Second Investment Property vs First – What To Do Differently
Simon has recently purchased his second investment property. In this episode we talk about what Simon did differently buying his second property compared to his first property.
0:25 – Did you do anything differently?
2:10 – The power in having a solid strategy
5:04 – Live a great life and make smart decisions along the way
6:12 – The experience buying a second property vs the first one
8:38 – Is it easier buying your second property compared to your first?
so Simon’s recently secured his second investment property and we’ve done some videos talking about how he did that what sort of property he bought and this episode we’re going to be looking at what did he do differently in property number two if anything and that’s kind of the B part here to a property number one and what kind of lessons are work along the way from purchasing your first property to purchasing your second so did you do anything differently no no I literally didn’t do anything different because I spent so much time developing my strategy researching the market but before my first property I knew that if I just did the exact same thing it’s gonna still allow me to do exactly what I want which is a cheap one in two free long yeah so you had a good result with your first property and you bought it under market value had some renovation potential so you did a minor renovation to bring up the rents bring up the value a bit you had a good land size in a good drumming area so you can’t have had it on lockdown for property number one yeah what about when it comes to I guess looking at the market for property number two did you do any different research did you look at any different statistics or not no I always super laser focus and as humans with very emotional beings we we desire change and that can really affect people when they are maneuvering through their journey to financial freedom when they are purchasing properties because you will purchase a property and it may underwhelm you because it may not perform the same way and you also hear stories of other people that are doing well with other investments and you can get a clouded vision and think that you need to change but that’s just completely against everything that we’re about and we are about just understanding exactly what you need to do to achieve what you desire and then going out and the action and doing that and I think that is the power in having a really solid strategy and knowing exactly because what is your goal its financial freedom and a certain amount of cash flow per year you’ve worked back from that to say okay how many properties do I need to own and what types of properties in what area and then it just it comes about just going and behind them yeah and so it’s less I think a lot of people go out and they just kind of invest in property wanting to make money but no real end goal in mind and then as you said it might they might not achieve the best results or the strategy might not have been right for them because they had no clear strategy in the beginning and then they see their friends who just happen to buy and Sydney right before Cindy started booming again and so these people made a hundred thousand dollars in six months whereas my property is just kind of ticking along and then they chop and change you call it’s shiny objects shiny object syndrome yeah like oh look at this shiny object look at this one and then people just don’t really take as many steps forward whereas what I’m seeing you doing is basically you’ve got your strategy in place you know what needs to be done there’s no big fanfare about it it’s actually not that exciting yeah most of it that’s not at this point at the journey at least because what I’ve done is I’ve looked at where I want to be in the future I know what I need to do to get there I’ve gone and done that yeah where a lot of people start from the beginning and try and figure out how to get to the end so I’ve kind of flipped that on its head and gone the other way and going okay where do I want to be in the future what do I need to do today not what do I need to do today to get somewhere in the future like there’s a clear end goal which makes the next step easy yeah and if you need help working out what is your end goal and what’s this sort of strategy that it can get you there and then Simon on the team here over pumped on property do offer free strategy sessions so if you haven’t jumped on board with that got on the phone and talk to them go ahead and do that however head over to onproperty.com.au/mortgage book in a time that suits you and get clear on your angle get clear on your strategy so you can go out and start taking the steps to get there and main Ben Simon’s brother did a video on property investing is actually boring yeah go ahead and make your life interesting yeah and I think over the last year you’ve kind of done that you went traveling a couple of times you’re still budgeting and saving hard and keeping tabs on the market and seeing how things were doing but mostly you just living your life you’re enjoying the work that you’re doing you’re living your best life and then property is kind of a side thing yeah and now that you’ve done it once now that you’ve done it twice it’s quite easy yeah and you go and do it a third time you’ve built in those habits you built in those skills that it’s now just something that always happens for you yeah exactly like I’ve spent a lot of time learning and becoming the person that I am today in and I’ve learned throughout that journey that it’s not about how much money you earn it’s not about you know the dollar figure or anything like that everything comes with within yourself and being happy within yourself and having a good life so I think you’re 100% on the money there it’s like live a great life and have a great and fruitful life and then just strategically make smart decisions throughout that journey that are going to make that that end goal a lot easier and a lot faster hopefully in the Moonville it will just happen and if I think one thing as well before we close this off to touch on is just the lack of stress that I feel for you around this because you’re not like I hate my job I hate my boss I want to be out of like my job and financially free in the next two years you know I enjoy my job I enjoy working hard I’ve got you giving yourself time yeah which i think is a big thing which is a lot of the stress and allow you to make really strategic decisions because you’re not in a rush and before we close off the last thing I want to talk about is just your experience in buying the second property versus the first one so obviously you rinse and repeat and you did the same thing but I can imagine that the first time around there’s a lot more stress there’s a lot more frantic a lot to learn definitely whereas the second time around talking about the difference in experience yeah man that’s sorry yeah I probably should have mentioned that yeah a hundred percent the first time around I just never felt comfortable I never felt as though I’ve done what I needed to do but I I’ve spent some time building a team of advisors around me I got I have a really good mortgage broker of a great solicitor I have really good building and pest inspectors property managers so I’ve got this team around me supporting me and taking care of a lot of the things that aren’t what I’m best at and that gave me a lot of confidence but first time around I didn’t really know if they were doing that job or not and I was kind of freaking out but then it ended up just happening second time around it was just a much easier smoother transition because I knew that this team had my back I knew that they were going to get me the best possible result that they could and I just let them do their things and so unnecessary documents and just listened as opposed to just freaking out trying to control everything myself I listen to the professionals that I surrounded myself with and they helped me make this so much more painless than that first time right and I think what has changed for you is that the first time around you didn’t know the process or how long things would take yeah and so you get frantic with all the contracts that the solicitors like when’s that going to come through yeah whereas this time around you kind of all know the process you know how long it’s gonna be exactly and you trust your advisors because you’ve been through it yeah before so you can just kind of let it happen you know the general timeframes so it’s not happening you know you can follow that up exactly whereas the first time around like I don’t know the timeframes now is that happening is it not I mean is it taking too long seriously so yeah sometimes it you just got to have that trust and I think supporting yourself and surrounding yourself with with people that gonna get the job done right is is really important and it it’s hard to find that that team as well very hard fondant and so we you say it was easier buying a second property than your first certainly yeah why um number one it was cheaper it was cheaper I didn’t requires like money number two I trusted the process I didn’t stress I didn’t hurry the process I trusted the process I trusted my advisers I had been through it before so I knew how to fill out all the documents properly on you as you said timeframes and how long it’s going to take I knew that if I didn’t get a response from an email it didn’t matter that I was still doing what they told me they’re now going to do which is their job and yeah you know yeah so well congratulations Keith I wish you the best of this property and future ones and we’ll keep you guys updated on Simon’s progress when you get to that time knocking down reviewing the properties so we find it to look at but thanks so much for sharing with us or and don’t forget to go ahead and book that free strategy session if you want to get on the phone to someone and get clear on your goals so you can be sitting here in this situation being like yeah I’ve done it so go to onproperty.com.au/session that out otherwise click over here to listen the Simon’s success story us talk about in this first property his second property I’ve created a playlist for all of that you can go ahead and look through everything in the whole journey which has occurred over the last couple of years thanks so much for tuning in and until next time stay positive