How To Make Property Investing an Achievable Goal
Sometimes property investing can feel like an unachievable target and you have no idea what you’re doing. Today I want to talk about how to make property investing an achievable goal and how we can make consistent steps towards our goals of investing in property and towards financial freedom.
0:00 – Introduction
1:05 – How to make property investing achievable
3:05 – Bite sized pieces of property
4:44 – The skills you need to acquire
13:04 – Focus on what’s next for you
16:32 – When you’re in a rush you can make big mistakes
20:08 – Invest into learning
21:24 – Free property strategy session
sometimes property investing can feel like a completely unachievable target it’s so far in the future it’s so hard to save a deposit you don’t know what strategy to use or really when to start with property you have no idea what you’re doing and it can get overwhelming so in today’s episode i want to talk about how to make property investing an achievable goal and how we can break that down into bite sized pieces focus on that and make consistent and dedicated steps that move us towards our goals of investing in property and ultimately towards our goal of financial freedom or whatever your financial goals may be anyway hi i’m ryan from onproperty helping you on your journey to financial freedom and you may notice that i have the beautiful ocean in the background i’ve got the van working at the moment so i now have a mobile office which is really cool and i can work from anywhere so coming at you today from the beach side really excited to do that so let’s talk about how to make this achievable and this can be applied to property it can be applied to shares it can actually be applied to really any sort of task or anything big that you want to achieve in your life
and this idea while i’ve been applying it in multiple areas of my life i kind of got this idea sparked by a recent podcast i listened to from kenny campbell from sugar mama talking about how she created the $1,000 project which i’ve done a book review on so i’ll link up to that down below as well as i’ll link up to this podcast episode i’m talking about but she was talking about how she was in a stage in her life where she just been through marriage breakdown she was in a bad financial situation in quite a lot of mortgage debt and really struggling to pay the bills and i really resonated with that because i know exactly how that feels i was in that position 18 months ago or even 12 months ago and have been consistently working my way out of that but she talked about how she did it by breaking out this mammoth task of actually getting on top of your finances into smaller goals and so while that’s the premise of today’s video i will be talking also about i guess little ways that you can approach each of these different tasks when it comes to property investing so you can actually get more out of it you can move forward faster you can make better investment decisions as well so the very premise the basics of it is let’s actually look at this massive goal this overwhelming thing of investing in property and let’s break it down into its smaller bite sized pieces and one of the cool things is is then you can focus on exactly where you’re at now so property can be broken down into loads of different bite sized pieces and if you look at it i guess um what’s it what’s it called when you go in time in sequence oh my gosh am i my mind you know what i mean though from start to finish if you look at the start it really comes down to starting with you got to learn how to manage your personal finances and budget and be able to save then you’ve got to save your deposit then you need to know how to time the different markets so time the australian market time the markets of the region or the city that you’re going to be investing in then you want to understand the different regions within those cities then you want to be able to do suburb research then you want to be able to go granular on the suburb and find the best street within this other then you want to be able to analyze properties and understand what market value is and whether our property is good in there which i forgot to mention is you also want to put in actually choosing a property strategy that could become before or after the overall looking at the market you want to get a strategy that’s right for you that’s going to lead you towards your financial goals strategies got to be in there you’ve got to learn how to get granular on this other you’ve got to learn how to understand market value for properties then you got to learn how to actually inspect properties and look at properties you’ll learn how to talk to real estate agents and how to negotiate with them then you got to learn how to close on a property and how to do your inspections and your settlement and then you’ve got to learn how to actually run that property and if you’re going through the two properties to financial freedom strategy you’ve also got to learn how to actually build a granny flat on that property and then manage that so that you get the two rental income so as you saw we took one big thing which is property investing and we broke it down into lots of little granular steps and what’s really interesting about this steps and while you know breaking it down is kind of a really simple idea what’s not really talked about is the fact that each of these steps this skills that you need to acquire that you highly likely don’t have it’s not something that you’re just born with it’s not something that you can understand overnight it’s something that you need to learn and you need to practice and then you need to adjust in order to get better so each of these steps that you break down and in turn you can go even more granular than i do or you can look at it you know less granular but each of these things is a skill in and of itself so if we start at the very beginning managing your finances and learning how to budget a lot of us talk about that as if you just need to watch one youtube video on how to do it and then you’re done but no it’s much harder than that and managing your finances there’s a lot to learn but it’s also a skill that you need to practice over time just like riding a bike where you fall down with managing your finances you’re going to try it you’re going to fail you’re going to fall down you’re going to spend money when you shouldn’t have you’re going to get into debt when you shouldn’t have you’re going to not earn enough or not prepare for a bill and but each of these times that happens you can learn from that example and get a bit better so i think we’re kind of cutting ourselves short we’re stopping ourselves from progressing and getting better at things because we’re not taking each of the little failures that we have learning from it and actually growing in that skill and one of the really interesting things as well is that as you break this down into its different sections as you start to learn these skills over time this skills that stay with you throughout time i remember a couple of years ago i was doing a lot of suburb research for my clients i was finding positive cash flow properties for clients and i was looking in depth at different suburbs and whether they looked like good suburbs to invest in or if they had red flags because obviously you know you don’t want to be investing in an area that high risk and so i was doing a lot of this other research i haven’t actually done a lot of it in the last year or the last two years in terms of that granular suburb research and i recently just watched a video from ben everingham at pumped on property hemocyanin talk about this other research which is super similar to the way i do it so i’ll link up to that video down below that’s really useful but i haven’t done it in a number of years but i’m getting closer and closer to the point where i’m actually looking to invest and going to be doing my own suburb research again and while i may have got to be rusty with those skills while i may need to brush up on it this skills that i actually have i remember so much of what to look for i’ve created checklists for myself i’ve even got many instructional videos in my course on advanced suburb research that i can go back and watch just as a refresher if you do want to check out that course on exactly how to do some research and the instructional videos where i talk through it go to onproperty com au ford says suburb and you can learn how to do that i’ll link up to it down below as well but that’s a skill that i have it’s one that i’m a bit rusty and need to brush up but mostly it’s there and it’s only going to take me a little bit of time when i’m actually ready to invest to brush up on that skill to put in the work and to find the good suburbs i’ve built up that skill and now i don’t need to worry about it as much same with managing my finances i was really bad at managing my finances i’ve been working diligently on that for last two years been over two years now and have definitely improved in this area to the point where a lot of managing my finances is actually unconscious i don’t think about it i just do a lot of the best practices because i’ve been doing it for a number of years and i’ve made so many mistakes along the way the same when it comes to picking a market and picking a market that’s not at the top of its cycle i’ve learned over the years how to identify a market that’s at the top of the cycle how do i identify a market that looks like it is reaching the near of its peak and likely to decline in the future i don’t have a crystal ball so i can never pick it exactly and i always get it a little bit wrong i remember you know back when sydney and melbourne were going gangbusters back in 2016 2017 in 2016 i called it and said that sydney looks like it’s nearing its peak this can’t continue forever but that actually went on for another year or over 12 months before sydney actually started to decline and then it went through decline for about 12 or 18 months where it went down about 15% and i started to see those signs and was aware of it i lost 1000s of dollars in cryptocurrency and rode the market wave of that now i didn’t know a lot about markets at the time i didn’t buy right at the very top but i definitely bought up in a declining market and then unfortunately i was forced to sell that even though it was a long year long term plan of multiple years i then went through a separation and needed those funds in order to fund the separation and everything that happened with that so long term i would have been in the positive within just you know 12 months but the time that i had to sell was basically the bottom of the market and so i learned the
hard way you know how to track markets and i’ve done a lot of research into this i’ve got ben who teaches me a lot about this as well and so what i’m saying here is that look at each of these different aspects of your property investment journey as a skill to be built up and in the same way that you would do an apprenticeship or in the same way that you would go to school or go to university or study courses online treat this as a skill don’t treat suburb selection as i just need to find the next suburb hotspot because if you do that and read a magazine or listen to me your band or someone on the internet who says the sellers are likely to boom but you don’t understand why you don’t understand what are some of the indicators that could indicate it’s likely to boom and what are some of the red flags that could indicate that an area is actually oversupplied or could be a high risk area if you don’t actually learn the skill when it comes time to let’s say you you miss out on that market and you don’t invest in that six or 12 months go by your now you need to do that again if you don’t have that skill how are you going to find the next best other you’re just going to listen to someone else but if you build out that skill whether you know time passes and you don’t buy or whether you buy and now you’re ready to go again if you built out that skill choosing a suburb becomes quite a simple and easy process then his team looked at they all focused on south brisbane the other day and looked at all the different suburbs within there analyze them and found a bunch of suburbs that were definitely no go zones some maybes some that they would definitely consider investing in or definitely consider for their clients it took them a day the whole team now they’re doing this for you know hundreds of people per year but if you’re doing it just for yourself within a day or two you can actually sit down and identify some pretty key areas and some pretty good suburbs to invest in if you’ve built up the skill that’s why i’d like to make property investing achievable it’s easier than you think but it’s also harder and takes longer than you think because each of these things are skills that you need to acquire and if you’re in a rush to just find the best market right now to buy a property tomorrow you’re going to skip over a lot of these steps you’re not going to build up the skills that you need to be a successful property investor and what’s really cool and i guess i’ve learned this over the years through looking at how elite people like michael jordan become elite and looking at the psychology behind that is you are actually stacking the skills on top of each other and what you’re doing is acquiring one skill and then you basically acquired it it’s basically unconscious for you you can do it without thinking and now you can focus on the next skill so in the beginning you don’t understand anything probably so overwhelming because you don’t know where are we at in the market cycle how do i pick a market how do i pick a server how do i inspect properties how do i save money how do i save my deposit how do i negotiate oh my gosh it’s also overwhelming but if you break it down into these bite sized pieces and just focus on what’s next for you so right now you know i am focusing on actually making more money is my focus at the moment so i’ve gotten better a lot better at managing my finances and budgeting for me now it’s making more money and all that money is funneling to pay off debt and save my deposit so for me the focus right now is actually how do i make more money with the time that i have how do i make that money faster you know how do i build my wealth through my business so that’s my focus at the moment and how do i save a deposit that’s my next step and i can focus on that so rather than looking down the track and saying okay well how do i inspect a property i’m not there yet and i can’t really practice that skill because i’m not ready to actually invest however once i’ve got my deposit saved and i am actually looking to buy then i’ll be doing all the research in how do i invest in a property what are the things that i need to look at what are some common mistakes that people make i’ll be researching all about that learning all about that but i’ll also be applying it in actually looking at properties and inspecting properties myself and actually analyzing those properties and so i’ll be taking my learnings i’ll be looking at things i’ll be making mistakes for getting to check things or remember for next time so i’ll be developing that skill so the idea here is once you’ve broken it down then focus on okay what is my next step what is the next step on my journey and how can i actually build up that skill and focus on that for a lot of you in the real early stages that might be making more money or might be managing your finances how can i actually manage my finances better and practice doing that and get good at that i’ve got a video on the 15 minute budget which is how i budget i’ve got a template for that so i’ll link up to that down below but maybe that’s your skill maybe that’s what you need to focus on right now
and it’s not property or maybe you are in the process of saving that deposit you feel like it’s going well now it’s like okay i need to start to understand broad spectrum of how markets actually move how debt cycles work and how to pick a market in australia because sydney is very different to tasmania is very different to perth is different to brisbane is different to melbourne so they’re all very different to each other but you can start to learn okay how can i actually analyze this and there’s a lot of people out there who actually talk about that teach that there’s a lot of great books on that as well talking about market cycles i know throwing a lot of resources out there but for where you’re at if this is you i’m going to link out to a video on debt cycles by ray dalio where he talks about generally speaking how these debt cycles work and why they work and that can give you a fundamental understanding of debt cycles and also help you to understand property cycles down the track so i’ll link up to that but
maybe up to that point that’s probably one of the hardest ones to understand and you can never get it right but getting that broad spectrum of okay where am i at so i can minimize my risk and increase my chance to return then allows you to look at okay now pick to my city what suburb i’m going to invest in and you can learn that skill so focus on where you’re at next because that’s going to give you the biggest return on investment for your time and for your education and it’s going to allow you to actually practice the things that you’re learning which is going to allow you to learn them faster so probably feels overwhelming again i understand it in the beginning it’s so overwhelming it doesn’t make sense and when you’re in a rush to actually get financially free and to invest and to quit your job it feels like you just want to forget everything guy there buy a property get it done because you’re going to miss out on the next boom or i don’t know i remember those times being really stressed and in my next video i’m going to be talking about how we need to get away from being in a rush to be financially free and how can we actually create a life that we love we’re not in that rush so rather than just rushing out and buying a property which you know getting caught out with a get rich quick schemes or hassle land packages that are overpriced that have rental guarantees that red flag hello and be careful if you ever see a rental guarantee be careful but instead of just rushing out and doing it actually taking that time to identify what skills you need to build up and actually build up those skills and take the time you want to get it right because if you get it right i can actually accelerate your path to financial freedom accelerate your property journey and if you build out these skills along the way while it may take you a year or two to do that and to get your first property then when it comes time for property number two you’ve already done everything you’ve done the hard yards you’ve got the skills you’ve done the research and you can just buy a second one pretty easily that’s exactly what simon everingham did he bought two investment properties within 12 months basically in quite similar areas using a similar strategy because he dollar work and then he bought his own home and use his skills and his like the same research in order to identify what property to buy where to buy for his own home so he did three properties within like 18 months or two years so it took a long time for him to get to that first one but once he got to that first one he’d already built up all the skills that he needed in order to buy property number two and property number three so why can we slow in the beginning if you can build out those skills that can accelerate you in the long run also means you’re more likely to buy a good property that’s going to move you towards your financial goals rather than buying a dud property that can actually set you back years or even decades if you buy a property that is just not right for you or if you overpay for a property or if you buy in a mining town or buy somewhere where vacancy rates are high or buy with a rental guarantee that you know you only get for six months and then it’s gone and you can’t rent out the property there’s so many mistakes that you can make that is so easily avoided if you have skills like identifying suburbs identifying market value for a property or this sort of stuff but it takes time to build it you got to break down the process into those little steps and if you want i can talk about make a series and talk about each of those steps in detail so if that’s something that you want i just do a series and i take each of the steps in the property journey do a video like this for about 20 minutes each when we talk about each of the steps or you know suburb research we’ll probably need to be a lot more than 20 minutes but we can talk about that sort of stuff if you would find that useful give this a like smash that like button so that i know that this is something that people want or leave a comment down below saying yeah i would love that series and i can go ahead and make that but yeah take the big idea of property investing break it down into bite sized pieces everything’s going to be overwhelming in the beginning that is normal it’s normal to feel oh overwhelmed. That’s why you just break it down, focus on one thing, which that one thing itself is going to be overwhelming anyway. But focus on that. And with dedicated time with learning, with practice, you will get better at that. Spend your commutes spend your spare time listening and learning about wherever you’re at and your property journey, whether it be this podcast or other podcasts out there, or YouTube channels or financial channels, you know, get in, get yourself into it. When you got free time, listen to stuff, read books, practice it yourself, break it down. And as you build up one skill and become good at it, then look at your next skill and work your way up from there. And that’s going to be a much easier, much less overwhelming way. And it’s going to make property investing much more achievable for you. So I hope that this has been insightful, I hope that this has helped you just to see property investing rather as a big overarching, super overwhelming thing, to see it as something achievable for you something that you can do.
And it’s just going to take time, it’s going to take learning, it’s going to take practice, it’s going to take failures in order to get there along the journey. But if you spend that time, it’s going to pay off in the long run. So I wish you the absolute best in that. Go ahead, go out there, find what’s next for you learn it, build up those skills, I wish you the absolute best in your property investment career. If you’re at that stage where you’re like, Okay, I’ve got my deposit, I’m ready to invest. But I do actually want some of that more personal guidance into what sort of strategy is going to be right for me, what sort of areas could I invest in? How can I even achieve financial freedom through property. If you’re one of those people that you’re like, yep, I’ve got my deposit. I’m ready to invest in the next couple of months. But I want some personal guidance, then Ben and the team over Pumped on Property do offer free strategy session. So you can actually book in a time that suits you get on the phone to them, talk about where you’re at where you want to be what your goals are, and they can help you create a property investment strategy for you. So you can actually start taking the next steps towards your property investment goals. And if it makes sense, and you want to do it, you can hire them to help you find the properties that best suit you. Or you can go on your way and you can find them yourself Either is fine. But that’s a complimentary strategy session to help get your point on the right track, or at least find out what your next steps are. It’s booked out weeks in advance at the moment. So unfortunately, it’s only available to people who are looking to buy soon and actually ready because they’re the people that we can help the most. So that’s not you, then these free videos and other resources are going to help you at this point in time. But if that’s you when you’re ready, and you’re like, Okay, I’m ready to invest, but I need some guidance, go to onproperty. com. au forward slash strategy 14 a free strategy session over there in a time that suits you. Get clear on your strategy, get clear on your next steps and move towards your goals of investing in property. I wish you the absolute best and until next time, stay positive