Ben Bought His 13th Property! Life Update June 2020
It’s been a while since me and Ben Everingham caught up. In this episode we talk about what we have been up to in the last 2 months, how Ben bought a new property and how Ryan is getting on top of his finances.
We also touch on living consciously and loving life while on our journey towards financial freedom.
0:00 – Introduction
1:17 – Ben’s got a new office
2:37 – Ryan’s life update
4:28 – Ben bought his 13th property
8:03 – Ben’s strategy behind this property
11:52 – Design the life you want sooner rather than later
18:45 – The problem with the hustle life
hey guys ryan from on property here joined by ben everingham buyer’s agent from pumped on property how’s it going ben awesome man
yeah really good it’s been a couple months since me and ben have caught up and we just spent a couple hours on the phone going through business stuff and thought before we ended the call and went on our merry way with another business we would record something for like five or 10 minutes just talking about kind of where we’re at what’s been happening in our lives in the last couple of months and give you guys a bit of an update so ben i know you’ve been busy in the last couple months i think busy is kind of an understatement for you to be honest
yeah i feel like i’ve had a few things on my plate but you know like i was talking to my psychologists last week and he’s like all of these things are life enriching you know stuff that’s in line with my values and where i want to be in six months so even though i’ve been in a bit of survival mode and having a bit more anxiety than normal i still feel like it’s been incredible stuff and to be honest with you most people i think have been a bit disruptive at the moment man like working from home is a bit different for me you know walking straight out of the office and switching off as soon as i say the kids is a bit different for me so it’s cool man it’s been a season but i’m looking forward to sort of moving into flow a bit more doing a bit more stuff with you as well
yeah well you’ve got a new office now don’t you which you’re at at the moment
is it i’ve always wanted the express break look i didn’t think i’d find it on the sunny coast so here we are but i’m
sitting on the floor at the moment
i have no furniture and i haven’t finished renovating the office yet but the position is sick man it’s down hearing caloundra there’s like a basketball court a workout place a pool there’s like a sibo joint and epic food and the beach is literally 250 meters away so i think last mile was it’s epic and my house is actually only about a one kilometer ride from here so no more commute time which i’m so stoked to be back and i just don’t like wasting two hours of my life i know that a lot of people watching this unfortunately is still stuck in that and i’ve been like that for a few years but if you can get that two hours back man that’s two hours to chill out to like train to hang out with friends and family it’s just it’s a big part of life
yeah i think i’ve always like i’ve worked from home for the last five or seven years or something like that and i do that in a six to 12 months at the cafe and that was a two minute drive that was right down the road so we’ll get to update i feel like you you’ve done more exciting stuff in the last two months then probably i have but last time we spoke was probably around end of march early april when the staff of COVID was going to looking like it was going to be really bad here in australia obviously we’ve been really lucky and for me i freaked out at that time but it’s actually worked out really well in my favor i hustled my ass off in april and kind of looked at my business and looked at okay where can i kind of cut the fat where can i be more productive in my business and created a kind of plan and a long term plan for the future and it’s actually been so good like i’ve been able to up my productivity and up what i’m putting out but also do it in a more sustainable way like april i burned myself out so ridiculous hours and burnt myself out but then that allowed me to then kind of pull back in may and now june and kind of find an equilibrium where i’m like okay i’m working hard but i’m working at my capacity not above it and that this is gonna be sustainable so april i worked really hard may i kind of was a bit burnt out so i’m like okay create a sustainable plan for myself i’m feeling really on top of like my finances on top of paying off my debt i always said like 2019 was a year of survival for me 2020 was going to be a year growth and then all of this stuff happened on like oh maybe 2020 will be another survivor year like things are growing and i’m on i think a really good trajectory to kindle i am continually growing my passive income in a sustainable way that i think probably within a year i’ll probably have you know a good passive income then i’ll be financially free through my business again but then obviously it’ll be about let’s get that long term financial freedom which i didn’t do last time so i’ve kind of just been in hustle mode doing that hanging out with the kids surfing all that good stuff but you’ve actually gone and bought a property in the last couple months
i wasn’t planning to but the market the market just looks so good it still does look good like there’s still discounts around in the right areas but sentiment is coming back quite quickly at the moment i think the westpac sentiment index but is it a good time to buy properties way over 100% again which means people feel really comfortable i think for me it was just like an incredible opportunity came up off camera we talked about how i made that happen and it was literally just on realestate.com obviously from looking in that suburb for the last six years straight i had a pretty good idea of what i was looking for and this place came up at five grand below land value last year and i thought i’m not planning on it but why not so i bought this little knockdown join it was his deceased estate from an agent that wasn’t making any sales at that time when the market was tough and because there were no buyers i was lucky enough to snag it i just said what do i need to pay she told me i thought that was an absolute steal it was 30 grand less than i thought i’d have to pay and
did you have to go through like the negotiating steps that we’ve talked about in previous videos i’ll link up to how to negotiate on property down below did you have to go through those steps so it’s just like
not at all like this this agent jan she’s been in the industry for the last 30 years we’ve probably bought 50 properties off here in the last five years i literally picked up the phone i said jan i like this one for me personally what does it need to be to buy it she told me the price and i said cool send me the contract i’ll sign it like that was that was it there was no negotiations and sometimes man that’s the benefit of relationships like that’s why we get such good prices for clients because they can pick up the phone and have that combo they have to play the dance and the negotiation game with the agent but for us especially when it says good agents that have been there for a long time you can you know just be very straight with them and if they’ve got a relationship with you and they know that you’re solid they’ll they’ll tell you things that they shouldn’t
well that’s the thing and they know that you’re a solid deal that you’ll actually close on it as well and not just mess them around so for them it can be definitely worth worth it for them so that’s so cool you’re going to knock it down you’re going to rebuild a dual lock and have you know two incomes on that property you told me off camera that you’re building a two story so you’re gonna have a four bedroom two bathroom house and then a two bedroom granny flat or you know almost like a duplex to the side of that
yes so you know the four bedroom home should rent for like 500 to 520 a week and three bedroom or two bedroom granny flat should rent for another 300 to 325 a week so um you know on top of that because the australian government gives depreciation benefits at tax time i should get about 14 to 15 grand a year tax back for the next four years on it as well so you know it’s well over 1000 bucks a week for that property after you’ve worked out the tax and the and the passive cash flow on it from the ran like which is epic man and i’ve said to a lot of people obviously we’ve spoken to hundreds of people through this virus and i’ve said to all of them you know if you’re in a position where you can stomach this sort of market which is to do the exact opposite of what everyone else is doing then it is an incredible once in a 10 year opportunity but if you can’t stomach that then you know you’ve just sort of got to wait till the media tells you it’s all good again which they should do within the next six to 12 months
yeah and so does this property fit in is this you doing the light to property strategy obviously you’re doing more than two properties but the two properties to financial freedom strategy is this one of those foundational properties that’s just like good area good property good cash flow like it’s it’s walking distance to the beach right
yeah it’s like you know exactly that it’s a foundational property for me it’s a property that i plan on holding for the rest of my life and passing on to my children it’s a property that will produce me $40,000 a year of income today in 15 years time $55,000 a year of income and it’s a property that’s extremely low maintenance good tax benefits two incomes great cash flow great potential for long term growth that was well timed in the Coronavirus and well timed by buying the bottom of the brisbane cycle so every fundamental for me was ticked on this property i feel like it’s one of the few properties that i’ve actually got everything right on which opted after 30 properties now feels sad to get it right
it’s kind of i must say it’s kind of cool i remember seeing it come up on instagram you saying you bought it and i was like it was so cool to see you actually just buy something simple that makes sense because so often you you do the more high risk things that you like i’m going to test out this new strategy and learn from this and try something new and for you to just go now i’m just gonna buy something that is cheap like in a good market and do that strategy i was like yes finally get
you know what i mean like what i think i was doing for a long time because what i realized with my personalities i just absolutely love learning and so when i bought like three or four houses and renovated them then i wanted to challenge seven i want to do three or four and then i went well building so at now i’m gonna start doing subdivisions and ebay bays and stuff and i think you plus may have recently realized that you know it’s nice to have a good business that you get to serve people and do your passion like we both do every day but it’s still very important to have a simple strategy that gets you to financial freedom medium to long term so you know with any new business or any new job obviously your headspace is in it for a period of time but i really neglected sort of just a simple bread and butter foundational strategy that would get me to where i needed to be and about this time last year i realized that i was about $70,000 a year short or two properties in two granny flats short of where i wanted to be income wise and so i just realized that i’m gonna have fun in my life i’m gonna have like an exciting adventurous life with lots of holidays and lots of friends and family and that’s where i’ll get my variety and then you might have strategy for property from today forward it is just the business and taking all of those fundamentals that we just talked about is important and i think it’s not the most exciting strategy but holy shit it’s effective and i think effective is where i’m at in my life right now
yeah i’m excited to see you like implement this and repeat this and kind of just have it on autopilot and i can i can imagine like your portfolio growing so quickly just with these sorts of properties in the future obviously things may change or you know you may not want to do that but it’s pretty it’s a pretty cool deal i know like some of the details behind it and it looks really good for you and so i’m really really stoked for you and hopefully like i’ll be there next year buying property beside you
i can’t wait to buy you a place like this way got a laugh joke in your business because i’ve bought these straight my friends may or in john who you know owning that st simon owns a property in that street and so to three of our clients i’m not going to buy you a property until i find one that straight answer like natives you know i just i feel like yeah i’m just super excited man like i think this whole period and i’m sure it’s been the same to us kind of made you feel people check in with where you’re at and then i’ve just really like made the decision to design the life that i want like sooner rather than later
so that’s exactly what i’ve been through in the last couple months as well
you know how’s that been for you like where did that come from and how did you sort of piece that together because a lot of people don’t know exactly how we do anything
yeah i don’t know for me like it kind of just seemed to happen naturally over the last couple months i’m sure it wasn’t it comes you know you freak out and so then i worked really hard in april and my life was just kind of consumed by work and then i guess like having a bit of burnout in may and kind of just taking stock as well of my life my finances finally got to the point where it’s like okay i’m alright now i’m you know i spent time in a bit of a debt hole that i had to work myself out of and getting to the point like okay now i’m self sufficient and sustaining and i’m on a growth trajectory as well so i can see that this is going to get better in the future as i continue to work hard assuming things don’t go really pear shaped that it’s like okay well what i don’t want to do what i did last time which is just work my ass off and be in my little bubble then hit financial freedom and be like what the heck do i do with my life i think like i learned from that past experience as i want to have a good quality life right now that’s in line with my values that has the relationships that i want the people that i want that has you know fun and exciting experiences in it and is trying to create that now rather than waiting till my finances are perfect and i’m completely out of debt and everything it’s like okay how can i bring that into my life in little ways now and a lot of it is stuff we’ve talked about like being present you talked about it with loving your tea and join your team moments but yeah for me it’s like okay being present and rather than just you know going through the day today to i guess inject exciting things into the day so i you know i’ve been exploring national parks with like my partner and the kids and like going on all of these different sort of adventures and doing stuff like that and just really enjoying that i’ve been getting into running again been running with my daughter she’s really into it and so it just it’s like injecting those passionate things and those new adventures into everyday life while still just still working and doing my thing so it’s nothing like revolutionary but it’s more just like okay i want to be more present i want to enjoy it with the work that i’m doing but also enjoying my life and and trying to create trying to create that in little ways at a time
i love hearing that man like i can hear just how much progress you’ve made even since we last spoke and it’s just so nice to hear that you’re finding flow and finding meaning in the things you know i was watching something last night and it was about this young activist girl living in philadelphia and she was just all in like we are at the start of our careers and our businesses like all into making that work at the expense of everything else. And she caught up with this older activist that’s been doing it for 30 years. And she’s like, yes, I’m passionate about this, and I want to help save the world. And but she’s like, I’ve got my family, I’ve got friends, I’ve got my training, like, I’ve got my kung fu that she was doing. And it’s like, life is best, as a balance. And you know, me saying this now is really me looking into the mirror and reflecting it back. Because I think when the bars here, that was a deep story that I had around recession around, you know, fear of not being able to run this business, and I wasn’t sure the same as a lot of other people, what would happen. And, you know, it’s been incredible, like, there’s been 80 to 100 people a month reaching out to our businesses to come and work with us, it’s been the complete opposite of what my survival brain had expected. But you know, three months ago, the snake was in the room, which was like the virus, the market the fee, and I’ve still been living like the snakes trying to bite me every day. But in reality, it’s well past that. And I think just hearing you and how much balance you’re finding, it’s inspiring to me to like, refine that balance in myself. Because you know, even though you and I’ve got it together, it’s like, you go through these ebbs and flows, and I’ve been allowing myself to live in anxiety rather than just step back and just go high, you know what I mean? Like, let it go and just do what I can do.
Yeah. And well, and something you said, inspired me, we were recording a video about the stages of property investing, you know, consolidate, I mean, accumulation, consolidation, and then freedom. And like, I had this line that I was like, at freedom, that’s where the journey really begins. It was kind of just like a catchphrase or something that I would throw out without really thinking like, no, it doesn’t begin there. If it
starts in 15 years, I’m not on board. Yeah.
And I think I said that because I achieve financial freedom through my business or pseudo financial freedom. So early that that journey, personal journey really started for me. And so now I’m on this, like quest to find out okay, how can we actually change our lives live more present live more consciously, before we have financial freedom? And how do we fast track that and I guess I, I’m trying to work that out in my own life, whilst working, because that’s what most of the people who listen to this are going to be in that position, they might buy the properties, but they might not be financially free for 15 years, how do we live the lifestyle we want now in line with who we want to be? And so it’s, it’s cool to explore that it’s difficult. It’s confusing, but you know, I’m enjoying it.
I’ve been thinking about that quite a bit, because a lot of people, right, especially those are coming, you know, set up that two properties to financial freedom idea. A lot of people can set that out within 12 months to five years. And, you know, they’ve effectively achieved financial freedom in terms of the setup, now they’ve got the time delay to pay off those properties. And it’s kind of like, it’s an interesting idea. If you reverse it, it’s like you are actually you’ve done everything you needed to do now, it’s just about enjoying the journey and enjoying the ride. And it’s kind of, I’ve been thinking about that now, because I bought an expensive home a couple of years ago and renovate it. And so, so much of my capital that was sitting in offsets against investments, giving me passive income went into paying off that debt. And so it’s like, I’ve got the properties that give me financial freedom. But I’m not there yet. Because I’ve decided to buy an expensive principal place of residence. And it’s like, if any day of the week I wanted to sell that home, I could pay off my other properties outright and chill. But I’m choosing not to do that. So I’m not going to have this like imaginary goal in seven to 15 years time of like, when I get there, everything will be cool. Like, you know, taking your advice, just enjoying every day as much as you possibly can, recognizing that some days, weeks, and months can be hard. But that doesn’t have to be your experience. Like the hustle. I think he’s one of the worst things ever created in online marketing and business where you’re supposed to like just beat yourself up until you get to where you want to be. And just keep bashing through barriers. But also like projecting into the future and hoping that it will be better, I promise you like as two people that have achieved financial freedom at different stages of our journey. And now not financially free because we’re working on it again. I can tell you that you know, happier financially free than you were without it. Because you’re the same person looking into the mirror the next day with the same stories in your head that you’ve still got to work through.
Yeah, I actually did a video what it feels like to lose financial freedom. I went through a journey, but I’m actually happier now not being financially free than I was when I was financially free, but more because of the personal journey I’ve been through and my perspective on things and perspective on life. So it’ll be cool to flesh it out. We’ve gone way longer than we intended. So we’ll cut this off, but I’m sure we’ll talk more about that in the future of like, what, what can people do and what tools are there because as you said, there’s that like hustle mentality, which is just Hustle, Hustle, Hustle, Hustle, beat yourself up, and there’s that like hopeful future mentality. I’ll just wait and the future will be better and we’re like, neither of those We like somewhere in the middle, which is like, yes, work hard, but also like enjoy your life and be present. And I think there’s not enough people talking about that. And so, you know, I’m sure many conversations in the future will revolve around this idea. And as more and more clients reach that point as well, they’re going to need some insight and some tools to deal with that themselves. So, but thanks so much for your time today, Ben. You know, I’m excited to continue working with you and working on the business and getting through this and helping people. Is there anything you want to say before we close off?
Nah, man, I’m just so stoked. It’s good to be back on your channel and doing this stuff with you. And I can’t wait to be doing heaps more of it. Just bring in different ideas and you know, some realness to the stuff, you know, we can have everything that we want, but just not always on the same day of the week. Not always in the same year. And it’s a journey, man, like let’s enjoy it together. And, you know, bring some light into this, you know, in some parts of the world pretty dark place right now.
Yeah, also a great way to close it off. Thanks so much for tuning in today, guys. I’ll leave it there. I’ll link up to some of the previous videos me and Ben have done together on just our life updates. If you like this sort of chat and chill vibe. I’ll link to those down below. Go ahead and check them out. Otherwise until next time, stay positive