Live Strategy Session with Ryan McLean
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Today we are doing a live strategy session with me, Ryan McLean, where Ben helps me through where I’m at, where I want to be financially and how to get there. This is a good one!
Book Your Free Strategy Session – https://onproperty.com.au/session/
0:00 – We are doing a live (well recorded) strategy session
0:59 – What am I hoping to get out of this session?
1:51 – Where are you at now?
7:58 – Where does Ryan want to be in 12 months from today?
8:48 – Where does Ryan want to be longer term?
12:15 – If you were financially free today how would you be spending your time?
15:00 – What’s been holding Ryan back from achieving his property goals
19:13 – What are Ryan’s property investing goals for your next purchase?
23:25 – What is Ryan’s personal strategy for financial freedom
27:15 – Property investing can make so much sense
28:26 – The only thing Ryan isn’t clear on
31:44 – Ryan has 1.5-2 Years To Take Advantage of Market Cycles
32:25 – How much of a deposit does Ryan need?
34:35 – Book your own strategy session at https://onproperty.com.au/session/
How To Find The Best Property in a Suburb – https://www.youtube.com/watch?v=7f0ETsKRD0U
Hey guys, and welcome to on property, helping you achieve financial freedom. Today we’re going to do things a little bit different. We’re going to do a live strategy session. Well, it won’t be live. You’ll be watching it recorded, but Ben is going to do a strategy session with me so you guys can see where I’m at and see my journey as well as kind of get an not an idea for how a strategy session goes. So if you’ve got on property.com dot a u, you can read more about the strategy sessions over there that are absolutely free, where you can talk to someone about your situation, where you want to be, and get some clear steps forward as to how you can achieve financial freedom or whatever your goal is. So I’m really excited to be doing this strategy session with Ben Everingham from pumped on property today. How’s it going?
I can’t believe it’s taken us five years to do a session together, man. I feel like we talk so much anyway, we know each other’s situations and maybe a bit weird. We’ll see. We’ll see how he go. Because you’d kind of know everything about me anyway.
Cool. Say what a low day for people that haven’t seen a strategy session before with us is frame it. So I think the first and most important question for you and answer it honestly is what do you actually want to get out of today’s session? Like what would make it meaningful for you? Antone, fully under the bus man. Like I’m putting you on the spot, Ryan and I didn’t talk about any of this pre starting this right?
Yeah. Well I think what I want to get out of this is, well I kind of feel like I already have a strategy, a strategy. I feel like I know what I want to do anyway, so I don’t kind of have any preconceived ideas of what I want. Yeah.
Get out of this other than I guess to get some, I get your input and your ideas of what I’m trying to achieve and what I want to achieve and that may accelerate my journey towards that. Yeah.
Cool. So today we’re going to start with where are you right now? We are going to be obviously very cagey around Ryan’s financial situation. Just from a privacy perspective. I’m sure everyone can relate to not wanting, you know, thousands of people to be seeing where you’re at. Um, whether they are going to talk about where you want to be longer term, what’s been holding you back from achieving those goals and then some ideas around your next steps slash property investment strategy. So if you want to slide down bro out of that worksheet in front of you now. Yep. So part one on page two is where are you right now? Now we’re going to brush salary savings, super shares and liabilities. I’m sorry everyone to do that but I just think privacy wise it’s not fine, you know?
No my situation anyway, you kind of know my salary and you know how much debt I’m in at the moment. So you know that right now I’m not in a position to buy property because my focus this year is paying off debt. And I have spoken about this on the channel, you know going through a separation last year, moving from the sunshine coast down to Sydney. Has been quite expensive and so kind of ended up going backwards financially last year as well as business slowing down a bit. So income wasn’t as high, so kind of ended up in a position that I didn’t want to be in, which is I went from being financially free and not having to work and the money just coming in to being in a position where I needed to borrow money to tie me over to the point where I’m at now, which is my expenses I’ve dropped significantly. So just now, the last property that we were renting on the sunshine coast has finally been rented. So payments on that have gone down and now you know, I’m not like crashing at my dad’s at the moment to save on rent. And my focus is basically living frugally, but also growing my income and paying off that debt as quickly as humanly possible.
Yeah, and I, I love that man. Like you know, you and I had a huge conversation three or four months ago when we both went through this. Oh my God, we’ve been living a bit silly. Let’s like look at every single line item in our lives and firstly understand what our fixed overheads are and then systematically reduces many of them as possible. And you know, that’s resulted in about a 30% saving in my life and about a 50% saving in my business. And I’m pretty sure you’ve been able to cut costs dramatically as well.
Yeah, I’ve cut costs dramatically in my life and like this because the Property Jessica rented this week, this is the first week that, and because I’ve been working on my business as well, it’s like I kind of feel like I’m finally getting that forward momentum again. So obviously with something as extreme as a separation and moving into state that I don’t know, just all it all piled on and it was very, it was a big situation to deal with that I dealt with over the last six months. And so yeah, I just felt like I was constantly going backwards and like didn’t have quite enough money in order to feel like I was making progress towards paying off the debt. And so I’m really excited now this month being at a point where I will be paying off some debt this month. So we’ll be moving forward this month, which is the first time since, you know, that happened last year. So I’m excited to be in this position. I guess my, my goal is to earn my way out of this issue, so to continue to grow my business and growing my income
for sure. Like so many of us can relate to that man. Like we’re all on the same page, right? Like we’re either working away at debt, like I was laughing at you when you told me how much date you’re in compared to me. I’m like Matt Swope. Um, like it’s just one of those things where obviously life changes and we’ve worked with plenty of people that have gone through marriage bus stops or longterm partner bus stops where things are cool with two strong combined incomes or one home and then all of a sudden boom, boom, boom, boom. Like at one point you were paying for three houses, right? Like things get quite expensive really quick. And I went through that personally last year where I had literally four houses that were empty, one that I was selling and other one that I was selling, one that I was renting and one that I was trying to sell but couldn’t.
So you know, like that was draining me from a cashflow perspective in an insane way and it sucks not moving forward, but sometimes moving sideways the right thing. Um, we would then talk about property details, but obviously, um, we’re going to skip that today as well in the sense that you’ve got a strategy for moving forward with that over the next couple of years. Yeah. Um, so we’ll talk about that, right? What the property strategy is or does that come later? Yeah, we’ll get into that in part four if that’s cool with you. Yeah, sure. So if you slide on to the next page again, sorry to brush through that guys, that first part would normally be a pretty detailed conversation, but just for privacy we’re brushing it.
Yeah. Well, I think it’s good to clarify with people that when you’re doing a one on one strategy session for understanding where you’re at financially is obviously very important. In order to know how to move forward, what you can’t afford to buy, what strategies you can implement, your income will determine how much you can borrow. So we got deposit, all of this sort of stuff is really important, but you guys, if you do a strategy session, we’ll go through that. That’d be super
specific to you. And look, some people come to us and they say, I want to be financially free in a year. And I’m like, well based on your income savings position, it’s probably going to be more like 15 to 20 then you’ve got other people that do an exceptional positions that don’t understand that they are, and I can help that person, you know, create some ideas around how they could be frame five years. So it’s very, very personal. Obviously they some where people are at, um, I’m just going to shut this door because this is a building site next to me that’s super noisy. Lighting’s gonna get significantly worse because of shutting that, but hopefully people will be able to hear and it won’t be too loud. That’s cool. So if you move onto the next page, where do you want to be 12 months from today? Now this is a personal slash business slash property conversation.
Yeah. Well, for me, 12 months from today, I want to pay off all my debt within the next 12 to 24 months. So depending on how the business goes, but really in 12 months time, my biggest goal is to be in a position where I’m earning enough money that I’m on top of my debts as well as the other expenses in my life that are not in the position that I was a couple of months ago, where I feel like I was falling behind. I want to be in a position where I, I know that I’m moving forward. I know that I’m moving towards my goals. So ideally I would love to pay off the debt in 12 months. Whether or not that’s realistic, I don’t know. It’s probably more like an 18 to 24 month timeframe. All right.
Awesome Bro. And so where do you want to be longer term? Like what is it that you’re working towards? Okay, so longer term for me,
because I had a couple of years where I was like had pseudo financial freedom as I called it my business,
sir. I remember saying you working like two days a week maximum and having the life, yeah,
that probably like 10 to 15 hours a week I would be working and it would be when you would call me and be like, let’s do a video. You’re like, I leave and I’m just on the beach. Yeah, so two years up in Noosa, I hardly had to work was great, but I always knew that that was never going to be a forever thing. And so for me, longer term, my goal is to build up my business, but then invest in property to have that longterm financial security so that your business does go backwards. Then I’ve still got financial freedom in the bag anyway that are not relying on my businesses that I do it because I enjoy it, but longterm the properties or pay themselves off and I’ll be financially free. So basically, yeah, long term have a bunch of properties that are paid off that uh, delivering me
a solid income. I think that’s important to acknowledge that like after spending a few years on the beach and having a great time with the family, um, you know, like the reality is anybody under 55, 60 years of age that actually has some enjoyment for being a productive member of society. Like not everyone is lucky enough to do what they love, but some people are lucky enough to enjoy work in one way or another. And so I think that’s super important to acknowledge that like property is really an insurance policy against your future in the sense that it’s just another income stream when you decide that you don’t want to work as hard or as much as you are right now, whether that’s a business or a job. And I really like that concept of just acknowledging that it’s going to take a little bit longer, but you know, it’s just moving money out of an income stream into another one that produces that passive income for the long term.
Yeah, so I’m not dead set on, I need to achieve financial freedom in five years or even 10 years. I do see myself working and that couple of years when I didn’t work was really a big self discovery period for me. So it wasn’t, I wasn’t happy not working and I wouldn’t be happy and living my life, just spending every day on the beach. I love the beach, but I also love being creative. I love being productive. I love helping people. So I needed that time period of 18 months or two years to figure out who I was, what my internal motivations were to keep working because when you don’t have to work, then you have to start asking questions and you’re like, well, what am I going to do with my life? Why do I work? What am I motivations? But I feel like I found them now and really enjoy working and want to keep doing that.
So yeah, I don’t need to achieve financial freedom quickly. For me it’s more about I want to purchase probably as many foundational properties as I can that a positive cash flow and focus on that and then just let them pay themselves off. So for me it would be less and that we’re talking about the two properties to financial freedom strategy and you buy your foundational ones and then you move into acceleration where you pay them off as quickly as possible. I think for me, because it’s an insurance policy, I’d like to stay in that foundational phase as long as possible and just kind of keep acquiring foundational properties as I can until I reach a lending limit or whatever limits I reach. Yeah,
no I liked that man. Um, one question that I had, which is on that worksheet there is if you are financially free today, you know, cause you’ve already experienced it and got a taste for it. I think you can answer this a lot more honestly than most people can. Cause I haven’t been able to experience what you’ve been able to experience yet. Um, lock are steel then work in like a bit of a Mofo all the way through. Um, so if you are financially free today, how would you be spending your time and you can work through that list or add anything on top of that that’s important for you?
Yeah, well I think spending my time would still involve some days. Other beach. I still love the beach. I was actually at the beach this morning, so went down to blackwoods here in Granola, which is like a good sort of age and hung out there so that, that was good. So I still enjoy, uh, going to the beach and surfing. I enjoy the flexibility of running my business. And so really it’s like I’m kind of living the life that I want to live now anyway. So I wouldn’t change a lot. I would still continue to work and push things forward because I get a creative kick out of that and challenging myself. I spend a lot of time. I’ve got my kids 50 50 so main kels, she had them 50 50 so I’ve got them half the time anyway, so I spent a lot of time with my kids. I do work that I love. I find time for the beach and then work at night, like work late at night when the kids are in bed. Um, I guess what I would want to find more time for it is going back to playing super smash brothers melee. Finding time for that and maybe, yeah, Sophie more and exercising more. But yeah, I enjoy my life at the moment.
It’s what I love man. Because you’ve realized and so far we’ve talked about this before, that the journey is just as important as the destination. So if you’re holding out for something in 15 years from today, it can be a long, 15 years to get there. Where if you’re just present and enjoying your life and making decisions today to actually have the lifestyle you want today, yeah. Then things can really turn around quickly. And I’ve gone through that too. Like I’ve gone from working 60 70 hours a week to working four days a week and doing 38 40 hours in those days and having a much, much better lifestyle like this morning, same thing. The surf was absolutely cranking on the coast and got out in the water for a few hours with some mates before work and sort of come into the office at 10 and I love that flexibility that working in that way allows you to do, and it might mean working a bit later tonight, but that’s fine.
Yeah. And that’s the same with me. And it took me, I remember achieving that financial freedom and then just being sort of lost and it took a couple of years of being financially free to find my zone and to find the way that I like living my life and working. So yeah, it’s a sliding into the next page, which is part three. What’s been holding you back from achieving your property investment goals until now. And it’d be really handy if you could work through that list top to bottom so that people that can’t see it get an idea of what’s in there. Yeah. So for me, I will go through the list, but I will say that for me a lot of the reason that I haven’t invested in property yet is that I’ve been in a position to buy multiple times in my life, maybe three or four times where I’ve had a deposit, been able to get lending and could have purchased.
But me and Kelly were constantly pursuing our happiness over property. And so where we saw other people would buy a house and commit to living in one area, we realized that we weren’t completely happy in an area. So we would basically uproot our entire life and move to find that, which I don’t regret in any way. So I remember I quit a high paying job at one stage and we used our savings to relocate to the Gold Coast and for me to start my business, which was an amazing decision, will then unhappy on the gold coast. And, but we had the money to buy there, but we just weren’t happy there. And so we decided to invest that money into the van and to try travelling in the van. And while the van sucked, um, that landed us, that landed us in Noosa where we spent a couple of years and then again, we were kind of nearly in a position to buy there. But then obviously the separation happens. So I like being in that position a couple of times, but always pursued that happiness. So that’s kind of what’s held me back. So I’ll go through the options that you’ve written down here. I’m not sure if it’s a good time to buy property that’s, that’s never been something to hold me back because we talked so much about researching markets, researching suburbs, that I would feel confident investing in a market at the right time in the cycle. Um, I’m scared by what I’ve been seeing in the media.
I don’t consume media, so I don’t know what the media is saying. So that’s not one for me. Um, I don’t have anyone around me. Okay.
I can talk to about this stuff we just did a video on. If you don’t have mentors, what you should do. That’s never been an issue for me because I’m quite self motivated. Obviously I’ve got you in my life as well,
so not an issue there. My partner doesn’t support me with this staff. Well, I don’t have a partner at the moment. I’m busy through top to bottom. I just thought the things that are actually relevant, it’s nice that you’ve gone through them, but there’s literally like 20 things that we all feel. Okay. Well what are the other one’s busy time for? Don’t have a coach or a mentor. Not sure what property investing is. Right for me now I am sure I’m feeling overwhelmed, not go to plan. Then I’m focused on overloaded with information. No. Been burned by someone in the past. No, I don’t have a team of experienced professionals. No, I’ve got you. I don’t have a plan for my future now. I have a plan. I don’t know what to buy and scared and making mistake and scared of taking my first step.
It’s hard to find time to think about it. Um, yeah dude. It’s really just the decisions I’ve made in the past and the fact that I made decisions that weren’t in the best long term financial interests that were in the best long term happiness interest that we will push shoeing happiness, trying to make life work and so, and now I’m in debt
so that’s what’s holding me back. I feel like all these other things I’m confident in
pretty, I love property. I want to invest in property.
I think like, you know, just being civically, it’s two things. Just debt and a deposit and David to 80 seems to get rid of and say for like, you know, the mental stuff is a lot harder to work through. Then just paying off a bit of debt and saving in deposit over the next year.
You know what I mean? I think because I’ve worked on my mindset for the last, since I was 18 so the last 13 years or something like that. I’ve been constantly working on self improvement, on my mindset, on stuff around money, on all of that sort of stuff. So I feel like my mindset’s there. Whereas I’m sure other people would have more fears and concerns. Um, yeah, that’s not me. And as you said, yeah it’s just debt and deposit.
Awesome Bro. So sliding onto the next page then, what are your property investment goals for this next purchase? And maybe it can be clear on these like item by item based on which side of the column you sit less for you because I know that you know exactly what you want to do and you know I’m effectively going to buy it 45th free anyway, so like I’ll make sure I buy what I would for you for me. So I want a high risk
negatively. Good regional unit. Both Yo gone. Okay. So the items here kind of like,
right, so you’ve got high risk versus low risk. So obviously because this is a long term play for me, long term insurance policy, I want to go for low risk with those longterm gains. I don’t need short term gains, don’t care about that. I want longterm gains. I just want to know that the property and the granny flat is going to be rented longterm that I’m buying in an area that you know, in 20 years is still going to be rented and I want to buy in an area that’s going to get that rental growth as well so that my cashflow will improve every single year, which I’ll then use to pay off debt. So I want those longterm gains. I want to be positively geared or neutrally geared in the beginning and then positive geared as cashflow improves. I want to invest in metro markets because now I know that we have a strategy where you can get positive cash flow and be metro.
Uh, I want those like a house with a granny flat. So Julian calm, um, versus single income. I would probably want something that was unrenovated that had potential to, because I feel like going in there doing a renovation, like something like Simon did, an increasing the cash flow of the house is just a no brainer for me that I would want to get my hands a bit dirty rather than buying something brand new or that might change your business goes really well and I’m in a high tax bracket. Then maybe um, something you are with more depreciation might make more sense. So I guess I’ll cross that bridge when I get to it. I want to be a pretty passive investor versus an active investor. Like I’d like to do a renovation and stuff like that. But really my focus would be on my business and this would be a longterm investment rather than trying to flip properties or anything like that. Um,
the why they don’t think about that is you sort of active a little bit at the start in terms of you’ve got to find the market, the right property. You might have to put some paint on it and clean up the yard and build a granny flat. But all of that activities in 12 months. And then from there I’m a very, very passive investor long term because I really don’t want to think about it. I just want the cash flow after that point.
Yeah. And I think I want to be an active investor in buying the properties myself and taking a very active role in that rather than just like letting you or your team do it all. And I’m hands off because I want to learn and I want to gain those skills. Sure. So active in the beginning. Um, it’d be great to be introduced to a team of advisors and yeah, I’m looking at and that’s so not relevant for you. That last one. Yeah, we’re the last ones. Are you looking to buy it on your own or you’re looking to partner with someone? I want to partner with you guys because I want to document it. How good will it be when I am in a position with a deposit and we’d go out and we inspect properties and stuff. It’s going to be great fun. Yeah.
So yeah, it’s going to be fun. And which market are you looking to target based on your analysis that you’ve been doing?
Um, well at the moment definitely Brisbane or southeast Queensland, so I would probably be looking at Brisbane or the sunshine coast. Um, looking at, yeah, those two areas because I know that you can build the granny flats. I know that the pricing would be right for me as well, would probably start with something on the lower price range. So not looking at super expensive. So that would be my market that I would want to look at. Also considering market cycles with Sydney and Melbourne, you know, still coming off the peak. I wouldn’t want to be there and Melbourne I wouldn’t want to invest in because you can’t build granny flats at the moment. So Breezy, sunny coast, that would be my two plays.
Awesome man. Now, like obviously from here in a normal strategy session, we take the conversation wherever somebody is looking to take it, answering questions, sharing ideas, connecting the dots that because you’ve already connected the dots, why don’t you talk about what your personal strategy is for that, you know, foundational properties, what it is that you’re going to do, which effectively is the same as, and that’s,
you know, a number of properties to financial freedom as a strategy we call it too. Um, but you know, you and I would probably go past two properties obviously. Yeah, I would probably do at least four or five longterm. I think my original goal would be one in the beginning, obviously start with one and then it would really depend on the, depending on what financial situation that I’m in, I want to be in a positive cashflow position as quickly as possible. So I may, I want to get the granny flats built probably as quickly as possible on the property. So I really liked the idea of buying one and then building a granny flat and then it’s positive cashflow and then looking at number two. And then that way it’s paying for itself. So things do happen in my life. Then it’s taking care of itself.
I don’t want to extend and buy a few properties and not have build the granny flats and then something happened in my life and then I can’t afford to service it because they’re negatively geared. So I just want to be careful being in that position. So obviously you have to weigh out the odds between buying two properties first, um, and then building the two granny flats or of our buy one, then build a granny flat than white a bit by the second and build a granny flat. But for me it’s really, um, it’s just slow and steady wins the race for me. So it’s constantly acquiring high quality assets. I don’t want to, I want to buy something that’s affordable but not something that’s crappy. You know, I want to, I don’t want to sacrifice on quality, so I don’t want to buy and main roads or anything like that.
I want to buy in those good areas in the good straights that are going to attract the better tenants as well. And something. Yeah. So it’ll be slowly but steadily acquiring those properties to really just build up that foundation. And as I said, my goal is to kind of extend that foundational period and to acquire as many of those as possible. And if I did move into the acceleration phase where you’re focusing on paying off debt as quickly as possible, I would see myself doing it through acquiring more foundational properties and using the extra cashflow to focus on paying off one property first. So say I say I did four properties plus four granny flats, then I could any positive cash flow that was coming in across the four properties, I could funnel to paying off the debt on one house until I own it outright.
And then I could decide at that point, okay, do I want to take that 20 grand or 30 grand or whatever it is, it’s spinning off per year and add that to my lifestyle or do I want to take that and then put it onto property number two? So I might look at paying off. Yeah, one property first. I own it outright. Then focusing on the second one and so I would kind of step into financial freedom over time. So rather than having four and then having them all be paid off on the same day and then put into free over a hundred grand a year, I would see myself doing it, paying off one first, getting a chunk of guaranteed passive income, then moving onto the second and so forth.
It makes sense man lock. I’ve been really focusing on that at the moment in terms of which properties on paying off because obviously certain properties produce a shit load of extra cashflow than others and by targeting the ones that produce extra income enables you to power five is faster as well. I think you know like it’s an obviously cause you’ve been doing this for five years man, Mike, your strategy’s completely in alignment with mine and you know it just, it makes so much sense and I want people to understand that it can make this much sense. Like you can be as clear as you are right now about where you’re at. Like you don’t have to get hung up on the things that have been holding you back. You can know what your next step is in the next 12 months. You can know where you want to be long term, you can know what your goals are for the property purchase.
And that’s the heavy lifting. That’s the hard work going out and buying a property. Once you’re that specific, you know, because with how specific you are, there’s literally two suburbs in Brisbane I’d buy in with you. That’s it. Yeah. Like knowing everything about all of the Australian market says to suburbs and it’s so easy when you’ve just got to suburbs to look at in a very particular type of property in a very particular street. When you’re that clear. And I think that’s what they strategy sessions, help people do, help them gain that clarity that they might be missing because a lot of the theories related to a lack of strategy or lack of clarity around not just a longterm position, but an immediate next step.
Yeah, and I think I’m so clear on my strategy because we’ve talked about it for so long. I’ve been clear on it for quite a long period of time and I think that I wouldn’t be clear on is exactly what suburbs to buy in, so if I was to do it myself then I would probably spend as I once the debt was paid off and then as I’m saving my deposit, I would really be looking at markets, I’d be looking at the market cycles, I would start researching the suburbs and then choose my suburbs and then I would just hone in on those suburbs and get to know them really well. I’d start connecting with the real estate agents and let them know where I’m at. It’s not going to open for inspections to learn. Going to open for inspections in the beginning really helps you learn what you don’t want and what rules houses out, which makes it way quicker.
Like, I remember being on the road with Simon and crystal and there was one property that we were considering looking at, but then as we drove there, we realize that there was massive power lines right behind this property in the area. And that’s something that we didn’t pick up on Google maps at the time. We didn’t realize how close it was. And so then we could automatically rule out that street that all those houses back down to those power lines within want that. And so yeah, in the beginning as I was saving my deposit, I would get ready and really no one area, no the value of a prop, the value of properties in the area. And I would be careful not to waste the real estate agent’s time. Like I’d be up front as to where I’m at, um, but start to build that rapport.
And so then when the time does come, I know my suburbs, I know them inside and out. I’ve got rapport with the agent, so I can just pull the trigger on it. But then obviously I’ll be working with you guys so I can, I can skip that whole phase as well. I probably won’t because I’d like to document it and show people how to do it, but effectively menu do research very similar and so that I would have the confidence to skip that. I would probably just go back, you would recommend suburbs and then I would go back and do my own research and double check.
Sure. No, I completely understand that. And like I know it’s such a silly little thing, but that one rule that we’ve got in place, which is don’t buy within five or like ultimately 500 meters of power lines, but even 200 like I’ve seen valuations from banks because of properties within 200 meters of apparel line come back $50,000 below market value that they sit at. The little things that over time, like you pick up and edit things that you can’t fake with the ad experiences because the average partner that buys one property every five years just isn’t going to come across those tiny little things. And so they’re not looking for them. And you know, you’ve seen the checklist that we worked through. It’s what, 150 200 items long now to produce a report per property. It’s just, there’s a lot of little things that, you know, even with your really clear strategy, really critically suburbs, it’s very easy to overlook. And I think you know, you and I’ve recorded a pretty thorough lack, a little documentation of what to look for in the suburb, the straight and the properties inside and out before as well.
Yeah. And I’ll link up to that for people down below. They’re looking at how to pick the best property in a suburb. Cause that was a really good video that we did. I remember recording that and be like, yeah, that was amazing. So I’ll link out to that down below. People want to go ahead and watch that. Yeah.
The only thing that I would say to you bro, like based on what we’ve talked about today that I haven’t said before, is you have literally an 18 month window from today, possibly two years to get in at the bottom of. And like I’ve said to you, what I think is going to be the best blind conditions in the last decade, and I would just bring the debt reduction forward and try and smash it this year. And then within the first six months of next year have a deposit because you know, I don’t want you paying an extra 10% or 5% of them have to polish the bottom for no particular reason. Um, but that’s just me. You know, I like to buy at the very bottom, not, you know, uh, too far off the bottom.
And then what sort of deposit are we talking about? Looking at 10% and most people buy with 10%, 20%. Are we talking 400,000, 500,000 purchase price?
Look, I’m thinking for what you’re looking to buy and to be very similar to what you’ve just seen Simon pick out. Um, and I think at the moment we could purchase that for somewhere between 400 and $420,000. Then you need, um, you know, a 10% deposit for that, which would be, you know, let’s call it 40 k. And then the rule of thumb that I use is just 6% of the purchase price for the extra closing costs like lenders, mortgage, insurance stamp, Judy Legos, building and pest. So about an extra 24 k putting you in a position where you’ve got, you know, 64 odd thousand dollars. One of the benefits that you have is you’ve still got to first time buyers grants. So stamp Judy could potentially be free, um, depending on which state in Australia living in at that time. Um, but yeah, I think, you know, somewhere between that 50 and $60,000 mark, if you can get access to those grants, would, would do the trick for you, which you know, sounds like you can save in a relatively short period of time.
Yeah. Well that’s the thing. It’s like if business goes to plan and it does grow as I’m predicting based on the work that I’ll be putting in, um, then that’s probably achievable within the next 18 to 24 months. But it really will just depend. Like it’ll depend on that. And I guess time will tell and I’m sure we can do an update as to how things are going maybe in six or 12 months time to let people know where I’m at. But yeah.
Awesome. Very well. You know that’s like the high level of a strategy session obviously because Ryan’s so clear about what he wants and where he is that would normally be drawn out over a longer period of time as we work through those challenges and the things that are coming up and we educate more. But yeah, that’s awesome. I’m really grateful that we got a chance to sort of Davis today.
Me Too. And then I’ve got well unclear of what I need to do both to pay off debt and how much I need to save. So I’ve got kind of clear next steps of what I need to do and where I need to be in order to pull the trigger and move forward, which is really good as well. So we hope that you enjoyed this live strategy session or recorded strategy session with myself and then obviously been running the session. This is quite similar to what you guys would go through if you were to do a free strategy session. So if you’ve got an on property.com.au or you can read about it over there and you can book a time that suits you, it would be over the phone as well. And you get to book a time that is convenient for your day to the are limited spots available.
So go ahead and check that out. And then after the session you can then decide to work with pumped on property and to get their help if you want or as you saw through the session, you could go ahead and do it yourself. So if I was doing it myself, then I would need to do all that market research and then obviously do everything myself. But that’s definitely something I’m capable of doing. Or I could go ahead and hire you guys to do all the hard work and the legwork for me, which is probably the avenue that I’m personally going to take. But whatever you decide is completely up to, and there’s no pressure to sign up with pumped on property, but if it’s a good fit, then for sure go for it. And yeah, that’s it from us today. Go ahead. Go on property. You don’t come to you. Check it out. We hope that you enjoyed this session and we’ll likely do an update in six or 12 months time to see where I’m at and how things are going. Thanks so much, Ben. No Pros Vangelis cool. All right. Thank you guys. Until next time, stay positive.