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Speaker 1: Welcome to the Rise and Conquer Podcasts. This podcast is

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Speaker 1: for women who want to take ownership of their lives,

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Speaker 1: live unapologetically, and are ready to turn their biggest dreams

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Speaker 1: into their reality. If you're ready to be armed with

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Speaker 1: the tools that will inspire to take bold action, feel

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Speaker 1: confident within yourself, and conquer your goals, then you've come

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Speaker 1: to the right place. I'm your host, Georgie Stevenson. I'm

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Speaker 1: a lawyer turned entrepreneur, co founder of Naked Harvest Supplements,

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Speaker 1: and social media personality with a community of over three

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Speaker 1: hundred thousand. I grew up believing I had to pursue

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Speaker 1: the safe option and fit into a mold others had

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Speaker 1: created for me. But then I entered my corporate law

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Speaker 1: job and I realized that settling for a reality that

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Speaker 1: didn't set my soul on fire was something I was

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Speaker 1: not prepared to do. I want to more, and I

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Speaker 1: have a feeling you do too. Join me and special

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Speaker 1: guests weekly as we get down to the nitty gritty

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Speaker 1: on all things health, mastering your mindset, creating lasting habits,

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Speaker 1: thriving in your career and relationships, plus so much more,

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Speaker 1: and together we'll gain the knowledge and perspective to pursue

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Speaker 1: our wildest dreams and kick fear to the curb. Well

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Speaker 1: what are you waiting for? Let's Rise and Conquer. Hey guys,

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Speaker 1: and welcome to another episode of the Rising Conquer podcast.

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Speaker 1: Today I have a special bonus episode for you, and

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Speaker 1: today I am picking the brains of Ida Shabanz a Day,

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Speaker 1: who is Australia's leading gen y property educator and is

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Speaker 1: managing director of several multi million dollar property and finance

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Speaker 1: companies across Australia and Asia. Ida says her purpose is

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Speaker 1: to help millennials achieve their dreams and show that despite

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Speaker 1: the belief that we spend way too much money on

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Speaker 1: avocado toast, it is possible to become a homeowner. So

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Speaker 1: this is actually Ida's second time being on the show.

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Speaker 1: She shared a lot of knowledge in her first episode

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Speaker 1: in twenty nineteen and it's actually one of the most

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Speaker 1: downloaded episodes. So we decided to band together and do

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Speaker 1: a mini money series where we focus on specific money

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Speaker 1: subjects and answer your questions that I have put in

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Speaker 1: the R and C Facebook community. In today's episode, Iida

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Speaker 1: answers all your questions about how to become a first

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Speaker 1: homeowner and entering the property market. You know, I am

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Speaker 1: so passionate about having a good relationship with money saving

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Speaker 1: hacks and all those sorts of things. So I'm so

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Speaker 1: excited to bring you this mini series with Aida. Let's

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Speaker 1: get into it, hey guys, and welcome to another episode

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Speaker 1: of the Rising Conquered podcast. Today I have a very

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Speaker 1: special guest with me Ida, and well, today we're just

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Speaker 1: chatting about property. But Ida is actually my personal business coach,

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Speaker 1: and we talk about so many things, and so you're

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Speaker 1: going to hear a lot from her this year on

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Speaker 1: the podcast because she is just a wealth of knowledge.

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Speaker 1: She is a boss babe, and I really want to

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Speaker 1: share her with you guys. So we're gonna be talking

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Speaker 1: about a lot of things. We've decided we're going to

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Speaker 1: do this like little mini series, talking about various topics.

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Speaker 1: And I actually went into my private Facebook group and

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Speaker 1: ask you guys exactly what you wanted to know. So

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Speaker 1: we have so much content for you a bit today

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Speaker 1: we are focusing on property. So welcome to the show.

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Speaker 2: Iida, Thanks, Georgie. I'm so excited. I love doing this

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Speaker 2: with you.

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Speaker 3: You really do.

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Speaker 1: We will talking about the question beforehand and she was

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Speaker 1: like getting so excited and so into them, and I

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Speaker 1: was like, savor for the interview. Amazing. So I've already

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Speaker 1: introduced you to the audience, but you want to just

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Speaker 1: give a little snapshot of who you are and why

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Speaker 1: you're so passionate about these topics.

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Speaker 3: Well, how long do we have to just do an intro? Oh?

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Speaker 1: Look, one minute, so be quick.

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Speaker 2: So basically I've been in business for this will be

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Speaker 2: my seventeenth year. But I started off in finance, teaching

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Speaker 2: people about money, saving money, paying debts off, and owning assets.

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Speaker 2: From there, I've kind of expanded all the way out

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Speaker 2: into like obviously building a portfolio of my own, teaching

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Speaker 2: people about property, and we've now got services around like

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Speaker 2: managing property, developing property, and also.

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Speaker 3: Doing my own developments.

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Speaker 1: Amazing, that was so quick.

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Speaker 3: I'm really trying hard.

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Speaker 1: One minute countdown, No, amazing, And so let's get straight

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Speaker 1: into some property questions. So today's episode is really for

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Speaker 1: people who they either thinking about buying their first property,

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Speaker 1: or maybe they've their first property and they want to reinvest,

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Speaker 1: or maybe they're not even thinking about buying a property,

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Speaker 1: bit they know it is something in their future and

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Speaker 1: they just need more information. So actually, before we get

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Speaker 1: into it too, can you tell the audience a little

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Speaker 1: bit about the workshops you do with property because that's

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Speaker 1: actually how I found IDA and I have been to

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Speaker 1: them and they are so amazing and I want you

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Speaker 1: guys to know more about them, So just quickly, because

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Speaker 1: I don't want you to get.

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Speaker 3: At the end.

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Speaker 2: So we've been doing these workshops for a long time,

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Speaker 2: but in the last three years we really looked at

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Speaker 2: trying to help I guess people in the similar age

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Speaker 2: bracket of the sort of gen y around how to

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Speaker 2: get into the market, what are the things you need

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Speaker 2: to do.

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Speaker 3: So basically the.

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Speaker 2: Workshops are run around the major cities in Australia, so Sydney,

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Speaker 2: Brisbane and Melbourne and we're running we're doing two in

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Speaker 2: each state. So you can jump on to grow Events

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Speaker 2: dot com dot au and check them out. But basically

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Speaker 2: it's for anyone, so it doesn't matter what stage you're at.

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Speaker 2: So you could be thinking how do I get into

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Speaker 2: the market, or you could be Okay, I've got a deposit,

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Speaker 2: now what do I do? Or I've got property, how

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Speaker 2: do you build a portfolio? And what are the steps

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Speaker 2: to actually develop property? So it is a really awesome workshop.

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Speaker 2: It is a workshop, so when you come along, it's fun,

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Speaker 2: it's interactive. I mean, I love doing it, and people

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Speaker 2: actually leave really pumped and inspired.

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Speaker 1: So yeah, yes, I love so pumped and inspired, and

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Speaker 1: so I will make sure I put all the links. Guys,

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Speaker 1: the next one, specifically, on's the next one. It's much

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Speaker 1: third of March.

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Speaker 3: Yeah, in Sydney.

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Speaker 1: In Sydney, yeap, amazing. Okay, guys, so really really get

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Speaker 1: onto that after this podcast. I'm sure you will. But

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Speaker 1: let's get into the property market. And so people always

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Speaker 1: talk about like trends and what's happening and all that

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Speaker 1: sort of thing. What is your current view on the

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Speaker 1: current market at the moment, and what trends do you

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Speaker 1: see emerging in twenty twenty.

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Speaker 3: Yeah, I love this. So hopefully people can remember what

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Speaker 3: I've said in like five years replace this back.

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Speaker 2: So look trends, I mean in terms of actually the

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Speaker 2: types of properties that people are buying. People are actually

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Speaker 2: buying and looking at buying property that's probably able to

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Speaker 2: be shared out more so when we're talking about that,

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Speaker 2: they're looking at Okay, I'm going to get a three

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Speaker 2: bedroom property because I can rent out two of the

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Speaker 2: rooms which will help cover that mortgage or cover the debt.

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Speaker 3: When people are looking at buying an.

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Speaker 2: Investment property, then they're also sort of thinking about the

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Speaker 2: way that the end user or the people renting the

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Speaker 2: property will use it. So that's also something that people

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Speaker 2: are thinking about in terms of like gen y, if

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Speaker 2: we're talking about that's the emerging market of people that

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Speaker 2: are the next sort of you know, baby boomers were

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Speaker 2: massive and they were like the predominant people in the market.

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Speaker 3: Gen Y's are the next predominant market.

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Speaker 2: So if we're talking about gen y, if you think

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Speaker 2: about property trends, think about what we think is important. So,

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Speaker 2: as a gen y, what's important to us. It's sustainability,

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Speaker 2: it's environmentally friendly. It's like how can we help the

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Speaker 2: earth and make sure something is still here to stay.

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Speaker 2: So if you think about trends, think about what's important

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Speaker 2: to people now important to us, and then that translates

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Speaker 2: into what people buy.

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Speaker 3: Yeah, love that.

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Speaker 2: Yeah, So people are looking at you know, energy efficient, sustainable,

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Speaker 2: and then obviously how is it sustainable in the sense

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Speaker 2: of like more people sharing. So we are seeing things

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Speaker 2: emerge which isn't necessarily related to how you as an

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Speaker 2: individual might buy property, which I've just spoken about, but

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Speaker 2: we're seeing things come up which are what we call

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Speaker 2: not boarding or student accommodation, but where you've got a

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Speaker 2: facility where people are renting out just a room, but

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Speaker 2: then there's common facilities, so like the WE works, but

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Speaker 2: it's like a WE work model where people go to

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Speaker 2: live so you feel more part of the community and

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Speaker 2: where you go in the room is just a sleep

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Speaker 2: but you have a shared kitchen, you have a shared pool,

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Speaker 2: you have all of these things, but it's more community

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Speaker 2: and you're buying a small piece of that property or

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Speaker 2: you're renting even cheaper property because of the shared facility.

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Speaker 2: So we're seeing those things emerge more because of affordability

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Speaker 2: and sustainability. But how I'm seeing people buy property is

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Speaker 2: they're looking for as a first home buyer, a two

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Speaker 2: bedroom or a three bedroom so I can rent out

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Speaker 2: the rooms and make it more affordable for me. I'm

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Speaker 2: looking at sustainability, solar power, all of the things and

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Speaker 2: the materials that are used for the properties.

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Speaker 1: So interesting. I love that it's I love what you

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Speaker 1: said about the trends, like think about what is important

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Speaker 1: to you. Yeah, that's perfect. Okay, So when would you

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Speaker 1: say is the perfect time to buy? Is it at

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Speaker 1: the moment? And also how can we recognize cycles and

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Speaker 1: patterns of the property market?

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Speaker 2: Okay, this is two questions in one all good. So

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Speaker 2: is it a good time to buy now?

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Speaker 3: Yes, yep.

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Speaker 2: So it's always a good time to buy when you

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Speaker 2: can afford to buy and hold right, So doesn't matter

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Speaker 2: what the market's doing. Obviously, if everyone's going nuts and

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Speaker 2: everyone's saying it is a good time to buy, if

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Speaker 2: you can't afford it, don't buy property. So always it

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Speaker 2: comes down to affordability. But how you read cycles. So

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Speaker 2: we've got the property clock and then we've got twelve

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Speaker 2: o'clock at the top and six o'clock at the bottom.

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Speaker 2: So the best time to buy property twelve o'clock is

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Speaker 2: when it's boomed and six o'clock is when it's at

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Speaker 2: the bottom of the market. So the best time to

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Speaker 2: buy when it's cheaper to buy, being like when the

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Speaker 2: market hasn't shifted, and the best time to sell is

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Speaker 2: when the property market's booming.

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Speaker 3: How do you pick that cycle?

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Speaker 2: It's like no one has a crystal ball, but we

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Speaker 2: do have economics, and we can study the market in

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Speaker 2: terms of it changes between cities and obviously countries. So

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Speaker 2: if the listeners are in Queensland, we can say that

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Speaker 2: the market has kind of been based on research and data,

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Speaker 2: it's kind of already bottomed out and it's kind of

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Speaker 2: on the way up to sety seven o'clock, it is

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Speaker 2: still a really good time to buy. In Sydney, people

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Speaker 2: would say, you know, it's kind of you know, on

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Speaker 2: the way down. Is it's still a good time to buy. Well,

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Speaker 2: it's harder to pick whether it's going to keep dropping

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Speaker 2: or shift. And then Melbourne is sort of similar where

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Speaker 2: it's bottomed out and it's and it's going to go

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Speaker 2: on the way up. So outside of the property clock,

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Speaker 2: good times to buy is also around infrastructure and in

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Speaker 2: terms of supply demand and also in terms of population growth.

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Speaker 2: So how all those things factor in if we're talking

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Speaker 2: about is it a good time to buy? You have

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Speaker 2: to be careful about people's perception of the market. So

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Speaker 2: sometimes the market can go through what we call like

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Speaker 2: false inclines or declines inclines, being like all of a sudden.

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Speaker 3: Property prices go up.

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Speaker 2: That's because people's perception is that they might be missing

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Speaker 2: out yeah, So if people think they're missing out, it'll

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Speaker 2: get a whole bunch of people to go out and

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Speaker 2: buy property. I mean to use the example of a

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Speaker 2: sharing with you earlier, which is in Sydney. So in Sydney,

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Speaker 2: what we're seeing is properties you could buy for say

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Speaker 2: nine hundred thousand three months into say November last year,

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Speaker 2: and now selling for over one point one million, because

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Speaker 2: all of a sudden people think that they're missing out.

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Speaker 2: How that's been created is a lot of people decided

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Speaker 2: over the break that they want to buy a property

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Speaker 2: and then hit January running, and all of a sudden

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Speaker 2: the supply wasn't there because most people in real estate

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Speaker 2: would be on saying, oh people are on holidays. No

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Speaker 2: one wants to really buy property in January, so don't

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Speaker 2: list your property for sale till February March. So not

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Speaker 2: as many properties go on the market for sale, but

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Speaker 2: you still have a large number of people trying to buy.

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Speaker 2: So what happens is is you turn up to an

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Speaker 2: open home and you've got twenty five to fifty people

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Speaker 2: to fight for, and then everyone thinks, shit, the market

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Speaker 2: must be great. I better not miss out, and then

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Speaker 2: people put in stupid offers, and this is where you

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Speaker 2: have this false market appear. So supply and demand. If

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Speaker 2: you've got more people trying to buy a property, that's

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Speaker 2: to push up the prices of that property, so be

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Speaker 2: careful about that. What I'm seeing is that Brisbane, Queensland,

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Speaker 2: Southeast Queensland is always about six months behind what happens

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Speaker 2: in Sydney. So I'm going to say that I think

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Speaker 2: that towards the end of the year you're going to

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Speaker 2: see this happen in Queensland where people are like, oh

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Speaker 2: my god, I'm going to miss out on property. All

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Speaker 2: these people are trying to buy property, but there's not

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Speaker 2: enough stock. People are also holding onto properties longer because

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Speaker 2: it's cheaper to hold the property. Interest rates are low,

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Speaker 2: so they're just holding so you just don't have as

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Speaker 2: much stock. So going back to when is it the

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Speaker 2: right time to buy, the right time to buy is

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Speaker 2: when most people are not buying. Because you're buying property

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Speaker 2: at cheaper, you've got less people to fight. But people

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Speaker 2: are scared when not many people So like intelligent investor,

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Speaker 2: I love quoting people Warren Buffett, you know always do

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Speaker 2: what people aren't doing, so you know he's always doing

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Speaker 2: the opposite of what people are doing. If you're following

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Speaker 2: the her, you're going to pay the price, right, But

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Speaker 2: don't just try to pick the market because people also

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Speaker 2: try to do that. They're like, oh, I'm going to

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Speaker 2: wait and try to pick it. Don't just do your numbers.

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Speaker 2: If you can afford to do it, have your like

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Speaker 2: that's what I'm willing to walk away from in terms

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Speaker 2: of the property, and then walk away. Don't go stupid

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Speaker 2: and pay and get emotional. So yeah, we talk about

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Speaker 2: this in the workshops and we also help clients with this.

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Speaker 1: Amazing. I love what you said. It's so interesting and

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Speaker 1: it's so true what you were saying about, like you

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Speaker 1: knew like the fomo, yes, but you like see everyone

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Speaker 1: else and you want to do it. So that yeah,

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Speaker 1: thanks for explaining that. So something that I did is

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Speaker 1: I actually went into the community page, the Rising Conker

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Speaker 1: community page, and I asked my listeners what specific questions

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Speaker 1: they had for you, because you know, this podcast is

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Speaker 1: about actionable tools and actions and stuff, so I really

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Speaker 1: want to answer some questions and I'm going to say

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Speaker 1: them exactly how they've come from the Facebook. Sure, and

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Speaker 1: then you can help us out.

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Speaker 3: So you guys, grab a pen and paper because you

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Speaker 3: didn't have one before.

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Speaker 1: Okay, So someone asks, I'm definitely interested to know more

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Speaker 1: about the process of buying a home. Can you tell

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Speaker 1: us what the hidden costs are that often pop up

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Speaker 1: and the rough idea of how much extra to have saved?

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Speaker 2: Yeap, great question. So it really depends if you're buying

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Speaker 2: a property to live in and if you're a first

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Speaker 2: home buyer, or you're just someone that's buying another property

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Speaker 2: to live in, or you're buying an investment, So the

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Speaker 2: cost associated with each of those is a little bit different. So,

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Speaker 2: if you're a first home buyer, depending on which city

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Speaker 2: you live in, you can get stamp duty concessions, right,

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Speaker 2: so that's a major cost that you don't need to

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Speaker 2: factor in. But if you've already bought a property before

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Speaker 2: and lived in it, you don't get that concession, so

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Speaker 2: you need to factor that in. And you have higher

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Speaker 2: stamp duty if you're buying an investment. So the cost

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Speaker 2: associated with each of those is a little bit different.

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Speaker 2: Hidden costs that people don't factor in, right, So first

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Speaker 2: of all, make sure you.

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Speaker 3: Do the numbers on how much a property is going

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Speaker 3: to cost you.

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Speaker 2: So if you know how much you can borrow, what

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Speaker 2: sort of price points you're looking at, then do this

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Speaker 2: exercise on what are the costs that I need to

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Speaker 2: save for a property. So the biggest thing people don't

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Speaker 2: factor in is adjustments. Okay, So what adjustments are is

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Speaker 2: when you buy a property, if there's already Body Corporate fees,

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Speaker 2: there's already obviously rates right, and people don't realize that

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Speaker 2: you have to pay an adjustment if someone's already lived

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Speaker 2: in that property and paid past the day you own it. Okay,

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Speaker 2: So if someone's paid the whole year of Body Corporate upfront,

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Speaker 2: but you're buying and moving in in six months like

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Speaker 2: in July, you have to pay them back because you're

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Speaker 2: now going to own the property. So adjustments is something

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Speaker 2: that people don't realize that has to come in to play.

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Speaker 2: That's a big one, like or they don't understand what

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Speaker 2: that is. Another cost that people don't factor in is

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Speaker 2: obviously they're solicitors and what they're charging them as a total.

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Speaker 2: So we always get like we always ask people to

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Speaker 2: get like a fixed fee, you know, including searches. But

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Speaker 2: it's just that they don't work it out. It's not

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Speaker 2: like there's any people who are trying to hide things

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Speaker 2: from you. It's just that people haven't worked out that

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Speaker 2: you're five percent or you're putting ten percent towards the property,

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Speaker 2: and then you then need to come up with the

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Speaker 2: rest of the cost. So as an investment, I'd say

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Speaker 2: work off five percent. You know, that'll be way more

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Speaker 2: enough for all your costs. Three percent if you've already

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Speaker 2: owned a property before, but you have to pay damp duty.

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Speaker 2: And then in terms of like it's less for someone

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Speaker 2: that's first home buyer because your cost is like five

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Speaker 2: grand for your lawyer's adjustments and stuff. But then you

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Speaker 2: just need to come up with a deposit. So that

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Speaker 2: kind of gives you an idea of the different amounts.

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Speaker 2: But we always like as part of our process when

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Speaker 2: I work out with clients, once they know we actually

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Speaker 2: do like your estimated costs on different price ranges.

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Speaker 1: Yeah, that's so important to think about that. That's actually

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Speaker 1: what happened to us with the property we currently we're in.

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Speaker 1: Like I had the exact amount of money and I

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Speaker 1: was like awesome, and then it came to the end

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Speaker 1: and there was some extra costs and I was like interesting, Yeah,

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Speaker 1: So that.

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Speaker 2: The body, Like, was it adjustments or was it just

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Speaker 2: random figures that were slightly out?

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Speaker 1: Yeah, it was the stamp duty was really out.

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Speaker 3: Oh yeah, it's the stamp duty on your place. Yeah.

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Speaker 3: Did you just die when you said that?

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Speaker 1: Literally died and thought, oh my god, I buy.

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Speaker 3: A property for over a million dollars.

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Speaker 2: You cry literally cleuse of happiness and like why.

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Speaker 1: No, I love that? Thank you? And then so someone

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Speaker 1: else asked, how do we pick the right property for

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Speaker 1: our individual situations?

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Speaker 2: Yeah, so I think people need to remember that. They

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Speaker 2: also need to keep in mind that the property that

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Speaker 2: you buy it shouldn't be too individual, right, Like, don't

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Speaker 2: be too emotional about it. Still, think about that the

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Speaker 2: property should appeal to the mass, right, because we'd love

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Speaker 2: to say we're going to be like our parents and

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Speaker 2: live in the same home and then pass it on

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Speaker 2: to our children, but that just doesn't happen anymore. So

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Speaker 2: at some point you're going to move out, turn it

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Speaker 2: into an investment, or sell it. So you want to

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Speaker 2: make sure it is more appealing to most people. So

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Speaker 2: when you do buy a property, make sure you keep

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Speaker 2: that in mind. How do you pick the right property?

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Speaker 2: You just pick it, that's the most affordable for you. Right,

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Speaker 2: So if you're moving into the property, make sure that

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Speaker 2: you know you can still live a life. I hate

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Speaker 2: it when I hear people say I can't do this,

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Speaker 2: I can't do that because I now have a mortgage.

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Speaker 2: Well shit, Like you know, you need to make sure

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Speaker 2: that you know you're buying something that you can still

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Speaker 2: enjoy life. Like buying an asset shouldn't be something that

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Speaker 2: you have to like count coins out to be able

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Speaker 2: to go and buy coffee, I mean, or whatever it is.

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Speaker 2: But the principles of what you should buy never change.

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Speaker 2: It should never change. So you want to buy something

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Speaker 2: that's you know, got potential growth, it's good design, it's

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Speaker 2: got infrastructure around it, like you know, all of the

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Speaker 2: things that we talk about capital growth, capital growth, design,

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Speaker 2: infrastructure and these kind of things that we talk about.

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Speaker 2: That's relevant whether you live in the property or not.

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Speaker 2: It's just a people get really emotional about things, or

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Speaker 2: buy in the same street that they grew up with,

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Speaker 2: all these sort of things. But it's just got to

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Speaker 2: be something that you can afford to hold on to

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Speaker 2: for as long as possible, and that a lot of

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Speaker 2: people would also be able to if you needed to sell.

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Speaker 3: You can sell it to a lot of people. You

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Speaker 3: can rent it out.

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Speaker 2: So people make mistakes because they buy something that's a

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Speaker 2: bit too unique or in an area where less people want.

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Speaker 1: And so the next question. And I love this question

423
00:21:36,760 --> 00:21:39,320
Speaker 1: because when I saw it pop up, I was like,

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00:21:39,400 --> 00:21:41,119
Speaker 1: oh my god, I don't know the answer to this.

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00:21:41,640 --> 00:21:44,959
Speaker 1: So someone asked, after pay is it a good idea?

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00:21:45,400 --> 00:21:48,679
Speaker 1: Are the banks looking at it as you know, something

427
00:21:48,720 --> 00:21:52,360
Speaker 1: in the line of credit, And once you've secured alone,

428
00:21:52,480 --> 00:21:54,719
Speaker 1: is it safe to start using it again rather than

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00:21:54,720 --> 00:21:55,680
Speaker 1: getting a credit card?

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Speaker 2: Okay, amazing question. And I love this because people are

431
00:21:59,320 --> 00:22:03,240
Speaker 2: not realizing the effects of after pay. So first of all,

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00:22:03,400 --> 00:22:06,280
Speaker 2: why are you using after pay? After pay is if

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Speaker 2: you don't have the money for something, you're paying it off,

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00:22:08,840 --> 00:22:11,359
Speaker 2: why don't you just save the same amount of money,

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00:22:11,440 --> 00:22:14,159
Speaker 2: break it down into four payment, put it in your

436
00:22:14,200 --> 00:22:15,800
Speaker 2: own account, and buy the item.

437
00:22:16,160 --> 00:22:18,760
Speaker 3: So the banks don't look at after pay at well

438
00:22:18,840 --> 00:22:19,200
Speaker 3: at all.

439
00:22:19,640 --> 00:22:22,680
Speaker 2: It's like worse than having a credit card, you know why,

440
00:22:22,760 --> 00:22:25,400
Speaker 2: because they're like saying that you can't afford your lifestyle.

441
00:22:26,119 --> 00:22:29,680
Speaker 2: So if you need to use after pay to buy clothes, beauty,

442
00:22:29,720 --> 00:22:32,240
Speaker 2: any of these things, and that's part of your lifestyle,

443
00:22:32,800 --> 00:22:35,959
Speaker 2: why are you not able to afford it yourself. So

444
00:22:36,040 --> 00:22:38,920
Speaker 2: it just says that your general living expenses don't cover

445
00:22:39,000 --> 00:22:39,680
Speaker 2: your lifestyle.

446
00:22:40,160 --> 00:22:42,840
Speaker 3: So after pay is really bad. Avoid after pay.

447
00:22:43,160 --> 00:22:43,440
Speaker 1: Wow.

448
00:22:43,560 --> 00:22:44,679
Speaker 3: Yeah, And I.

449
00:22:45,280 --> 00:22:47,600
Speaker 1: Never would have put that together, like it makes sense

450
00:22:47,640 --> 00:22:49,919
Speaker 1: now that you're saying it to me, but because I

451
00:22:49,960 --> 00:22:52,360
Speaker 1: think some people, like I've used after pay and it's

452
00:22:52,359 --> 00:22:57,080
Speaker 1: almost like just using it to use it. Yeah, it's available, Yeah,

453
00:22:57,160 --> 00:22:58,920
Speaker 1: so thank you for sure. I don't know.

454
00:22:59,040 --> 00:23:01,399
Speaker 2: The thing with after is that even if you're not

455
00:23:01,520 --> 00:23:04,360
Speaker 2: using it and the account's still open, they can see

456
00:23:04,480 --> 00:23:06,800
Speaker 2: like it's they make you shut it down and get

457
00:23:06,800 --> 00:23:09,520
Speaker 2: a letter to say that it's closed. Because after pays,

458
00:23:09,560 --> 00:23:11,520
Speaker 2: like a credit card you can activate, you just go

459
00:23:11,560 --> 00:23:14,080
Speaker 2: online and use after pay again on your account.

460
00:23:14,440 --> 00:23:15,760
Speaker 3: So after pay is not good.

461
00:23:16,080 --> 00:23:18,919
Speaker 2: And then yeah, obviously if you've got it there and

462
00:23:18,960 --> 00:23:21,359
Speaker 2: then you close it and then reopen it after the

463
00:23:21,400 --> 00:23:24,160
Speaker 2: bank can't see it. But I would be really really

464
00:23:24,200 --> 00:23:27,200
Speaker 2: looking at that client and saying, well, maybe just check

465
00:23:27,200 --> 00:23:30,919
Speaker 2: out your expenses and budget for it, so don't not

466
00:23:31,119 --> 00:23:33,199
Speaker 2: do it. Just put money away each week so that

467
00:23:33,240 --> 00:23:35,720
Speaker 2: when you do want to go get your beauty treatments

468
00:23:35,880 --> 00:23:37,920
Speaker 2: or the clothes you've just saved for it.

469
00:23:38,119 --> 00:23:38,359
Speaker 3: Yeah.

470
00:23:38,480 --> 00:23:41,520
Speaker 1: Yeah, love that so interesting.

471
00:23:41,680 --> 00:23:42,119
Speaker 3: I can't.

472
00:23:42,200 --> 00:23:45,480
Speaker 1: Yeah, makes sense. Well, thanks for that. So the next

473
00:23:45,480 --> 00:23:48,920
Speaker 1: thing I want to chat about is rent vesting. So

474
00:23:48,960 --> 00:23:51,199
Speaker 1: someone asks, is it worth it to rent out your

475
00:23:51,240 --> 00:23:54,800
Speaker 1: house you already own, then move into another house and

476
00:23:54,840 --> 00:23:56,920
Speaker 1: pay rent somewhere in a better location.

477
00:23:57,359 --> 00:23:57,679
Speaker 3: Yeah?

478
00:23:57,720 --> 00:24:01,119
Speaker 2: So I love rent vesting about this all day. But

479
00:24:01,320 --> 00:24:03,760
Speaker 2: just to break down that question real quick, if your

480
00:24:03,760 --> 00:24:06,080
Speaker 2: house is in an area that you don't necessarily want

481
00:24:06,119 --> 00:24:07,879
Speaker 2: to live in, and you want to move to an

482
00:24:07,920 --> 00:24:09,560
Speaker 2: area that you do want to live in, then that

483
00:24:09,600 --> 00:24:12,639
Speaker 2: makes sense because you're it's about your choice. So if

484
00:24:12,640 --> 00:24:15,199
Speaker 2: you're going to go rent, it's because that area for

485
00:24:15,280 --> 00:24:17,280
Speaker 2: you to buy is not affordable.

486
00:24:17,480 --> 00:24:17,720
Speaker 3: Right.

487
00:24:18,160 --> 00:24:20,840
Speaker 1: So rent vesting is when you own a property and

488
00:24:20,880 --> 00:24:21,880
Speaker 1: then you live somewhere else.

489
00:24:21,960 --> 00:24:22,160
Speaker 3: Yeah.

490
00:24:22,200 --> 00:24:24,560
Speaker 2: So rent vesting is where you rent where you want

491
00:24:24,560 --> 00:24:26,960
Speaker 2: to live and own an investment property.

492
00:24:27,040 --> 00:24:27,359
Speaker 1: Okay.

493
00:24:27,480 --> 00:24:30,480
Speaker 2: Yeah, So the reason why you rent vest is because

494
00:24:30,520 --> 00:24:33,520
Speaker 2: you can't necessarily buy a property in that location in

495
00:24:33,560 --> 00:24:36,720
Speaker 2: terms of affordability yet, but you can own an investment

496
00:24:36,760 --> 00:24:38,040
Speaker 2: property in a better location.

497
00:24:38,640 --> 00:24:40,040
Speaker 3: So it's cheaper for you.

498
00:24:39,960 --> 00:24:41,840
Speaker 2: To rent than it is to own and live in

499
00:24:41,840 --> 00:24:45,600
Speaker 2: a property only purely because of the outgoings. So if

500
00:24:45,600 --> 00:24:48,800
Speaker 2: you buy a property and it's got body corporate rates,

501
00:24:48,800 --> 00:24:52,520
Speaker 2: insurances and maintenance. You don't have to pay for body

502
00:24:52,520 --> 00:24:56,199
Speaker 2: corporate and building insurance and maintenance when you live in

503
00:24:56,200 --> 00:24:59,560
Speaker 2: a unit and rent. Those extra costs can add up

504
00:24:59,600 --> 00:25:01,960
Speaker 2: to a few hundred dollars a week. So that's why

505
00:25:02,119 --> 00:25:05,800
Speaker 2: renting and owning an investment property is better. An investment

506
00:25:05,800 --> 00:25:08,320
Speaker 2: property is paid also by your tenant, and you also

507
00:25:08,400 --> 00:25:11,720
Speaker 2: get tax deductions generally, So you can own an investment

508
00:25:11,800 --> 00:25:14,800
Speaker 2: property and it could be neutral or only fifty dollars

509
00:25:14,840 --> 00:25:18,800
Speaker 2: a week or positive cash flow and rent for you know,

510
00:25:18,920 --> 00:25:21,320
Speaker 2: three four hundred bucks a week or five or six

511
00:25:21,359 --> 00:25:24,080
Speaker 2: depending on where you live. Right, So it is always

512
00:25:24,160 --> 00:25:28,199
Speaker 2: re investing always the numbers always look better. But you know,

513
00:25:28,280 --> 00:25:29,880
Speaker 2: if you bought a house and you're going to move

514
00:25:29,880 --> 00:25:31,880
Speaker 2: out of that house, are you moving to a better

515
00:25:31,960 --> 00:25:34,480
Speaker 2: location that you like or is it just a numbers thing.

516
00:25:34,720 --> 00:25:36,280
Speaker 3: So there's two factors of that question.

517
00:25:37,200 --> 00:25:40,040
Speaker 1: So interesting And because I know you've done that a

518
00:25:40,040 --> 00:25:41,199
Speaker 1: lot too in your past.

519
00:25:41,320 --> 00:25:44,600
Speaker 2: Yeap, I do a lot of I rent a lot

520
00:25:44,680 --> 00:25:47,640
Speaker 2: because I'm moving around, Yeah, moving around a lot, you're

521
00:25:47,640 --> 00:25:50,000
Speaker 2: a gensitor. But the thing is is it also gives

522
00:25:50,000 --> 00:25:52,919
Speaker 2: you that flexibility. So renting rather than owning allows you

523
00:25:53,000 --> 00:25:56,080
Speaker 2: to shift, move, go overseas for six months, you know

524
00:25:56,080 --> 00:25:58,160
Speaker 2: what I mean. And you can't you know, for you

525
00:25:58,200 --> 00:25:59,639
Speaker 2: to do that on your own home, you've got to

526
00:25:59,640 --> 00:26:00,760
Speaker 2: put away the mortgage.

527
00:26:01,000 --> 00:26:04,679
Speaker 1: Yeah, yeah, amazing. And so someone asks, what are the

528
00:26:04,720 --> 00:26:08,200
Speaker 1: biggest myths in regards to buying a property That.

529
00:26:08,119 --> 00:26:10,800
Speaker 2: You need to buy land to make money. That is

530
00:26:10,840 --> 00:26:13,359
Speaker 2: the biggest myth, biggest myth.

531
00:26:14,119 --> 00:26:17,240
Speaker 1: That's so interesting because the last couple of years, like

532
00:26:17,280 --> 00:26:20,360
Speaker 1: when we bought our first house, which was a townhouse,

533
00:26:21,200 --> 00:26:22,800
Speaker 1: we got a lot of ad buys that were like,

534
00:26:22,880 --> 00:26:26,800
Speaker 1: don't buy an apartment, don't buy a townhouse, blah blah blah,

535
00:26:26,840 --> 00:26:28,240
Speaker 1: and like we just did it because that's what we

536
00:26:28,240 --> 00:26:30,480
Speaker 1: could afford, and we actually wanted to live close to

537
00:26:30,480 --> 00:26:33,520
Speaker 1: the city. So I love this question. I know what

538
00:26:33,560 --> 00:26:35,520
Speaker 1: you're about to say, so explain it to us.

539
00:26:35,760 --> 00:26:38,960
Speaker 3: So, look, it's all about supply and demand. That's it.

540
00:26:39,440 --> 00:26:42,240
Speaker 2: Like, it's not about what you're buying, It's about supply

541
00:26:42,280 --> 00:26:45,480
Speaker 2: and demand. If you understand that in any city, the

542
00:26:45,560 --> 00:26:48,800
Speaker 2: growth always starts from the major city and it moves out.

543
00:26:49,160 --> 00:26:52,200
Speaker 2: So if you can buy land in as close to

544
00:26:52,240 --> 00:26:54,960
Speaker 2: the city as possible. Then that's great and that's ideal.

545
00:26:55,000 --> 00:26:57,359
Speaker 2: But land is less and in some cities you don't

546
00:26:57,400 --> 00:27:00,639
Speaker 2: even you can't even buy land, like in Sydney, so

547
00:27:01,000 --> 00:27:03,080
Speaker 2: you want to try and get a piece of that land,

548
00:27:03,320 --> 00:27:06,639
Speaker 2: and therefore more people want to buy and live in

549
00:27:06,680 --> 00:27:09,560
Speaker 2: those areas. So that's why you can see that like

550
00:27:09,760 --> 00:27:12,560
Speaker 2: you know, oh, in any city, I can name areas.

551
00:27:12,560 --> 00:27:15,000
Speaker 2: But like you can buy an apartment for fourteen million

552
00:27:15,080 --> 00:27:18,240
Speaker 2: dollars and people will still buy that apartment. Why is

553
00:27:18,280 --> 00:27:21,280
Speaker 2: that so if you need land, why would people buy

554
00:27:21,320 --> 00:27:24,600
Speaker 2: that apartment that's like millions of dollars Because it's in

555
00:27:24,640 --> 00:27:27,800
Speaker 2: the city, it's in that location, and there's more demand

556
00:27:27,840 --> 00:27:30,800
Speaker 2: for that property. So how property prices go up is

557
00:27:30,920 --> 00:27:33,760
Speaker 2: just based on the supply and demands. If more people

558
00:27:33,800 --> 00:27:36,959
Speaker 2: want something, like the price of bread, the price of something,

559
00:27:37,040 --> 00:27:40,919
Speaker 2: you pay more for it. So buying an apartment or

560
00:27:40,960 --> 00:27:44,800
Speaker 2: a townhouse closer to the city is sometimes better than

561
00:27:44,880 --> 00:27:48,520
Speaker 2: buying a house further away. Right, I'm not saying don't

562
00:27:48,520 --> 00:27:49,879
Speaker 2: buy a house close to the city. If you can

563
00:27:49,920 --> 00:27:51,080
Speaker 2: afford million.

564
00:27:50,760 --> 00:27:53,960
Speaker 3: Dollars, then do it, right, But not everyone.

565
00:27:53,600 --> 00:27:56,840
Speaker 2: Can afford to buy that that property, So the biggest

566
00:27:56,880 --> 00:27:58,800
Speaker 2: myth is is that people go, you have to buy

567
00:27:58,800 --> 00:28:00,240
Speaker 2: a house, you have to buy an apartment. I'm not

568
00:28:00,320 --> 00:28:03,640
Speaker 2: saying either. I'm saying it's just a supply and demand rule,

569
00:28:03,960 --> 00:28:07,400
Speaker 2: and what is the most in demand and less in supply.

570
00:28:07,880 --> 00:28:10,399
Speaker 2: That's how you make money on any.

571
00:28:10,280 --> 00:28:13,359
Speaker 3: Type of asset. That's it. So that's the biggest myth.

572
00:28:13,520 --> 00:28:16,480
Speaker 2: And you know, I know many examples of people that

573
00:28:16,560 --> 00:28:18,720
Speaker 2: have bought land and still in twenty years have not

574
00:28:18,840 --> 00:28:21,960
Speaker 2: made money because you have these subdivisions. And we talked

575
00:28:22,000 --> 00:28:24,040
Speaker 2: about this earlier. I'm not going to name suburbics. I

576
00:28:24,040 --> 00:28:26,280
Speaker 2: don't want people listening to be upset if they have

577
00:28:26,400 --> 00:28:28,880
Speaker 2: bought in any of these suburbs. It doesn't mean you're

578
00:28:28,880 --> 00:28:30,639
Speaker 2: never going to make money on it, and you just

579
00:28:30,800 --> 00:28:33,320
Speaker 2: have to wait a lot longer because there's going to

580
00:28:33,320 --> 00:28:36,440
Speaker 2: be someone else that subdivides or builds a brand new

581
00:28:36,440 --> 00:28:39,520
Speaker 2: property for the same price as your property that's five

582
00:28:39,600 --> 00:28:43,240
Speaker 2: years old. So if there's still land available, the best

583
00:28:43,280 --> 00:28:45,480
Speaker 2: question to ask is how many years of land supply

584
00:28:45,600 --> 00:28:48,440
Speaker 2: do you have in this subdivision? And you know some

585
00:28:48,560 --> 00:28:51,040
Speaker 2: places are ten to fifteen years, twenty years of that,

586
00:28:51,360 --> 00:28:54,320
Speaker 2: So until there's no more land for someone else to

587
00:28:54,360 --> 00:28:57,120
Speaker 2: build a house on. That's when you start making money

588
00:28:57,120 --> 00:29:00,239
Speaker 2: because people buy a secondhand property for the same for

589
00:29:00,320 --> 00:29:01,600
Speaker 2: more because they can't build.

590
00:29:01,880 --> 00:29:05,280
Speaker 3: Yeah, so that's how the whole myth around that you

591
00:29:05,360 --> 00:29:06,200
Speaker 3: have to buy land.

592
00:29:06,360 --> 00:29:08,200
Speaker 1: Yeah, so me and Idol were just talking about off

593
00:29:08,240 --> 00:29:11,560
Speaker 1: a kind of like you know, sort of estates and

594
00:29:11,600 --> 00:29:14,000
Speaker 1: stuff that aren't too close to cities. They're a bit

595
00:29:14,040 --> 00:29:16,880
Speaker 1: further out and they've got like you know, buy the

596
00:29:16,960 --> 00:29:20,120
Speaker 1: land and the house packages and all that sort of stuff,

597
00:29:20,160 --> 00:29:22,000
Speaker 1: and it looks really good and you can build this

598
00:29:22,040 --> 00:29:25,200
Speaker 1: new house. But what often happens is someone will have

599
00:29:25,280 --> 00:29:27,720
Speaker 1: an estate like just up the road and they keep

600
00:29:28,000 --> 00:29:32,000
Speaker 1: the states keep coming and popping up, and so why

601
00:29:32,000 --> 00:29:35,560
Speaker 1: would someone go to rebuy your house, which they can

602
00:29:35,680 --> 00:29:38,400
Speaker 1: just build a new one, a new one and have

603
00:29:38,520 --> 00:29:39,880
Speaker 1: it exactly how they want.

604
00:29:40,000 --> 00:29:44,680
Speaker 2: Correct, And until that land diminishes, people won't buy a

605
00:29:44,760 --> 00:29:48,120
Speaker 2: secondhand house. They'll just keep you know, getting the new house,

606
00:29:48,120 --> 00:29:50,560
Speaker 2: get the new house, and in those subdivisions, the price

607
00:29:50,600 --> 00:29:54,200
Speaker 2: of the land and house stays very similar because they're

608
00:29:54,200 --> 00:29:56,520
Speaker 2: trying to like sell it exactly to what you paid.

609
00:29:56,680 --> 00:30:00,280
Speaker 2: So you just that's where buying land doesn't necessarily mean

610
00:30:00,360 --> 00:30:02,560
Speaker 2: that you're going to make money amazing.

611
00:30:03,080 --> 00:30:06,520
Speaker 1: Okay, so someone asks tips on how to save while

612
00:30:06,520 --> 00:30:09,280
Speaker 1: paying a mortgage with the end goal of buying another

613
00:30:09,360 --> 00:30:11,800
Speaker 1: house and keeping your current home as a rental.

614
00:30:12,160 --> 00:30:15,720
Speaker 2: Yeah, this is a little bit technical, but you need

615
00:30:15,760 --> 00:30:18,719
Speaker 2: to use an offset account on your mortgage so that

616
00:30:19,000 --> 00:30:21,800
Speaker 2: when you're getting your pay and any of the money

617
00:30:21,840 --> 00:30:24,640
Speaker 2: that's coming through, you're like using it to offset interest

618
00:30:24,640 --> 00:30:26,719
Speaker 2: on your loan so you can pay it down quicker.

619
00:30:27,120 --> 00:30:29,440
Speaker 2: So an offset account is like an account that you'll

620
00:30:29,480 --> 00:30:32,480
Speaker 2: save interest off based on your home loan interest, So

621
00:30:32,600 --> 00:30:35,000
Speaker 2: rather than the bank give you interest, they'll just work

622
00:30:35,040 --> 00:30:36,880
Speaker 2: out what you've got in that account and offset it

623
00:30:36,920 --> 00:30:40,560
Speaker 2: against your loan. So definitely using an offset account. And

624
00:30:40,640 --> 00:30:44,560
Speaker 2: then because that's linked to your property and you're not

625
00:30:44,600 --> 00:30:47,000
Speaker 2: physically putting the money, still pay P and I repayment,

626
00:30:47,080 --> 00:30:49,400
Speaker 2: so you're paying the loan off, but try to pump

627
00:30:49,400 --> 00:30:51,960
Speaker 2: as much money into the offset so that works out

628
00:30:52,000 --> 00:30:55,000
Speaker 2: to be like an extra money you can pull out

629
00:30:55,000 --> 00:30:58,080
Speaker 2: of that property to then use it for the next property.

630
00:30:58,120 --> 00:31:00,760
Speaker 2: So basically i'd be putting the rent in there any

631
00:31:00,800 --> 00:31:03,440
Speaker 2: extra money that you can to help offset the current

632
00:31:03,480 --> 00:31:06,080
Speaker 2: loan and pay off the like. So it saves you

633
00:31:06,160 --> 00:31:09,280
Speaker 2: interest and you're paying down the debt, and then other

634
00:31:09,320 --> 00:31:12,040
Speaker 2: tips around that. It's just like how you're managing your

635
00:31:12,080 --> 00:31:14,960
Speaker 2: money really, which we can go into the next in

636
00:31:15,000 --> 00:31:18,160
Speaker 2: the next podcast, but it's just looking at if your

637
00:31:18,200 --> 00:31:21,160
Speaker 2: goal is to buy another property, use an offset account

638
00:31:21,640 --> 00:31:23,720
Speaker 2: so that that builds up and you just take that

639
00:31:24,480 --> 00:31:26,080
Speaker 2: and then put it into the next property.

640
00:31:26,080 --> 00:31:27,840
Speaker 3: I hope that answered the question. I think I kind

641
00:31:27,840 --> 00:31:29,280
Speaker 3: of did. But no, that's quit perfect.

642
00:31:29,360 --> 00:31:32,680
Speaker 1: It made sense to me. Okay, So someone else asked,

643
00:31:32,720 --> 00:31:34,960
Speaker 1: what are the variables to look at when buying an

644
00:31:34,960 --> 00:31:36,320
Speaker 1: investment property.

645
00:31:36,720 --> 00:31:39,520
Speaker 2: Same variables when you're buying any property. I don't change

646
00:31:39,560 --> 00:31:42,200
Speaker 2: the principles of four ingredients that make the cocktail. Go

647
00:31:43,280 --> 00:31:44,840
Speaker 2: come to my workshop if you want to know all

648
00:31:44,920 --> 00:31:47,600
Speaker 2: for I keep missing one out just so people are like, oh,

649
00:31:47,720 --> 00:31:50,920
Speaker 2: what's the foor No, but really you just got to

650
00:31:50,920 --> 00:31:53,960
Speaker 2: look at the actual outgoings and what your true cost is.

651
00:31:54,280 --> 00:31:57,880
Speaker 2: So when people buy an investment property, look at income

652
00:31:58,040 --> 00:32:00,880
Speaker 2: minus expenses and then what is that cost to you.

653
00:32:01,440 --> 00:32:04,600
Speaker 2: That's the main thing. So and then allow for buffers,

654
00:32:04,600 --> 00:32:08,080
Speaker 2: so allow for vacancy days without rent, allow for any

655
00:32:08,160 --> 00:32:10,360
Speaker 2: expenses that you you know you need to put away

656
00:32:10,360 --> 00:32:13,480
Speaker 2: for people don't put away for maintenance, especially if they

657
00:32:13,560 --> 00:32:16,960
Speaker 2: buy old, especially if they buy a house. The good

658
00:32:17,000 --> 00:32:20,720
Speaker 2: thing about units and townhouses is you have that body corporate,

659
00:32:21,040 --> 00:32:24,080
Speaker 2: so you're saving for that maintenance. People buy a house

660
00:32:24,120 --> 00:32:26,959
Speaker 2: and they don't put any money in for maintenance, future

661
00:32:27,000 --> 00:32:30,120
Speaker 2: maintenance stuff that can happen, like your whole You can

662
00:32:30,160 --> 00:32:33,680
Speaker 2: get a roof problem, your electric hot water system can go.

663
00:32:34,200 --> 00:32:37,520
Speaker 2: House maintenance is expensive. But if you're buying something and

664
00:32:37,560 --> 00:32:39,160
Speaker 2: don't put money away, you're just going to have a

665
00:32:39,200 --> 00:32:42,840
Speaker 2: major expense. So think about that when you're doing your

666
00:32:42,920 --> 00:32:45,200
Speaker 2: numbers when you're buying a property, so you've backed it

667
00:32:45,240 --> 00:32:48,200
Speaker 2: in your true outgoing, like your true out of pocket cost.

668
00:32:48,720 --> 00:32:52,960
Speaker 1: Amazing, yep, okay, perfect. And so to wrap it up,

669
00:32:53,160 --> 00:32:55,320
Speaker 1: just so we're trying to keep to half an hour

670
00:32:55,400 --> 00:32:59,360
Speaker 1: sort of episodes, guys, to wrap it up, because I

671
00:32:59,360 --> 00:33:01,760
Speaker 1: know we could really just take forever. I want to

672
00:33:01,800 --> 00:33:05,680
Speaker 1: ask you, and I did kind of notice this sense

673
00:33:05,720 --> 00:33:09,560
Speaker 1: in the group of people kind of feeling like buying

674
00:33:09,560 --> 00:33:12,680
Speaker 1: a house was this really big thing and not a reality.

675
00:33:12,720 --> 00:33:14,760
Speaker 1: So I wanted to ask you, do you have any

676
00:33:14,800 --> 00:33:18,320
Speaker 1: advice for millennials who tell themselves they'll never own a

677
00:33:18,360 --> 00:33:20,760
Speaker 1: property and how can they make it a reality?

678
00:33:21,280 --> 00:33:25,080
Speaker 2: So first word of advice, stop saying that yes, because

679
00:33:25,120 --> 00:33:28,280
Speaker 2: like what you say becomes true, you know, So I

680
00:33:28,280 --> 00:33:31,240
Speaker 2: would say, like anything you want to do is possible,

681
00:33:31,280 --> 00:33:34,760
Speaker 2: and owning a property is really not that hard, right,

682
00:33:35,200 --> 00:33:38,560
Speaker 2: It's just a commitment. So everything is about having goals

683
00:33:38,600 --> 00:33:39,400
Speaker 2: and priorities.

684
00:33:39,680 --> 00:33:41,160
Speaker 3: If you really really.

685
00:33:40,880 --> 00:33:43,000
Speaker 2: Want to do it, come to one of my workshops

686
00:33:43,080 --> 00:33:46,080
Speaker 2: or talk to someone about how the thing is is

687
00:33:46,200 --> 00:33:48,840
Speaker 2: All of these things always seem like I can never

688
00:33:48,920 --> 00:33:51,480
Speaker 2: do that because no one's broken it down. Yeah, if

689
00:33:51,520 --> 00:33:53,680
Speaker 2: you actually really want to do it, sit down, come

690
00:33:53,720 --> 00:33:56,240
Speaker 2: to one of my workshops and just ask how do

691
00:33:56,400 --> 00:33:58,520
Speaker 2: I do it? How much deposit do I need? How

692
00:33:58,600 --> 00:34:01,000
Speaker 2: much money should I save? And then put that plan

693
00:34:01,120 --> 00:34:03,440
Speaker 2: in place. All it is is you just need to

694
00:34:03,480 --> 00:34:06,080
Speaker 2: save a deposit and you need to have that stable

695
00:34:06,120 --> 00:34:07,080
Speaker 2: income and work.

696
00:34:07,160 --> 00:34:09,279
Speaker 3: So we talk about that stuff. All of that.

697
00:34:09,320 --> 00:34:12,320
Speaker 2: It's just normal, right, Yeah, it's just that people think

698
00:34:12,440 --> 00:34:16,200
Speaker 2: it's too big. It's not. It's actually not. If you

699
00:34:16,440 --> 00:34:18,560
Speaker 2: just break down, like any goal, it's like I want

700
00:34:18,560 --> 00:34:19,960
Speaker 2: to have a business, How do I have a business.

701
00:34:20,000 --> 00:34:22,400
Speaker 2: It's like, well that just seems so unbelievable. Yeah, no,

702
00:34:22,560 --> 00:34:23,839
Speaker 2: well what do you need to do?

703
00:34:23,920 --> 00:34:24,560
Speaker 3: What are the STAPs?

704
00:34:24,560 --> 00:34:24,840
Speaker 1: Break it?

705
00:34:25,360 --> 00:34:28,600
Speaker 2: Break it down into steps, and it's a commitment. Yeah,

706
00:34:28,880 --> 00:34:33,000
Speaker 2: So priorities and having a everything's a matter of priorities.

707
00:34:33,000 --> 00:34:35,600
Speaker 2: If your priority is to own a property in twelve months.

708
00:34:35,600 --> 00:34:37,400
Speaker 2: I had a client come in the other day and

709
00:34:37,440 --> 00:34:39,399
Speaker 2: she goes, I have to do it in twelve months.

710
00:34:39,440 --> 00:34:41,759
Speaker 2: I was like, okay, is that like, it's okay if

711
00:34:41,760 --> 00:34:43,759
Speaker 2: you don't, No, I have to do it in twelve months.

712
00:34:43,800 --> 00:34:46,120
Speaker 2: All right, so you need fifty grand in twelve months.

713
00:34:46,160 --> 00:34:47,799
Speaker 2: She's like all right, how And I go, you need

714
00:34:47,840 --> 00:34:50,359
Speaker 2: to save four thousand dollars a month. She's like four

715
00:34:50,400 --> 00:34:52,120
Speaker 2: thousand a month. I'm like, yeah, but you said you

716
00:34:52,160 --> 00:34:53,440
Speaker 2: want to do it. I've said it's all right if

717
00:34:53,440 --> 00:34:55,320
Speaker 2: you do it in two years, not I'm going to

718
00:34:55,360 --> 00:34:57,160
Speaker 2: do it. And I go, you're going to do four

719
00:34:57,200 --> 00:34:59,480
Speaker 2: grand a month? And she's like yeah, And then I

720
00:34:59,480 --> 00:35:01,799
Speaker 2: said tell me, and then we broke it down and

721
00:35:01,880 --> 00:35:03,600
Speaker 2: like so it's not as she goes, okay, a year

722
00:35:03,640 --> 00:35:04,120
Speaker 2: and a half.

723
00:35:04,320 --> 00:35:04,600
Speaker 1: Yeah.

724
00:35:04,640 --> 00:35:06,800
Speaker 2: But the thing is is like no one really sits

725
00:35:06,840 --> 00:35:09,120
Speaker 2: down with people to tell them. Everyone just is like,

726
00:35:09,360 --> 00:35:11,320
Speaker 2: you need this, you need that, but no one breaks

727
00:35:11,400 --> 00:35:13,959
Speaker 2: it down. Every goal just needs to be broken down

728
00:35:14,440 --> 00:35:17,319
Speaker 2: into milestones and how do you achieve it and it's done.

729
00:35:17,360 --> 00:35:20,000
Speaker 2: It's not hard to own a property. It's not hard

730
00:35:20,040 --> 00:35:22,840
Speaker 2: to own multiple properties. You know, yeah, you own multiple

731
00:35:22,840 --> 00:35:23,480
Speaker 2: properties now.

732
00:35:23,520 --> 00:35:26,200
Speaker 1: Yeah, Well that's funny because when me and Tim, it's

733
00:35:26,200 --> 00:35:28,719
Speaker 1: actually we got engaged and then we're like, we should

734
00:35:28,800 --> 00:35:31,879
Speaker 1: open an account together, a joint bank account, and then

735
00:35:31,920 --> 00:35:35,560
Speaker 1: we started saving and we had a rough idea our

736
00:35:35,960 --> 00:35:38,840
Speaker 1: sort of first property weeks. We wanted to get the

737
00:35:38,840 --> 00:35:42,399
Speaker 1: first owners grant, so we had these kind of rough

738
00:35:42,440 --> 00:35:44,759
Speaker 1: ideas of what we needed to do to get that.

739
00:35:45,400 --> 00:35:46,920
Speaker 1: So it was kind of good because we're like, this

740
00:35:47,000 --> 00:35:49,000
Speaker 1: is what we need to look for in properties, and

741
00:35:49,040 --> 00:35:51,080
Speaker 1: we had a certain price and that sort of thing,

742
00:35:51,520 --> 00:35:53,840
Speaker 1: and then we thought, okay, we want to I think

743
00:35:53,920 --> 00:35:56,000
Speaker 1: we saved for a year and a half and then

744
00:35:56,040 --> 00:35:58,880
Speaker 1: we broke it down in how much we need per week,

745
00:35:59,760 --> 00:36:02,040
Speaker 1: and it just it's you know, you have this number

746
00:36:02,080 --> 00:36:04,719
Speaker 1: and you're like, I want this property. I'm going to

747
00:36:04,800 --> 00:36:06,879
Speaker 1: make this happen. And when you do break it down,

748
00:36:07,400 --> 00:36:08,720
Speaker 1: it like has less power.

749
00:36:08,840 --> 00:36:09,680
Speaker 3: Yeah, that's right.

750
00:36:09,719 --> 00:36:11,680
Speaker 2: It's like if you think something's too big, then it

751
00:36:11,760 --> 00:36:14,680
Speaker 2: just days big, right, and the breakdown is important. And

752
00:36:14,719 --> 00:36:16,680
Speaker 2: then what happens is is when you've done that, you

753
00:36:16,760 --> 00:36:19,600
Speaker 2: shift how can we do more? Did you notice as

754
00:36:19,640 --> 00:36:22,319
Speaker 2: soon as you broke it down you're like, oh, I've

755
00:36:22,320 --> 00:36:24,640
Speaker 2: found a way I can sell something and put more money.

756
00:36:24,719 --> 00:36:27,279
Speaker 3: Yes, right, I know. It's a shift that you do.

757
00:36:27,320 --> 00:36:30,320
Speaker 2: And this is all money mindset and just mindset in general,

758
00:36:30,440 --> 00:36:32,839
Speaker 2: is that when you break something down and you take

759
00:36:32,840 --> 00:36:35,960
Speaker 2: away the fear, you then shift into like being in

760
00:36:36,000 --> 00:36:38,040
Speaker 2: your power of how can I do more?

761
00:36:38,120 --> 00:36:39,239
Speaker 3: And abundant? Yeah.

762
00:36:39,280 --> 00:36:41,719
Speaker 1: And then's so it's funny because our goal of what

763
00:36:41,840 --> 00:36:44,719
Speaker 1: like we wanted, we actually had more at the end of.

764
00:36:44,719 --> 00:36:45,800
Speaker 3: The Oh you did it sooner?

765
00:36:46,320 --> 00:36:49,799
Speaker 1: Yeah, so amazing and just quickly because I know this

766
00:36:49,920 --> 00:36:54,040
Speaker 1: question would be burning in people's ears, but I know

767
00:36:54,280 --> 00:36:56,880
Speaker 1: it's going to be different for each property. But just

768
00:36:56,920 --> 00:37:00,400
Speaker 1: a rough estimate, someone's thinking of buying, probably their first home,

769
00:37:00,640 --> 00:37:02,839
Speaker 1: how much deposit should they be aiming to have?

770
00:37:03,120 --> 00:37:05,959
Speaker 2: Yeah, I always say to people, and this will blow

771
00:37:06,000 --> 00:37:08,960
Speaker 2: people's mind in Sydney because it's like is that all?

772
00:37:09,000 --> 00:37:11,600
Speaker 2: But look, if you're rent vesting, then yes, I'd say

773
00:37:11,640 --> 00:37:15,239
Speaker 2: aim for like sixty grand as a deposit and then

774
00:37:15,360 --> 00:37:17,719
Speaker 2: you've got some options as to like how could you

775
00:37:18,040 --> 00:37:20,279
Speaker 2: rant vest or what sort of properties would that be,

776
00:37:20,640 --> 00:37:23,120
Speaker 2: and then that kind of pulls everyone in. If you're

777
00:37:23,120 --> 00:37:25,359
Speaker 2: a first home buyer buying in Queensland, you don't need

778
00:37:25,400 --> 00:37:27,840
Speaker 2: that much, no, but I'll just say aim for fifty

779
00:37:27,880 --> 00:37:28,560
Speaker 2: sixty grand.

780
00:37:28,719 --> 00:37:30,600
Speaker 1: Yeah, and is that ten percent?

781
00:37:31,440 --> 00:37:34,520
Speaker 2: So it'll be five or eight or ten depending on

782
00:37:34,560 --> 00:37:36,360
Speaker 2: what your price is. So if you're buying something for

783
00:37:36,440 --> 00:37:40,200
Speaker 2: five hundred, that's ten percent, but then you've got some costs, yes,

784
00:37:40,800 --> 00:37:42,680
Speaker 2: and then if you're buying something for four hundred, it's

785
00:37:42,680 --> 00:37:44,799
Speaker 2: a bit more. So I sort of just say to

786
00:37:44,840 --> 00:37:49,040
Speaker 2: people target like fifty sixty grand and then yeah, that's

787
00:37:49,040 --> 00:37:50,360
Speaker 2: a good good place to start.

788
00:37:51,000 --> 00:37:54,120
Speaker 1: Amazing. Well, thank you so much. Ida, you were just

789
00:37:54,440 --> 00:37:57,879
Speaker 1: you've got so much good knowledge and our guys make

790
00:37:57,920 --> 00:38:01,080
Speaker 1: sure you go and check out grogory website. I'll put

791
00:38:01,080 --> 00:38:03,640
Speaker 1: the link in the details. Check out if there is

792
00:38:03,680 --> 00:38:06,480
Speaker 1: a workshop coming to you and if not, if you're

793
00:38:06,560 --> 00:38:10,080
Speaker 1: overseas or anything like that, guys, please go and support

794
00:38:10,120 --> 00:38:13,200
Speaker 1: Ida and follow her because she's giving you so much

795
00:38:13,400 --> 00:38:17,160
Speaker 1: free value here, So go and check her out her Instagram.

796
00:38:17,280 --> 00:38:20,239
Speaker 1: You'll say it so it's like, I don't know.

797
00:38:20,200 --> 00:38:23,440
Speaker 3: This irishavans which is a Y D A S H

798
00:38:23,560 --> 00:38:24,719
Speaker 3: A B A m Z.

799
00:38:25,760 --> 00:38:28,279
Speaker 1: I was not going to about to spell that for you. No,

800
00:38:28,440 --> 00:38:31,239
Speaker 1: you're amazing. Thank you so much. And guys, we will

801
00:38:31,280 --> 00:38:34,640
Speaker 1: have another money podcast coming out, I think probably three

802
00:38:34,640 --> 00:38:37,680
Speaker 1: weeks or so. We'll split them apart just to keep

803
00:38:37,719 --> 00:38:40,680
Speaker 1: people excited. And in the next one, what are we

804
00:38:40,719 --> 00:38:41,520
Speaker 1: talking about.

805
00:38:41,719 --> 00:38:47,839
Speaker 2: We're going to talk about money, money mindset and savings, savings,

806
00:38:48,000 --> 00:38:49,280
Speaker 2: how to like pay off debt?

807
00:38:49,600 --> 00:38:51,680
Speaker 3: Yes, yep, so how to pay off debt.

808
00:38:51,520 --> 00:38:53,439
Speaker 2: How to manage your money, how to pay off debt

809
00:38:53,560 --> 00:38:55,160
Speaker 2: and get into investing.

810
00:38:55,320 --> 00:38:57,040
Speaker 1: Yeah, and I also want to chat a little bit

811
00:38:57,080 --> 00:39:00,320
Speaker 1: about money mindset. It'd be good, Okay, Wilson, thank you

812
00:39:00,400 --> 00:39:00,799
Speaker 1: so much.

813
00:39:00,840 --> 00:39:01,160
Speaker 3: Guys.

814
00:39:01,200 --> 00:39:05,239
Speaker 1: Thanks, and that's a wrap on another episode of the

815
00:39:05,320 --> 00:39:06,640
Speaker 1: Rise and Concer podcast.

816
00:39:06,920 --> 00:39:07,640
Speaker 3: I hope you got.

817
00:39:07,600 --> 00:39:09,680
Speaker 1: Something valuable from it, and I want to say a

818
00:39:09,800 --> 00:39:12,600
Speaker 1: big thank you for tuning in. I really really do

819
00:39:12,719 --> 00:39:15,879
Speaker 1: appreciate it. If you're craving more than don't worry. I've

820
00:39:15,920 --> 00:39:18,960
Speaker 1: got you sorted. We have our very own Rise and

821
00:39:19,000 --> 00:39:22,840
Speaker 1: Conquer community Facebook group where hundreds of like minded women

822
00:39:23,160 --> 00:39:27,280
Speaker 1: joined to share in on stories ask, advice and everything

823
00:39:27,360 --> 00:39:29,880
Speaker 1: in between. I'd love for you to join us. Just

824
00:39:29,960 --> 00:39:33,719
Speaker 1: search Rise and Concer podcast community or find the link

825
00:39:33,760 --> 00:39:36,560
Speaker 1: in the show notes. And if you loved listening as

826
00:39:36,640 --> 00:39:39,879
Speaker 1: much as I loved recording this episode, then please subscribe

827
00:39:40,080 --> 00:39:43,319
Speaker 1: and leave a review. It really helps us out. And

828
00:39:43,440 --> 00:39:46,400
Speaker 1: if you think of anyone who would benefit or enjoy

829
00:39:46,440 --> 00:39:49,840
Speaker 1: this episode, please share it with them. You can also

830
00:39:49,920 --> 00:39:54,520
Speaker 1: find more on Instagram at risinconcor dot podcast and more

831
00:39:54,560 --> 00:39:58,320
Speaker 1: from me your hosts at Georgie Stevenson. Once again, guys,

832
00:39:58,360 --> 00:40:00,279
Speaker 1: thank you so much for tuning in the This is

833
00:40:00,280 --> 00:40:04,520
Speaker 1: a totally independent podcast, so we really do appreciate every

834
00:40:04,560 --> 00:40:07,279
Speaker 1: bit of support. Hope you guys have an amazing day

835
00:40:07,320 --> 00:40:09,879
Speaker 1: or night whenever you're listening, and I'll talk to you soon.

836
00:40:10,520 --> 00:40:17,919
Speaker 1: Your day by day kid day