{"id":9450,"date":"2016-10-05T01:00:03","date_gmt":"2016-10-04T14:00:03","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9450"},"modified":"2016-10-05T01:00:03","modified_gmt":"2016-10-04T14:00:03","slug":"recovering-from-misguided-advice-miriam-sandkuhler","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/recovering-from-misguided-advice-miriam-sandkuhler\/","title":{"rendered":"Recovering from misguided advice – Miriam Sandkuhler"},"content":{"rendered":"

 
\nThis week, my feature guest is Miriam Sandkuhler<\/strong> from Property Mavens. With a background in the financial services industry, Miriam was interested in property from a young age. Starting at 23, she began building her own portfolio, but some misguided \u2018advice\u2019 from selling agents led to some very costly mistakes and this experience contributed to her becoming passionate about the advocacy side of the property industry, and ultimately led to her starting Property Mavens.
\nI discuss that journey with Miriam.
\n <\/p>\n

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

Kevin:<\/b>\u00a0 We\u2019re going to go on a bit of a personal journey with my next guest and talk about her experiences with property because we learn so much from doing that, but as well as that, what Miriam Sandkuhler from Property Mavens has learned along the way from working with the number of people she works with.
\nMiriam, welcome to the show. Thank you for your time.
\nMiriam:<\/b>\u00a0 Hi Kevin. You\u2019re very welcome. Thanks for having me
\nKevin:<\/b>\u00a0 Let\u2019s talk about you and your personal journey. When did property become such an important thing to you?
\nMiriam:<\/b>\u00a0 For me, it would have been about 26 years ago.
\nKevin:<\/b>\u00a0 Come on, you\u2019re not even that old.
\nMiriam:<\/b>\u00a0 Thank you. I was quite young and actually looking to purchase my first property. I was really venturing into a marketplace where I had no mentors or advisors on whom I could lean to help me go through that process. As such, I learned some really tough life lessons along the way.
\nKevin:<\/b>\u00a0 Was it because there weren\u2019t many mentors around in those days?
\nMiriam:<\/b>\u00a0 Absolutely. Buyer advocacy didn\u2019t exist as a service to protect and educate the buyer. The market for decades \u2013 as we know \u2013 has been run by real estate agents, where they\u2019ve educated consumers how to buy the property that they want to sell them in the way they want them to buy it. So it\u2019s been heavily influenced by one side of the camp.
\nBack then, there was certainly no one representing the buyer who was in a position to advise me, and I didn\u2019t have a family background where I could fall back on anyone there, either.
\nKevin:<\/b>\u00a0 Yes. Well, that changed, didn\u2019t it, about 15 or 20 odd years ago when the Internet came along? That changed everything.
\nMiriam:<\/b>\u00a0 Yes, definitely. And certainly more so in the last probably five to eight years in particular with buyer advocacy around the country. That\u2019s been a bit of a slow, steady increase, but more and more, there are more licensed agents out there. And there are also people who are unlicensed and are probably operating illegally doing it, as well, so you have to be very careful who you engage. But yes, they\u2019re slowly leveling the playing field.
\nKevin:\u00a0 <\/b>Yes, we\u2019ll talk about that in our chat, as well. Tell me about your first purchase. Where was that and how successful was it?
\nMiriam:<\/b>\u00a0 My first purchase was in St. Kilda. I bought a little one bedroom apartment off Grey Street, which was a bit of a seedy area at the time, and it was in a company share structure. Back then, I was quite fortunate; I had a fairly substantial deposit and getting some finance wasn\u2019t an issue for me for that particular property type, whereas nowadays, people would have much more of a challenge.
\nAt the time, I was tossing up between a house that needed some renovation in Port Melbourne on a decent chunk of land or a little apartment that was freshly refurbished but in the heart of St. Kilda. I went with the apartment, not understanding the concept of land value, and that was my first investment.
\nKevin:<\/b>\u00a0 That property type in a company like, it probably would have looked very attractive because of the price, as well.
\nMiriam:<\/b>\u00a0 The price back then, we\u2019re talking $112,000 for the apartment and what would have roughly been $130,000 for the house in Port Melbourne. The apartment nowadays with the oversupply that\u2019s happened in St. Kilda would have dropped back in price, I\u2019d roughly say, to maybe the $500,000 mark, whereas the house in Port Melbourne would easily be around that $900,000 to $1 million mark.
\nAgain, it was just not understanding the dynamics of what to look for when investing, and I was a bit scared. I didn\u2019t like the idea of taking on a renovation. I knew nothing about it. So I went for the easy option.
\nKevin:<\/b>\u00a0 And do you still own that property, the one in St. Kilda?
\nMiriam:<\/b>\u00a0 No. I managed to get rid of that a couple of years later. I used that money to invest in what I would call an investment-grade property in West St. Kilda, and then one of the biggest mistakes I made later on is I took some free advice from a friend of mine who was a selling agent who instead of convincing me to keep it because it was a good asset and I should have bought my ex-partner out, he convinced me to sell it and he was going to put me in something better, which of course didn\u2019t transpire. And here I am today talking to you professionally as a buyer\u2019s agent.
\nKevin:<\/b>\u00a0 That\u2019s the value of free advice, isn\u2019t it?
\nMiriam:<\/b>\u00a0 Yes. You make big mistakes. I had a couple of goes at it, again taking the wrong advice from the wrong people who had their own vested interests. That\u2019s probably one of the toughest lessons: free advice often isn\u2019t good advice and it is biased, and you ultimately do pay a price down the track, and in my case, poor asset performance or buying the right property but then under poor advice, selling it.
\nKevin:<\/b>\u00a0 Of course, you learn those lessons along the way. That sale that you were talked into there, is that what prompted you to start Property Mavens?
\nMiriam:<\/b>\u00a0 Yes, it wasn\u2019t actually long after that. Probably maybe five years later, I ended up getting into real estate sales. I had a financial services background, so I sold what was called managed investment real estate.
\nThen from there I got into buyer advocacy and actually working for the consumer, because I learnt very quickly that the nature of what I was selling didn\u2019t perform like all the marketing materials and product disclosure statements suggested. I did more research and got a better understanding of the dynamics and the fundamentals of what enables property to grow in value and what differentiates them.
\nThen a few years later, I set up my own business \u2013 Property Mavens \u2013 and then not long after that wrote my bestselling book Property Prosperity<\/i> as a way to educate consumers on how to go about buying property and what to look for, what to be wary of, the questions to ask, who to trust, who to maybe not trust, and how to go about investing safely and strategically.
\nKevin:<\/b>\u00a0 The book Property Prosperity,<\/i> have you been tempted to write a second one or an update of that one?
\nMiriam:<\/b> Funny you should say that; I\u2019m actually looking at doing that right now as we speak. I\u2019m in the process of mapping out \u2013 taking some specific content out of that and expanding it. Whereas Property Prosperity<\/i> was designed really to help people safely and strategically buy property, this next book will be drilling down to some of the more DIY details of how to actually go about aspects of it.
\nKevin:<\/b>\u00a0 So you\u2019re taking it to another level in that case?
\nMiriam:<\/b>\u00a0 Yes, definitely.
\nKevin:<\/b>\u00a0 Tell me about Property Mavens. Who is your ideal client?
\nMiriam:<\/b>\u00a0 Generally, I\u2019m working with people between 35 and 50. They often want to invest. It might be their first investment property, or it might be their second or third. Often I\u2019ll have financial planners and accountants refer their clients to me for self-managed super fund investing, which is far more complex investing in property in a super fund than outside of it. And they have anything from budgets between $500,000 and $1.5 million.
\nI\u2019ll sit down with them and help them develop investment strategies, and then I\u2019ll go into the marketplace and source and negotiate on that property for them.
\nKevin:<\/b>\u00a0 What\u2019s the most common question they ask you when they first come to you?
\nMiriam:<\/b>\u00a0 It\u2019s not so much a question; it\u2019s really the position that they\u2019re in. They don\u2019t know what to buy, where to buy it, or how to go about it. There\u2019s so much conflicting information in the marketplace, and it\u2019s conflicting because people have their own agendas as to what they\u2019re trying to sell. People are selling strategies, and often those strategies lead to a product or a property that they\u2019re trying to sell you as part of that particular strategy.
\nIt\u2019s generally confusion, and they need help and they need someone who knows what they\u2019re doing and understands growth drivers and understands research and negotiation and pricing, because underquoting is still a big problem in Victoria. That\u2019s where they\u2019re seeking my assistance and I\u2019m able to go out and get them investment-grade property.
\nKevin:<\/b>\u00a0 What\u2019s the most common mistake you see investors make?
\nMiriam:<\/b>\u00a0 Definitely, I think the free advice thing. They attend seminars, they go to coaching organizations or investment clubs and they become part of a group, and there\u2019s a bit of a \u201cLet\u2019s all do this together\u201d motivational component to it and they get sucked down that rabbit hole. But inevitably they\u2019re educated to often buy the property that those real estate agents or property spruikers or developers actually want to sell them.
\nAgain, it\u2019s the free advice and not understanding that it\u2019s biased. It can often be detrimental if they don\u2019t get independent advice or do their own independent research.
\nKevin:<\/b>\u00a0 What sort of mentors should people be looking for, and when should the alarm bells go off?
\nMiriam:<\/b>\u00a0 I think they should be wary from the beginning. They always want to get their own independent solicitors to look over contracts. They always want to get advice from their accountant or their financial planner first around structuring and what entity you buy it in.
\nThere are a lot of these self-managed super fund one-stop shops out there that are putting people in super funds who just shouldn\u2019t be, so always seek advice independently of whoever is trying to promote a particular property or structure to you because in a lot of instances, they\u2019re not allowed to legally give that financial advice, either.
\nDefinitely you want your independent building and pest inspectors, you want to obviously engage your own property managers, as well, but if you need help with some element of the buying process, whether it\u2019s just bidding at auction or negotiation side or assessing if it\u2019s a good property, then that\u2019s when you can bring in a buyer\u2019s agent, as well.
\nKevin:<\/b>\u00a0 You mentioned earlier that the first property you purchased was that apartment in St. Kilda. Would you buy apartments, or are you all about house and land?
\nMiriam:<\/b>\u00a0 No, it\u2019s not about apartments or house and land; it\u2019s about buying for land value as a percentage of the purchase price. Regardless of what the actual property type is, I\u2019m always looking to buy 50% to 70% land value. That way, it\u2019s the land that goes up in value, not the building. That way, there\u2019s potential to manufacture equity by doing a cosmetic renovation or an update, usually because the property is a bit older, and that gives you the best opportunity to get the best growth and to maximize your return on that property.
\nKevin:<\/b>\u00a0 Let\u2019s have a look at regional and cap city markets now. The regional markets have had a bit of a caning. We\u2019re hearing some bad stories around Australia about some of those regional markets. Do you steer clear of those, or are there exceptions?
\nMiriam:<\/b>\u00a0 Yes, there are exceptions. I do buy in regional markets, and I\u2019m always looking for the growth drivers within that particular area. I have some minimums. They need to be a regional center that has a minimum population of 90,000. There needs to be employment opportunities there. There needs to be fantastic public transport.
\nIn the case of Victoria, if I\u2019m looking in and around somewhere like Geelong or Ballarat, you obviously have to have easy access to Melbourne and usually within an hour on the train to Melbourne because that\u2019s a source of employment for a lot of people.
\nThen you\u2019re looking at affordability and you\u2019re looking at local amenities, as well \u2013 schools, shopping, education, hospitals, those sorts of things.
\nIf it ticks a number of boxes, then absolutely I will buy there. And it also depends on a client\u2019s strategy. If they have a cash-flow strategy versus a capital-growth strategy or if they only have $350,000 to spend, then those regional centers may afford them to get into the market and get an income-producing property but not compromising too much on capital growth at the same time.
\nKevin:<\/b>\u00a0 Do you suggest people get their feet on the ground, physically have a look at the property, or can they buy it sight unseen?
\nMiriam:<\/b>\u00a0 Never<\/i> buy a property sight unseen ever. I\u2019ve done enough inspections of enough properties to absolutely without doubt never recommend anyone do that. That is a massive risk, and why would you do that when you\u2019re spending hundreds of thousands of dollars?
\nKevin:<\/b>\u00a0 Okay. Thank you for answering that one so succinctly.
\nLet me ask you then a question about first-home buyers. What advice would you give \u2013 or maybe you are giving it to \u2013 your kids, or for someone who has got children about getting into property? What advice would you give them?
\nMiriam:\u00a0 <\/b>That\u2019s pretty broad, Kevin. Save as much as you possibly can as quickly as possible and be as strategic as you can. If you need to partner up with a friend or family member to get into the market, then consider that, but make sure you have a partnership agreement in place that explains what\u2019s going to happen if and when you decide to split and go your separate ways down the track.
\nI would definitely look at getting into the market at a price point that will give you a good asset, and so if someone can\u2019t afford to buy their own home at $600,000 but they have enough to buy a good little cash-flow property with capital growth at $300,000 or $350,000, then consider those options because it\u2019s more important to be in the market and benefit from income and capital growth than not be in the market at all.
\nThere are always options available; you just have to be flexible. I don\u2019t know about you, but I know I grew up and I didn\u2019t have a new car until I was in my 30s and I had second-hand furniture until I was in my 30s. So it\u2019s about sacrifice, and if you\u2019re not prepared to sacrifice, then I guess you\u2019re going to miss out.
\nKevin:<\/b>\u00a0 You mentioned there about going into a partnership with people to get into property. That\u2019s a great piece of advice you gave, too, about the entry agreement: make sure that that\u2019s in place. You always have to plan for your exit.
\nMiriam:<\/b>\u00a0 Absolutely. It\u2019s like business or marriage: it could all turn to muck at some point in time, and it\u2019s easier to have that split agreement arranged at the beginning rather than down the track when there\u2019s emotion involved.
\nThe other thing, too, if you are going to partner up with someone, whether it\u2019s just to buy a little asset \u2013 not so much \u201cset and forget \u2013 that\u2019s going to sit there and bubble away or if it\u2019s going to be a development site or whatever the case may be, you want to make sure that your risk profiles are aligned. I you\u2019re all going to get into developing, you all need to have the same risk profile. That way you\u2019re all going to be able to equally sleep at night.
\nWhere I find challenges is where someone has a low risk profile and the other person has a high-risk profile, and one person is constantly distressed because they\u2019re investing in a strategy that doesn\u2019t match their risk profile. That\u2019s the first thing.
\nThen you want to look at risk appetite. You might want to do one whereas the other person might want to buy three or four or five properties. They are the sorts of things you want to talk about up front.
\nAnd as I said, if you do actually buy a property and before you do, you want your partnership agreement in place as to what\u2019s going to happen if one of you needs to sell, has to sell, wants to sell \u2013 how you\u2019re going to go about that and what the terms of that agreement are going to be.
\nKevin:<\/b>\u00a0 You said that about \u201cset and forget.\u201d There is a difference between that and the \u201cbuy and hold\u201d strategy. Do you buy and hold, or are you a flipper?
\nMiriam:<\/b>\u00a0 No, I\u2019m not a flipper. I\u2019m a \u201cbuy and hold\u201d girl. Property is very much something that historically has grown in value substantially over time, and so you do need to give yourself time for a property to increase in value. Those people who flip usually have to follow a property cycle, and they have to be very well educated around where the markets and cycles are because that\u2019s quite a risky strategy. So there is a difference between the two.
\nKevin:<\/b>\u00a0 Set and forget \u2013 there is a difference between that and buy and hold. If you\u2019re buying and holding \u2013 which you are \u2013 how often do you reassess your portfolio?
\nMiriam:<\/b>\u00a0 Personally, I look at it every year. I don\u2019t necessarily feel that properties are all set and forget. The reason is that markets change and growth drivers change, government policy changes, local council planning changes, and with each of those changes, they can work for you or they can work against you.
\nIf you buy a property and think, \u201cWell, I don\u2019t need to worry about it for 20 years,\u201d and then after that 20-year period, you realize you\u2019ve not made any money, that\u2019s usually a consequence of not having kept an eye on it, not doing a regular review, and not understanding the growth drivers that will impact its ability to grow or maybe not grow in value.
\nKevin:<\/b>\u00a0 What\u2019s the worst investment you\u2019ve ever made, or have you already told us about it?
\nMiriam:<\/b>\u00a0 No, my worst investment was that I participated in buying some managed investment scheme real estate, which was a holiday or resort style property attached to a resort. Probably one of the higher risk things that you can do and also with very limited resale opportunity.
\nIt was after that investment that I went, \u201cYes, hang on. This isn\u2019t working. What\u2019s going on?\u201d And I got into learning a lot more, getting some more qualifications, and then going into the buyer advocacy side and specializing in buying clients high-performing investment-grade property.
\nKevin:<\/b>\u00a0 What\u2019s the best investment you\u2019ve made?
\nMiriam:<\/b>\u00a0 Gosh. I\u2019d probably say my own home actually at the moment. I bought incredibly well. I bought off market, I bought below market value, I had every clause under the sun in my favor, and it resulted in me getting a $20,000 rebate from the vendor at settlement. It\u2019s in an extremely highly sought-after area with a ridiculously high cost-per-square-meter land value, and it\u2019s doing incredibly well.
\nKevin:<\/b>\u00a0 Is it one you\u2019ll continue to live in as a principal place of residence, or will it become an investment, do you think?
\nMiriam:<\/b>\u00a0 No, I\u2019ll hold onto it until I\u2019m ready to sell and upgrade. Providing I can stay in the area, then I\u2019ll do that at that point in time. But at the moment, I\u2019m just giving it a bit of a refresh, doing some landscaping, doing a bit on the interiors, and smartening it up.
\nKevin:<\/b>\u00a0 Miriam, it\u2019s been great talking to you. Thank you for spending so much time with us. The book Property Prosperity<\/i> is out now. What\u2019s the new book going to be called, do you know? Have you got a name for it?
\nMiriam:<\/b>\u00a0 I\u2019m still testing names, so I haven\u2019t quite got there yet. I\u2019m literally just at the stage where I\u2019m about to start writing it. It\u2019s a little bit soon, but as soon as I know, you\u2019ll be the first person to know.
\nKevin:<\/b>\u00a0 Thank you, and we\u2019d love to hear about it, so you let us know when it\u2019s ready.
\nMiriam:<\/b>\u00a0 Will do. Thanks so much, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s lovely talking to you.
\nMiriam Sandkuhler from Property Mavens has been my guest, we\u2019ll catch up with Miriam when she\u2019s written her book, maybe even sooner.
\nThanks, Miriam. Talk to you again soon.
\nMiriam:<\/b>\u00a0 Thanks, Kevin. Bye.<\/p>\n","protected":false},"excerpt":{"rendered":"

  This week, my feature guest is Miriam Sandkuhler from Property Mavens. With a background in the financial services industry, Miriam was interested in property from a young age. Starting at 23, she began building her own portfolio, but some misguided \u2018advice\u2019 from selling agents…<\/p>\n","protected":false},"author":176692471,"featured_media":9451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,10,11,13,36,17,25],"tags":[101],"class_list":["post-9450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-topic","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":"\nRecovering from misguided advice - Miriam Sandkuhler - 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\/recovering-from-misguided-advice-miriam-sandkuhler\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recovering from misguided advice - Miriam Sandkuhler - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  This week, my feature guest is Miriam Sandkuhler from Property Mavens. With a background in the financial services industry, Miriam was interested in property from a young age. 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