Property Investment, Success & Money | The Michael Yardney Podcast

Australia's housing markets have clearly turned the corner. The housing market recovery in our two biggest cities, Melbourne and Sydney, gained pace with property prices increasing over the last month. Buyers are back making plans, looking at properties and approaching their lenders for finance. They are buoyed by falling interest rates and the prospect of another rate cut early next year and a generally positive media. Sellers are slowly returning to the market encouraged by rising prices. This now marks the fourth consecutive month of price gains in Melbourne and Sydney, which was where the downturn hit the hardest over the last couple of years. As a result, auction clearance rates are up, asking prices are up, property values are increasing and some property commentators are even forecasting double digit capital growth next year. We called the market bottom a few months ago in our regular Property lnsiders video chats, so today we discuss what's going on in the world of property at the moment Another interesting month overseas There is continued uncertainty regarding the global economic outlook. US Trade Wars – these are continuing, however with the next round of Presidential elections in 2020, Trump is going to want to go into that campaign with strong jobs growth and the US economy in good shape. So it's likely Trump is going to look for a resolution to this issue sooner rather than later. The Brexit saga: the uncertainty about this continues. Interest rates around the world are easing to try and stimulate economic growth. This was by the Federal Reserve in the USA reducing interest rates. Australia's Economic Data Australia's GDP growth for the June quarter was reported as only 0.5%, bringing the annual rate of growth down to 1.4% from 1.7% in the March quarter - the slowest growth rate that we've seen in the economy for nearly 10 years. But remember this is a lagging indicator and really reflects what happened before and around the time of the Federal election and clearly things have changed considerably since then. In a well publicised speech RBA Governor Lowe explained he was looking for further progress towards full employment and to achieve the inflation target over time and explained our economy is gently turning around. We're still creating plenty of jobs. 34,700 new jobs created for August. And we have been creating around 26,400 jobs every month since the start of this year. However, we're seeing a record high level participation rate of 66.2% causing our unemployment rate to lift from 5.2% to 5.3% percent. Dwelling approvals have fallen for 21 months in a row with the latest figures (being for August) showing approvals are now at their lowest level since January 2013, being down 29% year-on-year and are below the estimated level of underlying requirements. This is particularly evident in the high rise segment of the market as both developers and investors pull-back from the market. Interest rates fell to historic lows. The recent evidence of a strong rebound in Sydney and Melbourne property values wasn't enough to stave off a rate cut. In what was a well telegraphed move, the RBA cut the official interest rate to 0.75% on October 1st citing weaker than expected growth in the domestic economy and global uncertainty. The RBA made the following pertinent comments in their statement announcing the rate cuts: "The Board will continue to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time." The Governor's Statement certainly opens the door to even lower rates although a follow up move in November seems unlikely. Even though some lenders have already starting lowering their variable rates, it's going to take more than a rate cut or two to restimulate our economy. In my mind the government now needs to implement fiscal reforms to drive long-run growth because it's likely these rate cuts will have a smaller impact than in the past. Interest rates are already at historically low levels and banks are clearly not passing on the full rate cut. At the same time many Australians are stashing their cash and paying down debt rather than spending while businesses seem hesitant to invest due to the uncertain global economic outlook. Auction clearance rates point to higher prices ahead. Auction clearance rates in both Melbourne and Sydney kept rising over the last month continuing the post-election bounce in confidence in our property markets. The prospect of easier access to finance, falling interest rates and a tax cut has boosted confidence, driving strong auction results across Australia. It is unlikely that clearance rates will rise any further now especially as more stock comes onto the market for sale in the next few months. The rental markets Our rental markets are still relatively flat, and vacancy rates have crept up a little over the last month in Sydney and Melbourne. What's ahead for property prices? The rebound in housing conditions should help to support an improvement in economic conditions as higher housing prices translate to a wealthier and more confident household sector that will inclined to spend more. Stronger housing conditions should also support the residential construction sector where approvals dropped through the housing downturn. Overall property values are likely to rise modestly to the end of 2019 before growing about 3-5 percent in 2020. It's a great time to buy countercyclically in Sydney and Melbourne and ride the property next wave of the property cycle in Brisbane. Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Dr. Andrew Wilson, chief economist of MyHousingMarket.com.au Join us at our annual Property Renovations and Development Workshop in October – click here for more details For complete show notes and all the charts discussed in the podcast go to the episode webpage here: Australian Housing Market Update October 2019 | PROPERTY INSIDERS VIDEO Some of our favourite quotes from the show: "We still seem to be creating a lot of jobs – 34,700 jobs were created in August. We've been creating about 26,500 jobs every month since the start of the year." – Michael Yardney "The government now needs to implement some reforms to drive long-term growth." – Michael Yardney "Higher house prices tend to translate into people feeling better, feeling wealthier, feeling more confident, spending a little bit more." – 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

On any given day, if you ask someone if they are happy, their response will be dictated by their current state of happiness. If they are nearing, or in the midst of a happiness event, they will say they are happy. If they are recovering from, or in the midst of an unhappiness event, they will say they are unhappy. Happiness is event-driven The quantity of happiness events you have during your lifetime is the only true way to accurately measure your level of overall happiness with your life. Those who have experienced more happiness events during their life will view their life as happier overall. Those with less will view their life as less happy overall. The key to overall happiness, therefore, is to accumulate happiness events. To understand the importance of happiness events we must first dissect what causes happiness: 50% of happiness is determined by your genes 40% of happiness is determined by your activities 10% of happiness is determined by your circumstances Genes play a major role in your level of happiness. Some people are simply hardwired genetically for happiness or unhappiness. They have a happiness baseline that they were born with. But the good news is that irrespective of your genetic makeup, you can increase your level of happiness by engaging in certain activities that will make you happy and that will also change your circumstances in life. Happiness Activities That Improve Financial and Non-Financial Circumstances: Pursuing some long-term goal, big dream or major purpose in life Engaging in the daily habit of educational reading Practicing gratitude Practicing optimism Engaging in some creative pursuit like painting, writing, building, music, manufacturing, inventing, etc. Engaging in new activities Overcoming a fear Aerobic exercise Mentoring others Helping others Doing work that you love in which you can make money Solving problems Overcoming obstacles that interfere with achieving some goal or realizing some dream Living in the present – enjoying happiness events without thinking about anything else Receiving awards for something you've done Losing weight Saving money Being productive at work Building relationships with other successful people Vacation homes – 52% of the wealthy own vacation homes.This allows them to engage in more frequent weekend retreats with business associates, customers, clients, etc. Country Clubs and Golf Clubs – Many of the wealthy are members of country clubs or golf clubs.They engage in activities at these clubs with business associates, customers, clients, etc. Happiness Activities That Have No Effect on Financial Circumstances: Vacation homes – This allows them to engage in more frequent weekend retreats with family and friends Country Clubs and Golf clubs – They engage in activities at these clubs with their family and friends More unique social gatherings – Because the wealthy surround themselves with other successful people they are able to participate in more unique social gatherings More unique vacations – The wealthy are able to go on more unique vacations with family and friends More parties – Because the wealthy have more money they can have college graduation parties for their children, they can also afford to pay for weddings for their children and they can afford more parties for family and friends Happiness is activity-driven. It is not a destination. It is the culmination of frequent happiness events. The wealthy are able to engage in more happiness activities because of the wealth they accumulate in life. Links and Resources: Michael Yardney Tom Corley Metropole Get your own copy of our international best-selling book: Rich Habits Poor Habits See the full show notes at the show website: Why Wealthy People are Happier People|RICH HABITS, POOR HABITS Podcast Some of our favourite quotes from the show: "Any problem that money can solve isn't a problem." – Michael Yardney "There does seem to be something inbuilt in certain people, that they just can't see the good in things." – Michael Yardney "A lot of the poor people are going to be jealous of the rich people and not recognize that part of what they do with their money is also help other people up." – 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 enjoying the low-interest rates at the moment? They're likely to get lower over the next year or so, and remain lower for a decade or longer. But what does this mean for property investors? What are the implications for property and other asset classes? What does it mean for your returns? How should you invest differently over the coming years? These are all important questions for people who want to become successful property investors. I'll be discussing these questions with Pete Wargent in this episode. I'll also share a mindset moment about where you're going to be in ten year's time. I learned this lesson from one of my mentors, and I hope it helps you in the process of planning your future and getting the most out of your life. How does a low-interest-rate environment affect your investment strategy? The Reserve Bank has cut interest rates in 2 consecutive months – June and July to historic low rates and the money markets are factoring in two more interest rate cuts one later this year and another in the first half of 2020. And it's likely we're in for a long period of low-interest rates moving forward. So, what does this mean for property investors? It's not just Australia that has low-interest rates – why is this happening? In fact, we're catching up to the rest of the world – wherein general rates have been low since the GFC Long term fixed mortgage rates in the United States are less than 3% p.a. In the UK, rates are under 2% and even lower in Europe (circa 0.50% p.a. in France for example). In Australian this week, a 5-year fixed home loan rate fell below 3% p.a. And in Denmark the other week, one announced it would pay borrowers 0.50% p.a. to take out a mortgage! What's going to happen to interest rates? The market is predicting that the RBA will cut rates by 0.50% by mid-2020. If this turns out to be correct, Australian mortgage rates could fall even further. Many commentators have suggested that interest rates may not increase materially for a decade or longer. Will low interest rates have the desired effect? Eventually, yes. The Reserve Bank has more tools they can use such as QE, or the government can spend more money. Interest rates may need to fall pretty close to zero before inflation returns to that target 2%-3% rate. Now we're talking about the official cash rate - - home mortgage interest rates are higher – what will happen to those? The banks need to charge a margin to cover their overheads and deliver a profit to their shareholders – this margin needs to be at least 2% What does this mean for investors, especially those that borrow to invest in property? Lower holding costs for property investors – for many this will make property more affordable The negative cash flow – drain on your personal finances will be considerably lower. Less negative gearing - ow interest rates significantly reduce the negative gearing tax benefits for property investors – but negative gearing was never really a reason to invest However, some investors were investing in property with the hope of it reducing their tax liabilities. A low interest rate environment makes borrowing/leverage a sensible investment strategy Don't use your own money if you can achieve a better investment return greater than the mortgage rate Well located capital cities properties have grown on average by 7% per annum over the last 40 years – then add the rental returns and you easily get 10% total return on your property – it makes sense to borrow at these low rates to get those sort of returns, which you can improve through correct asset selection. It also makes sense to borrow to leverage into a dividend producing share portfolio - the dividends should well cover the interest cost and give you positive cash flow What will low interest costs do for property values and for rentals? Theoretically, low interest rates should push up property values. The problem will be obtaining finance In the past, cheap money has led to more speculation and asset bubbles – property and shares If interest rates are low and more people can afford properties and it becomes cheaper to own than rent, this may lead to a smaller pool of tenants and lower rents. The bottom line Correct asset selection will be critical – only own "investment grade" properties that will remain in continual strong demand by a wide range of owner-occupiers Links and Resources: Michael Yardney Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent - Next Level Wealth If you're interested in taking your property investing to the next level, join us at my annual Property Renovations and Development workshop in October. view the full show notes at the episode webpage: Investing differently in a low interest rate environment Some of our favourite quotes from the show: "The key is to look and say where am I? What could I do to make the changes to ensure that I could take more certain daily steps towards the treasure that I want?" – Michael Yardney "It doesn't make sense to use your own money, not to borrow, if you can achieve a better investment return with a mortgage." – Michael Yardney "The rich don't like to commute." –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

Over the years, I've worked with thousands of investors and I've found that most fall into one of three categories. I'm going to explain what those categories are and let you work out which one you fall into. I'll also explain why one of those categories tends to be more successful than the other two. I'm also going to have a chat with Leanne Jopson, the national director of Metropole Property Management, about what you can do when a tenant doesn't pay rent. Then, in my mindset moment, I'm going to share an uncomfortable truth. What type of investor are you? There are three main types of property investor. Which category do you fall into? Passive Investor: Tend to spend little time looking for a property. Not really interested in understanding all of the ins and outs that go along with creating a property portfolio such as finance, tax laws, compounding and so forth. Rather than conducting any due diligence or consulting industry professionals for advice, they're more likely to buy one of the first properties they come across Active Investor: Puts in some degree of work in order to find a good investment prospect. Gains a basic understanding of the principles involved in property, finance, and taxation. Tend to seek professional advice with regards to the structuring of their portfolio and conduct some due diligence in the hope that they can increase the likelihood of making a viable investment purchase. Analytical Investor: Tends to run around for months, sometimes even years, examining every nook and cranny of our property markets, endlessly comparing values and sales, reading reams of material regarding real estate do's and don'ts and seeking advice from as many experts as possible before committing to anything. They like to conduct as much due diligence as possible and look for the 'ultimate' investment property. So which is better? If property investment was like many other things in life, then the more effort and energy you sink into property investing, the greater your rewards are likely to be. In other words, the passive investor would enjoy smaller gains than the active investor, while the analytical investor would come out on top as they were willing to do the hard yards. Yet, in relation to property investing this is only partially true! Many passive investors purchase their investment properties the way they would buy their home – emotionally. They tend to buy their investments near where they live, or near to where they work or close to where they want to retire or holiday – all emotional reasons. Some live to regret their investment decisions and have difficulty holding on to their investments. The active investor usually does well if he seeks advice from a team of consultants. What about the analytical investor? Let me share a story with you… I remember years ago when I was still presenting at Property Expos (they seem to be a thing of the past now) and I ran into Leonard – a successful IT Engineer. He has subscribed to my newsletter for over 5 years and when I first met him about 3 years earlier he said he was going to invest in property. When I asked him how his investments were going, he explained that he had still not made a move. Instead, he continued to research the market. Leonard was very intelligent and has a tendency to over-analyze things, hence he is still waiting for the perfect property, the perfect time or the perfect set of circumstances in which to buy. What he doesn't realize is that this will never happen. On the other hand, let's look at an example of a passive investor… Let's call him Mark – who was so naïve that he bought the first property that he could get his hands on twenty years ago for $200,000. At the time, his friends and family told Mark he was "crazy." He paid way too much for the house, it was a bad time to buy and it was a foolish thing to do. Although he may not have done all of his homework, Mark still bought in a popular inner Melbourne suburb and guess what? The value of that home is now in the order of $800,000, and if he was half as smart, Mark would have borrowed against its increasing equity to allow him to buy more properties. The lesson from all this is...It really doesn't matter too much if you're a passive, active or analytical investor. As long as you are taking action and are in the market. It doesn't really matter if you're not into running around examining every aspect of the property market. Or maybe you are and that's not such a bad thing – as long as you don't get so absorbed by the process of learning about property that you forget to actually use that knowledge and buy something! In other words, if you have been thinking about investing in property, now may be the right time for you to act! It's the best counter-cyclical opportunity in a decade. You may not have another opportunity like this for another decade or two. But you can't just buy any property as Mark did. To ensure I buy a property that will outperform the market averages I use a 6 Stranded Strategic Approach. I would buy a property that would appeal to owner-occupiers. Not that I plan to sell my property, but because owner-occupiers will buy similar properties pushing up local real estate values. This will be particularly important in the years ahead when the percentage of investors in the market is likely to diminish I would buy a property below its intrinsic value – that's why I avoid new and off the plan properties which come at a premium price. In an area that has a long history of strong capital growth and that will continue to outperform the averages because of the demographics in the area. This will be an area where more owner-occupiers will want to live because of lifestyle choices and one where the locals will be prepared to, and can afford to, pay a premium price to live because they have higher disposable incomes. In general, these are the more affluent inner and middle-ring suburbs of our big capital cities I buy properties with a high Land to Asset ratio – this doesn't necessarily mean a lot of land – just that the land is valuable I would look for a property with a twist – something unique, or special, different or scarce about the property, and finally I would buy a property where I can manufacture capital growth through refurbishment, renovations or redevelopment rather than waiting for the market to deliver me capital growth. By following my 6 Stranded Strategic Approach, I minimise my risks and maximise my upside. Each strand represents a way of making money from property and combining all four is a powerful way of putting the odds in my favour. If one strand lets me down, I have two or three others supporting my property's performance. And I definitely do not look for the next speculative "hot spot" – I'm an investor not a speculator. But I do look for suburbs going through gentrification (improving in value as young people and developers move in and replace the old houses with refurbished homes or new developments.) So…what type of investor are you? What if my tenant doesn't pay their rent? When a tenant doesn't pay their rent on time, having a management process in place that starts before you reach the point of evicting them for not paying rent is very important. Within 3 days of late missed rent payment, a property manager should be following up. Within 5 days, it's important to be on the phone advising your landlords. 10 days past the due date is indicative of a serious problem, but you still can't take formal action yet. You can't file a notice giving the tenant 14 days to pay or leave until they are 14 days behind in the rent. However, staying on top of the dates and filing the appropriate paperwork on time is important, because your landlord's insurance may not pay for losses for days when you could have filed but didn't. If a good tenant is experiencing an unusual or one-time dilemma, you may be able to work with them to get the problem resolved without going to eviction. But it's still key to find out what's going on early and have a process in place for communicating with that tenant. Having a property manager who has a relationship with the tenants can help. Links and Resources: Michael Yardney Why not speak with the team at Metropole Property Strategists and get their independent property advice -click here Get more details about Michael Yardney's Property Renovations and Development workshop Our Guest : Leanne Jopson – national director Metropole Property Management Read the shownotes at the episode website: What type of Property Investor are you? Some of our favourite quotes from the show: "In my mind, it's the best countercyclical opportunity in at least a decade." – Michael Yardney "You can either buy right, or you can buy well." – Michael Yardney "I never buy new, I wouldn't buy off-the-plan because they come at a premium price." – 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

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. 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

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.