{"id":9774,"date":"2016-11-03T10:00:39","date_gmt":"2016-11-02T23:00:39","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9774"},"modified":"2016-11-03T10:00:39","modified_gmt":"2016-11-02T23:00:39","slug":"nine-lessons-from-the-ultra-successful-dont-get-caught-in-a-rent-to-buy-scheme","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/nine-lessons-from-the-ultra-successful-dont-get-caught-in-a-rent-to-buy-scheme\/","title":{"rendered":"Nine lessons from the ultra successful + Don\u2019t get caught in a rent to buy scheme"},"content":{"rendered":"

 
\nMany people go through life envious of the success of others. But what they fail to realise is that successful people, and especially those who reach the upper echelons, spend their lives working hard to achieve their dreams. While there\u2019s no proven formula, there\u2019s no denying that many of the people we admire share common qualities that helped them get to the top \u2013 and stay there! Hear what they are from Michael Yardney<\/a><\/strong>.
\nPaul Nugent<\/strong> explains why buying an investment property and buying your own home are two very different things. He talks to us in response to an email question from Bryce who is struggling with his wife as they have differing views on what to buy.
\nOwning your own four bedroom house on a decent block of land with a big backyard and outdoor swimming pool used to be the quintessential ‘Great Australian Dream’. But with rising property prices and increased living costs, that dream is being redefined. Social researcher Mark McCrindle<\/strong> expands on this topic.
\nOur feature guest this week is John Fitzgerald<\/strong>. John is the founder and CEO of Custodian Wealth Builders and helped thousands of Australians begin wealth building and achieve financial freedom. John’s main qualification for teaching people how to build wealth is having built wealth himself. Hear his story.
\nThose looking to get a piece of the Australian dream of buying a home are still falling victim to a shadowy scam commonly called rent-to-buy deals. So why \u2013 if the prices are over inflated and there is no legal security over the property \u2013 are these people shelling out thousands upon thousands of dollars and more importantly is nothing being done?\u00a0 Great questions that we try to get answered today by Associate Professor of Law at Curtin University Eileen Webb<\/strong>.
\n <\/p>\n

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

The great Aussie dream is being redefined – Mark McCrindle<\/h2>\n

Kevin:<\/b>\u00a0 It looks like the great Australian dream of owning your own home, on a big block of land, having a nice backyard, the outdoor swimming pool, whatever it is you wanted may just be starting to fade. Rising property prices and increased living costs, that dream needs to be redefined. To help us understand the profile of the typical Australian property owner or property buyer now, Mark McCrindle joins me. Mark, of course, is a social researcher, commentator, and principal of McCrindle.
\nMark, thanks for your time.
\nMark:<\/b>\u00a0 Thanks, Kevin. Great to be with you.
\nKevin:<\/b>\u00a0 How are we defining Australians now, or young Australian, I guess, Mark?
\nMark:<\/b>\u00a0 Well, there are a fair few challenges facing that next generation personally. And it\u2019s a great thing. They\u2019re more educated. They\u2019re staying at university longer. They completing more education. The only downside of that is that it does mean they\u2019re not starting their financial life until later than their parents did, and they\u2019re starting their financial life with a study debt to pay off, which their parents didn\u2019t have.
\nKevin:<\/b>\u00a0 Yes, that\u2019s true.
\nMark:<\/b>\u00a0 So in a sense, they\u2019re further behind the economic eight-ball, if you like, than their parents were at the same age.
\nThen, of course, it comes to buying the home, and we all know the property prices and the challenge there. People say property prices are up but wages are up, too, and that\u2019s true, but not at the same rate. If you look at average wages compared to house prices, that ratio continues to rise.
\nNow, nationally the average house price is ten times average full-time annual earnings, whereas four decades ago, it was about five times average earnings. So that\u2019s the challenge facing young people today.
\nKevin:<\/b>\u00a0 What is the average earning in Australia?
\nMark:<\/b>\u00a0 If you look at what they call the average, it\u2019s $78,000 per annum. That\u2019s the average adult full-time earnings. The only problem with that is it\u2019s a bit overstated, because that\u2019s average. They take everyone\u2019s earnings, divide it up by all workers. The midpoint is quite a bit below that, because if you have a lot of big income earners and you average it out, it\u2019s going to bump it up a bit higher than it is.
\nThe median \u2013 the middle point in the earnings \u2013 is more like the $58,000 mark. It\u2019s a bit under the $78,000, but that\u2019s roughly where it plays out. I guess, you\u2019d almost say around the $60,000 mark if someone\u2019s working full time; that\u2019s the midpoint.
\nKevin:<\/b>\u00a0 What about retirement age? Is that likely to extend out a bit, Mark, do you think?
\nMark:<\/b>\u00a0 Certainly, that\u2019s the policy. For a male it\u2019s been 65 ever since the Commonwealth Age Pension Act was passed more than a century ago, but we now have legislation that is going to push it to 67. I think that that\u2019s just a start. I think it\u2019ll continue to push back. That\u2019s access to the pension. It won\u2019t kick in for a little while before we get to 67.
\nBut, I think, the reality is that people recognize they\u2019re not only living longer, with longer in retirement to fund, but they\u2019re younger longer. They\u2019re a bit more active later in life. I think people won\u2019t want to retire in those early to mid-60s, will certainly downshift from a full-time role, but we\u2019re already seeing it, that they\u2019ll work a little bit later, keep a foot in the work life, if you like, until probably well through their 60s.
\nKevin:<\/b>\u00a0 A couple of things, I guess, whether or not we trade off those backyards for balconies and look at living in apartments closer to the city, or we, in fact, really harness the energy of the Internet and move to some of the more regional areas where property is affordable. But quite apart from affordability, Mark, what else are Aussies looking for in their houses?
\nMark:<\/b>\u00a0 Well, Australians are very attached to, still, that dream of owning their own place. It\u2019s quite strong. It\u2019s quite different to what you see in Europe where people are happy to be lifelong renters and there\u2019s more of a culture of that. In Australia, people want some ownership, even this next generation coming through.
\nAnd, yes, it\u2019s harder and it can\u2019t happen on one income now; it requires two. Often mom and dad have to help those young adult children get started. But nonetheless, they want a starter place and own it.
\nAs you said, it might not be that block of land and a house. Increasingly, it is going to be that unit, it is going to be the apartment. That\u2019s in our largest cities. The majority of all new housing approvals are in the unit and apartment category compared to the detached home category.
\nBut, we still want to own, which is a great thing, because we know historically that home ownership has been the bedrock of building an asset, building net worth in Australia and continues to this day to be the case.
\nBut we\u2019re seeing changes, as well. We\u2019re seeing people get a home a little later in life. We\u2019re seeing, as you said, people move to the regions, and the growth of the regional areas is quite phenomenal. In Queensland, Toowoomba and the growth there, and, obviously, the cities right up the coast continue to grow.
\nWe have the growth of not just the coastal cities around Australia but the inland regional areas \u2013 the Ballarats and Bendigos, the Albury-Wodongas, the Wagga Waggas, and the like. So that\u2019s been a bit of a trend \u2013 the resurgence of regional Australia. Again, as you said, not only because of affordability, but the access to the Internet, [5:03 inaudible]<\/b>, people can work or run a business from wherever they are.
\nKevin:<\/b>\u00a0 I\u2019m talking to Mark McCrindle.
\nMark, you made the point there about lifetime renters. There\u2019s nothing wrong with that, and in fact, I think there\u2019ll be a lot of investors who\u2019ll be saying, \u201cWell, that\u2019s great. We like to see people become renters because we need someone to be able to rent our properties.\u201d
\nMark:\u00a0 <\/b>That\u2019s right. To get a bit more stability in renting is important for not only the renter; it\u2019s great for the landlord and, of course, it\u2019s great for the community as well. In Australia, the average renter \u2013 we know this from the census data\u2013 stays 1.8 years per home. That is a lot of churn, particularly if people are renting for a long period of time. That means they\u2019re moving to a lot of homes, which means you don\u2019t get a sense of belonging and connection. You keep moving to new shops and new community organizations.
\nIt\u2019s hard to build community when you\u2019re staying less than two years on average, and a lot of people \u2013 to make that the average \u2013 are staying a lot less than that. So, yes, if we can develop a culture where it\u2019s a little bit more set up for people to stay longer and they\u2019re encouraged by their landlords to do so, that\u2019s going to be better for all concerned.
\nBut the reason that it is so low is that people don\u2019t so much care because they\u2019re staying in the rental period of life until they save up for the deposit for the mortgage for the home ownership. So we still have that strong channel in Australia from renting until people can then move into owning.
\nKevin:<\/b>\u00a0 Final point, I guess, is wealth distribution. We\u2019re saying that the current generation probably not as wealthy, in fairness, but they are going to inherit a fair bit of wealth, aren\u2019t they?
\nMark:<\/b>\u00a0 They are. If we look at the parents of today\u2019s young adults \u2013 so the parents of the mid-20-somethings \u2013 they are the younger baby boomers, in their 50s through into their 60s, and they have the highest net worth in Australia. A 55-to-64-year-old household has a net wealth of $1.2 million. It\u2019s the highest that it\u2019s ever been.
\nAnd that\u2019s the average net wealth. You have a lot of households, obviously, above that; some, of course, below that. But $1.2 million, now most of that or certainly much of that is tied up in the family home, a lot more in superannuation. So that\u2019s where it is.
\nBut nonetheless, that\u2019s a pretty good foundation for retirement, and it does allow a little bit of money there, some potential liquidity if they downsize to help their children out, as well. That\u2019s what we\u2019re starting to see.
\nAnd if they can do well \u2013 and keep in mind, the mid-50s to the mid-60s are still earning, they\u2019re still wealth accumulating \u2013 if they can build that nest egg a bit further, within a few decades, a fair bit of that \u2013 if not most of it \u2013 will be passed on to the next generation, and it will represent the biggest inter-generational wealth transfer Australia has ever seen. Probably about $3 trillion will be transferred in wealth between the generations over the next three decades.
\nKevin:<\/b>\u00a0 We out of time, Mark. But, thank you so much. Check Mark out on his website. There\u2019s a huge amount of information there. Great information for you to read. The Web address is mccrindle.com.au.
\nMark, thanks for your time.
\nMark:<\/b>\u00a0 Thanks again, Kevin.
\n <\/p>\n

Beware of ‘rent-to-buy” schemes – Eileen Webb<\/h2>\n

Kevin:<\/b>\u00a0 Well, here\u2019s a timely warning for you. I read a brilliant piece that was written recently about how many Australians are still falling prey to the rent-to-buy schemes that we see plastered all over telephone poles and in the classified section of the newspapers. The article was written by Associate Professor of Law at Curtin Law School at Curtin University, Eileen Webb, who joins me.
\nAssociate Professor, thank you very much for your time. Tell me a little bit about how these schemes work.
\nProf. Webb:<\/b>\u00a0 The easiest way to look at them or understand them is to compare them to a regular bank loan. With the standard bank loans, you have land being transferred to a purchaser upon settlement. The mortgage is noted as a charge on the title but the purchaser is acknowledged as being the owner of the land.
\nNow, this never happens with these fringe lending schemes. The land won\u2019t be transferred to the purchaser until it\u2019s paid off in full, and you allegedly pay off your home by simply paying rent for that period or until the property is refinanced.
\nThe problem is that the so-called purchaser never actually has an interest in the land. You\u2019re like a renter, and so if they default, the vendor can simply say, \u201cOh, you\u2019re in breach of your contract.\u201d They lose everything that they\u2019ve paid and the opportunity to buy the house.
\nKevin:<\/b>\u00a0 Is there a record of the deal anywhere that it shows that the renter is, in fact, buying the home.
\nProf. Webb:<\/b>\u00a0 No. This is one of the big issues with this. Everything is done via contract. And again, it depends on the particular arrangement. Some are quite well documented, but as you would imagine, the contracts are all in either the vendor\u2019s and often the broker\u2019s favor.
\nThe basis of the agreement is the contract, so there\u2019s no transfer of title. Arguably, the perspective purchaser could lodge a caveat, but it seems nobody ever does, and there simply is no interest in the title.
\nWhat you could do is you could rely on that contractual right and you could try and proceed in a court, but who has the time and the energy and the money to do that? Particularly when the people who were targeted by these schemes are often challenged economically to begin with.
\nKevin:<\/b>\u00a0 Exactly. That\u2019s the point I\u2019ll come to in just a moment. In the article, you also say the Consumer Action Law Center has seen no examples of successful rent-to-buy deals anywhere. How can this be legal?
\nProf. Webb:<\/b>\u00a0 It\u2019s legal because it hasn\u2019t been made illegal. Basically, they\u2019re operating in this twilight zone. Where the problems arise with the law is that these sorts of things are regulated, if you like, across a smorgasbord of state and national law. Within each state, you have the state government being responsible for property laws and the carriage of much of the consumer law relevant to that jurisdiction. Then you have the national credit law, so you have national laws in relation to responsible lending and the National Credit Code.
\nNow, what is happening is that first of all, many of these transactions are falling through the cracks. Just a quick example: many of the brokers who are involved in this area are not licensed and therefore, if they\u2019re not licensed, they\u2019re not being caught by the national credit laws. Similarly, other transactions just simply fall through the cracks, so they don\u2019t fit within the particular state legislation, they don\u2019t fit within the national legislation.
\nOf course, it\u2019s inconsistent across the country because one of the joys of being in a federation is, of course, we have a lot of different state laws. In some states, the consumer protection authorities have actually been quite proactive, so I\u2019m very happy to say in Western Australian they\u2019ve been very proactive with going after these guys, but in other states, there isn\u2019t as much opportunity to do so.
\nKevin:<\/b>\u00a0 How widespread is it? Do we really know?
\nProf. Webb: <\/b>\u00a0No, we don\u2019t, because as Consumer Action actually noted in their report there\u2019s very little usable data because the thing is the property doesn\u2019t change hands, you don\u2019t pick that up, and you don\u2019t get anything from the consumer protection agencies unless they\u2019re following up a complaint. You don\u2019t get anything from land titles. You don\u2019t get anything stamp duty offices because, again, you haven\u2019t got these things changing hands.
\nWhat we do have is evidence that legal services and consumer organizations and the consumer regulators are seeing more and more of these transactions. So I guess you\u2019d say we have anecdotal evidence of an increase in these types of transactions.
\nAlso, too, there is an unhealthy interest in getting involved in these schemes. People are actually encouraged to become brokers within these rent-to-buy schemes by very high-profile promotors, and they tout it, if you\u2019d like, as a way of getting rich quick. People get attracted by this and they go into these schemes, and if even a small proportion of numbers of people who do these courses actually go out there and become brokers, that will lead to a very significant number of these transactions.
\nKevin:<\/b>\u00a0 Is it only a matter of time before this does become illegal?
\nProf. Webb: <\/b>\u00a0One of the recommendations of Consumer Action Law Center\u2026 And I can\u2019t speak, obviously, on behalf of Consumer Protection in Western Australian but I\u2019m sure that given our experiences over here, they would be applauding this. Look, they really should be banned. They\u2019re of no discernible consumer benefit. We haven\u2019t seen any successful rent-to-buy schemes and most vendor finance schemes fall over.
\nThe idea behind the rent-to-buy is that at the end of the rent-to-buy period, the potential purchasers refinance. They simply are not able to refinance because they\u2019ve paid too high a price for the property, they\u2019re in low-growth areas, so they haven\u2019t got any equity to offer a mainstream lender, and so after the five-year period, they pretty much lose everything they\u2019ve paid and have to walk away.
\nNow, the other alternative is if we strengthen regulation of these contracts. So basically, we should ensure that if these transactions are brokered by intermediators for profit \u2013 which is a fancy name for brokers, obviously \u2013 the law should be amended to make sure that the National Credit Code will apply and we don\u2019t have these unlicensed people falling between the cracks and us not being able to prosecute them.
\nAlso, too, what we need is that the monies that are paid by the prospective purchaser should be held securely. At the moment, it\u2019s just going to the broker and back to the vendor or going directly to the vendor, and it can be used as that person wishes. Basically, it needs to be held securely on behalf of the buyer until such time as the property settles \u2013 which it invariably doesn\u2019t \u2013 or that if things go wrong, the buyer can recover any amount that they\u2019re entitled to if the deal is not completed.
\nKevin:<\/b>\u00a0 Well, it certainly is an area that needs to have some legislation to protect people, I think, because you rightly said, the people who are attracted to this are those who probably aren\u2019t best equipped to handle it.
\nProf. Webb:<\/b> \u00a0It\u2019s tragic, and I think what\u2019s going to happen, too, is that we have this perfect storm, if you like, because housing affordability is decreasing because you have increasing casualization, we have rising defaults, job losses, and so on. You have problems with people financing loans and actually being able to get mainstream loans but you also have decreasing home values, so you have vendors who are really worried about selling their own house. They\u2019re attracted to these schemes, as well, because brokers will say them, \u201cWell, look, we can get you more than you could selling it through the regular market.\u201d
\nOne thing I should emphasize is that often vendors in these situations aren\u2019t necessarily the bad guys; the brokers in the middle are often the ones who are causing the most trouble and are causing us the most concern.
\nKevin:<\/b>\u00a0 Absolutely. We\u2019re going to continue to look into this, as well, but I want to thank you for joining us, Eileen. Thank you very much for your time.
\nProf. Webb:<\/b>\u00a0 My pleasure. Thank you.
\n <\/p>\n

Successful people leave clues – Michael Yardney<\/a><\/h2>\n

Kevin:<\/b>\u00a0 Success definitely leaves clues. If you follow a successful person, you\u2019ll pick up lots of really good information, if your antenna is out and you\u2019re looking for it. Probably one of the most common questions I\u2019m asked is \u201cWhat makes a successful investor? Why are some people more successful than others?\u201d Well, there are some great lessons, and Michael Yardney<\/a> joins us to talk through those with us this morning in the show.
\nGood morning, Michael. How are you?
\nMichael:<\/b>\u00a0 Hi Kevin.
\nKevin:\u00a0 <\/b>I know you\u2019ve made a study of this, and you\u2019ve written several books about it, as well, and that is, what makes someone very successful? They do leave clues, and there are some common traits, Michael, aren\u2019t there?
\nMichael:<\/b>\u00a0 Yes, there are. Now, of course, everyone measures success differently, so I\u2019m not necessarily talking about how big your bank balance is or how many properties you have in your portfolio or how big your share balance is \u2013 even though a lot of people do measure success in a monetary way, don\u2019t they, Kevin?
\nKevin:<\/b>\u00a0 They do, mate. Yes, exactly. So what have you found, then?
\nMichael:<\/b>\u00a0 What I\u2019ve done is I\u2019ve studied, I\u2019ve learned. I\u2019ve actually mentored over 2000 people in the last ten years, so I\u2019ve seen those who\u2019ve been successful and those who haven\u2019t. Yes, there are some common traits, so let\u2019s go through them.
\nOne of them interesting is that a lot of the successful people start their day early. They\u2019re early birds. They\u2019re earlier risers \u2013and fancy <\/b>people like Sir Richard Branson, Robert Iger, the Disney CEO. Lots of people wake early and they actually take advantage of their time in the morning \u2013 the extra hour or two \u2013 to get things done in an efficient way, Kevin.
\nAnother thing that a lot of successful people do \u2013 in fact, all of them \u2013 is they read. They understand the power of reading today. It\u2019s also, I guess, passed on to podcasts, where people are just continuously learning. It helps them learn from the mistakes as well as the successes of others, and that opens their eyes to other possibilities.
\nKevin:<\/b>\u00a0 Interesting that they read, Michael. Any examples there of people who you can cite as good readers who have been successful?
\nMichael:<\/b>\u00a0 Well, I\u2019ve heard that Bill Gates reads for an hour as part of his bedtime routine. J.K. Rowling, the first ever billionaire author, read everything she could.
\nKevin:<\/b>\u00a0 Oh, was she really? Is that right \u2013 she was the first billionaire author?
\nMichael:<\/b>\u00a0 She\u2019s done particularly well, Yes.
\nKevin:<\/b>\u00a0 Oh, okay.
\nMichael:<\/b>\u00a0 Albert Einstein. In fact, all successful people read. Today it\u2019s not just hardcopy books, as I said, but there\u2019s so many ways of giving yourself energy and motivation by looking at what others have done.
\nKevin:<\/b>\u00a0 Okay. Well, they get up early. They read books. What else do they do, Michael?
\nMichael:<\/b>\u00a0 They actually get going. They actually have all the resources they need, and so they create a daily habit of doing something.
\nThey also keep themselves fit. They understand the importance of their health as part of a balanced life, so you\u2019ll find that many of them workout and exercise. They keep moving. They take a break during the day to walk, as well. They recognize that one way of being rich, one way of being successful is having health, Kevin.
\nKevin:<\/b>\u00a0 What about the other end of that: how do they relax?
\nMichael:<\/b>\u00a0 Well, they understand the importance of balance. So despite getting up early and despite being active during the day and doing things, they also recognize the power of relaxation, meditation, taking time out, balancing their life.
\nNow, it\u2019s not always balance day-by-day, Kevin, so often they work really hard and then they take long holidays, or they work really hard and take some off over the week. When you look at them hour-by-hour, day-by-day, the balance may not be there, but if you look over a long term, it\u2019s the only way you can keep going, Kevin.
\nKevin:<\/b>\u00a0 Michael, what separates professionals from wannabes?
\nMichael:<\/b>\u00a0 Well, professionals work even when they don\u2019t feel like it. There are lot of examples of people who have done well and persisted on when the average person would give up. So they\u2019re dedicated, Kevin.
\nThey also practice. They get to the top of their game by doing the same thing over and over again. You\u2019ll never become an expert by doing a hundred things once, so they do one thing and do it a hundred times until they\u2019re an expert in it. I guess the way you know you\u2019re an expert is if you can get reproducible results.
\nOne way they do this is also eliminating distractions. They don\u2019t multi-task. A lot of people think it\u2019s good to multitask and they\u2019re proud of that, but it\u2019s been shown to be a very inefficient way of doing things, Kevin.
\nKevin:<\/b>\u00a0 I don\u2019t multitask at all. I can\u2019t do it. I\u2019ve always thought that was because I was a male.
\nMichael:<\/b>\u00a0 That\u2019s what we\u2019re taught \u2013 isn\u2019t it? \u2013 and that females can, but in fact, it\u2019s been shown\u2026 Even with the old story of disruptions with e-mails: if you\u2019re going to do that, just set aside certain times of the day and just keep doing that, and don\u2019t handle your e-mail or any other papers more than once. They tend to be very efficient and learn to minimize distractions.
\nKevin, another interesting characteristic of successful people is that they dedicate time to giving back to their community, to charities; they volunteer, they donate. They not only donate money but they donate time.
\nKevin, our joint good friend Tom Corley, author of Rich Habits<\/i>, has found that 73% of the wealthy people in his five-year study volunteered for over five hours a month. And others do that, too. We know about the philanthropy of Bill Gates and Oprah Winfrey and Mark Zuckerberg; they all donate to different causes.
\nAnd it\u2019s not because they\u2019re already rich, Kevin. They started doing that long before they were rich, and if you don\u2019t have money to donate, Kevin, we all have time that we can give back to the community.
\nKevin:<\/b>\u00a0 Just on that point, Michael, if I can just have my two bob\u2019s worth just <\/b>you for a minute, I\u2019ve been doing this show, I think, for about ten years now, and without doubt, every time I ask someone like yourself to contribute to the show, to give us some information, it\u2019s always on the basis that \u201cI\u2019m so happy to help. The more people I can educate, the more people I can tell about how to do this sort of stuff, the better.\u201d That\u2019s the giving nature, Michael, I\u2019ve found.
\nMichael:<\/b>\u00a0 It\u2019s also the abundance philosophy, Kevin. If I buy a property, it doesn\u2019t stop you buying one. If I buy some stocks and shares, it doesn\u2019t stop you doing it. So passing on the information doesn\u2019t harm me. If, in fact, it helps other people and improves their level of wealth and the community, I\u2019m going to be living in a better place.
\nYes, you\u2019re right, Kevin. The only reason I know what I know is because other people helped, taught me, educated me, so that I see it as my obligation to do it, Kevin.
\nKevin:\u00a0 <\/b>They\u2019re very goal-oriented, too \u2013 aren\u2019t they, Michael? \u2013 these successful people.
\nMichael:<\/b>\u00a0 Yes, they are. They have goals, they write them down, they know where they\u2019re heading, and then they keep on track. Now, of course, you don\u2019t have successes every time, so they\u2019re also able to get up one more time than the average person and start it all over again, recognizing that the setbacks and the failures are just a normal part of entrepreneurship, business, and property investing, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s a great insight you\u2019ve given us there, Michael, those nine traits. But you know, the bottom-line to all this and a good mutual friend of ours, Michael Sheargold, once said the power of any great idea is in its implementation. It\u2019s actually getting off your butt and doing something about it, isn\u2019t it?
\nMichael:<\/b>\u00a0 Kevin, I\u2019ve often used Michael Sheargold\u2019s word in that regard, because I have had over 2000 people go through my mentorship program, and they\u2019ve all said how much they\u2019ve learned and how good it is. Some of those people at the end of the year program, have changed their lives. They\u2019re the ones who\u2019ve done something. Those who said, \u201cHey, I really liked, I enjoyed it,\u201d but haven\u2019t done anything, they\u2019re back to where they started.
\nSo it\u2019s not the information. You\u2019re 100% right; it\u2019s the implementation of it.
\nKevin:<\/b>\u00a0 That\u2019s absolutely right. And on that note, I\u2019ll implement and get on to the next interview. But Michael, thank you very much for your time. It\u2019s been great talking to you. Michael Yardney<\/a> from Metropole Property Strategists<\/a>.
\nThanks, mate.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.
\n <\/p>\n

Learn from someone who has succeeded – John Fitzgerald<\/h2>\n

Kevin:<\/b>\u00a0 Our featured guest this week is John Fitzgerald. John is a renowned property expert, public speaker, and philanthropist. He\u2019s had decades of experience in real estate, as you\u2019re going to hear in our chat.
\nFounder and CEO of Custodian Wealth Builders, John has helped thousands of Australians begin wealth building and achieve financial freedom. Today, Custodian Wealth Builders is one of Australia\u2019s most highly respected property investment companies and has helped hundreds of Australians, thousands maybe, become millionaires through effective wealth building.
\nNow, John regularly conducts his wealth-building workshops across Australia, educating people, using his successful strategies that he\u2019s used to build his own wealth. He joins me.
\nHi, John. How are you?
\nJohn:<\/b>\u00a0 Kevin, great to be with you again.
\nKevin: <\/b>\u00a0It\u2019s been too long.
\nJohn:<\/b>\u00a0 It\u2019s a fantastic job you guys are doing in putting all that out there to people. I think it\u2019s great for people just to tune in and just be aware of not just what\u2019s out there but education, education, education. We just need education. It is important.
\nKevin: \u00a0<\/b>It is very, very important as we\u2019re going to hear about your development. John, born in Melbourne, I believe, 1963, not giving too much away there.
\nJohn:<\/b>\u00a0 Correct.
\nKevin:<\/b>\u00a0 Completed secondary school in Ballarat.
\nJohn:<\/b>\u00a0 Yes. I actually grew up in Moorabbin in Melbourne. I was one of five kids, and dad died when I was eight in a car accident. So mom shipped the three older boys off to St. Pat\u2019s in bloody Ballarat, which was the most coldest place in the world. I couldn\u2019t get out of there fast enough.
\nI left there at age 16, and I\u2019d never actually been outside of Victoria, so the first thing I did when I left school a month after was hitchhike up to Queensland. I think I just did it to thaw out. If any of your listeners from Ballarat, they\u2019ll know what I\u2019m talking about. Those winds go straight through you.
\nI got up into Queensland at age 17. I started working in real estate when I was 17. My mentors \u2013 and I really credit my mentors with everything \u2013 were Jewish, mega wealthy, hundreds of millions, billionaires, and they just taught me the basics of real estate and also the basics of success.
\nTo me it comes down to two things: success is just repetition and there\u2019s only truth in numbers, and that\u2019s what they taught me day one. They said to practice repetition, you have to have good habits. Just interesting little things like that that are important.
\nKevin:<\/b>\u00a0 When you came to Queensland, you would have arrived around about the time when the boom was on, I guess, if that\u2019s my understanding.
\nJohn:<\/b>\u00a0 There was a 1980 boom, and it was interesting because, being in property yourself, you study cycles. And the market, studying the cycles, boomed really in Sydney in \u201978 to \u201980-81. Queensland and Gold Coast particularly went through same sort of cycle a little bit later, but certainly I was at the tail end. I got in 1980 and really got my teeth into it in \u201981, \u201982. But then there was quite a significant downturn and a recession in the 1980s that lasted from about \u201981, \u201982 right through until about \u201987, \u201988.
\nKevin:<\/b>\u00a0 I got into real estate in \u201988, and that was actually a very good time to be in real estate because you learned some great skills. It was a pretty tough time having to tell people that their properties were worth less than what they\u2019d paid for them some five or six years earlier. It was an interesting time to cut your teeth.
\nJohn:<\/b>\u00a0 I\u2019ll tell you a funny story about that because a lot of people talk about all that. I had a lot of property in 1986, \u201987, \u201988. I talk about property and I talk about specifically land per square meter. RP Data and all the people who do median house price, unit price, and all those sorts of things, no one ever gets down to really the land price per square meter, but I\u2019ll go back to land per square meter.
\nI was buying land per square meter in \u201985, \u201986, \u201987 for about $16, $17 a square meter. This was in Brisbane, in and around Brisbane \u2013 about $16, $17 a square meter.
\nKevin:<\/b>\u00a0 Wow.
\nJohn:<\/b>\u00a0 And in 1988 it was still worth $16, $17 \u2013 just nothing happening after two or three years. Like you, everyone was despondent. Everyone was scratching their heads. \u201cThis is no bloody good, blah, blah, blah,\u201d and all that sort of thing.
\nThen all of sudden, someone must have rung a bell at the end of 1988. I think it was when Expo started, and the Japanese started coming into the Gold Coast and South East Queensland. That land doubled in less than one year. It doubled in less than one year. It went from $16, $17 a square meter to over $30, $35 a square meter.
\nWe saw exactly the same thing in the outskirts of Sydney just last year, in 2015, interestingly. I know there\u2019s been a boom going on in Sydney. We bought about 400 blocks of land, and we put small houses on them. We bought land for around about $400 a square meter, and now that land is $1200 a square meter. It\u2019s actually tripled in the last three or four years. At the same time, the Sydney median has only gone up by probably 65%, 70% and units have gone up by 25%.
\nYes, \u201988, \u201989 was a massive boom particularly in Sydney, but a massive boom in South East Queensland on the back of not only the cycle turning over and recession and everyone kicking back in but also the Japanese coming in and buying.
\nKevin:\u00a0 <\/b>Interested to hear from you why when you arrived in Queensland, you choose real estate \u2013 or did real estate choose you? Was it just so much in your face that you really had to get involved in it?
\nJohn:<\/b>\u00a0 I ask myself the same thing. I chose real estate because of the people in it. I really actually like the people in real estate. They\u2019re positive people. They\u2019re out there doing things. They\u2019re not negative and they\u2019re not not doing anything. They\u2019re self-motivated people.
\nIn real estate, you get paid by what you generate, and I actually liked that. I didn\u2019t want to be on an hourly rate, at $8 an hour or whatever it was back then, where if you work hard, you get $8 an hour, and if you slack off, you still get $8 an hour. I just didn\u2019t like that. I still don\u2019t like it. I still don\u2019t like the concept of hourly. I find that a little bit demotivating in a lot of ways.
\nI looked at an industry that would compensate me for how hard I worked and how smart I worked, as well. Real estate is good like that. The people who you migrate to are really great people \u2013 self-motivated, building, developing, creating, pioneering \u2013 and I like that sort of people.
\nKevin:<\/b>\u00a0 You left school at age 16, jumped on a car\u2026 Well, no, you hitchhiked to Queensland.
\nJohn:<\/b>\u00a0 Yes, I did.
\nKevin:<\/b>\u00a0 By age 20, you\u2019d syndicated well over $5 million worth of developments, and you\u2019ve gone on. Your company now, JLF Corporation, you\u2019ve been responsible for transacting thousands and thousands of properties. You\u2019ve developed about 8000 to 10,000 yourself, have you?
\nJohn:<\/b>\u00a0 Well over that now. I\u2019ve probably done 12,000 properties. I\u2019ve bought, sold and, developed over 12,000 properties. We do 500 to 1000 a year, every year. I try and build my own portfolio, so I have a massive land portfolio as well myself. Really, what I do is I tell people to do what I do and then they buy alongside me, most of them.
\nKevin:<\/b>\u00a0 Just in doing some searches that I\u2019ve done over the years, the name JLF comes up quite often, JLF Corporation. How many companies are involved in that now?
\nJohn:<\/b>\u00a0 I have about 26 companies, and I\u2019d actually like to have less, to be honest. In the \u201980s and the \u201990s, your accountants and solicitors were saying \u201cSet up a company \u2013 protection, tax,\u201d all that sort of thing. It\u2019s actually simplified itself a little bit more now, but we still have a fairly complex group structure. We have assets and businesses in four states of Australia. Then we have a finance business, funds management, and various other things we own and operate as well.
\nIt is a little bit more convoluted, but I like actually still getting out, walking over land, and still talking to clients about them building a portfolio, which is really good.
\nKevin:<\/b>\u00a0 Well, that\u2019s what drives your business, isn\u2019t it?
\nJohn: <\/b>\u00a0Just on that, Kevin, I have a great story to tell. We do a portfolio review for our clients, and some of our clients have 15 or 20 properties. I have a female client. She has a good portfolio. I sent her a review yesterday, and her properties last year alone went up by $554,000. We revalue their assets every year, and her properties have grown by $554,000. She has properties with us in Sydney, Melbourne, and Brisbane. The Brisbane ones haven\u2019t grown as much, but Sydney has gone off the charts and Melbourne has gone off the charts.
\nI looked at that, and I thought, \u201cHow fantastic is that for her to have done that in the last year?\u201d I really felt proud for her.
\nKevin:<\/b>\u00a0 There must be a lot of that, too, in your business that you see.
\nJohn:<\/b>\u00a0 It\u2019s great. It\u2019s fantastic.
\nKevin:<\/b>\u00a0 You and I have spoken in the past about the book that you wrote, 7 Steps to Wealth. <\/i>That\u2019s the program that you\u2019ve done. You deal with a lot of investors. Where do you see the majority of them go wrong with their strategy?
\nJohn:<\/b>\u00a0 That\u2019s the point. They don\u2019t have a strategy; they just buy property. The numbers on people who buy an investment property are really interesting. About 8% of Australians buy an investment property. Now, 50% of them sell that property within five years, so that\u2019s a mistake. Property is not short term, Kevin. As you know and I know, it\u2019s long term. It has to go through a cycle.
\nThe other mistake is that 50% of people who buy an investment property buy an apartment. I don\u2019t really want to bag apartments, but if you\u2019re buying property, the only component of the property that grows is the land. When you buy an apartment. you just don\u2019t get any land content. They\u2019re great to live in. Apartments are great for location and they\u2019re okay for a lot of things, but as an investment strategy to build wealth, you really need the land and the land growth.
\nSo when you look at it you say, \u201cWell, investors 50% of them buy apartments and 50% of them sell within the first five years.\u201d It\u2019s not really a well thought-out strategy. Then you get to how many investors own two properties in Australia, and that\u2019s only 2.5% of all Australians. And then how many are in four or more, it\u2019s a fraction of 1%.
\nThey\u2019re the ones who I think have a strategy \u2013 the fraction of 1% of Australians who buy property. They have a strategy to buy property and use that property to buy more property and get some growth, to actually build wealth out of it. I think that\u2019s the key.
\nWhere do people go wrong? They just think, \u201cI\u2019ll just buy an investment property because that\u2019s the thing to do.\u201d It\u2019s just like saying, \u201cI\u2019m going to put my runners and go for a run.\u201d I think you\u2019re better off sometimes thinking, \u201cWell, look, what do I want to achieve from this because I don\u2019t want to hurt myself?\u201d
\nKevin:<\/b>\u00a0 I know, John, as part of what you do in your company, you\u2019re an educator. I think as parents, we have a responsibility to educate our own kids about wealth, about how to build it from a very young age. Let\u2019s go back to when you were a kid. What were the conversations like around your table?
\nJohn:\u00a0 <\/b>My mom was actually really good. This is quite interesting. When dad died, he had a house halfway under construction. Then dad died while the house was halfway under construction, and mom\u2019s accountants said to her, \u201cMary, you should sell that house because you\u2019re not going to be able to afford that\u201d \u2013 because dad had menswear businesses, a couple of shops that were going okay \u2013 \u201cAnd you need to get in,\u201d and all that sort of thing.
\nShe said, \u201cNo. I\u2019m not going to do any of that. I\u2019m going to hold on to it. I\u2019m going to finish the dream, and I\u2019m going to do the hard yards.\u201d She ended up taking a third mortgage on that house and really stretched herself, but it really did pay off for her. Then she went on and bought other property and worked out how property cycles and how you have to do the hard yards, you have to take a position, and take a longer-term position.
\nI think really what she engrained in me is do the work: do the hard work, take a position, and take a long-term position \u2013 and that\u2019s really what I try and counsel people. A lot of people think, \u201cI want to make quick money, so unless I make money within 6 months, 12 months, or 18 months, I don\u2019t want to do it.\u201d Really, it\u2019s just a fool\u2019s strategy.
\nPeople who are successful are people who persist and people who really do the hard work, the hard yards. That just sums up mom. The discussion around the dinner table was we have to share the food around the five or six of us because we\u2019re living in this nice house.
\nKevin:<\/b>\u00a0 A very gutsy thing that your mom did.
\nJohn:<\/b>\u00a0 It was.
\nKevin:<\/b>\u00a0 Who was your first mentor? Where did you draw your inspiration from? You mentioned there about when you first came to Queensland, it was the people you were working with in the industry. Would they have been your first mentors?
\nJohn:<\/b>\u00a0 Yes. I had two great mentors I talk about. One was George Margolis. He started in real estate in the 1960s, built up a massive portfolio, owned a lot of property along Cavill Avenue in Surfers Paradise, and then made the classic mistake of selling the commercial property, which was income-producing, and putting it all into land in Gladstone.
\nHe lost a lot of his portfolio but still kept his real estate office, his real estate agency, and a little bit of stuff. He still kept his good humor, his hard work, and his daily habits. He became my first mentor who taught me to do the hard yards.
\nMy second mentor was a guy called Michael [14:56 inaudible]<\/b> and he owned a company called Daneford Limited, and they built most of the high-rise on the Gold Coast but also massively developed a lot of Sydney and all around \u2013 office parks. They had $500 million dollars\u2019 worth of projects on the go at any one time. Michael was a big visionary, and I think he gave me that big vision to look beyond yourself. He was the one who actually told me when I was 25 to set up a school for youth at risk.
\nI think the collection of George and Michael were just great inspirations to me because they were both people who were always positive, always looked forward, always got up in the morning, and they were self-motivated. I just think they were just good foundations for all of us.
\nKevin:<\/b>\u00a0 Have you got a mentor today?
\nJohn: <\/b>\u00a0Yes, I have actually. My great mentor today is Nev Pask. Nev\u2019s in his 80s, and he\u2019s Mr. Land in Australia. I think he would have developed personally more land than anybody else. I was honored that he let me interview him for the front cover of a magazine recently. He\u2019s been in BRW\u2019s rich list as one of the billionaires or close to a billionaire.
\nI really like him because he really is Mr. Land and he\u2019s a very humble person. He\u2019s a guy who I enjoy spending time with. Same sort of attributes \u2013 always very positive, always looking forward, very disciplined, self-motivated, just all of that \u2013 but a great land man. He\u2019s developed in and around Brisbane, Melbourne, lots of land, and he\u2019s got a great company that is run by his son Dean now.
\nKevin:<\/b>\u00a0 What do you believe are the essential qualities of successful people, people who are successful no matter what they do?
\nJohn:<\/b>\u00a0 Look, I think first and foremost, it is important that you team up, that you surround yourself with other successful people \u2013 because success breeds success. The first thing is don\u2019t try and do anything on your own. I have people around me and I\u2019ve had people around me for 20 or 25 years, and you develop communication and you develop some good foundations with them.
\nThe second thing is know your numbers. Data is really important, so know your numbers and base your strategy on numbers not on stories. So many people think, \u201cI\u2019ll buy a property there because I really like that area. I see new caf\u00e9s going in, new this, new that,\u201d all that sort of thing. But the numbers don\u2019t necessarily support that. Because little caf\u00e9 areas\u2026 And a good area is Main Beach on the Gold Coast. It comes and goes. It was trendy five years, and now it\u2019s not because a new trendy area goes.
\nBase your strategy on numbers and you surround yourself with good people. When I say good people, good people who will test those numbers with you. They\u2019re probably the two things that I notice about successful people \u2013 and I\u2019ve met a lot of them. I\u2019ve met most of the Australian property billionaires and they surround themselves with good people, and those good people are very good at numbers.
\nKevin:<\/b>\u00a0 John, we\u2019re out of time. Thank you so much for spending so much time with us today. It\u2019s been great talking to you, and all the best. We didn\u2019t even get to talk about your philanthropic work, but congratulations on that, too. I know you\u2019re a great giver to the community, as well.
\nJohn:<\/b>\u00a0 Good on you, Kevin. It\u2019s been great chatting, and I look forward to chatting again soon.
\n <\/p>\n

Buying an investment vs buying a home – Paul Nugent<\/h2>\n

Kevin:<\/b>\u00a0 We\u2019re going to address an e-mail that I\u2019ve received from Bryce at Northgate who writes: \u201cHi Kevin. My wife and I are looking for an investment property, and we have very different views on what will suit us best.\u201d Oh, goodness gracious. I\u2019m going to get involved in a marital dispute here, I can see it.
\n\u201cI think we need to look for a property that has either a great rental return or the likelihood of good capital growth, and I\u2019m perfectly okay to look at the ugly ducklings of the property world. My wife thinks that we should be looking at properties as if we were going to live in them ourselves \u2013 meaning the properties should be modern, finished, in a fancy area \u2013 plus, according to her it should have a nice feel about it.
\n\u201cSo can you please settle the argument once and for all.\u201d I don\u2019t know if I can do that, but I\u2019ll try. \u201cIs buying a rental property any different from buying your home?\u201d Well, the answer, of course, is yes. I\u2019m going to seek some professional advice now from Paul Nugent, who is director of Wakelin Property Advisory.
\nGood day, Paul.
\nPaul:<\/b>\u00a0 Kevin, how are you?
\nKevin:<\/b>\u00a0 Good, mate. Do you want to wade into this marital dispute with me on this?
\nPaul:<\/b>\u00a0 Exactly. Is it a marital question or a property question? Let\u2019s treat it as a property one, okay?
\nKevin:<\/b>\u00a0 I think we should. What\u2019s your answer for Bryce?
\nPaul:<\/b>\u00a0 It\u2019s a very common question that people ask themselves when buying an investment property. In a perfect world, the ideal investment property would always feel like somewhere you might like to live yourself as well as stack up in terms of financial return, because then it would be very easy to spot those sorts of properties and both husband and wife would agree on what to buy.
\nUnfortunately, this isn\u2019t always the case. In fact, it\u2019s very rarely the case. Not every great investment property matches one\u2019s own view on what makes good home, or vice versa. So as much as it pains me to disagree with your wife, Bryce, I think that you\u2019re on the money. You have the right idea. The investor should set aside their own personal tastes and judge investment property purely on investment metrics.
\nKevin:\u00a0 <\/b>Yes. That\u2019s very easy to say. Let\u2019s talk about experience. If Bryce and his wife have really good experience, does that necessarily make them a good property investor?
\nPaul:<\/b>\u00a0 Well, it can help, but it can also hinder, as well, Kevin. The sorts of properties that Bryce and his wife have been trading in over the years, are they investment-grade properties or have they been a series of homes? This is the problem.
\nWhen one is buying a home to live in there\u2019s three major factors that one compromises on \u2013 how much money have I got, where do we want to live, what accommodation do we need? Whereas when you\u2019re looking to buy an investment property, it\u2019s purely a matter of looking for the sort of property that is in high demand and limited supply.
\nNow, that\u2019s quite often a very different property to the sort of property that most people are used to either buying and selling or even living in. So, yes, it is very, very different.
\nKevin:<\/b>\u00a0 Paul, just listening to you now, I\u2019m thinking to myself, \u201cOkay, we have to take the emotion out of this and look at this as a business decision.\u201d Does that mean that I can necessarily buy it purely off the Internet \u2013 I don\u2019t really have to go there?
\nPaul:<\/b>\u00a0 Oh, no. That\u2019s a disastrous way to go. I know a number of people who espouse <\/b>that, particularly over the last 10 or 15 years. Absolutely not. What works for buying any property \u2013 and particularly an investment property where it\u2019s actually about getting the parameters right \u2013 is actually having an intimate knowledge of the market that you\u2019re dealing with.
\nOnly then do you know if you\u2019re buying\u2026 Whether it\u2019s a house or an apartment, it\u2019s not just the suburb you\u2019re buying in or the price range you\u2019re buying in, but it\u2019s the particular street, the side of the street, the position in the block if it\u2019s an apartment. You need to take into account what\u2019s going on next door, what\u2019s going on over the back fence. You need to actually see the property to actually understand it.
\nSo it\u2019s actually a disastrous situation with these people who say that they\u2019re going to buy something just by looking at the facts and figures and looking at some photographs over the Internet.
\nKevin:<\/b>\u00a0 Investment-grade property \u2013 which I think is what you were talking about earlier \u2013 is that just anything in a city or anything near a beach that\u2019s going to be a fairly popular area? Does that necessarily make it investment-grade?
\nPaul:<\/b>\u00a0 Well, it certainly would help if one was close to a metropolitan beach. But I think what really drives investment-grade property over the long term is capital growth, together with a balanced rental yield.
\nNow, the best way to get strong capital growth\u2026 And not looking for artificial growth that\u2019s bestowed on a property by means of rezoning or some potential change in the area. The best way to get inherent strong capital growth is to actually buy a property that\u2019s as close as possible to the CBD of a major capital city that you\u2019re living in.
\nNow, that major capital city, yes, it would be great if it was Brisbane or Sydney or Melbourne or perhaps Adelaide or parts of Perth or Darwin, but it could also be a major regional center. Certainly, with the competitive nature of land use, if one is to buy as close as possible to the CBD without being in it and buying the right style of property, that\u2019s of a consistent form of architecture, in a good residential street, it\u2019ll be very hard to go past that.
\nNow, what drives that over the longer term, Kevin, is actually the level of amenity <\/b>associated with that location \u2013 and by that, I mean proximity for perhaps village-like shops, good public transport, good access to freeways and major roads, good access to park land. This all really helps make an area desirable. Now, if you can overlay that with proximity to a good beach or proximity to a major tertiary institution, even better \u2013 absolutely fantastic.
\nKevin:<\/b>\u00a0 It\u2019s been fantastic talking to you, Paul. You\u2019ve been a great help. Thank you so much.
\nPaul Nugent has been my guest, director at Wakelin Property Advisory. Thanks for your time, Paul.
\nPaul:<\/b>\u00a0 Been an absolute pleasure. Thank you so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Many people go through life envious of the success of others. But what they fail to realise is that successful people, and especially those who reach the upper echelons, spend their lives working hard to achieve their dreams. While there\u2019s no proven formula, there\u2019s…<\/p>\n","protected":false},"author":176692471,"featured_media":9775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,17,24],"tags":[101],"class_list":["post-9774","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","category-shows","tag-podcast"],"yoast_head":"\nNine lessons from the ultra successful + Don\u2019t get caught in a rent to buy scheme - 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\/nine-lessons-from-the-ultra-successful-dont-get-caught-in-a-rent-to-buy-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nine lessons from the ultra successful + Don\u2019t get caught in a rent to buy scheme - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Many people go through life envious of the success of others. But what they fail to realise is that successful people, and especially those who reach the upper echelons, spend their lives working hard to achieve their dreams. 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