Property Investment & Wealth Creation Australia | The Michael Yardney Podcast

Donald Trump is inarguably one of the most interesting personalities in the world today. Regardless of what you think of Donald Trump, you have to acknowledge that his decision to leave his highly successful day job as a property developer and run for President of the United States was gutsy. For years I used to watch him from afar, I've read his books, watched him on TV and I used to admire his supposed success. It's very different today - now he provides me with a very different type of entertainment, but I also keep learning lessons from him – more recently lessons of what one shouldn't be doing. Now before I get any hate mail, I want to acknowledge that what we're going to discuss today is not a political statement of any kind. It's just an observation of some life lessons you can learn from Donald Trump – some things you could start doing and some things you shouldn't do to help you become more successful at whatever you choose. Because I think that if you sift through all the negativity on both sides and look deeper, you will find some amazing life lessons everyone will benefit from what I'm going to discuss in today's episode of the monthly Build a Business, Not a Job podcast that I host with Mark Creedon, founder of Business Accelerator Mastermind. Donald Trump's Terrible Success Lessons Like or loathe him, and there are very few people who sit on the fence, there's no denying that the current President of the United States knows how to get people's attention. As I explained in the main introduction I'm not going to talk about Donald Trump's suitability to lead his country or the world – that's not my area of expertise – but I think he's provided a few lessons of what one could do and what one shouldn't do if you want to be successful. We know he's arrogant and Trump has been quoted as saying: "You know I'm, like, the smartest person" If you're the smartest person in your team you're in trouble "Nothing is easy – but who wants nothing?" For once this quote makes sense "I have never met a successful person that was a quitter, successful people never, ever give up." "Always try and learn from other people's mistakes, not your own – it is much cheaper that way!" "If you hang around with losers you become a loser." The corollary of this is that if you want to become successful, you should hang around with successful people. "I try to learn from the past, but I plan for the future by focusing exclusively on the present. That's where the fun is." Yesterday is past, and tomorrow is yet to come, so the only time that you actually have is the present. Use the moment to make smart and profitable decisions that will lead you towards success. Respect time as it is the most valuable resource available to you. "Sometimes, by losing a battle, you find a new way to win the war." If you fail at something, remember it is only a natural process and perfection takes time. Once you fail, think of it simply as if you have discovered another path that does not lead to success. It does not mean that you are lost, it only means that you will probably choose the correct path the next time. "As long as you're going to be thinking anyway, think big." Leave "little thinking" for people who want to accomplish little things, but not you. Success begins with thinking big. "If you're interested in balancing work and pleasure, stop trying to balance them. Instead, make your work more pleasurable." It is important to love what you do. It is only logical that a person will be self-motivated and more likely to work harder at something they love. Loving what you do is thought to be the first factor toward making you successful at what you do. "What separates the winners from the losers is how a person reacts to each new twist of fate." Change is one of the most essential and important parts of life, be it your private or professional life. It is not necessary that every individual plan will work for every different person. Winners are known to react positively to fateful situations while losers are known to panic and stall in the path. "Without passion, you don't have energy; without energy, you have nothing." One thing that remains common in most of the success stories is the unnatural and high levels of energy that people displayed when it came to pursuing their dreams. "Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones that you don't make." Experience is the best teacher. It teaches you anything in such a way that you understand it very well. Some of the most valuable lessons are learned through past experiences. Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Shownotes plus more here: Terrible Success Lessons From Donald Trump | Build a Business, Not a Job Podcast Some of our favourite quotes from the show: "You haven't come so far just to come so far." –Michael Yardney "You only fail if you think of it as failure, on the other hand, if you see it as just the normal, natural part of moving forward, you have a different outlook." –Michael Yardney "You've actually got to stay positive, you've got to look for the good things that are happening there. That's essential to get through the challenging time that we've got." –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.

We all know that real estate is a long-term investment. So, what were the best-performing suburbs over the last couple of decades? They may not be the ones that you'd first think of. Today's I chat with Bret Warren about what made certain suburbs outperform over the last couple of decades. I'm also going to have a chat with an SAS commando. Why? This is a show about property and success and money, but most of us are being affected by a form of hostage situation – COVID-19. So who better to tell us how to handle a hostage situation when you've got a terrorist that you can't even see than someone who's put his life on the line more often than he's had a hot dinner? We're going to have an interesting chat with Mick Donaldson. Highlights from Brett Warren's research on the best performing suburbs Would you like to know which suburbs are going to outperform over the next 20 years? Well, maybe a good starting point is to understand which suburbs outperformed over the past two decades. The principles we're going to discuss today are relevant for all property markets. Past history is not always a good indicator of future growth, but at least it's a starting place for our research. The longer the past history, the more accurate predictor of future performance it will be. Most investors only research back five years or so Go back a minimum of 20 years – and if possible 40 years, however, it's important to understand how a suburb has changed in that time – might have gentrified, new infrastructure, etc. Some suburbs in Brisbane have performed more than 400% over a 20-year period. Understanding what the top-performing suburbs have in common What investment horizon means How a property investor can out-perform the market What will drive property prices moving forward Some of the topics I discuss with Mick Donaldson Mick's background How COVID has affected Mick The stages you go through when you get a shock like COVID What you can control in a survival situation The options in a hostage situation Maintaining a level of control Mick's acronym: PEARL Perseverance Equanimity Agility Resilience Leadership Links and Resources: Brett Warren - Metropole Property Strategists Metropole's Strategic Property Plan – to help both beginning and experienced investors Mick Donaldson – HQ Tag Shownotes plus more here: What can you learn from the best performing suburbs over the last 20 years, with Brett Warren Some of our favourite quotes from the show: "Gentrification goes on over a number of decades, so it's not a bad way of trying to find an area that's going to outperform the averages." – Michael Yardney "Sometimes the right thing to do is nothing." – Michael Yardney "It's going to take longer than I expected, longer than we'd all hoped, but there is an end in sight and life will go on." – 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

Recently, I appeared on the Australian Taxation Office's podcast, Tax InVoice, to talk about tax-related matters that would be of interest to property investors in a time of crisis. I spoke with assistant commissioner Adam O'Grady about how the events of 2020 impacted property investors and what recent law changes mean for residential property investors. Some of the things we covered included what can and what can't be claimed, how to avoid some of the common tax mistakes, and where to find further information. This was an informative discussion, one that I think listeners of my podcast will find relevant and useful, so I'm going to share that episode with you today. Subjects I discuss with Adam O'Grady Landlords can continue to claim their deductions and interest, even if their tenants currently can't pay rent due to COVID-19 How interest is being accrued on bank loans, even though the bank isn't charging interest right now The tax implications of using your rental property yourself, even when you can't rent it out If the surge in available rental markets affects what you can claim How recent tax law changes affect investors who are foreign residents for tax purposes Changes to the tax deductibility of holding vacant land Avoiding mistakes in apportioning expenses and income if you co-owned a property Misconceptions about when you can claim renovation work to your investment property The difference between a repair and a capital improvement How investors can use the Government's Renovations Grant to improve their property, and what they can claim from that Differentiating between what's deductible and what isn't Keeping records that provide evidence of income The elimination of travel expenses to inspect your property or collect rent as a claimable expense Links and Resources: Find this episode on the ATO website Shownotes plus more here: Tax matters for property investors in a time of crisis | ATO Assistant Commissioner Adam O'Grady Some of our favourite quotes from the show: "There's some changes to the legislation, there's issues with COVID, there's been floods and bushfires, we've had a challenging year." – Michael Yardney "As we said there's fewer tourists for the short term rental market, there's fewer international students coming, and currently people are just a bit more nervous about moving anyway, so a lot of people are going to have longer vacancies or are going to have to drop their rent." – Michael Yardney "I've seen many people buy a property, it's a bit rundown, so they go ahead and they do a renovation to make it more attractive to tenants, to get more rent, so they're doing it for good, legitimate reasons, but then they think the repair can be claimed as a repair in that tax year." – 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 remember where I was when I first heard about coronavirus, it wasn't called COVID-19 then. I was on the other side of the world on a cruise with Pam, for our annual end of year overseas excursion and this virus thingy was a problem that was happening in China. Who would've thought then we'd be where we are today with a worldwide pandemic, a recession, and so much political and social unrest? Today those pre-COVID-19 days in January feel like a different lifetime. COVID upended everything and still today every new day seems to bring a new shock. A lockdown in Victoria, the worst recession in a century, massive unemployment, business closures. But if you survey the confusing mess we're in you have to remember that none of it happened in a vacuum. Every event has parents, grandparents, siblings, and cousins – previous events that planted the seeds, passed on their DNA, and continue to influence what's happening today. To have any hope of making sense of what's ahead we have to pay attention to a bunch of seemingly unrelated stories that began before anyone had heard of Covid-19 and that's what I'm going to be talking about today with leading demographer Simon Kuestenmacher. So let's have a chat about what got us to where we are today and what's ahead. Understanding the factors that help us forecast the future If you were told in January what April 2020 would look like, you wouldn't have believed it, would you?. If you were told in May that in August we'd have Stage 4 Lockdown, you wouldn't have believed it. So how do you begin to make sense of the future when things change so fast? I recently read a great article on from Morgan Housel, one of my favorite social commentators where he explained that until we know where we've been and how we got here it's difficult to figure out where we're heading. Why are so many people so angry? To understand why so many people are so angry in 2020 you have to realize that half the world has gained insight into the other half at the very moment those halves were as different economically as they've ever been. Over the years the gap between the haves and have-nots grew - people grew apart financially at the same time they became connected digitally, which exacerbates tribal instincts and exposes you to people who don't see the world as you do, who become easy targets for criticism and blame. Was an increase in working from home coming anyway? Up until recently working from home was not really an option, but let's look at how things have changed: A century-long shift away from labor-intensive jobs towards creative-thinking jobs created a stark contrast between jobs that can be done during a pandemic and jobs that can't. The pandemic has brought forward some trends that probably would have happened anyway, including working from home. Pandemics are not new or unheard of, so why does this one feel so much different from similar events in the past? Things have been pretty good for a long time. So a setback, even if it's not unprecedented, feels overwhelming. The coronavirus pandemic feels real to us in a way that pandemics that we've only read about in history textbooks cannot. For future generations, 2020 will likely be only a page in the history books that doesn't carry the same urgency we feel while living in it. Why is the news so negative? Local news gave way to national news which gave way to global news, which can make the world feel perpetually broken because there is always a tragedy somewhere, and now you are guaranteed to hear about it. Why haven't the direst predictions about the economy come to pass? The Federal Reserve in the US and the RBA here and the central banks around the world learned how to keep the financial system from falling apart. That's both kept a lot of the economy humming and ruined a lot of assumptions people had about how the economy works. Links and Resources: The article By Morgan Housel quoted in this show here: Here We Are: 5 Stories That Got Us To Now Simon Kuestenmacher - Director of Research at The Demographics Group In these challenging times why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors. Shownotes plus more here: There are a few things we must understand before we try and forecast the future Some of our favourite quotes from the show: "A century ago people had more labor-intensive jobs. Now we've gone to more creative thinking jobs." –Michael Yardney "We were feeling complacent, I believe now we're going to probably think differently moving forward." –Michael Yardney "Bad news seems to get more attention than good news because pessimism is seductive. It feels more urgent than optimism." – 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, we answer some of your common questions. Questions like…How should your property investment strategy change given the current circumstances? Should you still be focusing on capital growth for your investments? How do you transition from the capital growth stage to the cash flow stage for your investments? We'll also talk about those 40-year spreadsheets and property strategy plans. Do they work, or is there a more effective property strategy plan? People also want to know about how much of a financial buffer they need or whether diversification is the right move for them. These are all good questions, and hopefully, my conversation with Kate Forbes will bring you some clarity. Q&A with Kate Forbes How has Metropole changed what they buy given the current circumstances? It hasn't. When you invest in property there are three major factors deciding where you buy and the type of property you buy: Your budget – and that is usually determined by the banks The location - we are not prepared to compromise on this because location will do 80% of the heavy lifting of your property The property you purchase. – It has to be the right type of property, one that's going to outperform the averages with regard to capital growth. We don't change our strategies, which are long-term plans, due to the short-term fluctuations of the economy or property markets. Why should I focus on capital growth over cash flow? Especially now when there is likely to be lower capital growth? Despite what you'd like to believe, you just can't live off the rents of your property. In my mind the only way to become financially independent through property is to first grow a substantial asset base (by owning high-growth properties) and then transition to the next stage – the cash flow stage – by lowering your loan to value ratios. In other words, reducing your debt, but not paying it off completely. Remember the 3 stages of wealth creation I've mentioned before The asset growth – this requires leverage Transitioning to lower LVR - where you slowly pay down your debt Living off the Cash Machine of your property portfolio How are you going to repay all your loans before you retire? An ideal situation would be to own a mixture of growth and income-producing assets that looks a little like this: You would own your own home with no debt against it You'd have a substantial superannuation fund which should be delivering you a regular income You would own a multimillion-dollar property portfolio which is no longer negatively geared and, if it does have debt against it, the LVR would be such that the portfolio generates income. This would not need to be a lot of income but needs to be sufficient so that your property portfolio is not draining your cash flow. I know many financial planners suggest you should go into retirement with no debt at all, but in my mind entering retirement with a conservative amount of leverage works well for those investors who have set themselves up correctly. These investors often live off their superannuation assets and income for the first 10- 15 years of their retirement allowing their property portfolio to once again double in value which allows their already low loan to value ratio to fall even further enabling their property portfolio to spin off even more cash flow. Others achieve their cash flow in retirement through the dividends from shares or from the positive cash flow of commercial property investments. So how do I transition to the cash flow phase of my investing? Grow your portfolio at a slower pace Once you've grown a substantial asset base, one option is to slow down the pace at which you grow your property portfolio. Convert to a principal and interest loan As you transition to the cash flow phase of your investing, you could convert some of your loans to principal and interest, allowing your tenants to slowly pay off your mortgages, thereby putting you in a stronger cash flow position. Remember that while paying interest on investment loans is tax-deductible, paying off the principal portion of the loan is not. Sell a property or two and repay debt You know I prefer to hold properties for the long term, but the purpose of owning these properties is to give you the lifestyle you want. This means sometimes the right thing to do is sell off one or two investments and use the proceeds to reduce your portfolio debt and increase your cash flow. Investing in commercial properties. Different from residential real estate, commercial properties tend to have strong cash flow but less capital growth. So, adding commercial properties to your portfolio once you already have a strong asset base may be appropriate for you. Use part of your Super or savings to pay off debt Redevelop a property or two to repay debt Some property strategists put together 40-year spreadsheets as part of their plan for their clients. Why doesn't Metropole do that? Our plan is a lot more than just spreadsheets are numbers and figures. Even though it does contain detailed numbers and projections. Of course, we know there are a myriad of different factors that will affect your wealth journey including factors out of your control and factors within your control. Your life circumstances will change, interest rates will change, inflation will change and your ability to obtain finance (one of the most important factors of all) will change over time. Then every year there will be an X factor, and we have learned all too well that every decade or so the economy "breaks." So rather than giving you a false sense of security I having very detailed long-term spreadsheets, we break down your goals into shorter timeframes and then regularly, usually annually, review your situation to make sure you're heading in the right direction. How big a financial buffer do I need? It depends. Beginning investors can't really afford much of a buffer all, it's better to use their cash to increase their deposit and get into the property market, and then they should save their spare money, often putting it into the offset account, and create a buffer. Your buffer is there to cover unexpected expenses, and by definition, if they are unexpected, you won't really know how much you really need. Some things to consider are: What is your current monthly cash flow surplus, in other words, how much are you able to save (your income minus all your expenses) Can you cover the current cash flow shortfall for your investment property? Are you able to fund the cash flow shortage in between tenancies when there will be no rental income for a couple of weeks plus you're managing agents letting fee? Will you be able to fund unexpected repairs or maintenance? Could you find a rising interest-rates? How secure is your job, and are you able to increase your income by doing extra shifts or seeing extra clients, customers, or patients? Concentration or diversification – which makes better investments? Common wisdom seems to suggest that you should diversify your investments. But is this correct? You will find many financial planners telling you to diversify for your own protection. What they fail to tell you is that it is also for their protection. Warren Buffett, one of the world's greatest investors, said, "Diversification is a protection against ignorance. It makes very little sense for those who know what they are doing." Instead of diversifying, strategic investors focus on finding the best investments. Averageness In my mind diversification leads to averageness - bottom of the best and cream of the bottom. In my experience, I've found that wealthy and successful people - be they a businessperson, entrepreneur, or investor - have one in common: they specialize. One of the reasons the rich get richer is because they are focusing, while the middle class is diversifying, and the poor are counting on the pension. First, they concentrate, then they reinvest Another thing the successful people all had in common was that they reinvested the money they "earned" from that one activity into passive investments – most often real estate. They kept building their asset base so that it would one day provide them "unearned income" - income they do not have to work for. The lesson from this is to specialize and concentrate your activities on something you can become good at. Risk mitigation However, as your portfolio grows in size here are some areas where you can diversify: Diversify lenders - just as banks worry about "concentration risk" if they have lent you money for "too many properties", it doesn't make sense to have lender loyalty - spread your risks by using a number of banks Diversify loan terms and types - protect yourself from interest rate fluctuations by having some loans fixed and some with variable interest rates. if you only have one loan you can split it into both fixed and variable in most cases Diversify your investments across different states to take advantage of their individual cycles Tenant and property types – over time you should own residential, commercial and industrial properties, apartments and townhouses Links and Resources: Michael Yardney Metropole's Strategic Property Plan – to help both beginning and experienced investors Organise a time to speak with Kate Forbes- National Director Metropole by clicking here Shownotes plus more here: Q&A Day: What's the right property investment strategy today? Diversification, Finance Buffers + more| with Kate Forbes Some of our favourite quotes from the show: "If you're wanting to live purely off your rentals, you're going to have to get a big enough cash machine, which may mean 5, 6 million dollar's worth of property with no mortgage." – Michael Yardney "Since most financial advisors cannot tell you exactly which share or managed fund is a great investment, they tell you to buy a bunch of them." – Michael Yardney "What's happening now won't go on forever. A chapter in your life is not the whole story." – 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

There's so much uncertainty with what's going to happen to our economy and our property markets. How do you plan for your financial future? That's one of the questions we're going to answer today in the first of a series of question and answer podcasts. Today I'm going to have a chat with Brett Warren to answer some of your questions including how to formulate a property plan, what your endgame should be, and how many properties you need to retire comfortably. At the end of today's show, you should have answers to some of the common question investors like you are asking. Highlights from my conversation with Brett Warren: People don't often know where they want to end up. Property investors need to start with the end in mind and work toward that end, rather than starting with the property but no clear end goal. In the current climate, it's hard to tell what will happen to your superannuation, so you can't count on that alone. You need a long-range plan. It's more important to have quality properties than a large quantity of properties. You need to begin to build wealth by acquiring assets that will grow in value. Then you'll need to work on adding value to your assets and increasing your cash flow. Property is not a get rich quick scheme. Property isn't a quick way to build wealth, it's a long-term process. But you can find ways to add value and increase your returns. If you only have a short amount of time to build wealth, you can't afford to make mistakes. Getting a good team around you that can help you achieve better results is even more important if you've left wealth-building until late in the game. Links and Resources: Michael Yardney Get the team at Metropole to help build your personalised Strategic Property Plan Click here and have a chat with us Brett Warren – Director Metropole Property Strategists Shownotes plus more here: Q&A Day: How to plan for your financial future in a world of uncertainty + more | with Brett Warren Some of our favourite quotes from the show: "You've actually got to accumulate your assets first, and then live off the cash flow." – Michael Yardney "If you do what everyone else does, if you listen to who everyone else listens to, you're just not going to build the wealth that you're looking for or that you deserve. It's just not the way property works." –Michael Yardney "We're all walking around with one foot on the accelerator and one foot on the brake." – 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

What will life be like post-COVID-19? Even though many of us have spent weeks dreaming about the day things are going to get back to normal, it may not be as smooth sailing as some of us would like. We can expect to see lots of changes. Your favorite café might not survive the shutdowns. You may greet friends with a nod or wave rather than a hug. There will be practical and economic changes that will affect our jobs and property markets, and that's what I'm going to talk about today with my guest Pete Wargent. The shock of a pandemic will have shaken a lot of people's beliefs about the world, but there will also be positives coming out of it. Unfortunately, those who have lost income and lost their jobs will have challenges to overcome. This may lead to stress and anxiety. But this is not going to be a gloomy show. I'm an optimist and a realist, and after today's show, I hope you'll be more prepared for what comes next. What will life be like post-COVID-19? Whether or not a vaccine can be found, we'll probably see changes in the way that we live – we'll probably be more cautious. Investors may also approach their investments with more caution than they did previously. Low interest rates will probably continue for some time – at least until unemployment comes down. It could take at least 4-5 years for employment to decrease to previous levels. Low interest rates will be good for property in the medium to long term. Lower wages growth, on the other hand, will impact people's ability to pay more for properties and could negatively impact the property market. Local recoveries will be uneven. Some states are already doing better than others. Because lots of people are getting stimulus or grants from the government, they're not feeling as poor as they usually would during a recession. It may take time for people to wean off of this assistance. Lower immigration will affect economic growth and housing demand in certain sectors. Certain business models, such as retail, are going to change. We're getting more accustomed to shopping online, working from home, and having virtual meetings. The younger generations who are just entering the workforce or would earn more during this time are likely to suffer more than others. Young Australians could face as much as ten years of pay cuts and youth unemployment is likely to remain high for several years. Links and Resources: Metropole's Strategic Property Plan – to help both beginning and experienced investors Pete Wargent Next Level Wealth Pete Wargent's new book Low Rates High Returns Shownotes plus more here: A reality check on life in a post-COVID world with Pete Wargent Some of our favourite quotes from the show: "I think we've realized that we're all in the same ocean, but we're not in the same boat." – Michael Yardney "As the economy picks up and life gets back to normal, so will our property markets." – Michael Yardney "I think the first thing you should do is practice noticing what's great about what you've got." – 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

Post-COVID Properties Much of Australia's economy is being kept on temporary life support either through the federal government's Job Keeper and Job Seeker schemes or through loan repayment relief from the banks. The coronavirus has really played havoc with our economy, with our lives, and with our property market. In fact, Melbourne, which has often been hailed as the world's most livable city, is currently going through a crisis and is in lockdown. No matter where you are, your economy, your lifestyle, and what's going to happen next is going to be affected by what's happening in Victoria. So what do we have to do differently in this environment? You may not be able to stop the waves, but you can learn how to surf them. Today, in two separate sessions, I want to share with you the property investment rules that you need to keep in mind in these trouble times, and some things that you'll need to change in order to be more successful in a post-COVID world. How will the property market change post-COVID? COVID-19 has changed the world immeasurably, and in some ways, forever. The pandemic has exposed weaknesses in our employment and housing markets, and we're not likely to forget them any time soon. In the wake of COVID, priorities are likely to change, and these changes will be reflected both in our property markets and in the way we live. When it comes to properties, buyers will be looking for properties with pandemic appeal and will be willing to pay a little more for those properties. What constitutes pandemic appeal? Consider that high rise apartments are full of the very things that we want to avoid during a pandemic – elevators, buttons, shared doors, close proximity to neighbors. And if you're quarantining in a high rise apartment, you may be stuck indoors, without access to a private balcony or backyard that you can enjoy while maintaining social isolation. This means that these types of apartments are likely to fall out of favor, and we'll see increased demand for standalone houses and the types of apartments that used to be called flats – the kinds of places that give you access to private entrances, that aren't too close to the neighbors, that offer balconies or outdoor spaces that you could use while isolating. Open floor plans might also fall out of favour. Instead, buyers will be looking for homes with better home office facilities and separate spaces, so that they can work from home and still separate work and living spaces. What will you need to change to be more successful post-COVID? If you're interested in property investment, it's probably because you're interested in changing your level of wealth. But most property investors won't be able to change their level of wealth until they make changes in and of themselves. Some of us love change and some of us hate it. Change is hard because, in order to change, you have to move out of your comfort zone, and that's scary but necessary. Because when it comes to creating wealth, it isn't what we know that holds us back, it's what we think we know that isn't so. The thing that holds most of us back is our wealth operating system. That's our financial blueprint, the programming that we received as children. In order to change it, you have to begin by changing your thoughts about wealth. Remember, your thoughts lead to your actions, and your actions inform your results. Wealth is a result. You won't achieve it until your actions change, and you won't take the actions that result in wealth until you change your thoughts. Links and Resources: Michael Yardney Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Learn the Science of Getting Wealthy – join Michael Yardney's Mentorship Program – www.MichaelYardney.com.au Shownotes plus more here: Some of our favourite quotes from the show: Property investment rules to keep in mind in troubled times "If you're looking to buy a new property, you're going to have to look at things differently." –Michael Yardney "It takes courage to leave something familiar, something you're comfortable with, and try something new." –Michael Yardney "It's no coincidence that your inner world creates your outer world." –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

Have you ever thought of getting involved in property development? That's what I'm going to talk about today with Bryce Yardney, director of Metropole Projects. We're seeing more and more people interested in property development because, in times of flatter capital growth, you're looking to manufacture capital growth. Today we're going to talk about some of the risks involved in property development. Property development involves a wide range of activities and processes and in order to be successful, you'll need to know about the market, the property, economics, finance, town planning, construction, and even marketing. It's difficult, but if you have a good team around you and you have the finance to do it, property development is a great way to build your assets and buy your next investment at wholesale. Hopefully, today's show will give you some insight into whether property development is for you, now or sometime in the future. Some of the common risks of property development that we discuss: Mistaking precedent for permission: The rules can change. Just because somebody else did it doesn't mean that you'll be able to do it. Not understanding what "subject to council approval" means: "Subject to council approval" is like the word "but". Anything that comes before it is meaningless. You need to understand the council you're getting into and understand something about town planning – or at least have someone on your team who does. Not being cautious about competitive developments Delivering the wrong product to the market: Remember, it's not about what you would want. You need to understand what the market really wants Not anticipating bank hurdles: The banks are currently more difficult than They're afraid of what's going on and more conservative than usual. Borrowing is not impossible, but you need to be prepared for a number of hurdles. Not understanding what goes into choosing a builder: There are three big factors that go into choosing a builder. These are quality, time, and dollars. Don't get so hung up on dollars that you sacrifice the quality. Not having enough money for upfront costs: Banks don't lend for soft costs, like stamp duty, interests, consulting costs, etc, so you need to allow for enough money upfront to handle these expenses, that can run into the tens of thousands. Underestimating the power of the council Not employing a project manager Not know what you don't know: That's why you need somebody around you to help you – someone who will know the things that you don't know. Links and Resources: Interested in getting started in property development? Find out more here Bryce Yardney – Director Metropole Projects Metropole's Strategic Property Plan – to help both beginning and experienced investors Shownotes plus more here: Is getting started in property development right for you with Bryce Yardney Some of our favourite quotes from the show: "In my mind, one of the biggest risks in development is actually the developer: you, the person listening to this." – Michael Yardney "Once you get it and it works, and you're manufacturing equity and you're getting good cash flow, it actually can almost be a self-perpetuating machine." – Michael Yardney "Enjoy the journey, because if you don't enjoy the journey, you're not going to appreciate the destination when you get there." – 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

Do you ever secretly wish that you could achieve more with your time? You are not alone. Most people want more from their lives but simply don't know where to start. Science says that only 8 percent of people actually achieve their goals. The good news is that learning to accomplish greatness in your life is totally possible if you learn to study other successful high achievers. In today's Build a Business, Not a Job podcast that I record each month with Mark Creedon, the founder of Business Accelerator Mastermind, we are going to discuss the things that high achievers do differently to become successful. What high achievers do that others don't I've found high achievers, be they property investors, businesspeople or entrepreneurs do things in a certain way and think in a certain way. Recently, I read a number of rules that I read on a blog by Abayomi Jegede. After looking at the lives of certain great men, Jegede was able to come up with 13 rules that he says high achievers never break. He suggests that if you obey these rules, you will become a high achiever too. So let's look at them... Don't compare your life to others and don't judge them; you have no idea what their journey is all about Be yourself always and become the best version of yourself. Don't act the way you are feeling - Instead, act the way you want to feel High achievers get disappointed a lot because they fail many times, but since they are highly-optimistic people, they see an advantage in adversity and make the best of every situation. Make peace with your past so it won't screw up your present High achievers don't go around beating themselves up for the mistakes they have made. Forgiveness is the first step to progress and only those with a strong heart can forgive themselves and those who have hurt them. Don't answer ads that promise get-rich-quick schemes because it won't be you who gets rich quick Believe me when I say this: apart from bonanzas, lottery, promos, or TV shows, there is nothing you can do in this world that gets you rich in a jiffy. You can't do everything yourself, so get help along the way Make meaningful relationships and help others get what they want. Don't envy what others have; you don't know how they got it The truth is that you don't know how he got what he has or the price he had to pay in exchange for it. Think about this before you envy somebody. If you can't say anything nice, don't say High achievers don't talk just because they have to say something; they talk because they have something to say. Learn to talk less and listen more. Be comfortable only outside of your comfort zone Do something every day that scares you, and break your own records each day. If you are going to jump off a bridge, make sure you know how deep the water is Many great men today are college dropouts, but they knew what they wanted and the understood the implications, so they went all-out. So, before you quit your job or quit college, and before you jump off that bridge, ask yourself this very important question: "how deep is the water?" Change only what you can change and let go of the rest You can't change everything you want to change. No matter how important it may be, sometimes it's better to do your own part and leave the coming generation to do theirs. What others think of you is none of your business People will always talk about you, and if they don't, then you are probably not worth much. Ignore whatever anyone has to say about you and hold firm what you know and what you believe. Never test the depth of the river with both feet Spread out your risks in life. There is no way to succeed without taking risks, but it's wiser and safer to take calculated risks. Honesty is a very expensive gift. Do not expect it from cheap people The sooner you learn this, the better. Do not expect too much from people–only a few men have that virtue called integrity. Summary: There is one secret that almost every successful person knows. This secret is very important because it's the reason they are successful in the first place. This big secret can be summed up in the words of the mighty Aristotle: "We are what we repeatedly do. Excellence, then, is not an act, but a habit." Successful people have gone through the painful process of forming successful people's habits, and you can become successful financially prosperous as well if you make up your mind to do the same. Links and Resources: Why not join Metropole's Business Accelerator Mastermind Learn more about Mark Creedon – Business Coach to some of Australia's leading entrepreneurs Some of our favourite quotes from the show: "I think with social media, it's so hard not to do that. Because unfortunately, you see their highlight reel, you don't see all the bits on the cutting room floor." – Michael Yardney "I guess the lesson is to forgive yourself for the mistakes that you've made. They got you to where you are now, and now you've moved forward and can take advantage of the lessons you've learned." –Michael Yardney "If you're not hanging around with the right people, you'd better get a new tribe of people around you." – 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.