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Speaker 1: Welcome to the mentor. I'm Mark Boris Sam Gordon. Well

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Speaker 1: to the mentor, mate.

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Speaker 2: Mark, Absolute pleasure, man, absolute pleasure.

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Speaker 1: You're killing it. You're the founder of I was Property Scouted.

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Speaker 1: We're going to talk about it. And you've got a

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Speaker 1: great podcast called the Top one Percent Podcast and you're

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Speaker 1: the host of it, and we'll talk about that as well.

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Speaker 1: But I just want to get a little bit of

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Speaker 1: background on if you don't mind. Of course, we're just

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Speaker 1: talking about Gold Coast. Apparently you live up that way,

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Speaker 1: but you're a Sydney boy. Yes, Warner Bread yeah, Worn

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Speaker 1: Bread mate, Yeah, where'd you grow up?

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Speaker 2: I grew up in a tiny little rabbit farm actually Indiandera,

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Speaker 2: which is in the wall and Dilly just before win

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Speaker 2: your Cariby so Dilly Shi, yes, yeah, okay Bargo there Yeah,

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Speaker 2: not far from Bargain made famous by of course someone infamous.

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Speaker 1: And I actually travel down that way quite a lot,

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Speaker 1: and like every Friday for about maybe ten years. I

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Speaker 1: used to do a lot of work, a lot of business.

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Speaker 1: We had a lot of properties, used to develop in

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Speaker 1: mos File and Barrel and that sort of surround eras

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Speaker 1: and we owned like a big commercial premises in the

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Speaker 1: middle of Barrel which is the Grand Hotel and pedistrian

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Speaker 1: not sort of stuff and nicely love going down there

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Speaker 1: was fantastic.

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Speaker 2: Made I cut my teet developing in Mosvaw seven years.

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Speaker 1: Yeah, yeah, so what period was that.

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Speaker 2: That would have been the early twenty teens. So I

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Speaker 2: bought my first one in two thousand and nine. I

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Speaker 2: started developing twenty twelve.

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Speaker 1: So you we're going to talk about property, maybe it's

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Speaker 1: a good way to start. So you said you brought

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Speaker 1: up in a rabbit farm. Yeah, actual rabbits. You're harvesting

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Speaker 1: rabbits and selling rabbits.

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Speaker 2: Yeah. So my boy was a mechanic by trade Sydney.

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Speaker 2: Both both parents from Cayum and Us and George born

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Speaker 2: and bred Sydney guys. Dad was a mechanic by trade,

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Speaker 2: was a detective in the seventies and eighties in Sydney

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Speaker 2: when it was pretty hectic, got out there when everything

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Speaker 2: was sort of going crazy. And when I bought this

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Speaker 2: little rabbit farm down down in Yandera and at the

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Speaker 2: time and it was dead, like the thing was barely runningruggling,

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Speaker 2: and he did a lot of research into Okay, how

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Speaker 2: can I make this thing big and grow and all

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Speaker 2: the rest of it and end up buying all these

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Speaker 2: parts of a feed meal and build his own feed

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Speaker 2: meal and then the rabbits for the rabbits. Yeah, and

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Speaker 2: then he grew it into one of the largest in

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Speaker 2: the Southern Hemisphere and sold it.

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Speaker 1: Oh wow. Yeah, and you you went to school down

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Speaker 1: They're all grew up there.

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Speaker 2: I went to Bargo Primary, but I actually went to

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Speaker 2: Westfield Sports up in Sydney. So to catch two trains

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Speaker 2: in a bus two and a half hours to and

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Speaker 2: from school every day.

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Speaker 1: That's in your teens. Yeah, you're a sports person.

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Speaker 2: Yeah.

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Speaker 1: I was a soccer player play play Socket. Yeah. So

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Speaker 1: I mean you usually get selected for Westfield. Yes, you

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Speaker 1: have to be pretty good at what you do, you

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Speaker 1: craft yep. So they take cricketers and soccer players and

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Speaker 1: footy players, et cetera. They're like some well known sports

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Speaker 1: people come out of that school. How was school?

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Speaker 2: School was good. I'm a very competitive person, so I

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Speaker 2: loved that environment. It was something like three thousand kids

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Speaker 2: trial for ten places per year, right, So I love

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Speaker 2: that sort of thrill of a challenge and having to

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Speaker 2: push yourself like that and made every day was we

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Speaker 2: train every day, so especially when you're playing that elite level.

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Speaker 2: As a teenage, we trained four or five days a

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Speaker 2: week at school, and then we'd be training four days

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Speaker 2: a week with Sydney, like playing in Sydney and then

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Speaker 2: playing on the weekends as well, so.

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Speaker 1: As in Sydney.

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Speaker 2: Of no, so this is pre a league was round,

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Speaker 2: but there's no a league youth at the time, so

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Speaker 2: this is like paramount of my leader Sydney Olympic. Yeah. Yeah,

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Speaker 2: I played for Syna Olympics for two seasons there in

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Speaker 2: my youth as well, So yeah, I just kind of

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Speaker 2: played all over. So it was. I liked school for

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Speaker 2: the sports side of things, but I was never I

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Speaker 2: couldn't study just.

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Speaker 1: A scholarly scholarly site, a scholarly since it wasn't your thing.

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Speaker 1: You didn't go out to university or anything like that.

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Speaker 1: So what do you just come out of school? High school? Robot? Yeah,

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Speaker 1: dropped out as high school.

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Speaker 2: Yeah, so I just turned sixteen, so heading into year eleven,

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Speaker 2: first first month into year eleven, I couldn't do the workload,

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Speaker 2: plus the massive commute to and from school every day

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Speaker 2: as well.

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Speaker 1: You mean when you say workload, you mean the training.

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Speaker 2: School yeah, that they actually they actually like study workload

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Speaker 2: right was too was too big for me sort of

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Speaker 2: back then, and the training and everything as well. I

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Speaker 2: had no interest in going to UNI. I never have.

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Speaker 2: I was never someone that grew up I want to

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Speaker 2: be a doctor or a lawyer or anything like that.

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Speaker 2: I either wanted to be a soccer player or finally

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Speaker 2: enough I wanted to do special forces, like one of

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Speaker 2: the two things, just to like always be pushing myself

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Speaker 2: to try and go to the top. So yeah, they

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Speaker 2: were my two things that I really but obviously soccer

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Speaker 2: was a big thing when I when I left school,

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Speaker 2: So I left school. My dad pretty much said to me,

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Speaker 2: you got three options. Go to another school and finish

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Speaker 2: year eleven and twelve and get your thing. But geest

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Speaker 2: somewhere nearby. You go get a trade straight away. But

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Speaker 2: all my mates were my mates that had gone out.

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Speaker 2: They're making like four dollars an hour for fifteen hours.

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Speaker 2: So it was like terrible. I was like, I don't

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Speaker 2: want to go out and make four bucks an hour.

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Speaker 2: And then the other one was all you work on

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Speaker 2: the farm and you start working tomorrow, and so I

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Speaker 2: pretty much did that. So I used to do three

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Speaker 2: days a week with the old boy on the farm,

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Speaker 2: and then three days a week scaffolding around Sydney as well, and.

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Speaker 1: You travel to sitting In from Bargo or from from

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Speaker 1: where you live. So you pretty much left school at

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Speaker 1: the beginning of year eleven, which is like, as you said, sixteen,

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Speaker 1: did you give up your sport?

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Speaker 3: No?

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Speaker 2: So kept I kept playing. Yeah, I kept playing. I

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Speaker 2: was actually saw of my first first grade contracts at

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Speaker 2: sixteen years of age. I was playing for and Sutherland

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Speaker 2: Sharks at the time, and they were like the powerhouse

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Speaker 2: in Sydney at the time. There was a lot of

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Speaker 2: money that came in. There was one big guy that

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Speaker 2: he just loved he loved soccer and he'd rock up

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Speaker 2: in his yellow lamp beginning. It was a funny thing

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Speaker 2: because he'd rock up on his yellow lamb beginning. You

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Speaker 2: get out walking, you have no idea. He just looked

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Speaker 2: like some punter off the street, shorts, thongs, t shirt,

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Speaker 2: like the most unassuming bloke he'd ever seen. And then

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Speaker 2: he'd walk back out and jump back in his yellow

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Speaker 2: limbo and take off. And so that it was a

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Speaker 2: really really good club. First astro turf in the league

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Speaker 2: as well. And it just brought some really good players

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Speaker 2: to the thing, to the club, and it was I

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Speaker 2: pretty much played through there. I was doing really well

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Speaker 2: playing even though I signed signed effectively to the professional contract.

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Speaker 2: I was playing in the Razzies as a sixteen seventeen

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Speaker 2: year old. And then Yeah, had hip surgery at nineteen

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Speaker 2: and just never really never really came back properly from it.

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Speaker 1: And what made you think, Well, pretty immature at sixteen

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Speaker 1: seventeen and eighty enough, you've been let's say, let's say

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Speaker 1: you had your hip surgery what like around eighteen.

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Speaker 2: Yeah, I justin it was at the end of when

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Speaker 2: I was eighteen, just about a hit nineteen I had

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Speaker 2: the surgery. Nineteen.

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Speaker 1: That's pretty long for a young bloke. Hip surgery. Well,

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Speaker 1: obviously a sporting career at that stage is probably that's cactus.

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Speaker 1: You're probably thinking, I'm not the sporting career is pretty

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Speaker 1: much over, or I'm going to have a long recovery

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Speaker 1: from his hip surgery. When did you start looking at

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Speaker 1: buying and selling property or getting involved in property at least?

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Speaker 1: And what was it? Think?

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Speaker 2: What was the thing?

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Speaker 1: Because I mean, you've got a big property portfolio for

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Speaker 1: a young guy. What was it that excited you about

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Speaker 1: the property environment and what made you think that, yes,

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Speaker 1: you could get involved in the proper environment. And by

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Speaker 1: the way, you probably didn't even have a job, you

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Speaker 1: have a cash flow at that stage.

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Speaker 2: Yeah, well I was working on the farm, right, so

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Speaker 2: like I was kind of that. Yeah, and that was

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Speaker 2: buba all between that and the and the and the scaffolding.

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Speaker 2: I was making about seven it was seven fifty a week,

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Speaker 2: I remember exactly. It was thirty nine grand a year,

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Speaker 2: seven to fifty a week, gross five eighty four a

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Speaker 2: week in that so not very much, not enough to

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Speaker 2: service definitely, well finally enough. It actually was just right

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Speaker 2: because my living expenses were really really low. But to

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Speaker 2: answer your first question around like what got me thinking

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Speaker 2: about it was? And I know just recently you had

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Speaker 2: Harry Triggerboff on the show and I listened to it.

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Speaker 1: Mate.

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Speaker 2: It was a great episode, man, I loved it. And

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Speaker 2: Harry triggerbov was was the one that tricked it in

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Speaker 2: my mind because I remember hearing about Harry. This would

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Speaker 2: have been fifteen years ago. I bought my first one,

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Speaker 2: I just over fifteen years ago, and I remember hearing

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Speaker 2: about him owning something like three thousand apartments. I'm like,

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Speaker 2: how does some bloke own three thousand apartments? He built them,

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Speaker 2: I know, right, and like the strategy around what he

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Speaker 2: did with it. And so the more that I looked

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Speaker 2: into it, like, I was just like, and I would

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Speaker 2: have been seventeen eighteen at the time when I heard

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Speaker 2: about this, and I just started researching, and like when

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Speaker 2: I kind of kind of get fixated on something, I

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Speaker 2: get like a little bit obsessed with it, right, and

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Speaker 2: really want to find out as much as I can

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Speaker 2: about it. So I started researching him. And then the

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Speaker 2: more I looked into it, and the more I started

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Speaker 2: reading about it, the more that like, property was either

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Speaker 2: this thing that people built their wealth in or they

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Speaker 2: made their money somewhere else maybe whether it's it's an

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Speaker 2: athlete or a business own or whatever, and then they

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Speaker 2: park their wealth in it. Yeah, they make their wealth

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Speaker 2: in it or they store their wealth in it. And

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Speaker 2: I was like, even at that age, I realized, Okay, well,

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Speaker 2: this must be a decent asset class to be chasing.

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Speaker 2: And then I was actually saving for my first car,

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Speaker 2: and the old boy kept talking me out of us.

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Speaker 2: I wanted tour to Super. I grew up in the

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Speaker 2: Fast and Furious era, the two thousands. I went to

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Speaker 2: score on Fairfield, so they're bloody everywhere. And yeah, man,

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Speaker 2: I my old boy kept going to these inspections with

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Speaker 2: me and talking me out of them. That's a piece

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Speaker 2: of shit, that's a biece of shit.

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Speaker 1: Just kept like house inspection of the current spections, current inspection,

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Speaker 1: current special.

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Speaker 2: So he kept talking me out of the cars, right

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Speaker 2: and then offendedly, one day we're driving back from this

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Speaker 2: current inspection, he goes, mate, what he is by property?

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Speaker 2: Stop looking all these ship boxes, just go go buy

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Speaker 2: a property. And then I I remember.

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Speaker 1: How much would you have saved though at that stage?

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Speaker 2: How about thirty grand? Saved about ten grand a year?

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Speaker 1: So okay, so you got thirty grand and your dad's

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Speaker 1: saying to you, maybe you should invest it in property.

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Speaker 1: So let's say you put ten percent into the property,

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Speaker 1: so you're going to borrow another thirty at three hundred.

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Speaker 2: Yep, it did.

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Speaker 1: Just at that point, let's say you decided yes, yeah,

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Speaker 1: good idea. Dad. What did you do next? Like, in

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Speaker 1: terms of did you go and get a pre approval

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Speaker 1: next from somebody? I?

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Speaker 2: Did you?

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Speaker 1: Did you know how much you could borrow? Did you

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Speaker 1: sort of do some calculations or I did.

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Speaker 2: I just went to the max. So, like it was,

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Speaker 2: probably wasn't as easy to find those numbers now. And

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Speaker 2: you remember rate City back in the day, they'd compare them.

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Speaker 2: I don't know if they's even still around now right now.

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Speaker 1: Yeah, yeah, owns it.

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Speaker 2: Okay, there you go. So, man, I just used to

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Speaker 2: go on Raat City and have a look at the

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Speaker 2: different But how did you find my parents?

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Speaker 1: They said, look at rat City, Yeah, because.

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Speaker 2: I think they just done a big REFI in their

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Speaker 2: house right on there to get their loans and stuff down.

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Speaker 2: So so yeah, they just said go look at Raat City.

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Speaker 2: Well I just knew that that's what they were doing,

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Speaker 2: went and figured it out, punched it in. I think

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Speaker 2: it was one Direct, which was a subsidiary of ain Z.

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Speaker 2: They had the best rate and then they kind of

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Speaker 2: had the best serviceability at the time for me as well.

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Speaker 2: So I could buy up to two hundred and seventy

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Speaker 2: five grand with ninety percent land on it. I could

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Speaker 2: borrow hundred and fifty more insurance.

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Speaker 1: Yes, yeah, had to cough up a bit. So so

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Speaker 1: basically what you did is you worked out pretty quickly.

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Speaker 1: You know once you find a comparison website. There's lots

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Speaker 1: of them out there. Rate City is one of them.

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Speaker 1: Still exists today, by the way, but that's just one

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Speaker 1: example of them. You got and all the lenders say,

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Speaker 1: tell us how much you earn, tell us how sort

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Speaker 1: of deposit you've got, and they'll give you what servicing

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Speaker 1: ability you have. They'll say, your servicing ability is alliwsure

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Speaker 1: to borrow two seventy fargument seet. Then you've got to

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Speaker 1: go back and sort of work out, well to seventy

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Speaker 1: plus my thirty three hundred stamp duty, bit of more insurance.

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Speaker 1: I have to find a bit more dough What did

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Speaker 1: you do?

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Speaker 2: Then? This was my lucky part was at the time.

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Speaker 2: It was when they were aggressively trying to stimulate the market.

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Speaker 2: The government was which you were talking about just after

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Speaker 2: the GFCS. It is two thousand and nine, yeah, okay,

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Speaker 2: And and mate said there there was no stamp duty

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Speaker 2: like six hundred or something. Yep, no stand duty and

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Speaker 2: a ten and a half thousand dollars grant first first

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Speaker 2: home and grand first time grant. So it used to

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Speaker 2: be seven and then they doubled it to fourteen fourteen

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Speaker 2: I got the one in the middle, which was a

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Speaker 2: ten and a half.

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Speaker 1: Yeah, right, so that helped me. How did you know

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Speaker 1: about that?

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Speaker 2: I was just researching it. I was just trying to

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Speaker 2: find everything.

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Speaker 1: So, but were you were an aver read of their

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Speaker 1: thin review? I can't imagine you were definitely not, But

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Speaker 1: would I don't know. I can't remember back then, like

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Speaker 1: in terms of two thousand and nine, but I guess

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Speaker 1: eachnet was probably as popular as it is today. I mean,

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Speaker 1: and therefore you just type in buying property, where'd you go?

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Speaker 1: Did you get some advice?

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Speaker 2: So the only advice I ever got really from my parents'

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Speaker 2: side of things were just my old boy making that

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Speaker 2: comment you should buy a house instead of instead of

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Speaker 2: buying a card. When I started looking into it, I

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Speaker 2: started getting really really obsessed with it, like I was

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Speaker 2: kind of saying before, and just trying to find everything

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Speaker 2: I could add about it. And I think like I

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Speaker 2: went looking for I don't know if someone had mentioned

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Speaker 2: to me around grants. Maybe someone had mentioned to me

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Speaker 2: something around the grand side of things. This has gone

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Speaker 2: back over fifteen years, was two thousand and nine, so

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Speaker 2: I can't remember exactly what led me down that route,

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Speaker 2: but I remember I didn't actually have quite enough of

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Speaker 2: a deposit except for the grants that I was going

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Speaker 2: to get as well, I pretty much would have been

302
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Speaker 2: fully exhausting the bank account. So the ten and a

303
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Speaker 2: half grand was big to me, and obviously they no

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Speaker 2: stampty allowed it to make it happen as well.

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Speaker 1: In those days, there's no stampture as long as you're

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Speaker 1: brought under a certain price. So you were buying something

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Speaker 1: probably a six or one hundred thousand and six fifty,

308
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Speaker 1: I think it was around that time. It was, so

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Speaker 1: you knew that you could buy something out of six fifty.

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Speaker 1: So all of a sudden, you know how much you

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Speaker 1: can borrow. Yes, you know that you've got enough cash

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Speaker 1: because of all the grants and all the other things

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Speaker 1: that existed out there. You knew that you had to

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Speaker 1: buy something under a certain price because otherwise you don't

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Speaker 1: qualify for the grand. So that's sort of pretty much

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Speaker 1: triangulated for you where you should buy yah or where

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Speaker 1: are the possibilities that you can buy it. You could

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Speaker 1: buy something in Adelaid. You buy something Melbourne, parts of Melbourne, Victoria,

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Speaker 1: some parts of you said, well, parts of Queensland and

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Speaker 1: parts of Northern Territory, Darwin, How did you then bring

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Speaker 1: it into finding the exact area that we should buy

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Speaker 1: and what type of thing you should buy? We should

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Speaker 1: buy an apartment, a terrorist or whatever.

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Speaker 2: Yeah, this is to me. At the time, I was

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Speaker 2: looking to stay close to home. I didn't know it.

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Speaker 2: I didn't know it well enough. I look it Campbelltown

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Speaker 2: because I was kind of halfway between Campbelltown and the

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Speaker 2: Highlands right smack bang in the middle, but then to

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Speaker 2: the east as well, you have Woollongong, and so I

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Speaker 2: looked at Woollongong and I was like, well, out of

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Speaker 2: the two, most people see Cambletown, it's a bit of

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Speaker 2: a shitter in reality, right, whereas Woollongong, well relative perhaps, Yeah,

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Speaker 2: it's amazing in Campbelltown. I spent a lot of time

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Speaker 2: there when when I was younger. But I looked at

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Speaker 2: the two and okay, maybe restaurants, but I think what

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Speaker 2: I could afford at that time in Campbelltown wasn't the

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Speaker 2: sort of place that you and I would would probably

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Speaker 2: want to live.

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Speaker 1: And were you thinking about living in it?

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Speaker 2: Yes? I had to for the grants.

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Speaker 3: Yeah, yeah, okay, I had to for the grants, and

342
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Speaker 3: so I kind of like looked at more at Woollongong,

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Speaker 3: being like, well, there's a big university there, so there's

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Speaker 3: always that rental demand.

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Speaker 2: I knew it was still works a bit of a

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Speaker 2: mining precinct sort.

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Speaker 1: Of slicity, so people had jobs.

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Speaker 2: Yeah, and it's not maybe at the level of what

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Speaker 2: it is now, Like obviously now it's quite seen. It's

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Speaker 2: quite a nice, a nice place to live. At the time,

351
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Speaker 2: it's still probably a bit more run down than the

352
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Speaker 2: other but.

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Speaker 1: That's always good actually because if it's going to get

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Speaker 1: better and you write it up.

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Speaker 2: Yeah, And so that was my idea. And so I

356
00:14:06,920 --> 00:14:08,199
Speaker 2: was looking for something a bit run down that I

357
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Speaker 2: could renovate. And that was pretty much the thing. What

358
00:14:10,320 --> 00:14:12,160
Speaker 2: could I afford what looks a bit run down that

359
00:14:12,200 --> 00:14:14,280
Speaker 2: I could renovate. And I was always able to sniff

360
00:14:14,280 --> 00:14:16,839
Speaker 2: out a discount and so and Stiff had a deal,

361
00:14:16,880 --> 00:14:18,160
Speaker 2: and I was I was just always wanted to get

362
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Speaker 2: something for good value. Even now I got to I'll

363
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Speaker 2: go to Woollies and if I look at the two

364
00:14:21,600 --> 00:14:23,080
Speaker 2: peanut butters on salm, so we're going to buy the

365
00:14:23,080 --> 00:14:24,560
Speaker 2: one on sale, just because I like, I like getting

366
00:14:24,600 --> 00:14:26,840
Speaker 2: something half priced, right, So and I was exactly the

367
00:14:26,840 --> 00:14:28,280
Speaker 2: same when I was younger, just trying to get trying

368
00:14:28,280 --> 00:14:30,520
Speaker 2: to get something that was a good deal. And yeah,

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00:14:30,520 --> 00:14:32,640
Speaker 2: that's pretty much it led me. There a lot of

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00:14:32,680 --> 00:14:34,960
Speaker 2: opportunity there effectively at that time as well.

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Speaker 1: And yeah, so you did you decide on whether and

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Speaker 1: does someone give you advice should you buy an apartment

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Speaker 1: or a house.

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Speaker 2: Or couldn't afford a house down there? Couldn't afford it?

375
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Speaker 1: So good an apartment, So that's interesting. So how important

376
00:14:48,600 --> 00:14:50,720
Speaker 1: is it that you could add value to it? So

377
00:14:51,080 --> 00:14:53,360
Speaker 1: you know in your decision making process you just said

378
00:14:53,600 --> 00:14:57,560
Speaker 1: something I could renovate. What do you look at when

379
00:14:57,560 --> 00:15:00,680
Speaker 1: you're buying a property in terms of particularly when you've

380
00:15:00,760 --> 00:15:02,560
Speaker 1: put your first property and a lot of people you know,

381
00:15:02,680 --> 00:15:06,560
Speaker 1: trying to buy the first property that proposition I must

382
00:15:06,600 --> 00:15:08,480
Speaker 1: be able to add value to this. In other words,

383
00:15:08,520 --> 00:15:10,080
Speaker 1: you don't want to go and buy is it correct

384
00:15:10,560 --> 00:15:12,960
Speaker 1: from your point of view you want to go and

385
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Speaker 1: buy a place set if you pay three hundred and

386
00:15:16,960 --> 00:15:19,600
Speaker 1: fifty grand for a fraguments sake which probably ran about

387
00:15:19,600 --> 00:15:23,200
Speaker 1: what you paid, or three hundred thousand dollars, you want

388
00:15:23,240 --> 00:15:25,520
Speaker 1: to go buy a the department that's completely deck, brand new,

389
00:15:25,800 --> 00:15:28,680
Speaker 1: new kitchen, new bathroom, new carpet, new walls, new everything's

390
00:15:28,720 --> 00:15:30,680
Speaker 1: new looks beautiful, But you can't need value to it.

391
00:15:30,720 --> 00:15:32,560
Speaker 1: Is that an important factor for you? Add value? In

392
00:15:32,640 --> 00:15:34,760
Speaker 1: other words? And where are the areas you want to

393
00:15:34,760 --> 00:15:36,760
Speaker 1: add value? Do you want to add paint the joint

394
00:15:36,800 --> 00:15:38,400
Speaker 1: or do you want to to the kitchen in the bathroom?

395
00:15:38,480 --> 00:15:39,880
Speaker 1: What was your thought process?

396
00:15:40,360 --> 00:15:42,960
Speaker 2: Maye back then, I probably was was I definitely obviously

397
00:15:43,000 --> 00:15:44,680
Speaker 2: wasn't as hyper focused on it as I am now

398
00:15:45,000 --> 00:15:46,600
Speaker 2: and from the results side of things. But I want,

399
00:15:46,680 --> 00:15:48,160
Speaker 2: I just want to saying run down that I knew

400
00:15:48,200 --> 00:15:49,360
Speaker 2: I could sort of bring back to life.

401
00:15:49,360 --> 00:15:51,560
Speaker 1: To me, where did you get that idea from?

402
00:15:51,760 --> 00:15:53,760
Speaker 2: I don't know, a man just renovating, probably watching shows

403
00:15:53,880 --> 00:15:55,640
Speaker 2: all that sort of things, or wanting wanting to have

404
00:15:55,640 --> 00:15:57,240
Speaker 2: a crack at that side of things. And I think

405
00:15:57,280 --> 00:15:59,480
Speaker 2: the big thing man, I was making next to nothing. Yeah,

406
00:15:59,600 --> 00:16:01,160
Speaker 2: so I thought I can make money out of property.

407
00:16:01,320 --> 00:16:03,680
Speaker 2: I probably didn't realize quite the extent of how much

408
00:16:03,720 --> 00:16:05,640
Speaker 2: you can make out of it if you do this incorrectly.

409
00:16:06,000 --> 00:16:07,480
Speaker 2: But I just knew in my head, if I get

410
00:16:07,480 --> 00:16:08,880
Speaker 2: if I get something that's at a good price, if

411
00:16:08,880 --> 00:16:10,320
Speaker 2: I can get a discount and something and then force

412
00:16:10,400 --> 00:16:13,520
Speaker 2: value through a renovation. It was going to be better than.

413
00:16:13,800 --> 00:16:16,200
Speaker 1: I had him into a discount. So it was advertised

414
00:16:16,200 --> 00:16:16,960
Speaker 1: for price.

415
00:16:17,800 --> 00:16:19,920
Speaker 2: Cheaper than like what was comparable around.

416
00:16:19,600 --> 00:16:22,080
Speaker 1: It, right, okay, And that's because it was run down.

417
00:16:22,880 --> 00:16:25,320
Speaker 2: Even just like sell the circumstance. And that was a

418
00:16:25,320 --> 00:16:27,400
Speaker 2: big thing with this one that I actually bought. To

419
00:16:27,480 --> 00:16:29,640
Speaker 2: kind of jump to the actual property that I bought.

420
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Speaker 2: I remember I looked at one in the same block

421
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Speaker 2: as it, and it was straight right behind Crown Street

422
00:16:34,120 --> 00:16:36,480
Speaker 2: more in Wollongong there right in the guts of the

423
00:16:36,520 --> 00:16:39,280
Speaker 2: of the city. And there was one that I looked

424
00:16:39,280 --> 00:16:40,800
Speaker 2: at and ended up selling for like three it was

425
00:16:40,800 --> 00:16:42,480
Speaker 2: three ten or three fifteen or something like that, and

426
00:16:42,520 --> 00:16:45,000
Speaker 2: it was you walked in, there was like eight mattresses

427
00:16:45,040 --> 00:16:47,400
Speaker 2: on the floor. It was just packed out with UNI students.

428
00:16:47,440 --> 00:16:52,120
Speaker 2: It was grubby as it was very average. And looked

429
00:16:52,120 --> 00:16:54,200
Speaker 2: at that one sold at like three ten, three fifteen

430
00:16:54,240 --> 00:16:56,080
Speaker 2: whatever it was. The one I bought ended up it

431
00:16:56,160 --> 00:16:59,640
Speaker 2: was actually a level up. Paid two seventy five for

432
00:16:59,680 --> 00:17:02,440
Speaker 2: it and it was actually it wasn't in too bad

433
00:17:02,520 --> 00:17:04,399
Speaker 2: nick and need a new carpets needed to repaint. But

434
00:17:04,440 --> 00:17:05,840
Speaker 2: other than that, it was actually a pretty good nick

435
00:17:05,840 --> 00:17:07,639
Speaker 2: whereas the other one was really grubbing that sold for

436
00:17:07,760 --> 00:17:10,040
Speaker 2: like thirty forty grand more so. Yeah.

437
00:17:10,080 --> 00:17:11,840
Speaker 1: So in other words, the original border because you sawt

438
00:17:11,840 --> 00:17:15,560
Speaker 1: of arbitrarges the value you knew that something worse. It's

439
00:17:15,560 --> 00:17:18,399
Speaker 1: sold for more and more than the asking price of

440
00:17:18,440 --> 00:17:21,120
Speaker 1: upstairs and middlely that sort of encourage you to buy

441
00:17:21,119 --> 00:17:25,480
Speaker 1: that one at a lower price. And when you choose

442
00:17:26,320 --> 00:17:29,120
Speaker 1: the location of where you want to buy, and I'm

443
00:17:29,119 --> 00:17:31,719
Speaker 1: talking about Wollongong, by the way, how important are men?

444
00:17:31,800 --> 00:17:33,359
Speaker 1: It is so? And I was just only talking to

445
00:17:33,400 --> 00:17:36,520
Speaker 1: someone about just before you came in. He was saying,

446
00:17:36,520 --> 00:17:38,320
Speaker 1: for people in the twenties, what are the sort of

447
00:17:38,359 --> 00:17:39,679
Speaker 1: things they should be looking for? When did they go

448
00:17:39,760 --> 00:17:41,439
Speaker 1: to buy? And I said, we'll buy in regional areas

449
00:17:41,480 --> 00:17:44,320
Speaker 1: like you did in Wollongong. Probably not so much originally now,

450
00:17:44,440 --> 00:17:48,439
Speaker 1: but it was then I said, not all original areas

451
00:17:48,440 --> 00:17:50,720
Speaker 1: are equal, so the regional areas that I'd always be

452
00:17:50,760 --> 00:17:52,640
Speaker 1: looking for. That I always advise young people to buy

453
00:17:52,640 --> 00:17:58,560
Speaker 1: in places where there's airports or transport access near the water.

454
00:17:59,240 --> 00:18:00,720
Speaker 1: And it doesn't have to be the waterfront, but you

455
00:18:00,920 --> 00:18:04,200
Speaker 1: can go, you can drive to the beach, hospitals, schools.

456
00:18:04,840 --> 00:18:06,520
Speaker 1: How much of those things are do you think are

457
00:18:06,520 --> 00:18:10,240
Speaker 1: important in terms of you being successfully very first purchase.

458
00:18:10,320 --> 00:18:13,200
Speaker 2: With that one, I probably put a pretty big emphasis

459
00:18:13,240 --> 00:18:15,520
Speaker 2: on it. So it was walking distance to obviously the

460
00:18:15,560 --> 00:18:17,960
Speaker 2: city was right behind the city center, it was walking

461
00:18:17,960 --> 00:18:20,000
Speaker 2: distance to the hospitals, it was one and a half

462
00:18:20,080 --> 00:18:22,720
Speaker 2: ks to the beach, all that sort of thing. Amenities

463
00:18:22,760 --> 00:18:24,159
Speaker 2: on this one were really strong, and I thought it

464
00:18:24,200 --> 00:18:27,000
Speaker 2: was a really important thing. The only like, probably what

465
00:18:27,040 --> 00:18:29,080
Speaker 2: I would throw in on this as a caveat is

466
00:18:29,119 --> 00:18:30,680
Speaker 2: a lot of people get very hung up these days

467
00:18:30,720 --> 00:18:32,440
Speaker 2: on the amenity side of things, and like, how much

468
00:18:32,480 --> 00:18:34,960
Speaker 2: does it have From that perspective, Now, you need, especially

469
00:18:35,000 --> 00:18:37,560
Speaker 2: if you're going regional, you need things. If it's an

470
00:18:37,600 --> 00:18:40,560
Speaker 2: aging population, you need things like good schools, good transport,

471
00:18:40,400 --> 00:18:42,480
Speaker 2: that sort of stuff as well. But these days I

472
00:18:42,480 --> 00:18:44,400
Speaker 2: actually don't place anywhere here as much as an emphasis

473
00:18:44,440 --> 00:18:45,920
Speaker 2: on it as I used to do back in the day.

474
00:18:46,480 --> 00:18:48,680
Speaker 1: So what would you do today? I mean, if you're

475
00:18:48,760 --> 00:18:52,680
Speaker 1: your you know, your twenty year old self back then, yeah,

476
00:18:53,440 --> 00:18:56,520
Speaker 1: but you're you're putting your current head on your shoulders.

477
00:18:57,359 --> 00:18:59,480
Speaker 1: What would you have done, would you've done exactly the

478
00:18:59,480 --> 00:18:59,840
Speaker 1: same thing.

479
00:19:00,119 --> 00:19:02,000
Speaker 2: I would have gone on board in Campbelltown. I would

480
00:19:02,040 --> 00:19:03,680
Speaker 2: have gone on board the stuff that I was scared

481
00:19:03,680 --> 00:19:04,320
Speaker 2: to buy back.

482
00:19:04,200 --> 00:19:06,160
Speaker 1: Then, Now tell me why that's that's interesting.

483
00:19:06,359 --> 00:19:09,520
Speaker 2: So Wollongong kicked off about a year after Sydney and

484
00:19:10,080 --> 00:19:13,640
Speaker 2: Campbelltown itself, right and in the twenty thirteen boom when

485
00:19:13,640 --> 00:19:16,400
Speaker 2: Sydney started, both the Southern Highlands being like moss Fower,

486
00:19:16,440 --> 00:19:19,800
Speaker 2: Barrel and Woollongong Newcastle, all the regional outskirts kicked off

487
00:19:19,800 --> 00:19:20,800
Speaker 2: around about a year later.

488
00:19:21,200 --> 00:19:22,439
Speaker 1: Now what do you think that? Is it? Because it

489
00:19:22,480 --> 00:19:25,280
Speaker 1: was they were cheaper, then they kicked off later. Yeah,

490
00:19:25,280 --> 00:19:28,560
Speaker 1: I know that they kicked off. In fact, just they

491
00:19:28,560 --> 00:19:31,639
Speaker 1: did kick off at at all? Is it because like

492
00:19:31,840 --> 00:19:34,280
Speaker 1: people from Sydney said, it is too expensive in Sydney

493
00:19:34,359 --> 00:19:37,120
Speaker 1: therefore I got to go to these other areas where

494
00:19:37,240 --> 00:19:40,720
Speaker 1: and then they started supporting those other areas like like

495
00:19:41,400 --> 00:19:41,879
Speaker 1: like Barrel.

496
00:19:42,640 --> 00:19:44,280
Speaker 2: I think it's a ripple effect kind of like a

497
00:19:44,320 --> 00:19:46,520
Speaker 2: flow on, right, So exactly like that, like people especially

498
00:19:46,520 --> 00:19:49,600
Speaker 2: that younger or they're not as wealthy sort of demographic,

499
00:19:49,600 --> 00:19:51,280
Speaker 2: if they can't afford to buy in their local area,

500
00:19:51,440 --> 00:19:53,919
Speaker 2: it starts to will use the term run. They wouldn't

501
00:19:53,920 --> 00:19:55,439
Speaker 2: probaly see it like that. But let's say it goes

502
00:19:55,480 --> 00:19:56,919
Speaker 2: from a three hundred thousand of the house to four

503
00:19:57,000 --> 00:19:59,399
Speaker 2: hundred thousand dollars. If there are all of a sudden

504
00:19:59,400 --> 00:20:01,000
Speaker 2: like well, I can't act ford this side of things,

505
00:20:01,000 --> 00:20:03,600
Speaker 2: so I'll go out there. But the same as investors. Right, So,

506
00:20:03,600 --> 00:20:05,360
Speaker 2: if investors are buying that sort of product and then

507
00:20:05,359 --> 00:20:08,280
Speaker 2: the return dips because they've had that growth, and this

508
00:20:08,320 --> 00:20:09,919
Speaker 2: is a cool thing about now, they could pull the

509
00:20:10,000 --> 00:20:12,760
Speaker 2: equity out of that deal. So so refinance the equity

510
00:20:12,760 --> 00:20:14,240
Speaker 2: back out of it, and then go and buy in

511
00:20:14,320 --> 00:20:16,840
Speaker 2: that next ring of where it looks affordable, the.

512
00:20:16,880 --> 00:20:19,280
Speaker 1: Next adjacent suburb or whatever it might be, or it

513
00:20:19,320 --> 00:20:21,120
Speaker 1: might be adjacent regional area.

514
00:20:21,440 --> 00:20:24,679
Speaker 2: Yeah, yeah, like this example here, so and yeah, so

515
00:20:24,680 --> 00:20:26,200
Speaker 2: that's what I definitely would have if I could wind

516
00:20:26,240 --> 00:20:27,600
Speaker 2: back now, one hundred percent would have go on a

517
00:20:27,600 --> 00:20:28,600
Speaker 2: board in those areas instead.

518
00:20:28,720 --> 00:20:30,560
Speaker 1: Let's go back to Campbelltown. Yeah, why do you think

519
00:20:30,600 --> 00:20:34,200
Speaker 1: Campbelltown would have been a better investment, say today relative

520
00:20:34,840 --> 00:20:37,399
Speaker 1: I mean, it's always good look back in hindsight, but

521
00:20:37,680 --> 00:20:42,200
Speaker 1: why would Cambelton be better place today relative to Woollongong back.

522
00:20:42,040 --> 00:20:44,440
Speaker 2: Then Sydney had better drivers as a whole.

523
00:20:44,320 --> 00:20:46,600
Speaker 1: And Campbelltown and Sydney, Yeah yeah, yeah, So what you're

524
00:20:46,640 --> 00:20:49,120
Speaker 1: saying is include Cambeltown in the greatest Sydney.

525
00:20:49,520 --> 00:20:50,879
Speaker 2: And so that's how I'd probably look at it, right,

526
00:20:50,880 --> 00:20:53,680
Speaker 2: Like Woollongong and the Southern Highlands being like an hour

527
00:20:53,760 --> 00:20:57,480
Speaker 2: further out, Sydney had all the drivers to get it

528
00:20:57,480 --> 00:20:59,719
Speaker 2: to kick off and start running, right, And so because

529
00:20:59,760 --> 00:21:03,520
Speaker 2: that was there and Campbelltown was within that basin, Kemptum

530
00:21:03,560 --> 00:21:05,520
Speaker 2: was always going to start earlier. And so as an investor,

531
00:21:05,560 --> 00:21:06,879
Speaker 2: what you always want to do is like, where's going

532
00:21:06,920 --> 00:21:08,520
Speaker 2: to go next? Like it's all well and good to go,

533
00:21:10,040 --> 00:21:12,760
Speaker 2: let's say in that sort of timeframe, even buying there

534
00:21:12,920 --> 00:21:14,720
Speaker 2: at that time in Sydney, it's like, is there anywhere

535
00:21:14,720 --> 00:21:16,399
Speaker 2: else that maybe could have had a growth run in

536
00:21:16,400 --> 00:21:19,040
Speaker 2: twenty nine and twenty ten rather than when it started

537
00:21:19,040 --> 00:21:21,480
Speaker 2: in twenty thirteen. If there was, I would have preferred

538
00:21:21,480 --> 00:21:25,199
Speaker 2: to buy in those locations well, like earlier, because for example, yeah, well,

539
00:21:25,240 --> 00:21:26,919
Speaker 2: I mean Paramata started the same sort of time, but

540
00:21:26,960 --> 00:21:30,520
Speaker 2: even other regional areas or different cities all these sorts

541
00:21:30,520 --> 00:21:31,960
Speaker 2: of things as well. So it's kind of having a

542
00:21:31,960 --> 00:21:33,800
Speaker 2: look at it from a much broader perspective of what's

543
00:21:33,840 --> 00:21:36,200
Speaker 2: going to give you a better return now as opposed

544
00:21:36,200 --> 00:21:38,240
Speaker 2: to if something's potentially going to pop off in three

545
00:21:38,280 --> 00:21:41,080
Speaker 2: or four years. And looking back in hindsight, it's just

546
00:21:41,080 --> 00:21:43,520
Speaker 2: because Sydney the drivers were coming together for Sydney a

547
00:21:43,560 --> 00:21:45,480
Speaker 2: lot quicker at that time frame. It was still obviously

548
00:21:45,480 --> 00:21:48,320
Speaker 2: a little bit off starting it's run, but yeah, that

549
00:21:48,359 --> 00:21:50,520
Speaker 2: would have been Kempbeltown would have been a better Kempletown

550
00:21:50,560 --> 00:21:53,560
Speaker 2: or Paramatta or anywhere in that more direct Sydney basin.

551
00:21:53,760 --> 00:21:55,880
Speaker 2: Because it started it's run twelve months earlier, you could

552
00:21:55,880 --> 00:21:57,280
Speaker 2: have pulled the equity out of it and then gone

553
00:21:57,320 --> 00:21:59,800
Speaker 2: and built another phase of a portfolio in either Woollongong

554
00:21:59,880 --> 00:22:02,600
Speaker 2: or Highlands or Newcastle, those sort of further out. That

555
00:22:02,840 --> 00:22:04,800
Speaker 2: took another another year before they started kicking.

556
00:22:05,040 --> 00:22:06,200
Speaker 1: Well, I've got to get a break. We want to

557
00:22:06,200 --> 00:22:08,000
Speaker 1: come back out. I actually you said something really important.

558
00:22:09,200 --> 00:22:12,040
Speaker 1: You keep mentioning the drivers. I do want to talk

559
00:22:12,080 --> 00:22:15,639
Speaker 1: about the drive, what the drivers are in terms of

560
00:22:15,800 --> 00:22:17,679
Speaker 1: I mean, obviously you've got a big portfolio. How many

561
00:22:17,720 --> 00:22:19,560
Speaker 1: problemy you've got now one hundred and eighteen, one hundred

562
00:22:19,560 --> 00:22:21,480
Speaker 1: and eighteen, So that was your very first that was

563
00:22:21,520 --> 00:22:22,840
Speaker 1: the first. Yeah, he still got it.

564
00:22:23,000 --> 00:22:24,680
Speaker 2: The first time I bought for some hosold.

565
00:22:24,880 --> 00:22:26,320
Speaker 1: First one you bought, the first one is old. But

566
00:22:26,320 --> 00:22:28,239
Speaker 1: you've got one hundred and eighty in properties across Are

567
00:22:28,280 --> 00:22:30,160
Speaker 1: they mostly in Sydney or across Australia?

568
00:22:30,760 --> 00:22:32,720
Speaker 2: Six five, five or six different states? Now?

569
00:22:33,000 --> 00:22:35,760
Speaker 1: Yeah, okay, I want to talk about why you're diversification,

570
00:22:35,840 --> 00:22:37,800
Speaker 1: but we'll come back and talk about in the second half.

571
00:22:37,800 --> 00:22:39,880
Speaker 1: But when I come back from the break, I want

572
00:22:39,920 --> 00:22:42,160
Speaker 1: to do. I want you to explain to our audience

573
00:22:42,200 --> 00:22:44,679
Speaker 1: what you considered to be the drivers. What does that

574
00:22:44,760 --> 00:22:47,879
Speaker 1: you know, we're talking about population growth, wages, incomes. What

575
00:22:47,920 --> 00:22:49,680
Speaker 1: are we talking about we go to the break. When

576
00:22:49,680 --> 00:22:59,360
Speaker 1: it comes straight back, I'm actually back from the break

577
00:22:59,359 --> 00:23:01,560
Speaker 1: and I'm here with Sam. We've been talking about and he's,

578
00:23:01,600 --> 00:23:04,320
Speaker 1: by the way, founder of Australian Property Scout. We'll talk

579
00:23:04,320 --> 00:23:06,399
Speaker 1: about what that is in a second. Would sort of

580
00:23:06,480 --> 00:23:08,959
Speaker 1: in a deep dive in terms of his portfolio and

581
00:23:09,119 --> 00:23:11,640
Speaker 1: is also the host of the Top one percent podcast,

582
00:23:11,680 --> 00:23:17,480
Speaker 1: which is a very heavy, high trending podcast and I'm

583
00:23:17,480 --> 00:23:20,000
Speaker 1: not sure if it's beating straight talk, but it's close.

584
00:23:21,440 --> 00:23:25,120
Speaker 1: But and we're talking about right, really we're talking about

585
00:23:25,240 --> 00:23:27,560
Speaker 1: is your property portfolio of one hundred and eighty properties,

586
00:23:27,560 --> 00:23:29,840
Speaker 1: but we are talking about your very first property. And

587
00:23:30,000 --> 00:23:33,000
Speaker 1: you said that maybe in hindsight, if you look backwards,

588
00:23:33,400 --> 00:23:35,719
Speaker 1: you would have preferred to buy in Campbelltown because Campbelltown

589
00:23:35,840 --> 00:23:40,560
Speaker 1: was part of the greatest Sydney Sydney area. And then

590
00:23:40,600 --> 00:23:43,159
Speaker 1: you kept talking about drivers. What do you mean by drivers?

591
00:23:43,240 --> 00:23:46,760
Speaker 1: We're talking about drivers of growth, drivers of demand. Yes,

592
00:23:47,359 --> 00:23:48,960
Speaker 1: what are you talking about when you talk about drivers?

593
00:23:48,960 --> 00:23:50,760
Speaker 2: So the biggest thing that we look at, there's two

594
00:23:50,760 --> 00:23:52,760
Speaker 2: ways of looking at You've got your macros and your micros.

595
00:23:52,840 --> 00:23:54,000
Speaker 2: So your macros are you things.

596
00:23:53,880 --> 00:23:55,800
Speaker 1: Like your population macro drivers are micro drivers?

597
00:23:55,880 --> 00:23:58,880
Speaker 2: Yes, yeah, yeah, so yeah, exactly exactly that. So from

598
00:23:58,880 --> 00:24:01,200
Speaker 2: a macro perspective, you've got population growth, you've got big

599
00:24:01,240 --> 00:24:05,280
Speaker 2: projects coming into areas pretty much what's happening from an economic,

600
00:24:05,520 --> 00:24:08,040
Speaker 2: big standpoint that's going to have a direct impact on

601
00:24:08,119 --> 00:24:10,399
Speaker 2: that location. One of the other big ones that most

602
00:24:10,440 --> 00:24:11,400
Speaker 2: people can I.

603
00:24:11,359 --> 00:24:13,920
Speaker 1: Just stop there. So when you talk about if someone's

604
00:24:13,920 --> 00:24:18,960
Speaker 1: trying to identify macro drivers, and let's say call the

605
00:24:18,960 --> 00:24:21,160
Speaker 1: population growth, where do they find out what the population

606
00:24:21,240 --> 00:24:23,680
Speaker 1: of growth is in Sydney and perhaps Campbelltown. Where do

607
00:24:23,720 --> 00:24:25,199
Speaker 1: they find where did you? Where do you and your

608
00:24:25,280 --> 00:24:26,359
Speaker 1: team find this stuff out?

609
00:24:26,520 --> 00:24:28,440
Speaker 2: A lot of the time that stuff, for one, is

610
00:24:28,480 --> 00:24:30,960
Speaker 2: comes from a forecasting perspective as well. It comes from

611
00:24:30,960 --> 00:24:33,120
Speaker 2: like build numbers and what's what's being forecasts for an

612
00:24:33,160 --> 00:24:35,560
Speaker 2: inventory pipeline of what's actually being built and brought into

613
00:24:35,600 --> 00:24:38,240
Speaker 2: an area. You can you can track it in real

614
00:24:38,280 --> 00:24:40,320
Speaker 2: time because the only thing as well is a lot

615
00:24:40,359 --> 00:24:42,320
Speaker 2: of the time it's lagged data. So you want to

616
00:24:42,320 --> 00:24:44,560
Speaker 2: have a look like quarterly. You want to be tracking

617
00:24:44,560 --> 00:24:46,919
Speaker 2: that quarterly and annually in terms of where's getting that

618
00:24:47,040 --> 00:24:47,760
Speaker 2: actual inflow.

619
00:24:47,800 --> 00:24:50,080
Speaker 1: So we're looking at Strain bio statistic too. About core logic.

620
00:24:50,240 --> 00:24:52,840
Speaker 2: ABS is a big one. Poor logic is another. There's

621
00:24:52,840 --> 00:24:53,080
Speaker 2: a lot of.

622
00:24:53,040 --> 00:24:55,040
Speaker 1: Different So just so the mystop because people don't know

623
00:24:55,080 --> 00:24:58,480
Speaker 1: these places. So the ABS is ABS dot dot dot A.

624
00:24:58,560 --> 00:25:01,719
Speaker 1: You Strain Buer Statistics and you just look through their

625
00:25:01,720 --> 00:25:04,040
Speaker 1: menu and you can see the chapters whatever they cover off.

626
00:25:04,040 --> 00:25:06,760
Speaker 1: But like one of the things building approvals, blah blah blah,

627
00:25:06,800 --> 00:25:12,679
Speaker 1: population growth, they do it by region. They by state, country, state, city,

628
00:25:12,960 --> 00:25:15,480
Speaker 1: region and you know, you can actually get this information

629
00:25:15,600 --> 00:25:19,480
Speaker 1: out of correct and it gets it gets printed once

630
00:25:19,560 --> 00:25:22,280
Speaker 1: every at least once every couple of months, and so

631
00:25:22,320 --> 00:25:25,280
Speaker 1: you're on top of that stuff. So and that that's free.

632
00:25:25,560 --> 00:25:28,480
Speaker 1: He's very easy to read. Actually, do you subscribe to

633
00:25:28,480 --> 00:25:29,240
Speaker 1: call logic as well?

634
00:25:29,320 --> 00:25:32,320
Speaker 2: Yeah? Yes, obviously as a business perspective too logic.

635
00:25:32,440 --> 00:25:34,600
Speaker 1: But they're back in those days. I mean, there's proper tech.

636
00:25:34,600 --> 00:25:36,720
Speaker 1: There's a few different things around, different ones around, but

637
00:25:36,760 --> 00:25:41,040
Speaker 1: core logic is one of the good ones. There's a

638
00:25:41,080 --> 00:25:44,080
Speaker 1: proper tech core logic, and what's the other one, I

639
00:25:44,080 --> 00:25:45,560
Speaker 1: can't think what it's called now for the moment, and

640
00:25:46,520 --> 00:25:50,280
Speaker 1: research is sqms correct. That's a good one. Actually, the

641
00:25:50,280 --> 00:25:54,600
Speaker 1: guy behind that's bloody fantastic. He's like his great talent

642
00:25:54,920 --> 00:25:58,120
Speaker 1: is actually good to listen to. So but you subscribe

643
00:25:58,119 --> 00:26:00,239
Speaker 1: to one of those, which makes sense. But you can

644
00:26:00,280 --> 00:26:01,959
Speaker 1: actually get free stuff out of cool Logic as well.

645
00:26:02,000 --> 00:26:05,399
Speaker 1: By the way, But so you and you triangulated all

646
00:26:05,400 --> 00:26:08,159
Speaker 1: this information. You're always looking at the stuff. Where's the

647
00:26:08,200 --> 00:26:11,440
Speaker 1: population growing, you know, and government bringing in Like in Sydney,

648
00:26:11,440 --> 00:26:13,639
Speaker 1: for example, we just must have had of that million

649
00:26:13,640 --> 00:26:16,080
Speaker 1: people that came a million half people coming Australia, probably

650
00:26:16,080 --> 00:26:19,000
Speaker 1: three hundred thousand must be living in Sydney. And what

651
00:26:19,040 --> 00:26:22,080
Speaker 1: do you think is the reason why people come to Sydney?

652
00:26:22,119 --> 00:26:26,119
Speaker 1: Is it as simple as this fundamentals, that's where the

653
00:26:26,160 --> 00:26:26,840
Speaker 1: jobs are.

654
00:26:27,720 --> 00:26:29,840
Speaker 2: It's where people know as well. So when you see

655
00:26:29,880 --> 00:26:32,120
Speaker 2: so much from an immigration perspective, you have so much

656
00:26:32,160 --> 00:26:34,679
Speaker 2: where people they know, cities like Sydney and Melbourne. And

657
00:26:34,720 --> 00:26:36,840
Speaker 2: so the two biggest splits with Sydney and Melbourne that

658
00:26:36,920 --> 00:26:39,159
Speaker 2: came in from that that massive population growth that we had.

659
00:26:39,200 --> 00:26:41,960
Speaker 2: From that perspective, what I found really interesting was actually

660
00:26:41,960 --> 00:26:44,240
Speaker 2: the flow and effect to the other states of internal migration.

661
00:26:44,720 --> 00:26:47,280
Speaker 2: So the amount of inflow that went to Perth and

662
00:26:47,320 --> 00:26:50,120
Speaker 2: went to Adelaide even from an example, but Perth and Brisbane,

663
00:26:50,160 --> 00:26:53,080
Speaker 2: southeas Queensland were massive during that period as well. We

664
00:26:53,080 --> 00:26:55,080
Speaker 2: actually found a lot of Aussies moved on. So was

665
00:26:55,119 --> 00:26:56,280
Speaker 2: that internal migration.

666
00:26:56,040 --> 00:26:59,040
Speaker 1: So Australians moving, Yeah, but people because a lot of

667
00:26:59,080 --> 00:27:01,160
Speaker 1: people move out of Victoria the whole series of reasons,

668
00:27:01,720 --> 00:27:03,160
Speaker 1: and a lot of people moved out in New South

669
00:27:03,200 --> 00:27:07,040
Speaker 1: Wales up to Queensland, and but then a lot of

670
00:27:07,080 --> 00:27:09,800
Speaker 1: people moved austraight as well. Yeah, so and this stuff

671
00:27:09,920 --> 00:27:11,679
Speaker 1: st digital stuff. You've just got to track it to

672
00:27:11,720 --> 00:27:13,600
Speaker 1: get a sense of where the demand's going to be.

673
00:27:13,680 --> 00:27:15,240
Speaker 2: You need to be continually on top of it. So

674
00:27:15,520 --> 00:27:18,280
Speaker 2: it's ever changing, it's always it's always changing from that perspective,

675
00:27:18,280 --> 00:27:19,359
Speaker 2: and you just need to be on top of it.

676
00:27:19,440 --> 00:27:21,959
Speaker 2: And the project side of things, well, the other thing

677
00:27:22,000 --> 00:27:24,119
Speaker 2: we're alluding to a lot of the time, when you

678
00:27:24,160 --> 00:27:26,520
Speaker 2: know projects are coming into an area, especially big projects.

679
00:27:26,720 --> 00:27:27,639
Speaker 1: What do you mean by projects?

680
00:27:28,200 --> 00:27:32,480
Speaker 2: Infrastructure projects? A lot of airport, Yeah, airport tunnels, big

681
00:27:32,520 --> 00:27:35,800
Speaker 2: plants being built, all these different sorts of things. Shopping centers, yeah, yeah,

682
00:27:35,800 --> 00:27:38,400
Speaker 2: all that's what's depending on the magnitude. So shopping center

683
00:27:38,440 --> 00:27:40,720
Speaker 2: is a big They're not like, you know, a ten

684
00:27:40,840 --> 00:27:43,720
Speaker 2: ten billion dollar tunnel system or the Inland rail Link,

685
00:27:43,800 --> 00:27:46,800
Speaker 2: you know, which was a multi tens of billions dollars projects.

686
00:27:46,800 --> 00:27:48,040
Speaker 1: As so, what are you trying to do. Let's say,

687
00:27:48,040 --> 00:27:50,200
Speaker 1: for example, the airport. So we're looking at the airport,

688
00:27:50,680 --> 00:27:54,720
Speaker 1: the new airport out at West Sydneydris Creek, Yeah, Badger's Creek.

689
00:27:56,640 --> 00:28:00,560
Speaker 1: Like you know, it's pretty obvious there's billions and billions

690
00:28:00,560 --> 00:28:03,600
Speaker 1: are being spent there, invested there by governments and various

691
00:28:03,600 --> 00:28:04,760
Speaker 1: other people. And you've got to have your whole lot

692
00:28:04,800 --> 00:28:11,080
Speaker 1: of infrastructure to support it, roads, shops, factories, housing, what

693
00:28:11,119 --> 00:28:15,120
Speaker 1: have your trains, et cetera. Do you take a long

694
00:28:15,200 --> 00:28:18,040
Speaker 1: view on it because these things can take five ten

695
00:28:18,119 --> 00:28:21,080
Speaker 1: years to get completed. Do you start hunting around the area,

696
00:28:21,119 --> 00:28:24,080
Speaker 1: so saying, well, well let's go buy five houses or four

697
00:28:24,119 --> 00:28:26,320
Speaker 1: hours or two hours or one? How do you bunch

698
00:28:26,320 --> 00:28:27,480
Speaker 1: you in your face? What do you do with it?

699
00:28:27,680 --> 00:28:29,159
Speaker 2: Here's the other thing that you've got to overlay. And

700
00:28:29,200 --> 00:28:30,600
Speaker 2: this is the thing, so it's not just having like

701
00:28:30,680 --> 00:28:32,800
Speaker 2: a couple of boxes ticked. You need to stack the deck.

702
00:28:33,080 --> 00:28:34,679
Speaker 2: And that's where I find you really win is when

703
00:28:34,680 --> 00:28:37,280
Speaker 2: you stack the deck and you understand this thing really intimately.

704
00:28:37,480 --> 00:28:39,560
Speaker 2: The other massive thing from a macro perspective that I

705
00:28:39,640 --> 00:28:42,400
Speaker 2: like to really understand is affordability. So the big issue

706
00:28:42,440 --> 00:28:45,240
Speaker 2: with Badgery's Creek Airport having a huge influence on that

707
00:28:45,320 --> 00:28:47,120
Speaker 2: area and whether it actually will or won't have a

708
00:28:47,120 --> 00:28:51,080
Speaker 2: massive influence on it, it's the actually affordability ratios. So

709
00:28:51,120 --> 00:28:53,480
Speaker 2: what's the median income to house price ratios in the area.

710
00:28:53,560 --> 00:28:55,080
Speaker 1: How do you find the medium income.

711
00:28:55,080 --> 00:28:56,640
Speaker 2: Media income same places.

712
00:28:56,400 --> 00:28:59,360
Speaker 1: We're not talking about medium where he said mediam, which

713
00:28:59,400 --> 00:29:03,640
Speaker 1: is the I A in strain bureau ABS dot dot.

714
00:29:03,760 --> 00:29:07,840
Speaker 1: You can find out it's pretty simple. You look up

715
00:29:08,120 --> 00:29:10,920
Speaker 1: real wages or whatever the case may be, the incomes

716
00:29:11,200 --> 00:29:14,480
Speaker 1: and they'll actually tell you by by district, by suburb.

717
00:29:15,040 --> 00:29:16,880
Speaker 2: Yeah. Yes, So you can literally drill down to that

718
00:29:16,920 --> 00:29:18,600
Speaker 2: point as well. And what you can do is you

719
00:29:18,600 --> 00:29:20,720
Speaker 2: effectively can create your own heat mapping. Is what we do.

720
00:29:20,760 --> 00:29:24,760
Speaker 2: We create heat mapping around affordability ratios in different areas.

721
00:29:24,800 --> 00:29:29,960
Speaker 1: So affordability ratio being that the asset to income ratio.

722
00:29:30,760 --> 00:29:34,280
Speaker 1: That's a very important ratio which in economics used across

723
00:29:34,320 --> 00:29:38,720
Speaker 1: all categories of asset classes, many asset classes, shares, et cetera.

724
00:29:39,240 --> 00:29:42,080
Speaker 1: But what you're saying is what is the what is

725
00:29:42,120 --> 00:29:47,400
Speaker 1: the asset relative to the income. So if the assets

726
00:29:47,400 --> 00:29:51,360
Speaker 1: of average average powers or a bit of real estate,

727
00:29:51,360 --> 00:29:53,680
Speaker 1: there is five and grand and if the income the

728
00:29:53,720 --> 00:29:56,240
Speaker 1: average income is one hundred thousand, so the ratio is

729
00:29:56,360 --> 00:30:00,400
Speaker 1: five to one. And so what are you looking for

730
00:30:00,440 --> 00:30:01,960
Speaker 1: in terms of racio? What sort of ratio do you

731
00:30:02,000 --> 00:30:04,120
Speaker 1: look in? Because I mean, there are some rules of

732
00:30:04,160 --> 00:30:07,120
Speaker 1: thumb out there in terms of ascid income ratios, what

733
00:30:07,160 --> 00:30:07,800
Speaker 1: are you looking for?

734
00:30:07,960 --> 00:30:10,640
Speaker 2: So the biggest thing is really understanding within this. So

735
00:30:11,360 --> 00:30:13,440
Speaker 2: the one issue that we're in Australia right now is

736
00:30:13,480 --> 00:30:16,320
Speaker 2: a lot of Australia's had growth because purely because of

737
00:30:16,360 --> 00:30:18,280
Speaker 2: COVID is one piece where most of the country did

738
00:30:18,280 --> 00:30:20,600
Speaker 2: have a spur to growth. And then the other side

739
00:30:20,600 --> 00:30:22,640
Speaker 2: of things is you also have to take the actual

740
00:30:22,640 --> 00:30:25,800
Speaker 2: city into account as well. So metropolitans like Sydney and

741
00:30:25,800 --> 00:30:27,880
Speaker 2: Melbourne they have a bit of a different waiting compared

742
00:30:27,880 --> 00:30:30,200
Speaker 2: to a Brisbane, Adelaide and Perth because the desirability to

743
00:30:30,240 --> 00:30:32,719
Speaker 2: live in a city like that, and again the regions

744
00:30:32,720 --> 00:30:35,160
Speaker 2: would be then another step lower beyond that too. So

745
00:30:35,600 --> 00:30:39,200
Speaker 2: it's understanding it more intimately than just putting a specific

746
00:30:39,320 --> 00:30:41,200
Speaker 2: number on it, if that makes sense. So we've drilled

747
00:30:41,200 --> 00:30:43,320
Speaker 2: down a lot deeper on it from that end to

748
00:30:43,360 --> 00:30:44,920
Speaker 2: then make a decision around it too. But if you

749
00:30:44,960 --> 00:30:46,840
Speaker 2: look at like most of Sydney, even out there in

750
00:30:46,880 --> 00:30:49,440
Speaker 2: Western Sydney, most areas are probably sitting at a ten

751
00:30:49,480 --> 00:30:52,800
Speaker 2: to fourteen x of income to house price ratio is crazy, right,

752
00:30:52,800 --> 00:30:53,800
Speaker 2: like absolutely regid.

753
00:30:53,600 --> 00:30:54,920
Speaker 1: So let me stop you there for a seconds. So

754
00:30:54,960 --> 00:30:58,480
Speaker 1: because generally speaking, the rule of thumb is if the

755
00:30:58,720 --> 00:31:02,760
Speaker 1: asset value to income, that's a bit of misleading. The

756
00:31:02,800 --> 00:31:06,400
Speaker 1: average asset versus the average income specifically for the area

757
00:31:07,440 --> 00:31:11,560
Speaker 1: is more than six times its six hundred thousand dollars

758
00:31:11,560 --> 00:31:15,200
Speaker 1: property for one hundred thousand dollars income, generally speaking, is

759
00:31:15,200 --> 00:31:17,479
Speaker 1: starting to get into the hefty like a bit too

760
00:31:17,560 --> 00:31:20,720
Speaker 1: heavily price. It's a bit too expensive if you get

761
00:31:20,800 --> 00:31:23,680
Speaker 1: under seven or six. Usually that's sort of saying, well,

762
00:31:23,680 --> 00:31:26,480
Speaker 1: you know, those people can afford to pay more, And

763
00:31:26,520 --> 00:31:29,000
Speaker 1: as a result, you would expect the house price over

764
00:31:29,040 --> 00:31:30,560
Speaker 1: time to adjust upwards.

765
00:31:30,640 --> 00:31:32,080
Speaker 2: It has the ability to increase.

766
00:31:32,360 --> 00:31:34,880
Speaker 1: It might not, but it has the ability. It has

767
00:31:34,920 --> 00:31:37,560
Speaker 1: potential for us side. So the ascid DO income ratio

768
00:31:37,600 --> 00:31:41,240
Speaker 1: is really good income, a really good ratio to know about.

769
00:31:41,640 --> 00:31:43,640
Speaker 1: But by the way, you're right in Sydney, a lot

770
00:31:43,640 --> 00:31:46,160
Speaker 1: of these ratios like a ten to one crazy So

771
00:31:46,480 --> 00:31:48,680
Speaker 1: can I just because on that, and I've often wondered

772
00:31:48,720 --> 00:31:51,720
Speaker 1: about this. Do you go and say, well, you know what,

773
00:31:52,000 --> 00:31:55,719
Speaker 1: it's ten to one, let's say in Campbelltown, but the

774
00:31:55,760 --> 00:31:58,520
Speaker 1: next suburb out, which might be let's call it Leppington,

775
00:31:58,520 --> 00:32:00,280
Speaker 1: I don't know. Do you know what is an except

776
00:32:00,280 --> 00:32:03,520
Speaker 1: whatever that's called Leppington. Just fragument's sake, Let's say it's

777
00:32:04,200 --> 00:32:09,720
Speaker 1: in Leppington. It's the income was actually higher than higher

778
00:32:09,720 --> 00:32:13,720
Speaker 1: than the asset price. Does it all of a sudden

779
00:32:14,280 --> 00:32:16,640
Speaker 1: sort of suggest you that people from Leppington my start

780
00:32:16,720 --> 00:32:19,520
Speaker 1: buying up market and getting into Campbelltown because let's assume

781
00:32:19,520 --> 00:32:22,200
Speaker 1: me Campeton's better than Limpington for a moment. Do you

782
00:32:22,720 --> 00:32:24,920
Speaker 1: see that happening? Do you like? In other words, the

783
00:32:24,960 --> 00:32:27,000
Speaker 1: normal people live in the area can't afford really live

784
00:32:27,000 --> 00:32:29,680
Speaker 1: there anymore, so they all move out to a lower area,

785
00:32:30,280 --> 00:32:33,200
Speaker 1: and then other people move back. Then other move people

786
00:32:33,240 --> 00:32:38,360
Speaker 1: move from a more expensive area currently back down to Campbelltown.

787
00:32:38,360 --> 00:32:40,360
Speaker 1: In other words, it's sort of like the backfilling all

788
00:32:40,360 --> 00:32:40,680
Speaker 1: the time.

789
00:32:41,840 --> 00:32:42,040
Speaker 2: Is that?

790
00:32:42,080 --> 00:32:42,640
Speaker 1: Does that happen?

791
00:32:42,800 --> 00:32:44,400
Speaker 2: It's it's that's the ripple of facts.

792
00:32:44,680 --> 00:32:46,080
Speaker 1: You might not have be abt Ford, limb Bondai, but

793
00:32:46,280 --> 00:32:47,800
Speaker 1: your on your income, but you might be afforded to

794
00:32:47,800 --> 00:32:50,320
Speaker 1: buying Clovelly. And then because you can now afford to

795
00:32:50,320 --> 00:32:53,400
Speaker 1: buying Clovellly you couldn't before you could before, but you

796
00:32:53,680 --> 00:32:55,720
Speaker 1: can't afford to live in Bondi, the house price in

797
00:32:55,720 --> 00:32:58,320
Speaker 1: Colvellly go up, which pushes a whole lot of people

798
00:32:58,320 --> 00:33:00,840
Speaker 1: in Clverly who are currently they're out and they say, okay,

799
00:33:00,960 --> 00:33:03,360
Speaker 1: I can't live in Cludelium, or maybe I'm going to

800
00:33:03,360 --> 00:33:06,120
Speaker 1: move from Rubra. But what you're trying to well, I

801
00:33:06,160 --> 00:33:08,280
Speaker 1: think what you're saying is I'll buy and Ruber day one.

802
00:33:08,480 --> 00:33:11,040
Speaker 2: That's it. And so that is the exact effect of

803
00:33:11,040 --> 00:33:13,040
Speaker 2: a ripple effect, right, So what you're saying there of

804
00:33:13,080 --> 00:33:15,080
Speaker 2: like it pushes the next bracket out, their next bracket out,

805
00:33:15,080 --> 00:33:17,160
Speaker 2: their next bracket out. All of a sudden, these areas

806
00:33:17,160 --> 00:33:19,320
Speaker 2: start to gentrify that are further out because people that

807
00:33:19,480 --> 00:33:21,280
Speaker 2: have decent money but they're getting pushed out of those

808
00:33:21,280 --> 00:33:23,680
Speaker 2: areas get pushed further and further out. The other thing

809
00:33:23,720 --> 00:33:25,200
Speaker 2: that we see a lot of the time though, is

810
00:33:25,360 --> 00:33:27,920
Speaker 2: like what happens what the ability of your Leppington example

811
00:33:27,960 --> 00:33:31,400
Speaker 2: before example, is it just has the ability to actually

812
00:33:31,440 --> 00:33:34,360
Speaker 2: increase now because there is affordability in the tank there.

813
00:33:34,640 --> 00:33:36,400
Speaker 2: Just because someone has the ability to move doesn't mean

814
00:33:36,440 --> 00:33:38,720
Speaker 2: they always want to move. Oh, you might find people

815
00:33:38,760 --> 00:33:40,040
Speaker 2: that are a bit further out that are trying to

816
00:33:40,120 --> 00:33:42,080
Speaker 2: jump into that area as well. But what we find

817
00:33:42,200 --> 00:33:45,160
Speaker 2: is as a market starts to take off. You'll see

818
00:33:45,200 --> 00:33:47,440
Speaker 2: extremely rapid periods of growth. So if you look at

819
00:33:47,480 --> 00:33:49,680
Speaker 2: if you even look at there's a child out there.

820
00:33:49,760 --> 00:33:51,840
Speaker 2: I can't remember who it's from. It might be prop

821
00:33:51,880 --> 00:33:53,880
Speaker 2: track at someone. And it's over the last thirty years

822
00:33:53,880 --> 00:33:56,120
Speaker 2: of the housing market, from ninety ninety four or whatever

823
00:33:56,160 --> 00:33:57,760
Speaker 2: to twenty twenty four. We had a summit last year

824
00:33:57,800 --> 00:34:01,240
Speaker 2: ran through this whole piece. And I think the market's

825
00:34:01,240 --> 00:34:03,640
Speaker 2: always in this like linear up sorry, this upward trajectory

826
00:34:03,680 --> 00:34:06,240
Speaker 2: over time. They talk about six seven percent perandum average

827
00:34:06,240 --> 00:34:08,719
Speaker 2: annual growth. It doesn't work like that almost always.

828
00:34:08,480 --> 00:34:10,920
Speaker 1: Because beverages are taken over teny period exactly. They might

829
00:34:10,920 --> 00:34:12,759
Speaker 1: have had a twenty to ten and it mightivated one.

830
00:34:12,880 --> 00:34:15,920
Speaker 2: Yeah, And so often, like take Sydney for example, everyone

831
00:34:15,920 --> 00:34:18,560
Speaker 2: thinks like Sydney's king, it always keeps growing. From twenty

832
00:34:18,680 --> 00:34:20,719
Speaker 2: three to twenty thirteen, Sydney did nothing, if anything, it

833
00:34:20,760 --> 00:34:22,959
Speaker 2: actually came back. But then in twenty thirteen twenty seventy

834
00:34:22,960 --> 00:34:25,560
Speaker 2: in the market more than doubled. So it's looking for

835
00:34:25,640 --> 00:34:27,799
Speaker 2: like where are the opportunities and where where because in

836
00:34:27,840 --> 00:34:30,520
Speaker 2: that timeframe of debt of no growth, that's where the

837
00:34:30,520 --> 00:34:34,080
Speaker 2: affordability ratio start to increase again, incomes increase in that timeframe,

838
00:34:34,200 --> 00:34:37,640
Speaker 2: Areas change, you know, gentrification comes through, places become nice

839
00:34:37,640 --> 00:34:39,120
Speaker 2: to live, all the rest of the sort of thing. So

840
00:34:39,120 --> 00:34:41,560
Speaker 2: affordability actually increases. If anything. A lot of the time,

841
00:34:41,600 --> 00:34:43,279
Speaker 2: the house bruces will come up, come back a bit,

842
00:34:43,920 --> 00:34:46,480
Speaker 2: other areas, other cities, other regional areas, all the rest

843
00:34:46,520 --> 00:34:47,960
Speaker 2: of the stuff. They have their runs. It comes back

844
00:34:48,000 --> 00:34:50,600
Speaker 2: to being a point where that is now affordable and

845
00:34:51,080 --> 00:34:52,840
Speaker 2: where we really what we really want to do is

846
00:34:52,880 --> 00:34:54,400
Speaker 2: we want to stack the deck, Like I said before,

847
00:34:54,400 --> 00:34:56,600
Speaker 2: stack the deck with okay, sweet, what else is there?

848
00:34:56,680 --> 00:34:59,840
Speaker 2: Is it just affordable or is there also you know

849
00:35:00,040 --> 00:35:01,799
Speaker 2: a couple of big projects coming through. Is there were

850
00:35:01,840 --> 00:35:04,200
Speaker 2: also strong population growth that's going to come off the

851
00:35:04,239 --> 00:35:06,719
Speaker 2: back of that. Has there been strong gentrification? You know,

852
00:35:06,840 --> 00:35:09,960
Speaker 2: all these different things that start stacking up to then

853
00:35:10,040 --> 00:35:12,799
Speaker 2: go okay, Well, when is supply and demands start to

854
00:35:12,880 --> 00:35:14,759
Speaker 2: balance out and go back in our way in our

855
00:35:14,800 --> 00:35:17,920
Speaker 2: favor of supply being limited and then demand being strong,

856
00:35:17,920 --> 00:35:19,439
Speaker 2: and you want to try and time it before that happens,

857
00:35:19,480 --> 00:35:21,239
Speaker 2: because that's when you can get the best buyers. But

858
00:35:21,280 --> 00:35:24,239
Speaker 2: when your time that run. A beautiful case in point

859
00:35:24,239 --> 00:35:26,520
Speaker 2: of this is when we went really heavily into Perth

860
00:35:26,560 --> 00:35:28,839
Speaker 2: in twenty twenty and twenty twenty one. The markets are

861
00:35:28,960 --> 00:35:31,279
Speaker 2: running properly at the end of twenty twenty one, and

862
00:35:31,360 --> 00:35:34,120
Speaker 2: everything stacked up there everywhere. Every other location had been

863
00:35:34,160 --> 00:35:36,600
Speaker 2: having a crazy run during COVID, but because they'd shut

864
00:35:36,640 --> 00:35:39,439
Speaker 2: their borders, wa hadn't really been doing anything. Perth hadn't

865
00:35:39,440 --> 00:35:41,680
Speaker 2: grown in fourteen years. And I was looking at everything

866
00:35:41,719 --> 00:35:44,239
Speaker 2: there and house is the houseprius income ratios was sitting

867
00:35:44,239 --> 00:35:46,720
Speaker 2: at like two or three to one, Like it was cheap, crazy,

868
00:35:46,800 --> 00:35:48,839
Speaker 2: cheap man. We're buying five minutes from the beach, forty

869
00:35:48,840 --> 00:35:50,600
Speaker 2: minutes from the city for three hundred grand for a

870
00:35:50,640 --> 00:35:54,200
Speaker 2: full bed, two bath, Like that closed for three hundred thousand,

871
00:35:54,719 --> 00:35:56,919
Speaker 2: five minutes to beach. And like when I got over there,

872
00:35:57,080 --> 00:35:58,640
Speaker 2: I finally got myself over there, we're able to get

873
00:35:58,640 --> 00:36:00,239
Speaker 2: on the ground look at all these properties, cause I like,

874
00:36:00,320 --> 00:36:02,080
Speaker 2: there must be something wrong with it. It just wasn't

875
00:36:02,120 --> 00:36:04,359
Speaker 2: making sense right. I went over there, got on the ground,

876
00:36:04,440 --> 00:36:07,760
Speaker 2: started speaking to everyone. We're already seeing rents increasing, vacancies

877
00:36:07,760 --> 00:36:09,440
Speaker 2: were dropping through the floor. There's this big hit in

878
00:36:09,520 --> 00:36:11,120
Speaker 2: migration that was starting to happen.

879
00:36:11,960 --> 00:36:16,040
Speaker 1: And from these states by the way, Yeah, migration people.

880
00:36:15,880 --> 00:36:17,959
Speaker 2: Trying to get out and get over there as well.

881
00:36:18,040 --> 00:36:20,160
Speaker 2: And then yeah, man, it popped at the end of

882
00:36:20,160 --> 00:36:21,960
Speaker 2: twenty twenty one, so everything sort of stacked right, and

883
00:36:21,960 --> 00:36:23,320
Speaker 2: I think that was a big things. It's stuck in

884
00:36:23,360 --> 00:36:24,879
Speaker 2: the deck because it's not just looking for like one

885
00:36:24,960 --> 00:36:27,160
Speaker 2: or two things, it's how many of these metrics align

886
00:36:27,640 --> 00:36:30,319
Speaker 2: for it to then have the run that they're anticipating.

887
00:36:30,400 --> 00:36:35,000
Speaker 1: And you keep saying we So I presume the Australian

888
00:36:35,160 --> 00:36:39,280
Speaker 1: Property Scout yes, is a group of people as a business.

889
00:36:39,400 --> 00:36:41,640
Speaker 2: Yes, Yeah, So I've obviously got a decent team on that.

890
00:36:41,680 --> 00:36:44,359
Speaker 2: So I've got a research team within within APS as well.

891
00:36:45,200 --> 00:36:46,920
Speaker 2: And then when I say we talk about I'm kind

892
00:36:46,920 --> 00:36:48,719
Speaker 2: of referencing our clients to be honest with that guy,

893
00:36:48,920 --> 00:36:49,960
Speaker 2: because that's where we'rebviously.

894
00:36:49,960 --> 00:36:51,440
Speaker 1: So what does that do? What does a train probably

895
00:36:51,440 --> 00:36:57,600
Speaker 1: scout do? I mean your advice agency and so you

896
00:36:57,000 --> 00:36:59,520
Speaker 1: you you buy as a by's agency, you buy a

897
00:36:59,520 --> 00:37:01,759
Speaker 1: property for or people come to you to go find

898
00:37:01,760 --> 00:37:04,200
Speaker 1: me probably Perth, Gon find me a property Annade later

899
00:37:04,280 --> 00:37:06,760
Speaker 1: wherever it is. Yeah, well I want to buy a property.

900
00:37:06,880 --> 00:37:08,839
Speaker 1: Where do you advise? That's what is that? What they say?

901
00:37:08,920 --> 00:37:10,920
Speaker 2: Pretty much, Yeah, pretty much. They come through and say, yeah,

902
00:37:10,920 --> 00:37:12,359
Speaker 2: we want to buy a property, we want to build

903
00:37:12,360 --> 00:37:15,640
Speaker 2: a portfolio. We're all about building portfolios as well. So

904
00:37:15,680 --> 00:37:17,000
Speaker 2: one of the businesses I built off the side of

905
00:37:17,000 --> 00:37:19,160
Speaker 2: this was School of Property, and so pretty much everything

906
00:37:19,200 --> 00:37:21,240
Speaker 2: I learned over the last fifteen years in a course

907
00:37:21,280 --> 00:37:23,759
Speaker 2: in terms of how to scale a portfolio. I do

908
00:37:23,880 --> 00:37:25,960
Speaker 2: monthly Q and A webinars and those things ago for

909
00:37:25,960 --> 00:37:28,799
Speaker 2: about three hours. I do buy annual summits, so we

910
00:37:28,840 --> 00:37:30,560
Speaker 2: get like six seven hour to seven hundred people at

911
00:37:30,560 --> 00:37:34,239
Speaker 2: the Star Convention Center in November last year. We pretty

912
00:37:34,280 --> 00:37:35,960
Speaker 2: much just do all the training, you know, teaching people

913
00:37:36,000 --> 00:37:38,600
Speaker 2: how to scale the portfolio, what things are changing, how

914
00:37:38,600 --> 00:37:41,080
Speaker 2: to apply these even strategies to scale your portfolio. Because

915
00:37:41,239 --> 00:37:43,040
Speaker 2: you can't retire off one or two properties like you

916
00:37:43,080 --> 00:37:45,279
Speaker 2: have to build a portfolio. It actually gets a retirement

917
00:37:45,400 --> 00:37:47,839
Speaker 2: and effectively the combination of the two. The education course

918
00:37:47,920 --> 00:37:50,000
Speaker 2: shows them how to do it. We strategize it then

919
00:37:50,040 --> 00:37:51,600
Speaker 2: for clients, and then we go out and execute from

920
00:37:51,600 --> 00:37:53,200
Speaker 2: the buying process well, and we do things like this

921
00:37:53,320 --> 00:37:54,520
Speaker 2: like time markets before they.

922
00:37:54,440 --> 00:37:57,239
Speaker 1: Go yeah, so you're a sort of bit of a

923
00:37:57,239 --> 00:38:00,719
Speaker 1: full package. So you hold a seminar, you'll big instructions

924
00:38:00,719 --> 00:38:03,279
Speaker 1: and explain to people your experiences and sort of sort

925
00:38:03,320 --> 00:38:06,600
Speaker 1: of advice as to how to not advice, but sharing

926
00:38:06,640 --> 00:38:08,880
Speaker 1: with people how you build a portfolio. Then if they

927
00:38:08,920 --> 00:38:11,239
Speaker 1: want to build a portfolio and they say, look, here's

928
00:38:11,280 --> 00:38:13,759
Speaker 1: a million bucks or I have the capacity to spend

929
00:38:13,800 --> 00:38:15,239
Speaker 1: a million dollars on might have one hundred and I

930
00:38:15,239 --> 00:38:18,239
Speaker 1: can borrow nine hundred, do you pre qualify them in

931
00:38:18,280 --> 00:38:20,120
Speaker 1: terms of borrowing or do they do it themselves?

932
00:38:20,360 --> 00:38:22,320
Speaker 2: I mean when people come on, When people come on

933
00:38:22,360 --> 00:38:25,240
Speaker 2: the books, we obviously we do a strategy session with them. First,

934
00:38:25,280 --> 00:38:26,800
Speaker 2: throw them out to what's one of our brokers to

935
00:38:26,800 --> 00:38:28,960
Speaker 2: get them assessed, assess what we can actually do with

936
00:38:29,000 --> 00:38:31,160
Speaker 2: them from that perspective. They have to qualify effectively from

937
00:38:31,640 --> 00:38:34,200
Speaker 2: a capital position initially because they need to have a

938
00:38:34,239 --> 00:38:35,960
Speaker 2: certain amount of cash to be able to or equity

939
00:38:36,000 --> 00:38:37,440
Speaker 2: to be able to buy our property. And then once

940
00:38:37,760 --> 00:38:39,919
Speaker 2: once they have that, we pretty much strategize the whole

941
00:38:39,920 --> 00:38:40,479
Speaker 2: thing from there.

942
00:38:40,400 --> 00:38:43,120
Speaker 1: Where to buy and what to do with the existing portfolio.

943
00:38:43,200 --> 00:38:44,920
Speaker 1: And do you talk to them about things like land tax,

944
00:38:45,880 --> 00:38:48,640
Speaker 1: stamp duty, because you know, like if you bought all,

945
00:38:48,719 --> 00:38:50,960
Speaker 1: if you bought all your proberties in New South Wales,

946
00:38:51,040 --> 00:38:54,359
Speaker 1: you'd be playing paying crazy amount of land tax. Do

947
00:38:54,200 --> 00:38:56,440
Speaker 1: you do you talk about lantax in a diversification through

948
00:38:56,520 --> 00:38:59,800
Speaker 1: states you know might allow you to not avoid landtax

949
00:38:59,840 --> 00:39:03,160
Speaker 1: but just not heavy to have as heavy as lantax burden.

950
00:39:03,239 --> 00:39:05,400
Speaker 2: Yeah, minimizing it for sure, y. Yeah, So the strategy

951
00:39:05,440 --> 00:39:07,440
Speaker 2: takes everything into account. Structures is a huge piece of

952
00:39:07,480 --> 00:39:09,200
Speaker 2: that as well. So New South I was is probably

953
00:39:09,239 --> 00:39:11,480
Speaker 2: the most exposed was in Victoria. The probably the two

954
00:39:11,480 --> 00:39:15,000
Speaker 2: most exposed states for lantax in Victoria. Yeah at the moment,

955
00:39:15,680 --> 00:39:16,799
Speaker 2: since it changes last year.

956
00:39:17,320 --> 00:39:18,920
Speaker 1: And what are you seeing Victoria as a result of

957
00:39:18,920 --> 00:39:21,160
Speaker 1: this new land tax imposition that they brought in this

958
00:39:21,239 --> 00:39:23,759
Speaker 1: in other words, they've lowered the threshold. So it's I

959
00:39:23,800 --> 00:39:26,319
Speaker 1: think fifty grand or something, and you paid lantax for

960
00:39:26,320 --> 00:39:29,000
Speaker 1: every dollar after fifty thousand on everything other than your

961
00:39:29,040 --> 00:39:33,360
Speaker 1: own occupy your home. What are you finding is the

962
00:39:33,400 --> 00:39:37,080
Speaker 1: response of owners and or buyers into Victoria.

963
00:39:37,800 --> 00:39:39,360
Speaker 2: I think the thing to throw into the account with

964
00:39:39,520 --> 00:39:41,920
Speaker 2: Victoria is the affordability is actually crazy down there at

965
00:39:41,920 --> 00:39:44,799
Speaker 2: the moment. Good so, yes, very very strong, and so

966
00:39:44,960 --> 00:39:47,200
Speaker 2: I think it's that, so it's it's almost equal sized

967
00:39:47,200 --> 00:39:50,080
Speaker 2: population in Sydney, but it's the six most affordable capital

968
00:39:50,080 --> 00:39:52,440
Speaker 2: city in Australia. It didn't have the same sort of

969
00:39:52,520 --> 00:39:54,000
Speaker 2: runs that a lot of the other capitals had and

970
00:39:54,040 --> 00:39:57,279
Speaker 2: regionals had during COVID, so it's become very affordable. That's

971
00:39:57,320 --> 00:39:58,920
Speaker 2: kept a floor under it. I think if it was

972
00:39:58,960 --> 00:40:01,240
Speaker 2: the same sort of unaffordable city levels of say Sydney,

973
00:40:02,120 --> 00:40:04,440
Speaker 2: mat I think the market would have been decimated. They

974
00:40:04,440 --> 00:40:06,120
Speaker 2: would have been blood on the streets for sure. But

975
00:40:06,160 --> 00:40:07,880
Speaker 2: because the market was so cheap as it was, and

976
00:40:07,880 --> 00:40:10,080
Speaker 2: it was almost at this almost like a bottoming piece

977
00:40:10,080 --> 00:40:12,640
Speaker 2: for where it had been over the last seven years.

978
00:40:12,640 --> 00:40:15,680
Speaker 2: Since it's been finished in twenty eighteen, and it has

979
00:40:15,719 --> 00:40:17,399
Speaker 2: been on a little bit of a slide since then too.

980
00:40:18,080 --> 00:40:21,080
Speaker 2: It's still affordable, so that's holding up the market. Vacancy

981
00:40:21,160 --> 00:40:23,360
Speaker 2: rates are tightening. Yields have always been average down there,

982
00:40:23,400 --> 00:40:26,600
Speaker 2: but they're kind of evening out, so it's it's yeah,

983
00:40:26,640 --> 00:40:28,239
Speaker 2: it's not as crazy as I thought it would be

984
00:40:28,280 --> 00:40:29,799
Speaker 2: as well. I thought there'd be some serious blood on

985
00:40:29,800 --> 00:40:31,680
Speaker 2: the streets last year. It did. There were some areas

986
00:40:31,680 --> 00:40:33,680
Speaker 2: that went down by fifteen percent, but they've all sort

987
00:40:33,680 --> 00:40:35,280
Speaker 2: of bottomed, and it's it's very much in a bottom

988
00:40:35,320 --> 00:40:37,640
Speaker 2: phase at the moment. Isn't dropping any further. It's gonna

989
00:40:37,640 --> 00:40:38,520
Speaker 2: be interesting to kind of watch out.

990
00:40:38,560 --> 00:40:40,640
Speaker 1: They've got plenty of jobs down there though. That's the issue.

991
00:40:40,640 --> 00:40:42,680
Speaker 1: If people work down there and they're going to get

992
00:40:42,680 --> 00:40:46,239
Speaker 1: paid down the Yeah, and if employees want people to

993
00:40:46,880 --> 00:40:48,520
Speaker 1: work for them, they're going to have to pay them

994
00:40:48,600 --> 00:40:50,880
Speaker 1: enough that they can afford living now. Otherwise they're not

995
00:40:50,880 --> 00:40:52,920
Speaker 1: going to live there, which means employees have got to

996
00:40:52,920 --> 00:40:55,880
Speaker 1: pay more. Perhaps you've got to pay more relatively speaking,

997
00:40:56,040 --> 00:40:58,680
Speaker 1: can I just I do? And you've had an amazing

998
00:40:59,239 --> 00:41:02,640
Speaker 1: right rise in terms of your own personal portfolio. You're

999
00:41:02,640 --> 00:41:05,560
Speaker 1: building this business it's advise agent. But I do want

1000
00:41:05,560 --> 00:41:07,440
Speaker 1: to talk before we close it. I do want to

1001
00:41:07,440 --> 00:41:10,560
Speaker 1: talk about the Top one Percent podcast. What you're the host,

1002
00:41:10,600 --> 00:41:13,600
Speaker 1: but it's your show, of course. What is the concept

1003
00:41:13,480 --> 00:41:15,800
Speaker 1: behind the Top one Percent podcast?

1004
00:41:16,239 --> 00:41:18,719
Speaker 2: It's actually very similar to straight talk. I've always been

1005
00:41:18,760 --> 00:41:20,439
Speaker 2: a big fan of straight talk, made always be usually

1006
00:41:20,560 --> 00:41:22,360
Speaker 2: I'll followed you for Nate since you saw a Wizard

1007
00:41:22,400 --> 00:41:24,520
Speaker 2: for half a billiyone half a Billy back in two

1008
00:41:24,520 --> 00:41:26,960
Speaker 2: thousand and four. Mate, I've followed you since then as

1009
00:41:26,960 --> 00:41:28,280
Speaker 2: a young fellow two.

1010
00:41:28,120 --> 00:41:30,239
Speaker 1: Thousand and four, that's twenty years ago, twenty one years ago,

1011
00:41:30,360 --> 00:41:31,000
Speaker 1: hundred percent.

1012
00:41:31,000 --> 00:41:35,239
Speaker 2: And man, I think I wanted to do that or

1013
00:41:35,239 --> 00:41:37,160
Speaker 2: something very similar to that in my own way as well.

1014
00:41:37,160 --> 00:41:39,800
Speaker 2: And I really wanted to get inside the minds of athletes,

1015
00:41:39,880 --> 00:41:42,640
Speaker 2: business owners, entrepreneurs, people at the highest level in their

1016
00:41:42,680 --> 00:41:45,839
Speaker 2: fields and really sort of unpack and see, for one,

1017
00:41:45,920 --> 00:41:48,000
Speaker 2: what their journeys were like at the very very start,

1018
00:41:48,080 --> 00:41:51,200
Speaker 2: what they've achieved to day, pretty much the learnings and

1019
00:41:51,200 --> 00:41:53,880
Speaker 2: everything they went through as well, and pretty much is unpackable.

1020
00:41:53,920 --> 00:41:55,799
Speaker 1: What you learn, what maybe some of the things you

1021
00:41:55,840 --> 00:41:58,480
Speaker 1: have learned, What are there some observations at least perhaps

1022
00:41:58,560 --> 00:42:01,640
Speaker 1: not learned, but some observations that you can come out of.

1023
00:42:02,560 --> 00:42:04,480
Speaker 1: You must have a lot of episodes by now. So

1024
00:42:04,920 --> 00:42:07,080
Speaker 1: while we are there, are there any common denominators?

1025
00:42:07,320 --> 00:42:11,120
Speaker 2: Almost always the common denominator is hardship early, so really, yes,

1026
00:42:11,160 --> 00:42:13,640
Speaker 2: so many people they go through. We had, like one

1027
00:42:13,680 --> 00:42:15,439
Speaker 2: of the first episodes I did was Macro and Mike

1028
00:42:15,480 --> 00:42:19,320
Speaker 2: the protein guy came over from came over from England

1029
00:42:19,320 --> 00:42:21,080
Speaker 2: and just like it took him eight years to get

1030
00:42:21,080 --> 00:42:22,799
Speaker 2: this thing off the ground. But also that hustle piece

1031
00:42:22,840 --> 00:42:25,000
Speaker 2: for eight years, non stop, going through doing it again

1032
00:42:25,040 --> 00:42:29,200
Speaker 2: and again and again, constantly improving, refining, never dropping that

1033
00:42:29,320 --> 00:42:32,520
Speaker 2: quality piece. I think that's so often I see these guys,

1034
00:42:32,600 --> 00:42:35,239
Speaker 2: especially in business, that dominate, and they keep dominating. It's

1035
00:42:35,280 --> 00:42:38,160
Speaker 2: that piece. Look at a meal jurisdic Man. Last year

1036
00:42:38,239 --> 00:42:40,480
Speaker 2: they did three billion dollars worth of sales at energy,

1037
00:42:40,520 --> 00:42:43,440
Speaker 2: you real estate in Brisy and you know, unpacking these

1038
00:42:43,480 --> 00:42:45,400
Speaker 2: guys journeys Man and so many others as well that

1039
00:42:45,440 --> 00:42:48,399
Speaker 2: I've done so far. Specifically the guys in business, they

1040
00:42:48,440 --> 00:42:50,960
Speaker 2: do everything they can to not drop quality. And if

1041
00:42:50,960 --> 00:42:52,600
Speaker 2: I look at the biggest thing, the biggest reason we've

1042
00:42:52,640 --> 00:42:54,600
Speaker 2: had so much success to date and what we've really done.

1043
00:42:54,760 --> 00:42:57,080
Speaker 2: I spend no money on advertising, probably the biggest buys

1044
00:42:57,160 --> 00:43:00,120
Speaker 2: ency in Australia. I spend no money exactly. It's all referrals,

1045
00:43:00,120 --> 00:43:02,239
Speaker 2: all doing a great job by someone, and you give

1046
00:43:02,239 --> 00:43:03,719
Speaker 2: someone your word on something that you're trying to do,

1047
00:43:03,880 --> 00:43:05,720
Speaker 2: and you follow through on that and you take ownership

1048
00:43:05,719 --> 00:43:07,520
Speaker 2: if something goes wrong, and you help people as much

1049
00:43:07,520 --> 00:43:10,080
Speaker 2: as you can. And so much of my competition, and

1050
00:43:10,120 --> 00:43:12,319
Speaker 2: when I look at other people's competition as well, when

1051
00:43:12,320 --> 00:43:14,120
Speaker 2: something happens, they bury their head in the sand, or

1052
00:43:14,160 --> 00:43:16,040
Speaker 2: they block the number, they block the hemails, these sorts

1053
00:43:16,040 --> 00:43:17,759
Speaker 2: of things instead of like facing things head on trying

1054
00:43:17,760 --> 00:43:19,560
Speaker 2: to fix it. And I think what I found is

1055
00:43:19,560 --> 00:43:22,480
Speaker 2: like watching these guys so often and how interviewing so

1056
00:43:22,480 --> 00:43:24,680
Speaker 2: many of these guys as well guys and girls. It's

1057
00:43:24,840 --> 00:43:28,520
Speaker 2: it's seeing that resilience, resilience through everything, like pushing through.

1058
00:43:28,960 --> 00:43:30,320
Speaker 2: If you can't, if you don't keep pushing through, you

1059
00:43:30,320 --> 00:43:32,839
Speaker 2: don't have that grit determination perseverance to keep pushing through.

1060
00:43:32,840 --> 00:43:35,480
Speaker 2: From that perspective, you're not going to get the result, right,

1061
00:43:35,520 --> 00:43:36,200
Speaker 2: it's not going to come.

1062
00:43:36,320 --> 00:43:40,080
Speaker 1: But as you develop that grit, that resilience perseverance.

1063
00:43:39,560 --> 00:43:41,600
Speaker 2: It's when things come up and hit you, you get

1064
00:43:41,640 --> 00:43:43,360
Speaker 2: up and you keep going on, you keep going forward.

1065
00:43:43,840 --> 00:43:46,239
Speaker 2: And so there's two there's two outcomes. There's two things

1066
00:43:46,280 --> 00:43:47,520
Speaker 2: you can do on that you can you can lay

1067
00:43:47,560 --> 00:43:49,200
Speaker 2: down the ground and not do anything, or you get

1068
00:43:49,239 --> 00:43:50,719
Speaker 2: up and you keep pushing forward. I'm sure you've had

1069
00:43:50,760 --> 00:43:52,880
Speaker 2: a ridiculous amount all the businesses you had over the years,

1070
00:43:52,920 --> 00:43:55,080
Speaker 2: and they still keep coming and looking You're still going

1071
00:43:55,120 --> 00:43:57,000
Speaker 2: strong man, you know, And I think like I can

1072
00:43:57,080 --> 00:43:59,400
Speaker 2: only imagine the strength that you would have internally of

1073
00:43:59,440 --> 00:44:02,040
Speaker 2: something popping up. These days, it would be very hard

1074
00:44:02,080 --> 00:44:03,799
Speaker 2: for many things. I think to rock someone like you

1075
00:44:03,880 --> 00:44:05,520
Speaker 2: with the amount of stuff you've been through. And I

1076
00:44:05,600 --> 00:44:07,279
Speaker 2: look at all these guys and girls, man, and they

1077
00:44:07,360 --> 00:44:09,520
Speaker 2: all go through the same thing, and that's all different levels.

1078
00:44:09,520 --> 00:44:12,600
Speaker 2: So what seems hard this year, you know next year

1079
00:44:12,600 --> 00:44:14,560
Speaker 2: you look back, would be nothing. And what was hard two, three,

1080
00:44:14,680 --> 00:44:16,239
Speaker 2: five years ago? And I look it for me now

1081
00:44:16,239 --> 00:44:18,000
Speaker 2: looking back too, three five years ago? What was hard

1082
00:44:18,040 --> 00:44:20,680
Speaker 2: back then? These days a walk in the park, it's

1083
00:44:20,680 --> 00:44:22,920
Speaker 2: so easy to fix. But when these things pop up,

1084
00:44:23,560 --> 00:44:26,359
Speaker 2: it's handling them head on, taking these things, taking these

1085
00:44:26,360 --> 00:44:29,080
Speaker 2: things on and winning and finding out pressures. Or if

1086
00:44:29,120 --> 00:44:30,799
Speaker 2: you lose, I don't look at anything as a loss

1087
00:44:30,800 --> 00:44:32,480
Speaker 2: as long as you learned from it. So as long

1088
00:44:32,520 --> 00:44:34,520
Speaker 2: as you learn from anything, a mistake or a lesson

1089
00:44:34,560 --> 00:44:36,239
Speaker 2: or anything that happens, even if you lose money from it,

1090
00:44:36,280 --> 00:44:38,240
Speaker 2: as long as you learn from it, you can reiterate

1091
00:44:38,280 --> 00:44:40,759
Speaker 2: and be better as you move forward. And that's how

1092
00:44:40,800 --> 00:44:43,760
Speaker 2: I've seen every single one of these guys and girls

1093
00:44:43,840 --> 00:44:46,440
Speaker 2: that I've interviewed with this thing. They've all had losses

1094
00:44:46,480 --> 00:44:48,560
Speaker 2: and they've all just picked themselves, dust themselves off. They

1095
00:44:48,560 --> 00:44:50,080
Speaker 2: maybe they hurt for a year off the back of

1096
00:44:50,120 --> 00:44:51,640
Speaker 2: it or six months off the back of it or whatever,

1097
00:44:52,080 --> 00:44:55,640
Speaker 2: until they could keep, you know, keep that thing moving, improve, reiterate,

1098
00:44:55,680 --> 00:44:58,240
Speaker 2: you know, the new iterations being better, and then succeeding

1099
00:44:58,239 --> 00:44:58,600
Speaker 2: from there.

1100
00:44:59,000 --> 00:45:01,960
Speaker 1: It's funny, You're right. I mean, I was thinking as

1101
00:45:01,960 --> 00:45:04,840
Speaker 1: I was listening to you then, and there are certain

1102
00:45:04,920 --> 00:45:10,080
Speaker 1: characteristics of these successful people that are common and it's

1103
00:45:10,120 --> 00:45:13,799
Speaker 1: not they don't make mistakes. Everyone, I'm including Harry how

1104
00:45:13,880 --> 00:45:15,799
Speaker 1: trigger Off, will tell you how he makes mistakes. He's

1105
00:45:15,800 --> 00:45:19,360
Speaker 1: made mistakes. But he's ninety two this year's actually just

1106
00:45:19,360 --> 00:45:22,719
Speaker 1: turned ninety two last couple of days, and he's still

1107
00:45:22,719 --> 00:45:25,840
Speaker 1: at it, and he's probably still up against it, like

1108
00:45:26,640 --> 00:45:29,480
Speaker 1: council giving approvals or not being able to get the

1109
00:45:29,480 --> 00:45:31,320
Speaker 1: pre sales and he wanted to not the price he needs,

1110
00:45:31,440 --> 00:45:34,280
Speaker 1: or problems with the building, with the builders, the excavation,

1111
00:45:34,400 --> 00:45:36,680
Speaker 1: whatever it is. There's always there's always a problem. And

1112
00:45:36,800 --> 00:45:40,080
Speaker 1: if every day you work go to the office knowing

1113
00:45:40,120 --> 00:45:42,560
Speaker 1: that I'm just kind of to solve some stuff today,

1114
00:45:42,800 --> 00:45:43,759
Speaker 1: that's the way to look at it.

1115
00:45:44,480 --> 00:45:44,760
Speaker 2: Solve.

1116
00:45:44,960 --> 00:45:45,719
Speaker 1: Yeah, solved, I.

1117
00:45:45,719 --> 00:45:48,520
Speaker 2: Think that's the biggest thing. Solutions based thinking, solving problems. Ye,

1118
00:45:49,000 --> 00:45:51,000
Speaker 2: that's that's what it's all about. I'm here to solve exactly.

1119
00:45:51,000 --> 00:45:53,040
Speaker 2: That's my job and that's how you look at it

1120
00:45:53,239 --> 00:45:54,000
Speaker 2: and everything exactly.

1121
00:45:54,000 --> 00:45:56,160
Speaker 1: Okay, what are we going to do today? Okay? This problem?

1122
00:45:56,200 --> 00:45:58,040
Speaker 1: Also because people ask me what do I do, and

1123
00:45:58,040 --> 00:46:00,600
Speaker 1: I say, I spent my life putting up bush fires,

1124
00:46:01,200 --> 00:46:04,600
Speaker 1: and because that's that's what I'm I'm a firefighter. I'm

1125
00:46:04,640 --> 00:46:06,960
Speaker 1: putting our bush fires. That's what to do. That's my

1126
00:46:07,080 --> 00:46:10,080
Speaker 1: daily Apart from this, my daily job, My duty is

1127
00:46:10,080 --> 00:46:13,080
Speaker 1: to put out bush fires. Because I don't give a

1128
00:46:13,120 --> 00:46:16,920
Speaker 1: shit what job you're in. And if you're successful, you're

1129
00:46:16,920 --> 00:46:19,160
Speaker 1: going to one percent good stuff, and nine in nine

1130
00:46:19,360 --> 00:46:22,680
Speaker 1: out of one hundred things will be problems if you're

1131
00:46:22,840 --> 00:46:25,280
Speaker 1: sitting at the top of the business. Yeah the business

1132
00:46:25,280 --> 00:46:27,160
Speaker 1: doesn't mean business, not making money whatever, But if you're

1133
00:46:27,200 --> 00:46:29,040
Speaker 1: sitting at top of business, that will be a lot

1134
00:46:29,040 --> 00:46:30,359
Speaker 1: of things you got to solve, and you will never

1135
00:46:30,400 --> 00:46:32,920
Speaker 1: solve more. You'll go home and go to bed every

1136
00:46:33,000 --> 00:46:36,160
Speaker 1: day with things that you didn't fix. The trick is

1137
00:46:36,200 --> 00:46:38,840
Speaker 1: to say, okay, park that, what do you do? I

1138
00:46:38,960 --> 00:46:41,319
Speaker 1: park it and I try to forget about it. What

1139
00:46:41,320 --> 00:46:42,959
Speaker 1: do you do when you know that you haven't solved

1140
00:46:43,000 --> 00:46:44,959
Speaker 1: everything for the day? How do you get to sleep

1141
00:46:44,960 --> 00:46:45,279
Speaker 1: at night?

1142
00:46:46,200 --> 00:46:48,680
Speaker 2: I always put together a list around what are the

1143
00:46:48,719 --> 00:46:50,680
Speaker 2: most important things that need to be fixed and then

1144
00:46:50,680 --> 00:46:53,319
Speaker 2: the things that can rightise? Yeah, and what needs what

1145
00:46:53,360 --> 00:46:55,359
Speaker 2: can be put off and fixed in because if you're

1146
00:46:55,360 --> 00:46:57,200
Speaker 2: trying and fix everything at the same time, you're going

1147
00:46:57,239 --> 00:46:59,200
Speaker 2: to employ it, right you go nuts, exactly, And not

1148
00:46:59,239 --> 00:47:00,720
Speaker 2: a note of itting can be f at one time.

1149
00:47:00,960 --> 00:47:03,040
Speaker 2: So it's what could be delegated to someone else to handle,

1150
00:47:03,400 --> 00:47:04,920
Speaker 2: and then if it can't be if it can't be

1151
00:47:04,920 --> 00:47:06,520
Speaker 2: handled by them, okay, sweet, what's the time frame it

1152
00:47:06,520 --> 00:47:08,640
Speaker 2: has to be fixed within? And then you prioritize the

1153
00:47:08,680 --> 00:47:10,919
Speaker 2: most importantly, delegate what you can delegate, and if things

1154
00:47:10,920 --> 00:47:14,920
Speaker 2: have to be done by you, it's by prioritization because ultimately, yeah, exactly,

1155
00:47:14,960 --> 00:47:16,040
Speaker 2: you say they're not going to be able to fix

1156
00:47:16,040 --> 00:47:17,840
Speaker 2: everything in the same day and get it all done,

1157
00:47:18,600 --> 00:47:20,839
Speaker 2: So yeah, prioritization must different tasks.

1158
00:47:20,920 --> 00:47:22,960
Speaker 1: If you develop some sort of skill though, Sam, that

1159
00:47:23,000 --> 00:47:29,040
Speaker 1: allows you to park the problems, because like, if you've

1160
00:47:29,040 --> 00:47:32,760
Speaker 1: got an obsessive type personality, everyone can obsessed with these things,

1161
00:47:33,320 --> 00:47:35,040
Speaker 1: which means you don't sleep, then you don't know, you

1162
00:47:35,040 --> 00:47:38,919
Speaker 1: don't perform if you don't sleep. How do you park it?

1163
00:47:39,200 --> 00:47:41,800
Speaker 1: I mean, and did you ever go through a period

1164
00:47:41,800 --> 00:47:43,360
Speaker 1: when you couldn't park those things at the end of

1165
00:47:43,360 --> 00:47:44,640
Speaker 1: the day? And when is the end of the day

1166
00:47:44,640 --> 00:47:47,319
Speaker 1: for you? I mean, how do you sort of real

1167
00:47:47,320 --> 00:47:49,200
Speaker 1: align in the day and say, Okay, I'm now I'm

1168
00:47:49,200 --> 00:47:50,440
Speaker 1: going to go to bed or I'm going to go

1169
00:47:50,480 --> 00:47:52,440
Speaker 1: home and have my dinner with my family and then

1170
00:47:52,440 --> 00:47:53,800
Speaker 1: I'm not going to think about this sort of stuff.

1171
00:47:53,880 --> 00:47:55,319
Speaker 1: How do you how do you re align the day

1172
00:47:55,320 --> 00:47:58,880
Speaker 1: and park stuff? Is it a conscious decision or is

1173
00:47:58,920 --> 00:48:01,520
Speaker 1: just something you do at the subconcient your unconsciously.

1174
00:48:01,280 --> 00:48:03,360
Speaker 2: It's I think it's probably a mix. I think it

1175
00:48:03,360 --> 00:48:05,279
Speaker 2: depends on the gravity of what the situation is and

1176
00:48:05,520 --> 00:48:07,239
Speaker 2: how important it is. If something is really important, I

1177
00:48:07,280 --> 00:48:09,040
Speaker 2: don't get to bed until until I get it done,

1178
00:48:09,239 --> 00:48:11,120
Speaker 2: or and I don't I don't finish up work until

1179
00:48:11,160 --> 00:48:12,680
Speaker 2: I get it done, or at least put the pieces

1180
00:48:13,080 --> 00:48:15,719
Speaker 2: in motion to get a result so I can fix something.

1181
00:48:15,719 --> 00:48:17,440
Speaker 2: Because you're a hundred percent right, like it's most of

1182
00:48:17,480 --> 00:48:19,760
Speaker 2: what we do is putting out fires and handling problems

1183
00:48:19,800 --> 00:48:21,480
Speaker 2: and all the rest of it. One of the other

1184
00:48:21,480 --> 00:48:22,960
Speaker 2: big things I've got is I've got a massive white

1185
00:48:22,960 --> 00:48:25,799
Speaker 2: boardom office and it's like my you know they do

1186
00:48:25,880 --> 00:48:29,040
Speaker 2: like a brainstorming session. Yeah, that's it. So I'll throw

1187
00:48:29,080 --> 00:48:31,000
Speaker 2: heaps in myself on the boards, whether it's something i'm

1188
00:48:31,040 --> 00:48:34,359
Speaker 2: coming to or different ideas and stuff that I've got,

1189
00:48:34,400 --> 00:48:36,000
Speaker 2: and whether I'm drotting that down something later i'll have

1190
00:48:36,080 --> 00:48:37,279
Speaker 2: something something where I'm on the phone or someone I

1191
00:48:37,400 --> 00:48:38,879
Speaker 2: just have an idea of me, I'll go write it down.

1192
00:48:39,239 --> 00:48:40,640
Speaker 2: And one of the one of the columns all the

1193
00:48:40,640 --> 00:48:42,719
Speaker 2: way on the right hand side is things that need

1194
00:48:42,760 --> 00:48:44,799
Speaker 2: to be fixed and things that are a priority that

1195
00:48:44,840 --> 00:48:46,399
Speaker 2: need to be sort of taking care of as well

1196
00:48:47,280 --> 00:48:49,160
Speaker 2: and need to stay top of mind, and I write

1197
00:48:49,160 --> 00:48:52,000
Speaker 2: it there. So if if it's not something it needs

1198
00:48:52,000 --> 00:48:53,759
Speaker 2: to be urgently done, because it's urgently done, will alway

1199
00:48:53,800 --> 00:48:55,279
Speaker 2: jump on and do them as quickly as I can

1200
00:48:55,320 --> 00:48:57,000
Speaker 2: with those sorts of items. But things that I know

1201
00:48:57,040 --> 00:48:59,440
Speaker 2: that need to be fixed but aren't like a crazy priority,

1202
00:48:59,520 --> 00:49:01,200
Speaker 2: I'll put them on there. So then every single time

1203
00:49:01,239 --> 00:49:02,839
Speaker 2: I walk in the room, I'm seeing it straight away.

1204
00:49:03,320 --> 00:49:05,359
Speaker 2: Every time i'm finishing something up. I'm seeing it straight away,

1205
00:49:05,400 --> 00:49:08,560
Speaker 2: and I hate having unfinished business like around, especially if

1206
00:49:08,560 --> 00:49:09,840
Speaker 2: they're things that I know are either going to be

1207
00:49:09,880 --> 00:49:12,880
Speaker 2: needle movers or create a solution that is going to

1208
00:49:12,880 --> 00:49:15,319
Speaker 2: take that piece out of my mind, because I'm very

1209
00:49:15,400 --> 00:49:17,279
Speaker 2: much someone. Yeah that Like, if I'm going to bed

1210
00:49:17,320 --> 00:49:19,440
Speaker 2: with something that's important and I haven't fixed it, I

1211
00:49:19,680 --> 00:49:21,120
Speaker 2: don't sleep. You know, I won't sleep.

1212
00:49:21,120 --> 00:49:23,040
Speaker 1: Well, what about it if you can't fix it today?

1213
00:49:23,680 --> 00:49:25,680
Speaker 2: If you can't fix it and it's super important.

1214
00:49:25,840 --> 00:49:27,560
Speaker 1: Yeah, because it's important, I can't fix it. It's on

1215
00:49:27,600 --> 00:49:31,319
Speaker 1: the top writing corner my whiteboard. I can't fix it.

1216
00:49:32,880 --> 00:49:34,719
Speaker 1: If you've got a technique that helps you go to sleep,

1217
00:49:34,760 --> 00:49:35,319
Speaker 1: But what do you do?

1218
00:49:35,480 --> 00:49:38,160
Speaker 2: I strategize how I'm going to fix it. That's normally

1219
00:49:38,200 --> 00:49:40,480
Speaker 2: the best way because otherwise otherwise I got to sleep

1220
00:49:40,520 --> 00:49:42,440
Speaker 2: strategizing it, and I'm writing notes in my phone at

1221
00:49:42,440 --> 00:49:46,759
Speaker 2: one am, you know of or speaking to Siri at

1222
00:49:46,760 --> 00:49:49,480
Speaker 2: one am to send myself messages on to on how

1223
00:49:49,520 --> 00:49:51,880
Speaker 2: to fix these things. But yeah, I'll normally try and

1224
00:49:51,880 --> 00:49:54,360
Speaker 2: like actually strategize it before I leave the room or

1225
00:49:54,400 --> 00:49:56,319
Speaker 2: before I go to bed, and my notes in my

1226
00:49:56,320 --> 00:49:58,799
Speaker 2: phone is all is so much of a hit list

1227
00:49:58,840 --> 00:50:01,040
Speaker 2: of all this sort of stuff because exactly what you

1228
00:50:01,080 --> 00:50:03,600
Speaker 2: said before, like solving problems and solutions based thinking and

1229
00:50:03,680 --> 00:50:05,560
Speaker 2: that sort of stuff, Like, I try and apply that

1230
00:50:05,560 --> 00:50:08,080
Speaker 2: to everything everything I do. Whether it's something within the

1231
00:50:08,120 --> 00:50:10,680
Speaker 2: business you know that we're trying to optimize for, or

1232
00:50:10,680 --> 00:50:13,160
Speaker 2: a service that we're trying to maximize, or a problem

1233
00:50:13,200 --> 00:50:14,560
Speaker 2: that's popped up and all the rest sort of thing.

1234
00:50:14,640 --> 00:50:16,759
Speaker 2: I'm always trying to solve it from that perspective. So

1235
00:50:17,200 --> 00:50:18,640
Speaker 2: if I get to the end of the day and

1236
00:50:18,640 --> 00:50:20,160
Speaker 2: I couldn't get someone on the phone, or I couldn't

1237
00:50:20,200 --> 00:50:22,279
Speaker 2: take care of this or that or whatever, I will, yeah,

1238
00:50:22,320 --> 00:50:24,040
Speaker 2: effectively strategize how I can do it. So if I

1239
00:50:24,080 --> 00:50:25,640
Speaker 2: can't do it tonight, well I've done all that I

1240
00:50:25,680 --> 00:50:28,239
Speaker 2: can now, And but here's a strategy or he's he's

1241
00:50:28,320 --> 00:50:30,200
Speaker 2: runing to implement tomorrow to take care of this thing,

1242
00:50:30,280 --> 00:50:32,680
Speaker 2: whether it's getting someone on the phone, top points I

1243
00:50:32,680 --> 00:50:34,560
Speaker 2: want to run through with with whoever or whatever it is,

1244
00:50:35,960 --> 00:50:37,839
Speaker 2: or if there's something specifically needs to be fixed maybe

1245
00:50:37,840 --> 00:50:41,000
Speaker 2: from a service position within the business. Well bang writing

1246
00:50:41,000 --> 00:50:42,839
Speaker 2: out all my different little things as well. And we're

1247
00:50:42,840 --> 00:50:44,839
Speaker 2: going through so many changes in business right now as well.

1248
00:50:44,880 --> 00:50:47,759
Speaker 2: Right there's so many different things evolving. So I've always

1249
00:50:47,760 --> 00:50:49,479
Speaker 2: got these different ideas come into my head and same

1250
00:50:49,480 --> 00:50:51,799
Speaker 2: thing bang throwing out there, taking all the notes of

1251
00:50:51,800 --> 00:50:53,400
Speaker 2: it and putting into place whether it needs to be

1252
00:50:53,480 --> 00:50:55,239
Speaker 2: tonight or or then it first thing the next day.

1253
00:50:55,360 --> 00:50:58,640
Speaker 1: It's very interesting. I often say to people, excuse my

1254
00:50:58,760 --> 00:51:04,760
Speaker 1: off sead of people, that solutions in the business means

1255
00:51:04,880 --> 00:51:06,640
Speaker 1: is an action as word of action. It's like say

1256
00:51:06,640 --> 00:51:08,879
Speaker 1: you've got to do an action. Solving something is an action.

1257
00:51:09,239 --> 00:51:12,400
Speaker 1: It's not a thought. You're not thinking about solving something.

1258
00:51:12,480 --> 00:51:15,720
Speaker 1: You are. I come up with a strategy, that's the thought,

1259
00:51:15,800 --> 00:51:18,279
Speaker 1: but there's an action that associated with it. And part

1260
00:51:18,320 --> 00:51:20,000
Speaker 1: of the action I think is taking notes. I mean,

1261
00:51:20,040 --> 00:51:22,560
Speaker 1: I'm a big note taker, and I see people in

1262
00:51:22,800 --> 00:51:24,920
Speaker 1: things work place where do talks and stuff that they

1263
00:51:24,960 --> 00:51:28,359
Speaker 1: don't take notes. And you know a lot of people

1264
00:51:28,360 --> 00:51:30,480
Speaker 1: have great ideas, but they never reduce it to writing.

1265
00:51:30,719 --> 00:51:32,880
Speaker 1: And I think that if you've got a solution, if

1266
00:51:32,880 --> 00:51:34,640
Speaker 1: you've got a problem that you don't know the solution for,

1267
00:51:35,239 --> 00:51:37,680
Speaker 1: but you think there's some strategy, here's a few strategies

1268
00:51:37,719 --> 00:51:40,319
Speaker 1: around a way I might solve it. Writing it down

1269
00:51:40,440 --> 00:51:43,360
Speaker 1: actually helps you, Like you've sort of put it away

1270
00:51:43,400 --> 00:51:44,920
Speaker 1: for the moment and you can pick it up the

1271
00:51:44,920 --> 00:51:46,640
Speaker 1: next day. But if you go to bed and have

1272
00:51:46,800 --> 00:51:51,000
Speaker 1: not written something down, you continually keep thinking about it.

1273
00:51:51,040 --> 00:51:54,680
Speaker 1: So writing things down, reducing things to writing can put

1274
00:51:54,680 --> 00:51:57,040
Speaker 1: a full stop in your day and lay your brain

1275
00:51:57,080 --> 00:51:59,719
Speaker 1: to rest and go to sleep. Then tomorrow morning when

1276
00:51:59,719 --> 00:52:01,319
Speaker 1: you wake up and you're fresh. You might wake up

1277
00:52:01,360 --> 00:52:03,799
Speaker 1: three o'clock, four o'clock a months that's okay, no drama,

1278
00:52:03,880 --> 00:52:05,520
Speaker 1: but at least you can get to bed and get

1279
00:52:05,560 --> 00:52:09,040
Speaker 1: some sleep and then started on it again after you refreshed.

1280
00:52:09,400 --> 00:52:14,960
Speaker 1: But writing notes is part of the action required to

1281
00:52:15,160 --> 00:52:18,800
Speaker 1: solve a problem instead of just ruminating over a problem.

1282
00:52:18,840 --> 00:52:21,640
Speaker 1: That's the worst thing you can possibly do. Write shit

1283
00:52:21,719 --> 00:52:24,520
Speaker 1: down and or your cereal however you want to do it,

1284
00:52:24,520 --> 00:52:26,120
Speaker 1: and it doesn't matter, like and if you wake in

1285
00:52:26,120 --> 00:52:29,800
Speaker 1: the middle of night, you're right, just speak how you

1286
00:52:30,080 --> 00:52:32,359
Speaker 1: do it, just be to cereal or write down, but

1287
00:52:32,800 --> 00:52:34,960
Speaker 1: write down and then go back to sleep. Yeap, don't

1288
00:52:35,000 --> 00:52:36,319
Speaker 1: sit there ruminating over it.

1289
00:52:36,480 --> 00:52:38,480
Speaker 2: You're what I think is the golden part of this

1290
00:52:38,520 --> 00:52:40,239
Speaker 2: that I absolutely love me because that's exactly how I

1291
00:52:40,239 --> 00:52:41,680
Speaker 2: look at it as well. And It's worked so well

1292
00:52:41,719 --> 00:52:44,000
Speaker 2: for me over the years too. I find that when

1293
00:52:44,040 --> 00:52:45,960
Speaker 2: you take that action piece of writing, not just like

1294
00:52:46,000 --> 00:52:47,920
Speaker 2: thinking about it whatever, but actually writing it down and

1295
00:52:47,960 --> 00:52:49,360
Speaker 2: even a couple of little dot points, it might go

1296
00:52:49,360 --> 00:52:51,279
Speaker 2: wizard of like what you're sort of thinking of. I

1297
00:52:51,320 --> 00:52:55,080
Speaker 2: find you when I've done that, my mind percolates on it.

1298
00:52:55,200 --> 00:52:57,320
Speaker 2: Whilst even whilst it's like a subconscious you know what

1299
00:52:57,320 --> 00:52:58,960
Speaker 2: I mean, it's like, well, I've done everything I can today,

1300
00:52:59,320 --> 00:53:00,759
Speaker 2: I'll do you know, I'm going to I'll take care

1301
00:53:00,800 --> 00:53:02,480
Speaker 2: of it first thing in the morning again, right out

1302
00:53:02,520 --> 00:53:04,480
Speaker 2: sort of thing. Your mind will percolate on how to

1303
00:53:04,520 --> 00:53:06,759
Speaker 2: actually fix it during you got a plan from yeah,

1304
00:53:06,880 --> 00:53:08,080
Speaker 2: and it starts to come up with stuff. So then

1305
00:53:08,080 --> 00:53:09,759
Speaker 2: when you start thinking in the morning with the fresh mind,

1306
00:53:09,800 --> 00:53:11,440
Speaker 2: it's like, well, all these things start coming to me.

1307
00:53:11,640 --> 00:53:12,880
Speaker 2: And a lot of the time it's actually from that.

1308
00:53:12,920 --> 00:53:15,080
Speaker 2: It's putting that out there of like this is what

1309
00:53:15,080 --> 00:53:17,879
Speaker 2: I'm trying to solve, especially making it a priority. From

1310
00:53:17,880 --> 00:53:19,200
Speaker 2: that example, and then it comes up.

1311
00:53:19,640 --> 00:53:22,839
Speaker 1: I'm just a big believer and I like what you say.

1312
00:53:22,840 --> 00:53:26,239
Speaker 1: I'm just a big believer of taking notes. Sometimes you

1313
00:53:26,239 --> 00:53:28,719
Speaker 1: really know what the fuck was thinking about? What does

1314
00:53:28,760 --> 00:53:31,880
Speaker 1: that mean, but just taking notes and just to close

1315
00:53:31,920 --> 00:53:35,880
Speaker 1: your day down. There's no better time to refresh, you know,

1316
00:53:36,200 --> 00:53:38,160
Speaker 1: or to summarize what you've been doing all day or

1317
00:53:38,160 --> 00:53:41,279
Speaker 1: working on the problem and put it into context. There

1318
00:53:41,360 --> 00:53:43,799
Speaker 1: could be ten bullet points or three bullet points, and

1319
00:53:43,840 --> 00:53:46,840
Speaker 1: you look at it again tomorrow and you start again. Nothing.

1320
00:53:47,280 --> 00:53:50,000
Speaker 1: There's very few things that are solvable over time. Yes,

1321
00:53:50,239 --> 00:53:52,040
Speaker 1: very few things, as long as you're prepared to give

1322
00:53:52,040 --> 00:53:53,960
Speaker 1: yourself the time. So when you're not prepared to give

1323
00:53:53,960 --> 00:53:56,279
Speaker 1: yourself the time, you think you're in a hurry, that's

1324
00:53:56,320 --> 00:53:59,160
Speaker 1: when you really stress yourself out and you can cause

1325
00:53:59,160 --> 00:54:02,520
Speaker 1: yourself problems and you will make bad decisions, you know, Like,

1326
00:54:02,719 --> 00:54:05,080
Speaker 1: it's not just a lot of people think it's about money.

1327
00:54:05,400 --> 00:54:07,560
Speaker 1: I think it's having the funds to do something or

1328
00:54:07,640 --> 00:54:09,399
Speaker 1: fix something. Yeah, sure, if you've got lots of money

1329
00:54:09,440 --> 00:54:12,920
Speaker 1: that they fixes most things. But you know, you really

1330
00:54:13,480 --> 00:54:16,080
Speaker 1: shouldn't worry about that. Think about it that way. It's

1331
00:54:16,840 --> 00:54:21,080
Speaker 1: a game, and the game is the solutions to the problem.

1332
00:54:21,520 --> 00:54:23,600
Speaker 1: That's the game we play. And if we accept that

1333
00:54:23,600 --> 00:54:25,839
Speaker 1: that's the game we're in, then it's such a big deal.

1334
00:54:26,440 --> 00:54:28,120
Speaker 1: And in order to accept it, you just write it

1335
00:54:28,160 --> 00:54:30,120
Speaker 1: down and write down moves. In a game of chess,

1336
00:54:30,800 --> 00:54:33,400
Speaker 1: I'm at a point where it's a difficult game. I

1337
00:54:33,520 --> 00:54:36,000
Speaker 1: look like I'm getting the other guys getting on top

1338
00:54:36,000 --> 00:54:39,080
Speaker 1: of me. Before I finish the game. Offer today, before

1339
00:54:39,080 --> 00:54:40,680
Speaker 1: I resume the game tomorrow, I'm going to write down

1340
00:54:40,680 --> 00:54:43,040
Speaker 1: a few ideas about a few moves I might make tomorrow.

1341
00:54:43,880 --> 00:54:45,319
Speaker 1: And that's it. I'll go to sleep, and I wake

1342
00:54:45,360 --> 00:54:48,640
Speaker 1: up tomorrow morning, I'm set to go again. Businesses like

1343
00:54:48,880 --> 00:54:52,120
Speaker 1: playing chess. You just got to write your stuff down

1344
00:54:52,160 --> 00:54:53,840
Speaker 1: and that's it. Put it to bed, get up the

1345
00:54:53,880 --> 00:54:56,719
Speaker 1: next morning, work on it again, and keep going. Buy

1346
00:54:56,840 --> 00:55:00,960
Speaker 1: self time, make moves that buy you time. Eventually, the

1347
00:55:01,040 --> 00:55:05,040
Speaker 1: answer will present itself. We don't really think of the answer.

1348
00:55:05,640 --> 00:55:08,359
Speaker 1: I don't think. I mean, the answers present themselves. Once

1349
00:55:08,440 --> 00:55:11,080
Speaker 1: you've exhausted all the various alleyways and avenues you're going

1350
00:55:11,120 --> 00:55:13,440
Speaker 1: to go down. They present themselves a lot of times.

1351
00:55:13,440 --> 00:55:15,799
Speaker 1: That's eliminating what.

1352
00:55:15,800 --> 00:55:16,560
Speaker 2: Is not an answer?

1353
00:55:17,560 --> 00:55:18,920
Speaker 1: And then the answer reveals itself.

1354
00:55:19,000 --> 00:55:21,000
Speaker 2: It's like a different solution you hadn't already been thinking.

1355
00:55:21,200 --> 00:55:22,279
Speaker 2: It was already in your mind a lot.

1356
00:55:22,360 --> 00:55:24,960
Speaker 1: I mean, I'm you're and by the way, Sam you're right.

1357
00:55:26,160 --> 00:55:27,960
Speaker 1: I don't care of a shit who you are. You know,

1358
00:55:28,000 --> 00:55:31,440
Speaker 1: you could have been Kerry Packer, you me Rupe Murdoch.

1359
00:55:33,120 --> 00:55:37,120
Speaker 1: Business is about being prepared to accept the problems and

1360
00:55:37,640 --> 00:55:41,799
Speaker 1: being really excited about coming up with solutions. Look at

1361
00:55:42,000 --> 00:55:45,239
Speaker 1: Murdoch now, he's in his nineties. He's still dealing with

1362
00:55:45,320 --> 00:55:48,960
Speaker 1: issues and he's still alive and the reason and he's

1363
00:55:48,960 --> 00:55:52,120
Speaker 1: still doing it, and I think it drives him. It

1364
00:55:52,200 --> 00:55:54,759
Speaker 1: keeps him alive. I actually think keeps him life. You're

1365
00:55:54,760 --> 00:55:57,280
Speaker 1: a young man, but you know when you're my age,

1366
00:55:57,600 --> 00:56:01,560
Speaker 1: you know it's actually the game of chess. The solutions

1367
00:56:01,600 --> 00:56:05,560
Speaker 1: are actually the game. That's what will keep you young.

1368
00:56:05,719 --> 00:56:08,200
Speaker 1: Very true, keep your brain young and a lot of

1369
00:56:08,200 --> 00:56:09,480
Speaker 1: times you can be able to deal with these things

1370
00:56:09,480 --> 00:56:12,720
Speaker 1: for you've since it before or some variation of it.

1371
00:56:12,800 --> 00:56:14,520
Speaker 1: Sam Gordon, thanks very much, made and by the way,

1372
00:56:14,520 --> 00:56:18,200
Speaker 1: congratulations on your Top one percent podcast. Appreciate it doing

1373
00:56:18,239 --> 00:56:18,799
Speaker 1: a brilliant job.

1374
00:56:19,000 --> 00:56:21,160
Speaker 2: Thank you. I appreciate it. I just want to say, man, honestly,

1375
00:56:21,200 --> 00:56:22,640
Speaker 2: like I said, I've been watching you for a very

1376
00:56:22,640 --> 00:56:24,800
Speaker 2: long time. So to finally meet one of my idols,

1377
00:56:24,840 --> 00:56:27,799
Speaker 2: imperson mate, Honestly, it's a massive very humbling moment for

1378
00:56:27,840 --> 00:56:28,920
Speaker 2: me to be able to meet your mate, so thank

1379
00:56:28,960 --> 00:56:29,759
Speaker 2: you so much having me on.

1380
00:56:29,800 --> 00:56:32,399
Speaker 1: Thanks Sammy, you've been on my tail. So in terms

1381
00:56:32,400 --> 00:56:35,160
Speaker 1: of your audiences you've caught have been on a long

1382
00:56:35,200 --> 00:56:37,239
Speaker 1: time and bla Helen you've caught up so quickly, but

1383
00:56:37,360 --> 00:56:57,000
Speaker 1: well done mate, Thank you, Matte really appreciate it.