Property Investment, Success & Money | The Michael Yardney Podcast Ten top tips for property and financial success
Today’s show’s going to be a little different.
I’ve asked Ahmad Imam, Director of Metropole in Sydney, to share with us his top ten videos, some of which have gone viral on LinkedIn.
Ahmad is prolific on social media and has tens of thousands of followers. His short videos contain some great tips on properties and finance.
I’m also going to read you a poem - something a little different in my mindset moment.
Ahmad’s Top 10 Videos
- Are you too old to invest in real estate?
It takes a minimum of 10-15 years to achieve a level of financial independence through property.
So, let me break it down:
- If you’re starting to invest in your 20s - You have all the time in the world.
- If you’re starting to invest in your 30s - You have plenty of time.
- If you’re starting to invest g in your 40s - You still have enough time.
- If you’re starting to invest in your 50s - You have to start NOW!!
- If you’re starting to invest in your 60s - Too late
- What is your biggest asset?
One question I always ask my clients is “What is your biggest asset?”
And the answer they always give is either:
▪️ Their Home
▪️ Or their investment Portfolio
▪️ Or their Car
And those answers are wrong. Your biggest asset is actually your ability to generate income
- Negotiation Tip – Play Dumb
When negotiating, playing dumb is a smart thing to do.
▪️ Do not act like an expert
▪️ Ask a lot of questions
▪️ Confess ignorance or confusion
▪️ Ask for guidance and advice
▪️ Channel your inner Columbo
Your goal is to gather as much information as you can and get a more detailed understanding of the other person's situation, goals and restrictions. Now you’re ready to negotiate!
- 3 things you need to be a successful investor
Property investment is not a get rich quick scheme and those who have been successful in property investment work with 3 core fundamentals:
- Leverage – using other people’s money (the banks) to help build an asset base.
- Compounding – focusing on high growth assets that grow faster the longer you leave them.
- Time – the more time you have the more compounding can occur.
Don’t reinvent the wheel. Keep it simple!
- How to double the value of your property?
You can’t just buy any property and expect it’s going to double in value in 7-10 years
In fact, most do not
Only 1-2% of properties on the market are what I would classify as investment grade.
Enter the Rule of 72.
- Negotiation Tip – Always be willing to walk away
If you were to ask me what is your No.1 tip for negotiation?
I would say, without hesitation:
ALWAYS BE WILLING TO WALK AWAY!
- Negotiation Tip – Be assertive
Don’t be afraid to ask for what you want.
Power negotiators are assertive and challenge everything - they know that everything is negotiable.
Please Note: There is a big difference between being assertive and being aggressive.
- Negotiation Tip – Shut Up & Listen
Most people are so busy trying to ensure you hear what they have to say, that they forget to listen
A Power Negotiator is like a detective. They will ask you a probing question and then they will sit back and listen.
And allow you to tell them everything that they need to know
Focus on the 70/30 rule. Listen 70% of the time and talk 30% of the time.
- The biggest lie in property?
I must admit... It always makes me chuckle when I hear someone use the term ‘The Australian property market’, or ‘The Sydney property market’.
It also gets on my nerves. Why?
Because there is no such thing as ‘one’ property market. Fact!!
- Negotiation Tip – Don’t be in a hurry.
Many of us either have a lack of patience... or we are so uncomfortable with a negotiation that we just want to get it over and done with.
That won’t lead to a good outcome
If you’re in a rush, you’ll make mistakes and you’ll also leave money on the table
Show you’re not in a hurry and the other negotiator will likely give you an incentive to say YES
The more patient you are...the better deal you are likely to get.
Links and Resources:
Metropole Property Strategists
Metropole’s Strategic Property Plan – to help both beginning and experienced investors
Ahmad Imam – Metropole Property Strategists Sydney
Some of our favourite quotes from the show:
“Interestingly, when you retire, the majority of your assets are not going to be money that you’ve saved, it’s not going to be your superannuation, it’s going to be the tax-free capital growth that you get out of the assets.” – Michael Yardney
“Past performance doesn’t always equate to future performance.” – Michael Yardney
“You can’t take money with you when you leave, but I guess you must have it, just to know for sure.” – Michael Yardney
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