Mackay regions in Queensland where you do see a lot of mining towns, you still have a\u00a0 high prevalence of investor stock there.
\nKevin:<\/b>\u00a0 Let\u2019s have a look at returns. Obviously investors have enjoyed some pretty strong capital growth in recent times, but the growth in rental income has been a little bit soft?
\nCameron:<\/b>\u00a0 It has. What we\u2019ve seen over really the last 20 years is a fairly consistent downward trend in rental yields, and that\u2019s due to the fact that the value of homes has risen at a much faster pace than rental rates. At the moment, we\u2019re seeing rents falling for the first time in at least 20 years \u2013 the weakest rental market on record. What it does suggest is that a lot of the investors have been focusing more so on the capital growth potential rather than the rental return potential from these properties.
\nKevin:<\/b>\u00a0 Of course, lower mortgage rates have offset that burden of low rental yields, haven\u2019t they?
\nCameron:<\/b>\u00a0 They certainly have. What we\u2019ve also seen with the low interest rate environment is when we look at the taxation stats, that the benefits from negative gearing or the value of the losses claimed has reduced quite significantly over the last few years. So net rental losses are down 59% from their peak in 2007 and 2008, and the latest taxation data we have is the 2013\/2014 financial year. Interest rates are obviously lower now than they were then. So we expect that the net rental losses will continue to reduce over the coming years.
\nKevin:<\/b>\u00a0 That\u2019s an interesting look at negative gearing and its true impact. In a way, you could argue that it\u2019s actually kept the rents a little bit lower, Cameron.
\nCameron:<\/b>\u00a0 I think that\u2019s right. Because people haven\u2019t been concentrating too much on the rental yield, they\u2019ve been \u2013 I guess \u2013 more focused on the capital growth. They haven\u2019t had the incentives to try and push those rental rates higher. I guess that\u2019s been one of the key benefits of negative gearing. Obviously it\u2019s a bit different city to city. Rents are still very expensive if you\u2019re living in Sydney or in Darwin, but outside of those cities, rental growth hasn\u2019t been all that strong over recent years.
\nKevin:<\/b>\u00a0 Of course, when and if \u2013 and I guess it\u2019s only inevitable that they will go up \u2013 mortgage rates start to go up, rents will have to go up as well, wouldn\u2019t they? Those yields have to remain.
\nCameron:<\/b>\u00a0 You\u2019d certainly think so. When the interest rates go up or also when the growth in the housing market finally stops, the investors that are out there are going to have to focus much more on that rental return, so yield is going to become more important. And you would think that means higher rents, but obviously at the moment, when you have record high levels of new housing stock, a lot of it units, a lot of which will ultimately end up as rental stock, it may be a little bit hard for some of these investors to push those rents too far.
\nKevin:<\/b>\u00a0 I think my memory was that you said there were about 2.03 million individual investors in Australia. How many properties do they own on average?
\nCameron:<\/b> On average, they own about 1.2 properties per investor across the country. I guess the point there is that there are obviously some investors that own a lot of properties, but by and large, it\u2019s someone that owns one or maybe two at the most investment properties. It\u2019s not a market dominated by people owning five or six investment properties.
\nKevin:<\/b>\u00a0 Which brings us back once again to the statement that they really are mom and dad investors in the main, aren\u2019t they?
\nCameron:<\/b>\u00a0 They do tend to be. Obviously there are exceptions to that, and I think some of the people nearing retirement probably didn\u2019t have superannuation throughout their working life and have invested heavily in the residential property market. But I think you\u2019ll find most people under the age of, say, 50 who have had their whole working life with superannuation are not going to be out there owning five and six properties \u2013 maybe one or maybe two properties.
\nKevin:<\/b>\u00a0 Okay, some of the bottom-line summaries there: concentration of where they are, and they\u2019re predominately in the cities, I guess, in the units. Is that right?
\nCameron:<\/b>\u00a0 That\u2019s right. Primarily in the capital cities and the larger regional towns in the unit market. When we look at the locations, they tend to be around the CBDs. In Sydney, obviously around the harbor there. But also when we look at where these units are located that are heavily focused on the investment segment, you tend to find universities and hospitals are big drivers of people owning investment properties around those locations.
\nKevin:<\/b>\u00a0 Cameron Cusher has been my guest, head of Research Australia for CoreLogic RP Data.
\nCameron, thanks again for your time.
\nCameron:<\/b>\u00a0 Thanks for having me, Kevin.
\n <\/p>\n

Population growth brings benefit –\u00a0Pete Wargent<\/h2>\n

Kevin:<\/b>\u00a0 Apparently, there has been a rebound in population growth around Australia. What does that mean to our markets? Joining me to bring us the news on that and also its likely impact, Pete Wargent joins me.
\nHi, Pete.
\nPete:<\/b>\u00a0 Hi, Kevin.
\nKevin:<\/b>\u00a0 Tell me the news. What\u2019s happening?
\nPete:<\/b>\u00a0 The rebound, as you mentioned, in Australia\u2019s population growth in the last quarter of the year: the fourth quarter is generally a slower quarter for population growth anyway because of the Christmas break, but we saw a decent rebound up to more than 70,000 people in that quarter, which was actually a good increase on the 66,000 we had last year.
\nI think over the last six months now, we\u2019ve seen that population growth starting to rebound, which is obviously a net positive for the property markets.
\nKevin:<\/b>\u00a0 This is into Queensland, Pete? Is it?
\nPete:<\/b>\u00a0 There are a few different trends going on. At the headline level, Australia\u2019s population growth has picked up again. It was above 325,000 in 2015, so that\u2019s a bit of a rebound over the last six months. But as you mentioned, there are a few different sub-trends going on there.
\nThe strongest population growth is actually into Melbourne. That\u2019s partly net overseas migration, but there has also been record interstate migration into Victoria, which is not something that historically we\u2019ve ever really seen in Australia. That was unprecedented in the December quarter \u2013 more than 4000 people moving from other states into Victoria, so they\u2019re following the jobs.
\nThe other noticeable trend from an interstate perspective was this cyclical move into Queensland, which we do see historically: people moving away from Sydney as it becomes more expensive. Interstate migration into Queensland was at its highest level in eight years, so that\u2019s really starting to gather some pace now.
\nKevin:<\/b>\u00a0 Is this into South East Queensland, or is it right across the state?
\nPete:<\/b>\u00a0 It\u2019s largely into South East Queensland. Brisbane is obviously one of the growing markets being the capital city, but also some of those coastal regions. The Gold Coast and Sunshine Coast, those are areas that attract people to live \u2013 lifestyle locations \u2013 but also with employment opportunities too.
\nKevin:<\/b>\u00a0 People moving into Melbourne, I think you mentioned there that it\u2019s largely to do with employment. Would it also have to do with property prices in Sydney? Is that largely where they\u2019re coming from?
\nPete:<\/b>\u00a0 It\u2019s difficult to narrow it down completely accurately from the official figures. I would say that there\u2019s definitely a drain of people now away from South Australia and away from Western Australia as the mining boom comes off. I think, to some extent, there\u2019s a bit of a brain drain happening from Adelaide, and the population growth rates in South Australia have reflected that and continued to slide.
\nMelbourne is benefiting from that to some extent, but also population growth in Western Australia \u2013 which was the strongest in the nation \u2013 is now actually seeing a net outflow towards other states. I think Melbourne is picking up a lot of the benefit from those areas.
\nKevin:<\/b>\u00a0 If Melbourne is picking up the bulk of that benefit, is it likely also to flow to some of the regional areas in Victoria, do you think?
\nPete:<\/b>\u00a0 The most recent figure suggests not so much. Melbourne and Geelong have mopped up the overwhelming bulk of population growth in Victoria. Melbourne\u2019s population is growing at an astonishing pace \u2013 faster than 90,000 per annum \u2013 and Geelong has picked up about a few thousand, too.
\nRegional population growth at the moment, at least in Victoria, is not so strong. New South Wales, though, some of those regional economies, the Hunter Valley, Newcastle, and down in Illawara, they\u2019re starting to creating some jobs now so they could see some population outflow from Sydney.
\nKevin:<\/b>\u00a0 That South Australian market\u2019s struggling, isn\u2019t it? You feel that they\u2019re just getting on their feet and then all of a sudden, they cop another blow like this. It\u2019s the same, I guess, with Western Australia, Pete.
\nPete:<\/b>\u00a0 Yes, to some extent, it\u2019s reflective. Obviously, a lack of employment growth is often then reflected in demographic trends. Some of the receivership in Whyalla is a bit of a blow for the state. We\u2019ve been talking about the [4:02 inaudible]<\/b> closure for years now, but cumulatively, these little blows haven\u2019t really helped.
\nBut that said, the property market has been picking up a bit. People are finding things much more affordable down there than they are in Sydney, so there are some hidden benefits, but it would be really great for Adelaide if we could start to create some employment opportunities.
\nKevin:<\/b>\u00a0 Out of these figures, just in summing up, what do you see as the opportunities for property investors?
\nPete:<\/b>\u00a0 Just looking at the headline numbers, the population growth into Sydney and Melbourne is enormous, so there\u2019s a higher share now in the history of Australia \u2013 certainly in modern history. There\u2019s nearly two-thirds of the population growth now going to the two most populous states.
\nTo some extent, you could say that with the centralizing population, there are opportunities there in the capital cities. I would just caution, though, that apartment construction rates are pretty high, particularly in Melbourne but also in parts of Sydney, too, so you want to be a bit careful about the type of property that you buy.
\nTo some extent, Brisbane is following a similar trend. There are a lot of apartments being constructed around the inner city area, a lot of them sold offshore. I\u2019d be a bit disinclined to look at some of their new stock at the moment personally, a lot of supply coming online.
\nKevin:<\/b>\u00a0 Pete Wargent, thanks for your time.
\nPete:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

\u00a0Habits of successful investors Part 1 –\u00a0Michael Yardney<\/h2>\n

Kevin:<\/b>\u00a0 We\u2019ve given you the dos. Let\u2019s have a look at some of the don\u2019ts. What are some of the things that we shouldn\u2019t be doing or even changing what we\u2019re doing, Michael?
\nMichael:<\/b>\u00a0 I think first, just don\u2019t rush into it. I find people get all excited about the concept and then they buy the first property they\u2019re going to see. It\u2019s often close to where they live, close to where they grew up, or close to where they holiday or want to shop. Actually, make an informed strategic decision. There are times when you have to make a quick decision, but it has to be based on the level of information, knowledge, homework, and perspective.
\nKevin:<\/b>\u00a0 Michael, one of the things I know is the reason a lot of people rush into it \u2013 and you use the word \u201cstrategy\u201d or \u201cstrategic\u201d \u2013 is because they don\u2019t have a strategy; they don\u2019t have a plan.
\nMichael:<\/b>\u00a0 That doesn\u2019t give them the perspective to decide is it or is it not a good opportunity? We\u2019re continuously bombarded with opportunities on the Internet or if you go to open for inspections or estate agents recommending things to you, so it\u2019s best to sit back and evaluate each opportunity based on your personal strategy.
\nKevin:<\/b>\u00a0 What about basing it on the fact that it\u2019s just simply cheap?
\nMichael:<\/b>\u00a0 We all want to get a good price, we all want to get good value, but unfortunately, I\u2019ve met quite a few investors over the years who have come to regret buying that cheap property because it wasn\u2019t cheap; it was a secondary property in a bad location, in a regional area that didn\u2019t have growth, or had structural problems.
\nI remember Warren Buffet\u2019s famous saying, \u201cPrice is what you pay; value is what you get.\u201d Don\u2019t buy cheap properties; buy well-priced, good properties.
\nKevin:<\/b>\u00a0 I was talking to someone the other day who made a great statement and said, \u201cWe all thought that buying the worst house on the best street was a great idea, but sometimes if you do that, you\u2019re actually going to be paying too much for the worst house on the best street because the value in the area has probably gone up anyway.\u201d
\nMichael:<\/b>\u00a0 That\u2019s right, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s interesting \u2013 isn\u2019t it? \u2013 some of these beliefs that we have. Michael, is there another one?
\nMichael:<\/b>\u00a0 Yes, Kevin. Don\u2019t misjudge your cash flows and don\u2019t forget to have the right financial buffers in place. By that, I\u2019m talking about understanding the expenses of owning an investment property, the regular outgoings, so allow for those, and allow for the ups and downs that are going to happen in the world, whether it\u2019s interest rates, whether it\u2019s vacancies, whether it\u2019s unexpected repairs.
\nThat\u2019s why the job of a property investor is to buy themselves time \u2013 not just properties \u2013 to ride all those ups and downs. Having an offset account or a financial buffer as we sometimes call it, where you have some cash to see you through, is going to make life so much easier and you won\u2019t have that white-knuckle ride of the ups and downs of the property market.
\nKevin:<\/b>\u00a0 I guess it doesn\u2019t have to be a lonely journey either, does it? I\u2019ve heard you talk about building a team, and I guess understanding your cash flow would mean that you\u2019re going to have to have a pretty good accountant on your side, as well.
\nMichael:<\/b>\u00a0 An accountant, a good finance strategist, and a good team. That\u2019s another really good don\u2019t: don\u2019t try and do it on your own. Property investment is a team sport and if you\u2019re the smartest person on your team, you\u2019re in trouble. I\u2019m prepared to pay for advisors, counselors, \u00a0mentors.
\nInterestingly, that\u2019s one of the common traits of all of the wealthy people. When you see them, they have financial advisors and they pay for them. When the poor, in general, don\u2019t pay for financial advice; the financial advice they get is the free information they get on the Internet \u2013 and that, at best, will keep them average.
\nKevin:<\/b>\u00a0 Great talking to you, Michael. Thank you very much for sharing so much information with us twice. We had you twice on this show, so we\u2019re going to have to pay you twice as much, I suppose. Do we?
\nMichael:<\/b>\u00a0 That\u2019s one of the don\u2019ts of property investment.
\nKevin:<\/b>\u00a0 Good on you, Michael. Michael Yardney from Metropole Property Strategists. Great talking to you. We\u2019ll see you again next week, mate.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

Finding a spruiker –\u00a0Anna Porter<\/h2>\n

Kevin:<\/b>\u00a0 One of the questions I\u2019m quite often asked is \u201cBut how do I know that I\u2019m dealing with a spruiker, Kevin, because it all sounds so good?\u201d Well, you\u2019ll be delighted to hear about a book that\u2019s called Whistleblower<\/i> that\u2019s devoted to exactly that \u2013 helping you identify if you are dealing with a property spruiker. The author of that book is Anna Porter, who is a buyer\u2019s agent and also a former or current \u2013 I\u2019m not quite sure \u2013 property valuer. We\u2019ll find out in just a moment.
\nHi, Anna. How are you?
\nAnna:<\/b>\u00a0 Very well today, thanks. How are you?
\nKevin:<\/b>\u00a0 Good. Are you a former valuer or once a valuer always a valuer?
\nAnna:<\/b>\u00a0 I\u2019d say the latter is probably more correct: once a valuer always a valuer.
\nKevin:<\/b>\u00a0 Okay. Your company is called Suburbanite, and I\u2019ll tell you how you can get a copy of the book and contact Anna, as well.
\nAnna, I\u2019m particularly interested in the six questions you say someone can ask to find out if they are dealing with a property spruiker. Firstly, tell me what a spruiker is.
\nAnna:<\/b>\u00a0 Yes, certainly. In our books, a spruiker is someone who will come to you as your trusted investment advisor but all along, they\u2019re actually taking a kickback from a third party, typically a developer. They won\u2019t disclose that to you in most cases, and for me, that creates a little bit of a question around who are they working for, and if there\u2019s non-disclosure, it makes you wonder why they have something to hide.
\nKevin:<\/b>\u00a0 Yes. I guess that leads to the first question you\u2019d ask, which is \u201cWho pays the fees?\u201d
\nAnna:<\/b>\u00a0 That is probably the first and most important question to ask. I like to think I\u2019m a very ethical person, but if I\u2019m getting paid $40,000 or $50,000 or even $60,000 by a developer when I\u2019m getting someone into a property purchase, I bet that I\u2019m working for the developer more than the person that\u2019s supposedly my client \u2013 which is why we don\u2019t do that but most investment advisors out there do.
\nKevin:<\/b> Yes, question number two is \u201cCan you offer me properties other than this new off-the-plan stuff that you\u2019re peddling?\u201d If you go to a seminar and they are selling specific properties, is that when the alarm bells should go off?
\nAnna:<\/b>\u00a0 Yes, that is a big red flag. If they can\u2019t offer any investments other than new and off the plan \u2013 and new and off-the-plan property is just one way to invest \u2013 you have to think, does that suit everyone? Surely it can\u2019t. So If they\u2019re not offering anything beyond that, there\u2019s probably a reason for it, and it\u2019s most likely that that\u2019s the only way they can line their own pockets on the way through the transaction.
\nKevin:<\/b>\u00a0 I guess in a similar vein, you say question number three is \u201cIf the property is new or off the plan, ask who the selling agent is for the seller or the developer.\u201d Why would I ask that question, Anna?
\nAnna:<\/b>\u00a0 There are some investment firms out there that will still deal with new and off the plan but they might be fee for service. So there will be a selling agent representing the developer and the buyer\u2019s agent will be representing the buyer \u2013 and the fees should be according to that.
\nIf they are actually saying they\u2019re working for you, then the developer should have their own internal marketing team or generally a local agent representing them so that it does create two sides to that transaction that are fair and transparent. If they\u2019re acting on both sides, it\u2019s really not fair or transparent.
\nKevin:<\/b>\u00a0 Yes, I guess I\u2019m a firm believer that if you\u2019re going to be spending a lot of money \u2013 as you would do in buying a property \u2013 you have to do your own due diligence, which leads to the next question which is \u201cCan I have my own valuer put a valuation on this purchase?\u201d
\nAnna:<\/b>\u00a0 That\u2019s a really big one. When I was a valuer, we would often see this unfolding, this scenario, where [3:26 inaudible] <\/b>valuers are inherently conservative, but there are also a lot of cases where you go out and value something, and again and again and again, it may be a new estate or a new development, the valuations just weren\u2019t stacking up compared to what else was selling. It\u2019s because they\u2019re overpricing.
\nIf the developer is giving say $40,000 or $50,000 to the investment advisor on the way through, that money has got to come from somewhere and it usually means the investor is paying too much.
\nThey often will try and mask it or hide it by not letting you get a valuation done. To me, that\u2019s again non-transparent. But we\u2019re seeing some that are really, really, cheeky where they\u2019ve actually had ones where they couldn\u2019t settle.
\nIt might be a financial advisory firm that\u2019s linked into a broker or they might be one of the one-stop shops. They have into settlement, the valuation has in low by the bank. The investor actually wouldn\u2019t be in a position to settle but they\u2019ve gone and bumped up their own home loan, transferred money across, and played with the loan structures to get it to a point where it can settle. But effectively, they\u2019re using more equity out of the investor\u2019s home.
\nThe investor may or may not have knowingly signed off to that. They might be a bit confused with the loan structure or given enough authority over to the firm they\u2019re working with to actually rejig it without them having full knowledge and they\u2019re just trying to hide the fact that the valuation came in low. So you really need to be across that.
\nKevin:<\/b>\u00a0 One really great telling one that I see in your book is question number five that I must admit that I had never thought of but it\u2019s a really good one, and that is asking this person whether they\u2019ll go back to the developer to negotiate the price for you, which is going to be a great indicator, because they won\u2019t do it obviously.
\nAnna:<\/b>\u00a0 No, because it eats into their own commission. Once that price goes down, the developer will tell them to start dropping their own fee, and they don\u2019t want to do that.
\nDevelopers tend to set the market. If they\u2019re setting it in line with sales in other developments and established stock, that\u2019s fine, but often they\u2019re not.
\nKevin:<\/b>\u00a0 The final one is to ask them about their credentials. I guess if you\u2019re going to be taking property investment advice from anyone, you have to make sure that they are qualified. There\u2019s nothing wrong with asking them what their formal qualifications are, Anna.
\nAnna:<\/b>\u00a0 Yes, this is the one I\u2019m probably most passionate about, up there with who\u2019s paying the fee. This one is so critical because the spruikers will often have no qualifications, or they might have done maybe a three-day real estate course. I\u2019m a firm believer\u2026 I\u2019ve actually taught the real estate course at TAFE, and there\u2019s not enough in there to make someone have enough knowledge to advise on your greatest asset and investment strategy as an overall whole.
\nThere are also the self-proclaimed experts out there who become advisors. They fill portfolios with a heap of regional properties. They don\u2019t look at diversification, they don\u2019t look at the growth indicators.
\nWe have people walk through our door on a monthly basis who have bought five or six properties in these regional locations, held them for seven, eight, or even nine years, and had no growth or sometimes had the portfolio go backwards. It often comes through either working with a firm that has no formal qualifications and limited experience in that space or someone who\u2019s done maybe a three-day real estate course and often they\u2019re getting paid by the developer.
\nKevin:<\/b>\u00a0 Anna, there\u2019s one other thing that I wanted to ask your opinion on, and that is something that I\u2019ve always warned against, and that is rental guarantees. If they are actually using a rental guarantee to justify the price, alarm bells should definitely be going off.
\nAnna:<\/b>\u00a0 I couldn\u2019t agree more. We\u2019ve never had to offer rental guarantees to our investors because we\u2019re in a strong rental market. I met a lady just recently who had a property she purchased where the rental guarantee was $450 a week. That was for the first six months. When that came off, she was struggling to get $250 a week. Now, that made the property unaffordable for her. She\u2019s now trying to sell it, and she\u2019s looking at taking a big loss because she did pay too much for it and it\u2019s in an oversupplied market, which is often the case.
\nThese kickbacks occur in markets that are oversupplied because the developers can\u2019t move their stock. So now she\u2019s in all sorts of financial strife and she really just can\u2019t afford to hold it at the market rent.
\nIf you\u2019re going to go for a guarantee rent, yes, ask why they have to guarantee it. Also get an assessment of the market rent, which is another thing that the valuer will do for you when they do the valuation for the bank. Make sure that you have independent advice from an independent broker and solicitor that\u2019s not part of the one firm because they\u2019ll be across all that information for you.
\nKevin:<\/b>\u00a0 Yes, great advice coming from you in the book, which is simply called Whistleblower<\/i>. It\u2019s written by Anna Porter who has been my guest. You can get a copy of that book by going to Anna\u2019s website Suburbanite.com.au.
\nAnna, thank you so much for your time and for writing the book. It\u2019s been great talking to you.
\nAnna:<\/b>\u00a0 You\u2019re more than welcome.<\/p>\n","protected":false},"excerpt":{"rendered":"

Housing is the single biggest asset class in Australia, worth an estimated $6.5 trillion across 9.6 million dwellings.\u00a0 CoreLogic RP Data released its national Profile of the Australian Residential Property Investor and we catch up with Cameron Kusher as he picks out the highlights. There…<\/p>\n","protected":false},"author":176692471,"featured_media":8632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10,11,13,24],"tags":[101],"class_list":["post-8629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","tag-podcast"],"yoast_head":"\nLittle known co-ownership benefit + How to detect a spruiker - 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\/little-known-co-ownership-benefit-how-to-detect-a-spruiker\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Little known co-ownership benefit + How to detect a spruiker - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Housing is the single biggest asset class in Australia, worth an estimated $6.5 trillion across 9.6 million dwellings.\u00a0 CoreLogic RP Data released its national Profile of the Australian Residential Property Investor and we catch up with Cameron Kusher as he picks out the highlights. 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