Property Investment, Success & Money | The Michael Yardney Podcast

This podcast is about more success in your life, whether it’s success in property investment, money, or any other area of your life.  We can learn from other people’s success, but we can also learn from their failures, and today we’re going to learn about some famous last words. Ahmad Imam and I are going to chat about what people were thinking about when they made those blunders, and you’ll learn about what not to do so that you can be more successful.  I’m also going to chat with property researcher John Lindeman and talk about some property “pumping and dumping” schemes you should watch out for.   Some famous last words all property investors need to know  “My financial planner called, and he said he has a special opportunity.” – The main reason they have a special opportunity is that they stand to make a commission on it.  “I thought I was getting guaranteed high returns.” – Project marketers don’t need to be licensed, so there’s no regulation or restriction on what these marketers can promise, and not much you can do if they don’t come through.  “I want to get in now before I miss more of the upside.” – You shouldn’t allow emotion to drive you, because that creates booms, downturns, and busts.  “We’ve come up with a new way to mitigate risks.” – The biggest risk lies with the investor, and you can only mitigate that with time, knowledge, and a good team.  “Well, it looked like easy money” – There’s no real easy money. If it feels easy now, it’s probably going to be harder in the end.  “There’s very little downside risk.” – owning the sort of properties that don’t fluctuate much in value is the best way to minimize risk.  “Analysts are predicting high growth for years to come.” – The problem with this is that most property forecasts are wrong.  “How can you argue with a booming area that’s been growing for 10 years?” – all markets move in cycles. An area that’s been booming for 10 years is an area that’s 10 years closer to the end of its boom.  “There’s too much uncertainty in the world to be investing right now.” – If you wait for everything to be perfect, you’ll be waiting forever, and in the meantime, you’ll miss out on opportunities.  “I’m going to wait on the sidelines until there’s more clarity.” – This is a good way to miss the best opportunities.  “My brother-in-law has made a killing in this suburb. It’s time I jump in.” – Taking risks that you don’t understand based on the advice of well-meaning but poor advice can go very wrong. Be careful who you listen to.  “It’s different this time.” -- Risk will never be eliminated, growth will never be limitless, and markets are never fully efficient. When it comes to big, basic principles of investing, it’s never different this time.  Watch out for property pumping and dumping schemes   Faced with the prospect of little price growth on the horizon, property investors are starting to see innovative get rich quick schemes being promoted which offer huge returns. It has always been true that if the property market can’t generate a return for investors from market driven growth, then investors can make some growth themselves.  We have traditionally done this by improving the value of our investments through cosmetic or structural renovation or even developments. But some new investment alternatives have recently emerged, bringing us glitzy promises of high returns from property investment without the need to outlay any significant cash up front.  The risk seems low, the opportunity to participate is high and many of us are sucked in, usually at free so called “investment” seminars. One clever land banking scheme offers you an easy way to get into the property market with one low upfront cost and the promise of eventual riches. The promoter sells you an option to buy land which is slated for future development, showing you the concept plan and glossy “artist’s impressions” of the finished project. All it takes is one affordable fee and no repayments. Then years later, when the land is subdivided, you can exercise your option and sell at a huge profit. You can even participate in the property market without any upfront cost at all, by searching for and finding property owners who are willing to enter into an options agreement with your mentor. Your mentor signs and pays for the agreement, which gives them the option of buying the property at an agreed price and future time from the current owner. Then by agreement with your mentor, you will be handed a percentage of the profit. There are also adverse possession schemes using what is known as “squatters rights” where you search for and find long vacant or abandoned properties for your mentor who then improves and rents them out, taking title to the property when the legal waiting period has expired. By agreement with your mentor, you will then split the profit from the sale of the property. These sorts of schemes pump you full of confidence and then dump you when they fail. For example, if the land banking property is never developed, or the option for a property you have found is never exercised by your mentor, you receive nothing. Similarly, if the owner of a property which is in the process of adverse possession suddenly turns up before your mentor can legally claim title, you end up with nothing. You can avoid getting pumped and then dumped by sticking to tested and proven property investment strategies which offer worthwhile rewards and incur risks which are manageable. Links and Resources: Join Michael and his team at the 2019 Property Renovations and Development Workshop – click here for details and reserve your place Michael Yardney Metropole Property Strategists Ahmad Imam - Metropole Properties Sydney John Lindeman -  Lindeman Reports  Read the full show notes plus more here:  [Podcast] Some famous last words all property investors need to know | Watch out for property pumping and dumping schemes Some of our favourite quotes from the show:  “Make calculated decisions, have a system to make your investment boring, have a strategy to make your investment boring, so the rest of your life’s exciting.” – Michael Yardney  “Rather than look for what’s working now or what will work in the short term, you know our strategy’s always been to look at what’s always worked because that way you’re less likely to get churned and burned.” – Michael Yardney  “The ability to wait to buy something after you’ve saved for the item, rather than impulsively purchasing something as soon as you realize you want it, now that is what I call delayed gratification.” – Michael Yardney  PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. 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One of the most helpful things you can do to help build your business or professional practice is to have a business coach.  Today I’m speaking with the founder of Business Accelerator Mastermind, Mark Creedon. We talk about the things that the entrepreneurs he has coached have done, which have made him cringe, in order to help you avoid these pitfalls when you work with a business coach:  Pitfall 1. “I’m too busy…” When you properly delegate tasks and invest time with a coach, you can actually make even more time for yourself and focus on more important tasks.  Pitfall 2. You Lie to Yourself (And Your Coach) When you lie to your coach, you’re actually lying to yourself.  Pitfall 3. You Don’t Think We “Get” It Regardless of the industry, most businesses have the same issues. A lot of successful business people are “almost there” – they need a few tweaks rather than big changes and what they are missing is someone to bounce ideas off of.  Pitfall 4. You Don’t Know How Much We Care What motivates Mark is seeing his clients achieve their goals. Business can be tough and lonely but everyone in your mastermind group cares about your goals as well.  Why not join Business Accelerator Mastermind? Let Mark and his team help you build a business not a job? Do you know you're ready for more, but tired of wondering how you can grow your business? Are you looking to cure your frustrations and isolation with a Real Community?  Are you tired of feeling like you’re doomed to playing small?  Are you tired of spinning your wheels and getting no traction? This community is for you if you’re a business person, entrepreneur or professional who wants to 10x your income, elevate your ability to give, and leave a massive impact on your community and the world by up-leveling your tribe, improving your business acumen, and removing your limiting beliefs around money and success. Find out more at Metropole’s Business Accelerator Mastermind  Links and Resources: Metropole’s Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs   Read the full show notes plus more at the Podcast webpage: 4 Things Entrepreneurs Do That Make Business Coaches Cringe | Build a Business, Not a Job Podcast Some of our  favourite quotes from the show: “And if only you had the courage to say no to other people’s urgencies, and to the seductive call of your inbox, you could accomplish so much more.” – Mark Creedon   “We have all our clients prepare a strategy plan each quarter (which we also do for ourselves) and then we review them together during our sessions.” – Mark Creedon  “Hitting a roadblock is a normal part of growing a business. You have to push through it. Take it as a challenge and maintain your optimism.” – Mark Creedon   “Most people know what they want to achieve in business, but they haven’t dug deep enough. Having a game plan, having a list of dot points, having a list of things you want to achieve; that alone isn’t a strategy.” – Michael Yardney  “Even [entrepreneurs] should feel comfortable talking about the things that haven’t worked out.” – Michael Yardney  “Outside lives infect how [entrepreneurs] run their business.” – Michael Yardney  “On your own, you can probably run faster, but in a group, you can run a lot further.” – Michael Yardney  PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

I’ve noticed a trend recently that more and more investors are looking to get involved in property development.  They want to “manufacture” some capital growth because the market has been a little flat.  So that’s what we’re going to talk about in today’s episode – how to get started in property development But today’s show is going to focus on some real-world advice.  There are too many enthusiastic but inexperienced amateurs giving what is probably well-intentioned, but ultimately poor property development advice.   And even if you’re not ready to jump into property development yet yourself, listen in anyway, because one day you may want to get involved in property development. During Our Conversation About Starting in Property Development, We Discussed Many developers start with renovations to mitigate risk and learn the basics The concept of Land Banking Waiting for the right time in the property cycle Buying the worst house on the best street Becoming an armchair developer by using Metropole’s development project management service The risks involved in property development The benefits of property development The equity that you need to put in to get started on a development project Servicing your debt Coming up with a finance strategy Why developing townhouses is a good strategy Characteristics of a good property developer The sequences that developers follow Who should manage the builder? What makes different developments different, even when they look similar Choosing a property that’s suitable for development Avoiding overpayment for a development property Buying at the right time in the cycle Knowing which costs to look out for Changes in laws and regulations that may affect your property development Delays that can occur during development  Links and Resources: Michael Yardney  Join us at this year’s Property Renovations and Development Workshop – click here for more details and to reserve your place Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Bryce Yardney - Metropole Projects For the complete show notes plus more go to the episode web page: Here’s the truth about getting started in property development Some of our favourite quotes from the show: “Buying the worst house on the best street, that’s always been a really good strategy anyway.” –Michael Yardney “Property development can be rewarding, but it definitely can be risky. But that doesn’t mean you shouldn’t consider getting involved in property development, it just means you have to go in with your eyes wide open.” – Michael Yardney “You can’t allow the builder to manage himself; somebody has to direct that.” – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

You’re probably  listening to this podcast because you’re interested in property investment. And I bet you want to become a better investor. So, today, I’m going to teach you how to become a successful property investor. And it’s probably not what you think. In fact, it’s not what most people do, or more people would be successful. And then, with Ken Raiss, we’re going to have a chat about estate planning. That’s not a very sexy topic, but it is a really important one to set yourself up right to grow, protect, and pass on your wealth to the people you want to pass it on to and not to those who you don’t want to pass it on to. And it’s not just the tax man, it’s the in-laws, the outlaws, and the other people as well. So, Ken’s got some great tips for estate planning, and that’s relevant for you at whatever age you are along your journey, because the sooner you get it right, the more protected you’ll be. Then, in my mindset moment, I’m going to discuss some important financial mindsets that will help you get to the next level. Here’s what you need to do to become a successful investor Don’t wait too long – Everything doesn’t have to be perfect for you to get started in property investing. The longer you wait to get started before investing, the longer it’s going to take for you to build the money, the success, and the freedom you want. Don’t let fear stop you – Fear stops most of us from getting what we want. Successful investors learn to harness their fears and take positive action instead of letting fear stop them. Don’t try to wait till you know everything – The more you learn, the more you learn you don’t know. The key is to recognize that you’ll never know it all, but you do know enough to get started. Focus on passive income, not linear income – Not all income is created equal. If you’re not making money while you sleep, you’ll never become rich. Use money-making systems – Money-making systems take the emotion out of your investment decisions and makes the results more reproducible. Be patient – Successful property investing is a long-term affair, not a get-rich quick scheme. Estate planning with Ken Raiss Without a will, the government will dictate who will get your estate. And the way most estates are set up, a person’s spouse or life partner won’t necessarily get all of it. Just taking into account life insurance and the family home, there are significant sums of money involved in an estate that can either help your loved ones after your death, or cause headaches when your loved ones don’t get what they think they should get. People often assume that superannuation or other funds, like money in trusts, that aren’t in their own names will just get passed on to their kids. But that’s not necessarily true. A will only covers assets that are in your name. When it comes to estate planning you need to talk to someone who understands asset protection, estate planning, taxation, superannuation, and structures like trusts. Having an incorrect will can leave your loved ones and assets exposed. A traditional will move assets from you on your death to your children, for example. But if your children get sued or end up in a family law court dispute, those assets could be loss. You also lose the flexibility of distributing income or capital gains to reduce the overall family tax liability. There’s also a “minus tax” that applies a 66% tax to children under 18 who are receiving income or capital gains. You can create a will that as part of it has a trust that eliminates a lot of the potential problems with a traditional will. This is called a Testamentary Trust You also need to consider things like power of attorney, medical power of attorney, guardianship agreements, and superannuation when you’re thinking about estate planning. The time to think about estate planning is when you’re not ill or emotional and when you have time to sit and plan with a wealth strategist. You should review and revise your estate plan after any big life changes, wealth changes, or business changes. And even without those major changes, it’s a good idea to revisit your plan every two to three years, just to make sure that there’s nothing you need to change.  Links and Resources: Michael Yardney Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Ken Raiss – Metropole Wealth Advisory Organise a time to speak with Ken by clicking here :  www.Wealth.Metropole.com.au  Some of our favourite quotes from the show: “Over the years, I’ve come to the conclusion that if you do what most successful investors do, you get to become one of them. And if you don’t, you won’t.” – Michael Yardney “One thing’s for certain: you need to drop the wage mindset and think like a businessperson or entrepreneur.” – Michael Yardney “The only true failure in life is never letting yourself make a mistake.” – Michael Yardney  PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Well it’s Spring– traditionally a time when there are more home buyers and sellers in the market. But what’s going to happen to our property markets this year? Are sellers going to return? Are the low interest rates going to bring more buyers back? Are banks going to become more friendly? If you’re a home owner or property investor you’ll also want to know what’s likely to happen to the value of your property, so to help you become better informed let’s hear the thoughts of Australia’s leading housing economist Dr. Andrew Wilson, give us his thoughts on what’s ahead. World economic environment More volatile than at the beginning of the year China US trade war USA – Iran issues The Fed cut interest rates – not worried about US recession – taking insurance Australia’s Economy Miracle election APRA loosening their grip Tax cuts 2 rate cuts (June July) and 2 more likely (Nov and Feb) High underemployment – rising participation rate – keeping wages growth low 13.5 percent unemployed or underemployed – little wonder our wages growth is slow Businesses having a tough time – esp. retail – confidence poor What is the likely impact of the rate cuts on our property market? More confidence  In the past these type of auction clearance rates have meant double digit capital growth – unlikely to be the same this time Banks a lot tougher in their lending practices Still a lot of new apartment stock to hit the market – particularly Melbourne and Sydney The spectre or rising unemployment – esp in the construction and retail industries  Low single digit capital growth next year. Auction clearance rates  Running in the 40’s at the end of last year – now 70’s Factors affecting our property market moving forward Finance – cost and availability Consumer confidence Wealth effect – many in Sydney and Melbourne saw the value of their most valuable asset – their home drop and this made them curb their spending Rate cuts and tax cuts may compensate a little for this Supply and demand What’s ahead for the Spring Selling Season? Traditionally a period of higher activity In Melbourne the best performing locations will include the eastern middle ring suburbs In Sydney the inner east, Lower North Shore, inner West and Northern Beaches will perform strongly In Brisbane well located properties close to transport and within 5 – 7 km of the CBD should outperform Well located Adelaide properties should keep growing next year Perth will continue to have flat or falling property prices for some time yet. Links and Resources:  Guests: Dr. Andrew Wilson – My Housing Market  Michael Yardney Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Join us in October for our annual Property Renovations and Development Workshop  For complete show notes plus more visit the podcast page:  Is the property boom coming back? | Property Insiders Spring market update with Dr. Andrew Wilson PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Each day a tree will grow a little more.  It’s impossible to see the changes caused by the growth on a day to day basis.  But, if you were to fast forward ten years and compare pictures of the old tree to the new tree, the change would be obvious and significant. Self-made millionaires are really no different than trees.  Each day, they do small things that inch them closer and closer to success. And that’s what I discuss in today’s Rich Habits, Poor Habits Podcast with Tom Corley Tom explains:  If you were to ask my group of millionaires how they got so rich, here is what they would say:  I did the following things, every day, that enabled me to grow into the person I needed to be in order to acquire the wealth I now possess:    I read to learn every day for 30 minutes or more. I kept in constant touch with certain influencers, certain important, success-minded people, and I built strong relationships with them over the past ten years. Eventually, those influencers helped open doors for me during my journey towards success. I honed and improved my skills every day. I deliberately practiced those skills every day. I also sought feedback from others who watched me perform my skills. I listened to and followed the advice of mentors who helped me during the pursuit of my dream and my goals. I exercised aerobically every day for 30 minutes so I could keep my body and brain strong. My strong body enabled me to work long hours. My strong mind enabled me to find creative solutions to problems and overcome numerous obstacles. I ate healthy every day in order to nourish my body and my brain, which helped my body and brain function at a higher level. When I encountered any problems or obstacles that stopped me in my tracks, I focused like a laser to solve those problems and overcome those obstacles. Oftentimes, this need to focus required that I sacrifice time with my family and friends. I worked hard every day to maintain a positive mental outlook. Especially when things were not going my way. I was able to do this because I knew exactly where I was going. I had a clear vision of my destination and that destination kept me focused on doing the work I needed to do in order to reach my destination. I spent less than I earned and then invested my savings prudently. Because I had savings, I was able to take advantage of opportunities that came along during my climb up the mountain of success. I always did my homework before taking any risk. I knew every conceivable outcome and had a plan in place to deal with every conceivable scenario, including worst case scenarios. I focused like a laser on a specific goal every day until I achieved that goal. Then I set another goal and pursued that goal. Eventually, I achieved all of the goals that helped me realize each one of my dreams. I always sought to exceed the expectations of everyone I did business with. This helped build confidence and trust and this generated more business and more revenue. I controlled my emotions and tried to remain on an even keel when dealing with others. No one wants to do business with someone who is not in control of their emotions. As a result, more people wanted to do business with me. I was careful how I spoke to others. I refused to curse or use language that offended anyone because I didn’t want to damage any valuable relationships I had devoted many years to building. I treated everyone with the respect they deserved. Those that treated me poorly, I refused to do business with. Those that treated me with the respect I deserved, I did more business with. I limited my exposure to toxic, negative people. They just drag you down and infect you with their negativity. My positive outlook helped keep me focused on seeking and finding solutions to my problems. Positivity made me a problems-solver. Negativity made me a problems-finder.   The sad truth is that most people are looking for a speeding train they can ride up the mountain of success.  When people say they want to know the secrets to success, most really only want to know the short-cuts to success.  They want some world-shattering, aha nugget of information that will guarantee them success in a very short period of time.  They most definitely don’t want to listen to a boring list of daily habits.  The truth is, the secrets to success are the little boring things you do every day, that nudge you inch by inch, up the long, steep mountain of success.  Consistency in doing those little things, keeps you growing and moving forward in the realization of your dreams and achievement of your goals.  The little daily consistent things you must do to become successful are not exciting “secrets”.  They are boring habits.  But they are boring habits that guarantee success.  Links and Resources:  Michael Yardney Metropole Rich Habits Poor Habits  See the full show notes plus more here: Millionaires share their boring secrets of success | RICH HABITS, POOR HABITS Podcast Some of our favourite quotes from the show:  “If you do win the lottery, if you do get an inheritance, and you haven’t grown to be a better person, a different person, have a more abundant mindset, turned up your wealth operating system as I call it, then you’re likely to lose it.” – Michael Yardney  “People have built these ceilings, these artificial ceilings. They’re not able to handle more because of their poor habits.” – Michael Yardney  “You can’t be perfect at all the rich habits. We’re all walking around with one foot on the accelerator and one foot on the brake pedal.” – Michael Yardney  PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.

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:  Michael Yardney 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   PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Property investment is risky. But the risk isn’t what you think. It’s not what most investors consider when they get involved in property investing.  What most people think about risk is wrong, and what most people are being taught about risk is wrong.  I’m going to share with you some ideas that will make you a better, safer investor when you understand where the risk really lies.  Then I’m going to have a chat with Pete Wargent about three important considerations that will be affecting the value of property over the next decade – some things you may not have thought about.  In my mindset moment, I’m going to share a lesson that I learned from one of my mentors that changed my life.  Here’s where the real risk is in property investing  Primary factors that determine the degree of risk associated with investment:   Expertise – Your experience and network of contacts can be your biggest advantage or your biggest risk factor. Control – The more control you have over your investment, the lower your risk. Transparency – The more you know, the lower your risk.  Liquidity – The greater the degree of liquidity, the lower your risk.  Returns – You should be able to get returns from your property in multiple ways: cash flow, capital returns, appreciation, and tax benefits. The more secure your returns, the lower the risk.  Is Your Principal At Risk? – An initial cash investment (your principal) in a bank term deposit is considered very secure, whereas if you buy shares it’s possible for the company to fail and the shares to be worthless. Personal Liability – The more you are personally liable, the higher the risk to the investment. Market Risk – Consider what impact general economic changes to that marketplace could have on your investment. Risk Spectrum – Is it the right property, in the right suburb, at the right price and at the right time in the cycle? When assessing risk, most investors only look at the last two factors – the market and specific investment risk. They rarely focus on the other factors, which in many ways are more significant. 3 important considerations for property in the next decade In my chat with Pete Wargent we discuss:  The cost of land – Not all land is created equal, and you want to own the kind of land that is more valuable. The cost of construction – Building costs increase because you need to use today’s materials, prices, and keep up with the costs of labor. The cost of money – The cost of money isn’t going to get much cheaper over the next decade or two. You want to make sure that you make a return that beats inflation.  Links and Resources:  Michael Yardney Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Pete Wargent   Some of our favourite quotes from the show:  “You, the investor, are the biggest risk, the biggest variable of all.” – Michael Yardney  “The first major lesson in life is to learn how to handle the winters.” –Michael Yardney  “The bottom line is, if you can change yourself, you can change your life.” –Michael Yardney   PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

It seems that it’s to make predictions for the property market over the next couple of years. The predictions have grown more positive over the past few months, and I agree with that. But I don’t agree with some that are suggesting that we’re going to get a property boom. In particular, one prediction is that the Brisbane property market is going to increase by 20% over the next few years. Is this possible? That’s the discussion we’re going to have today with Brett Warren. This is the audio track of our masterclass video that recently ran. Even though I own the Metropole Brisbane office, you’re probably going to be surprised that I disagree that Brisbane is going to do as well as some people predict. Having said that, we are going to give you some indication of what’s going to be ahead in the Brisbane property market, how to outperform the Brisbane property market, and how you possibly can get that sort of growth. What to know about the Brisbane property market Will Brisbane property markets really go up by 20% over the next few years? Not in most areas. However, if you select the right properties in the right locations, you give yourself the best possible chance of hitting that target. Over the past five years, Brisbane has performed well below Sydney and Melbourne. There has been a growth of about 7% when you combine houses and apartments. When you break it down, houses performed better than that, while apartments were affected by the oversupply. oversupply. Brisbane differs from other capital cities in that it lacks the same urban sprawl as other capitals. Jobs are located in the heart of Brisbane, so that’s where to expect the most growth. Brisbane is in for a surge in property values because there are more jobs being created and both interstate and overseas migration are picking up. People will want to live close to their jobs. When considering property in Brisbane, it’s important to look for what’s always worked. Owner-occupiers drive the markets, so think about what they look for. The most in-demand suburbs have several things in common, including: Jobs Good schools Great lifestyle precincts Access to public transportation. Links and Resources: Michael Yardney Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Brett Warren - Metropole Properties Brisbane Some of our favourite quotes from the show: “If anyone can just buy a property in Brisbane, go away on holidays for three years and come back and be much richer, that’s the setting for the next bust again, isn’t it?” – Michael Yardney “There are always people who try to chase the next hot spot, the next trend, that’s not what we recommend, that’s not what we do.” – Michael Yardney “The rich don’t commute. They don’t want to commute far, so they’re going to want to live in certain locations.” – Michael Yardney  PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how

Are you an entrepreneur? A business owner? Planning to get into business? And if you’re a property investor, you really should treat it as a business.  Today we’re going to discuss what Mark Creedon has learned as a business coach about what separates very successful entrepreneurs from people who call themselves entrepreneurs, but really aren’t. The 6 Entrepreneurial Personality Traits Self-Motivation One of the most important traits of entrepreneurs is self-motivation.  When you want to succeed, you need to be able to push yourself.  Entrepreneurs know how to communicate their dream and inspire others to join them on their journey to achieving it. Optimism When you’re just starting out, it can seem like getting your business off the ground will never happen. But entrepreneurs don’t think like that. They are optimistic about the future and are always looking ahead. To be a successful entrepreneur, you must be goal-oriented. But it’s not enough to just set goals. You must make a plan and do everything you can to reach those goals. Everything you do must have a purpose. Take Risks Successful entrepreneurs know that sometimes it’s important to take risks.  Playing it safe almost never leads to success as a business owner. It’s not about taking just any risk, though. Understanding calculated risks that are more likely to pay off is an important part of being an entrepreneur.  You’ll need to be willing to take a few risks to succeed. If you’re afraid to take the leap, you’ll never get anywhere. Staying complacent will never allow you to achieve greatness. Entrepreneurs don’t let uncertainty and potential failure stop them from doing what needs to be done. Instead, entrepreneurs look at challenges and risks as opportunities, not as problems. Basic Money Management Skills and Knowledge We often think of successful entrepreneurs as “big picture” people who don’t worry so much about managing the day-to-day.  And it’s true that you might have an accountant or other team members to help you manage the business.  However, if you want to be successful, you should still have basic money management skills and knowledge. Understand how money works so that you know where you stand, and so that you run your business on sound principles. Flexibility To a certain degree, you need to be flexible as an entrepreneur.  Be willing to change as needed. Stay on top of your industry and be ready to adopt changes in processes and product as they are needed. Sometimes, you also need flexibility in your thinking. This is an essential part of problem-solving. You want to be able to find unique and effective solutions to issues. Passion Finally, successful entrepreneurs are passionate.  Entrepreneurs aren’t in it for the money. While that may be an added bonus, the true benefit is doing what they love.  Building a business takes a lot of time and effort. It means putting in longer hours and doing extra work. If you don’t love what you do, you're not going to want to do what it takes to achieve success. Links and Resources:  Metropole’s Business Accelerator Mastermind Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs Go here for the full show notes plus more: The 6 Personality Traits All Entrepreneurs Must Have | Build a Business, Not a Job Podcast Some of our favourite quotes from the show:  “Not everyone is built to be an entrepreneur. Not everyone is built to be a businessperson. And that’s good! Because we do need employees.” – Michael Yardney “We don’t want our spinal surgeon to take risks and try something new on us.” – Michael Yardney “Being a professional, whatever profession you’re in, is hard because the world is continuously changing. So, unless you’ve got the passion, you’re not going to get through the challenges.” – Michael Yardney  PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.