• Are you an entrepreneur? A business owner? Planning to get into business?

    And if you’re a property investor, you really should treat it as a business.

    Today we’re going to discuss what Mark Creedon has learned as a business coach about what separates very successful entrepreneurs from people who call themselves entrepreneurs, but really aren’t.

    The 6 Entrepreneurial Personality Traits


    One of the most important traits of entrepreneurs is self-motivation.

    When you want to succeed, you need to be able to push yourself.

    Entrepreneurs know how to communicate their dream and inspire others to join them on their journey to achieving it.


    When you’re just starting out, it can seem like getting your business off the ground will never happen. But entrepreneurs don’t think like that. They are optimistic about the future and are always looking ahead.

    To be a successful entrepreneur, you must be goal-oriented. But it’s not enough to just set goals. You must make a plan and do everything you can to reach those goals. Everything you do must have a purpose.

    Take Risks

    Successful entrepreneurs know that sometimes it’s important to take risks.

    Playing it safe almost never leads to success as a business owner. It’s not about taking just any risk, though. Understanding calculated risks that are more likely to pay off is an important part of being an entrepreneur.

    You’ll need to be willing to take a few risks to succeed.

    If you’re afraid to take the leap, you’ll never get anywhere. Staying complacent will never allow you to achieve greatness. Entrepreneurs don’t let uncertainty and potential failure stop them from doing what needs to be done. Instead, entrepreneurs look at challenges and risks as opportunities, not as problems.

    Basic Money Management Skills and Knowledge

    We often think of successful entrepreneurs as “big picture” people who don’t worry so much about managing the day-to-day.

    And it’s true that you might have an accountant or other team members to help you manage the business.

    However, if you want to be successful, you should still have basic money management skills and knowledge. Understand how money works so that you know where you stand, and so that you run your business on sound principles.


    To a certain degree, you need to be flexible as an entrepreneur.

    Be willing to change as needed. Stay on top of your industry and be ready to adopt changes in processes and product as they are needed. Sometimes, you also need flexibility in your thinking. This is an essential part of problem-solving. You want to be able to find unique and effective solutions to issues.


    Finally, successful entrepreneurs are passionate.

    Entrepreneurs aren’t in it for the money. While that may be an added bonus, the true benefit is doing what they love.

    Building a business takes a lot of time and effort. It means putting in longer hours and doing extra work. If you don’t love what you do, you're not going to want to do what it takes to achieve success.

    Links and Resources:

    Metropole’s Business Accelerator Mastermind

    Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs

    Go here for the full show notes plus more: The 6 Personality Traits All Entrepreneurs Must Have | Build a Business, Not a Job Podcast

    Some of our favourite quotes from the show:

    “Not everyone is built to be an entrepreneur. Not everyone is built to be a businessperson. And that’s good! Because we do need employees.” – Michael Yardney

    “We don’t want our spinal surgeon to take risks and try something new on us.” – Michael Yardney

    “Being a professional, whatever profession you’re in, is hard because the world is continuously changing. So, unless you’ve got the passion, you’re not going to get through the challenges.” – Michael Yardney


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  • Have you ever thought of getting involved in property development?

    More and more investors want to become property developers.

    We’re experiencing a period of lower capital growth at the moment, so investors want to “manufacture” some capital growth, want to get better rental returns, and want to get their properties at wholesale.

    This is the first of a series of podcasts over the next couple of months explaining more about the property development process that I will be conducting with my son, Bryce Yardney, who now manages the property development department of Metropole and who, over the years, has been involved in hundreds of property development projects.

    We’re going to start with some of the rules you need to understand if you want to get involved in property development.

    Then, in my mindset moment, we’re going to talk about one thing successful investors do differently to those who aren’t as successful.

    The rules of property development

    Get all your ducks in a row before you start

    Before starting down the path of your first (or next) development project, get your finance pre-approved, have your ownership structures set up and have the core of your team of consultants selected.

    Understand where you are in the property cycle

    As a development project often spans two or more years, understand where you sit in the property cycle and pay attention to the big picture economic factors that will affect the real estate market.

    Do careful pre-purchase due diligence

    You need to undertake due diligence including checking the council zoning, as well specific property due diligence – things like checking:

    the title for covenants, easements and overlays the neighbourhood character as well as adjoining buildings and trees the topography of the site. Get your budget right

    Do a detailed feasibility study – be realistic rather than optimistic and include all the little costs beginners tend to forget.

    Then allow a contingency in case unforeseen costs crop up, because they always will!

    Don’t overpay

    It’s important to buy your development site at a price that allows you to make a fair profit; otherwise you’re immediately at a disadvantage.

    Get a good team around you

    Your team is likely to involve a property lawyer, accountant, finance broker, architect, real estate agent and a project manager to oversee the whole process.

    And remember…if you’re the smartest person in your team, you’re in trouble.

    Be realistic about your schedule

    Setting realistic time frames will help you budget more accurately and remember to set aside some contingency money in case unforeseen problems stretch your schedule.

    Be meticulous with your documentation

    Put everything in writing, especially when dealing with consultants and contractors. This helps avoid misunderstandings and confusion.

    And keep very clear accounts. If your paperwork isn’t in order, it’ll only cause headaches further down the line.

    Design your project with the market in mind

    To maximise your profits your project must suit its target market – not necessarily your tastes.

    Don’t become overconfident

    I’ve seen many investors make substantial profits through property development; however I’ve seen even more developers, some much smarter than me, lose it all through overconfidence or undertaking just one more development before the cycle ended or a project with too little built-in profit margin.

    Hopefully these rules will help steer you on the path of property development success so you won’t run into many potholes.

    What all successful people do differently

    There are so many sayings we just take for granted as true, but it’s important to really look at them, because sometimes they don’t make sense. What’s the point of having a cake if you can’t eat it too? Shouldn’t the Trojans have looked that gift horse in the mouth?

    Today we’ll look at two sayings that you may want to reconsider.

    Don’t put all your eggs in one basket.

    Common wisdom suggests that you need to diversify. But is that really correct? Successful people specialize.

    Why not just take good care of your basket?

    Diversification is a protection against ignorance. But successful people focus their concentration on one single earning activity and become an expert in that area.

    Don’t always be on the lookout for new opportunities.

    If you’re like me, you’re getting new opportunities in your inbox every day.

    Opportunities can be like obstacles if they take your focus away from what’s in front of you right now.

    It can be exciting to chase the next shiny toy, but to become a successful investor, you’ve got to do the same thing over and over again.

    You’ll only become an expert by doing one thing one hundred times, rather than doing one hundred things once.

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Bryce Yardney - Metropole Projects

    Join us in October for our annual Property Renovations and Development Workshop

    Learn more about how to become an “armchair developer” using Metropole’s property development management services

    See the full show notes plus more here: The rules of property development | What all successful people do differently

    Some of our favourite quotes from the show:

    “Don’t trust your memory, and don’t allow other people to get it wrong either.” – Michael Yardney

    “To find success, you’ll sometimes have to dismiss common beliefs.” – Michael Yardney

    “I’ve made more by saying no to perceived opportunities than by saying yes to them.” – Michael Yardney


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  • Today’s episode is unashamedly about becoming rich and getting more money.

    I’ve often said that money’s important in those areas where it’s important and not important at all in other areas.

    But any problem that can be solved by money isn’t really a problem, is it?

    So please let me show you how you can obtain more money.

    First of all, we’re going to explain why property investors develop financial freedom. In my mindset moment, we’ll talk about some of the money habits of the rich.

    Then, I’m going to share the steps you need to take to develop financial freedom.

    It’s a process, it takes time. There are no get rich quick schemes here.

    But if you’re patient and follow a proven strategy, money doesn’t discriminate. You can have as much of it as you want.

    Why property investors develop financial freedom

    We dream of it, work for it, and plan for it. But can the average Australian develop financial independence?


    If others have done it, you can too. Wealthy people don’t do different things, they just do things differently. And you can learn to do the same.

    Not everyone works hard for their money. The rich earn recurring passive income. That means that they control a money source that makes money for them even when they’re not there. This is how business owners or property investors build wealth.

    When it comes to how people make money, we can all be placed in one of four categories.

    Employees – Employees trade hours for dollars. They really only get what’s left after the government takes its share in taxes.

    Self-Employed – a self-employed person owns a job. They want to be their own boss, but often they’ve simply swapped one boss for many bosses, called customers or clients. Self-employed people aren’t business owners, but they do have an advantage over employees, in that they get to take advantage of tax deductions that allow them to pay their business expenses before being taxed on what’s left over.

    Business Owner – A business owner owns a system and people work for them. They don’t have to be at work in order for the business to run. They invest their money in an idea and a business system, then let that investment – in the form of a business – work for them.

    Investor – Investors don’t have to work because their money works for them. This is the group that you want to belong to if you hope to be wealthy someday. Investors convert money into wealth. By building your own property portfolio with income-earning residential real estate, you are taking the steps to move from employee to investor.

    Money Habits of the rich

    The rich know how to work full-time at their job and part-time on building wealth. The rich save their money and spend what’s left. Learn to live on 70% of your income after taxes. The rich contribute to their communities by giving to charity. Of the 30% of your income remaining, 10% of your income should go to charity. The remaining balance should go into savings. When you have sufficient savings, you can begin investing in growth assets.

    The steps to financial freedom

    Many Australians have chosen to invest in property to develop financial freedom and get themselves out of the rat race. As they take their investment journey they fit into one of the following five Levels of Wealth. Let’s have a look at these more closely and see where you sit:

    Level 0 – Financial instability

    Since most Australians live from pay cheque to pay cheque, they are Financially Unstable. If they lose their job or have an emergency, such as an illness or the car breaks down, they have no money reserves to cope.

    Level 1 - Financial Stability

    To achieve this most basic level of wealth:

    You’ve accumulated sufficient liquid assets (savings or money in a line of credit) to cover your current living expenses for a minimum of 6 months. You have private medical insurance and some life insurance to protect you and your family’s lifestyle should you become ill, disabled, unable to work or if worst comes to worst – suddenly die.

    Level 2 - Financial Security

    Now you have accumulated sufficient assets, such as a substantial property portfolio, to generate enough passive income to cover your most basic expenses. These would include;

    Your home mortgage and all home-related expenses. All your tax payments and the interest payments on your loans and debts. Your car expenses. Your grocery bills and minimal living expenses. Insurance premiums including medical, life, disability and your house.

    Level 3 - Financial Freedom

    You’re financially free when you have accumulated sufficient assets to generate enough passive income to pay for the lifestyle you desire, not necessarily your current lifestyle, and all of your expenses, without ever having to work again.

    Level 4 - Financial Abundance

    A small group of sophisticated property investors achieves Financial Abundance when their portfolio works overtime. They’re free of financial pressures and have so much surplus income that after paying for their lifestyle, all of their expenses and contributions to the community (often through charity work or donations), their asset base continues to grow.

    Climbing to the top of the investment ladder

    So how do you climb the rungs to the top of the property investment ladder and achieve financial abundance? Here are 4 steps you can take:

    Decide you want to become wealthy. Most Australians dream of financial independence and want to be wealthy, but never make a firm commitment. If you don’t truly commit, life gets in the way and you get sidetracked. Choose the date you’re going to be financially free, then put it in writing, make a firm promise to yourself and tell others so you have no excuses.

    Invest in your financial education. If you’re a beginning investor focus on increasing your financial education. To fast track your success, keep reading books, going to seminars, watching DVD’s and learning from people who’ve already achieved what you want to achieve.

    Don’t wait until you know it all to get started, because if you do, you’ll never take the first step. One of the things I learned early in the piece is the paradox of knowledge: The more you learn, the more you realise you don’t know.

    How do you know when you know enough to start investing?

    When you have the courage and conviction to take action, knowing that you’ll never know it all, but you’ll learn more along the way – educating yourself as you move up the investment ladder.

    Surround yourself with like-minded people. There’s no such thing as a “self-made millionaire”. Even financially independent investors surround themselves with a smart team of advisors and professionals as well as other like-minded individuals. Get a mentor, join an investment club and associate with others who have similar aims to you. If you stop associating with people who are negative and point out all the things that can go wrong, and instead surround yourself with people who are positive and will spur you forward, you’ll reach your financial goals much quicker.

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Some of our favourite quotes from the show:

    “The rich and the poor both start with the same amount of money. They just have a different philosophy.” –Michael Yardney

    “Be really, really careful who you listen to. Because if you listen to what most people listen to, if you follow the people that most people follow, you’ll never get to financial abundance, because that’s not what they’re aiming for.” –Michael Yardney

    “The lovely thing about money is it really doesn’t discriminate.” –Michael Yardney


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  • You are where you are in life because of all of the things you’ve chosen to do and all of the things you’ve chosen not to do.

    So, in today’s show, I’m going to share with you 11 things that successful investors don’t do, so you can move ahead in your investment journey.

    In my mindset moment, I’m going to explain the vast difference between being wealthy and being rich.

    And in my chat with Ahmad Imam, we’re going to talk about the fears of first-time investors. So, if you’re a beginning investor wondering if you should or shouldn’t get in, this conversation will be very useful.

    But even if you’re not a first-time investor, you may have some of the same fears, so you can get something out of this conversation as well.

    11 things successful investors don’t do

    While there are many great tips on what to do to become a successful property investor. However today I'd like to look at a number of things successful investors don’t do.

    They don’t concern themselves that the markets are unpredictable.

    Successful investors are comfortable with the reality that their future can’t be predicted. They know that despite having the best plans and strategies there are always X-factors coming out of the blue that may affect them negatively. So they protect themselves by planning for the worst yet expecting the best outcome.

    They don’t accept things as true without questioning.

    In an uncertain world, we love to be right because it helps us make sense of things. One of the ways we strive to be correct is by looking for evidence that confirms we are correct. Psychologists call this confirmation bias.

    Instead successful investors understand that most of us are ruled by our prejudices, so they maintain a healthy skepticism and question new information before accepting it to be true.

    They don’t think success will come “quickly” or “easily.”

    Successful investors don’t look for the next “get rich quick” scheme, knowing that those with a long-term perspective and who delay gratification are more likely to be financially successful because wealth is the transfer of money from the impatient to the patient.

    They don’t wait for the “right time” to take action.

    Successful property investors don’t try and time the markets. They know there isn’t a “right” time to do anything.

    They don’t try and do it on their own

    Successful investors know that if they’re the smartest person in their team they’re in trouble. So they’re prepared to pay good advisers and have mentors who inspire and motivate them and keep them accountable.

    They don’t waste their time worrying

    Interestingly most things you fear will happen, never do. They are just monsters in your mind. And if they do happen then they will most likely not be as bad as you expected.

    The lesson here is that you shouldn’t take things too seriously because that which seems like a big problem today, you may not even remember in five years.

    They don’t give others the power to define “success” for them.

    When you compare yourself to others you let the outside world control how you feel about yourself. Successful people pursue what makes them happy without worrying about what others think, especially other people's definition of success.

    They don’t dodge responsibilities.

    Successful people are human so they make their share of mistakes, yet they’re willing to accept responsibility and admit to their faults.

    They don’t ignore problems.

    Successful people confront problems as soon as possible. Like all of us they’re tempted to neglect things that are difficult to deal with, but tackle them anyway, because putting off a problem only turns it into a bigger one.

    They don’t speculate

    Rather than following the latest fad, successful investors follow a time-proven strategy that they repeat again and again, recognising that you can’t become an expert by doing one hundred things once. Instead, they do one thing a hundred times till they become proficient and can produce repeatable results – that’s how they know they’ve become an expert. It may make their investing boring, but the results make their lives exciting.

    They don’t forget the people who matter.

    No matter how busy they might be, successful investors make time to tend to their personal relationships, knowing how empty life would get without love and friendships.

    So, there you have it – 11 things not to do if you want to be a success.

    Overcoming the fears of being a first-time investor

    Fear and uncertainty lead to procrastination.

    The best way to overcome fears is to ask yourself two questions: what am I really afraid of? And how likely is it? Today’s chat with Ahmad Immam may help address some of your fears.

    Strategies for overcoming fears

    Only listen to people who know what they’re talking about. Everyone has an opinion, but not everyone’s opinion is useful.

    Understand the media’s love of sensational headlines. You can’t turn on the news without hearing something about property, but bad news and sensational headlines sell papers and generate clicks. That doesn’t mean the information is useful – most property journalists are not economists. Stick to reading journalists who understand the economy, real estate, and how to create wealth through property.

    You don’t need to know everything before you get started. If you want to know everything, you’ll get to a stage where you’re procrastinating and never really get started. Accept that you’ll likely make some mistakes but minimize them by getting a good team around you.

    Being wealthy is different to being rich

    There are a number of definitions of wealth.

    True wealth isn’t your money or your property or how big your business is, it’s what you’re left with when they take all your money away.

    Another definition of wealth has to do with time freedom.

    Being rich doesn’t mean you’re wealthy. The rich may have a lot of money, but they have to keep working because they spend most of it.

    The wealthy have money without having to work too hard for it, and their money covers all their expenses. Generally, they’ve worked hard to get to the point where they don’t have to worry about money.

    The difference between the rich and the wealthy is that the wealthy don’t have to worry about money while the rich do because they generally spend most of what they earn because they haven’t put enough money aside to invest in income-producing assets.

    You can think of the definition of wealth as how long you can survive and maintain your living standard without working.

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Ahmad Imam Metropole Property Strategists Sydney

    Some of our favourite quotes from the show:

    “The lesson here is strive to become the best you can be and look at how far you have come, what you have accomplished and how you have grown.” – Michael Yardney

    “Sometimes negative experiences, mistakes and failures can be even better than a success because you learn something new which another win could never teach you.” – Michael Yardney

    “True wealth is money plus the ability to keep growing and learning and spirituality, and that means different things to different people.” – Michael Yardney


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  • Do you have children or are you planning to have children? How about grandchildren?

    If so, this episode is for you.

    Even if you haven’t got children, you’ll get some great money lessons from this episode.

    Today we’ll share seven tips to make sure your children grow up rich.

    And it’s not just about money. We’re talking about tips that will help children find success in all areas of life.

    So how do you go about creating a rich child? Here are some of the things we discuss:

    Reading to Learn

    Tom Corley found that 88% of the rich folks in his study spent 30 minutes or more every day reading to learn, whether it was about money, how to succeed in their industry, self-help, biographies of successful people and history.

    Cultivating relationships:

    You want to associate with those people that typically upbeat, optimistic, enthusiastic, positive types. If you’re not in a circle that meets those criteria, volunteering at a community nonprofit is a good way to find them.


    Because exercise improves brain performance by increasing the amount of oxygen and helping the health of the neurons, people who exercise think faster and have better memories—which make you more competitive in the workplace.

    Managing anger:

    It’s normal to feel anger and frustration, but how you express it can make or break your success.

    Exploring talents:

    When kids are little, they get to do a lot of activities such as art, music, theater, and sports. But as they get older, they focus on just one or two. But that's a mistake. Exposing kids to numerous activities helps them explore their talents

    Keeping an abundance mindset:

    Of all the habits, this is the most significant that plays out in every aspect of our lives. Our brains are wired to emulate our parents from the start.


    Dream-setting is a process. It's visualizing what your ideal life would be. The self-made millionaires in his study would map out what their dreams are at least 10 years into the future, and then build goals around the dream to make it a reality.

    Some of our favourite quotes from the show:

    “Being rich is about wealth in all facets of life.” –Michael Yardney

    “You definitely have to grow and learn by having that habit of reading. It’s a success habit not just of children, but of adults.” – Michael Yardney

    “I want an expandable pie where if we all do well, are more productive, our country is better. There’s enough for everybody.” – Michael Yardney


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  • Our property markets are changing in front of our eyes, but a couple of things are changing that you may not be aware of.

    One of those things is the ghost towers in Sydney. What’s a ghost tower?

    You’ll find out in this episode. It may not be what you expect.

    I’m also going to have a chat with Andrew Mirams about the changing finance markets and bust some myths about finance.

    In my mindset moment, we’ll talk about 12 things that are more important than money.

    Listen in and by the end of the show, you’ll be a more informed businessperson, investor, or entrepreneur.

    Sydney Ghost Tower warnings

    The ghost towers that are springing up across Sydney aren’t haunted buildings, they’re empty apartment buildings.

    By the end of this year, around 54,000 new apartments will have flooded the Sydney market in just two years. This has led to an oversupply of apartments for sale or for rent.

    Of course, this has occurred at a time when first-time buyer incentives have worked, with one in four people in the Sydney property market currently buying their first homes. It just hasn’t been enough to soak up the extra apartments, though, and ghost towers are on the rise in Sydney.

    These vacancies have created a tenant’s market, giving tenants the upper hand in lease negotiations. Landlords and property owners need to keep their rents the same when the lease expires, and may even need to drop their rents when their property become vacant in order to find new tenants.

    Metropole’s Sydney vacancy rates are at about half the general market industry average, and they’re currently sitting at around 2%.

    A large factor in this is the type of properties that we bought for our clients over the years – established apartments in small blocks that are close to amenities, that are still in strong demand and that have some uniqueness to them.

    Those apartments are holding their values well and they’re leasing more quickly.

    The problem is we’re building too many of the wrong type of apartments, and there are too many of the wrong types for sale or lease.

    Currently, the apartment market is being artificially propped up by developers manufacturing scarcity by holding onto their stock.

    They’re not releasing a lot of their vacant apartments on the market because the market is saturated.

    At the same time, many investors are not putting their properties on the market for lease. They’re keeping them in brand-new condition and waiting for better times.

    Developers built high-rise apartments aimed at foreign investors and a new generation of local investors who really didn’t understand what made a good investment.

    This has led to high vacancy rates.

    Investors are going to lose out not only because they’re not getting their rent, but because they’re unlikely to see an increase in the value of their properties for at least a decade. Those who wish to sell or have to sell are going to have trouble finding buyers.

    Established apartments, the ones that used to be called flats, are outperforming new apartments.

    They’re what we call "investment grade" apartments because they appeal to a wider range of more affluent owner-occupiers, not just investors.

    They’re located in the right places, a short walking distance to lifestyle amenities.

    They have street appeal and good views, they offer security, and they usually have the ability to add value. And they have a high land-to-asset ratio, which is very different to the big buildings.

    The bottom line is that buying an investment-grade property is all about following a proven blueprint laid out by successful investors.

    It surprises me that people are still talking about buying off-the-plan apartments. Your best move is to avoid them.

    You’re more likely to increase your chance of financial success in the future and reduce your chance of getting caught out as the property market moves to the next cycle by buying the right property in the right location.

    Don’t worry about the timing. This is one of the best countercyclical buying opportunities I’ve seen in many decades.

    Busting finance myths

    It doesn’t matter how long you’ve been with a bank, you still have to meet the current assessment criteria. Don’t assume that your bank will take care of you out of loyalty. Things change with the credit cycles, and just because you got money in the past doesn’t mean that you’ll be able to do it again. You may not qualify, or you may need to meet new criteria. Your credit cards and credit limits matter. Whether you use it or not, you could spend up to that limit. And at any time your circumstances could change. So, it does matter and you do have to disclose credit cards and limits If you’re adding a higher interest rate and a lower term, that has significant impacts on your borrowing capacity. We’ve hit the bottom of our credit squeeze. We want a balanced market. That will have a positive effect on the ability to borrow. Having a finance strategist on your side makes a big difference because the banks really aren’t on your side.

    12 Things more important than money

    Put your health and wellness above everything else Take the time to do the things you love Stop taking life so seriously Always say what you need to say Open up your mind to possibilities Follow your own path Stop living in the past Accept the things you can change Practice mindful living Stop chasing money, fame, and possession Always practice gratitude Pay attention to all the sources of love in your life

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Andrew Mirams – Intuitive Finance

    Some of our favourite quotes from the show:

    “It surprises me that people are still emailing me, leaving comments on my podcast, leaving comments on my Property Update blog talking about buying off-the-plan apartments.” – Michael Yardney

    “When you get to know me, you’ll realize I believe true wealth is what you’re left with when they take away all your money.” – Michael Yardney

    “Appreciate what you’ve got. Be grateful for what you’ve got.” – Michael Yardney


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  • Are you looking for more success in life?

    If so, then today’s show is for you.

    I’ll be sharing with you tips from high achievers to help you get further in your property investments, career, and other parts of life.

    I’ll also have a chat with a successful person, Ahmad Imam, who’s going to share some property tips as well as some general life tips that he would have liked at the beginning of his career.

    13 things high achievers do differently

    I’ve noticed there are some rules that high achievers never break.

    I makes sense that if you obey these rules, you will also become a high achiever.

    So let’s look at them…

    Don’t compare your life to others and don’t judge them; you have no idea what their journey is all about

    We all have our own distinct purposes in life. Be yourself always and become the best version of you.

    Don’t act the way you are feeling. Instead, act the way you want to feel

    High achievers get disappointed a lot because they fail many times, but since they are highly optimistic people, they see advantage in adversity and make the best of every situation.

    Make peace with your past so it won’t screw up your present

    Forgiveness is the first step to progress and only those with a strong heart can forgive themselves and those who have hurt them. Move forward today and stop dwelling on the past.

    Don’t answer ads that promise get-rich-quick schemes because it won’t be you who gets rich quick

    If it sounds too good to be true, then it most likely is.

    You can’t do everything yourself, so get help along the way

    Your level of influence in most cases determines your level of success. Make meaningful relationships and help others get what they want.

    Don’t envy what others have; you don’t know how they got it

    The truth is that you don’t know how he got what he has or the price he had to pay in exchange for it. Think about this before you envy somebody.

    If you can’t say anything nice, don’t say anything

    Most successful men are very careful with their tongues–they hardly speak out of turn or when it is unnecessary. Learn to talk less and listen more.

    Be comfortable only outside of your comfort zone

    Do something every day that scares you and break your own records each day.

    If you are going to jump off a bridge, make sure you know how deep the water is

    This is the gateway to tremendous self-improvement. It is the secret of high achievers.

    Always determine the price you have to pay for every decision you make before making that decision.

    Change only what you can change and let go of the rest

    No matter how important it may be, sometimes it’s better to do your own part and leave the coming generation to do theirs.

    What others think of you is none of your business

    Ignore whatever anyone has to say about you and hold firm what you know and what you believe.

    Never test the depth of the river with both feet

    Spread out your risks in life. There is no way to succeed without taking risks, but it's wiser and safer to take calculated risks.

    Honesty is a very expensive gift. Do not expect it from cheap people

    Do not expect too much from people–only a few men have that virtue called integrity.

    Investing and success tips from a property expert

    Take the emotion out of your investment decisions – When investing in property, decisions should be based on strategy, statistics, and logic. Will the property provide wealth-building rates of growth? Is it the highest and best use of your funds? Is the location a stable market? Does the property have owner-occupier appeal? Can I purchase the property at or below intrinsic value? Does the property have a twist that will make it unique relative to the level of demand? Does the property have the potential for value-add via renovation or development? Avoid speculative investing – it can be tempting to buy a property in a location that’s predicted to be the next best thing, but it can also be risky. Hot spots tend to be not-spots. There are three core fundamentals to keep in mind: Leverage Compounding Time If you want something you’ve never had, you have to do something you’ve never done. Amazing things happen outside of our comfort zones. It doesn’t matter how slowly you go, as long as you do not stop.

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Ahmad Imam – Metropole Property Strategists Sydney

    Some of our favourite quotes from the show:

    “It’s not going to be you who gets rich quick. It’s the person who’s going to sell you whatever they’re selling you.” –Michael Yardney

    “I keep saying, I’d like my investments to be boring so the rest of my life can be exciting.” –Michael Yardney

    “You are where you are today because of all the things you’ve done and all the things you’ve chosen not to do.” –Michael Yardney


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  • Imagine you woke up one morning and found out your investment property was on Airbnb.

    Your tenant, who you thought was looking after your property is now letting anyone and everyone in.

    What are your rights? What would you do? Today we’re going to have a chat with Leanne Jopson about what your rights are and how you can prevent this.

    I’m also going to share in my mindset moment, six things successful people only ever do once.

    In our first segment, I’m going to chat with Ken Raiss about whether Australia could fall into a recession. Are we in trouble? What could be ahead? What should we watch out for?

    You’ll find out in today’s episode.

    Could Australia really fall into recession?

    What is a recession? A recession measures how the economy is growing measuring GDP.

    Every quarter is measured against the previous quarter.

    A recession is when the value of goods and services (GDP) has fallen in two quarters in a row.

    According to Ken Raiss, if a recession did occur now, the bounce back would be relatively fast.

    The negatives at the moment are subdued property prices and wage growth.

    But more people have jobs than ever before and for most people, the ability to pay their living expenses and home expenses is driven because they have a job. The unemployment rate is at the lowest it’s been for quite some time.

    The Australian economy has turned around in relation to property process, so the rate of decline has slowed.

    There’s a lot of activity in the economy and money being generated.

    The RBA has relaxed its restrictions on home lending. APRA have reduced the gap that they require to show that people have an ability to repay.

    We also have a more stable government, we’re seeing a stimulus by the government at both the state and federal level, and we’re seeing growth in iron ore and coal, both in price and volume.

    Additionally, population growth is up.

    These are all signs that we should be optimistic about the future of Australia’s economy.

    What if my investment property ends up on Airbnb? Leanne Jopson

    Every state has slightly different legislation, but landlords do have protection against their tenants letting out their properties on Airbnb.

    In Victoria, owners’ corporations have the power to impose fines on owners of properties where their tenants who disturb other residents. They can be charged a separate fine for each resident affected.

    Across all states, landlords are protected because a tenant can’t sublet your property without permission. That restriction was briefly lifted in 2016, but now it’s back in place.

    In New South Wales, planning laws limit the number of nights that a property can be let on a short-term stay basis (like Airbnb).

    The key to finding out a tenant is subletting is having a professional property manager monitor for telltale signs. Some signs include:

    Key safes outside of properties Too many toothbrushes Empty or extra beds Lots of spare linen in the cupboards

    When it comes to insurance claims for damage caused by an Airbnb letting, if you granted permission for your tenants to let the property, you will need to have your policy adjusted to cover that risk.

    But if your tenants were letting the property without your permission or awareness, you’ll be able to make a claim for your damages.

    Links and Resources:

    Michael Yardney

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Ken Raiss Metropole Wealth Advisory

    Organise a time to speak with Ken by clicking here: www.Wealth.Metropole.com.au

    Leanne Jopson – national director Metropole Property Management

    Some of our favourite quotes from the show:

    “Sometimes we ignore our gut instinct about people, and it can get us into hot water.” – Michael Yardney

    “If you make decisions based on what you may think feels good in the moment, then it’s very likely you’re going to fail to take care of your long-term plans.” –Michael Yardney

    “If you’re not strong on detail, you’d better surround yourself with people who are.” – Michael Yardney


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  • The Reserve Bank's board meeting minutes for July paint a much more gloomy picture of the economy than the one governor Philip Lowe paints in public.

    The RBA has left the door open to even more interest rate cuts due to their ongoing concern about the state of the jobs market and the lack of wages growth.

    So what does this mean for our economy, for our property markets and for your pay packet?

    The RBA board members agreed jobs growth needed further acceleration when they cut the cash rate to a record low to 1% at the beginning of July, but the minutes from the central bank’s latest board meeting confirmed that further rate reductions are on the table.

    In fact the money markets are pricing in a 78% chance of another 0.25% rate cut in November.

    Some of the topics we discuss:

    What is going on with our economy

    The RBA minutes seem to contradict the positive spin RBA governor Phillip Lowe put on things when he recently met with Treasurer Josh Frydenberg and said:

    "I agree 100 per cent with you that the Australian economy is growing and the fundamentals are strong."

    The Reserve Bank seems to have set itself some ambitious goals when it indicated that it wanted our unemployment rate to drop to 4.5 per cent, which they argued would mean full employment.

    At that level the RBA believe excess capacity in the labour market would be soaked up, wages would start to rising and in turn this would drive inflation back up into the RBA's target band.

    This looks like quite a challenge.

    The last time unemployment was that low was late 2008, and inflation has only been in their preferred range of 2-to-3 per cent a couple of times in the past five years.

    The big question is - where will all the new jobs come from.

    With the construction industry slowing down and retail spending languishing, it will be really hard to create the number of new jobs the RBA is hoping for.

    Will this lead to another property boom?

    Some commentators are suggesting we’re on the cusp of another property boom with surging house prices.

    While lower rates and more jobs will be positive for our property markets, I don't see a property boom ahead.

    Sure prices will flatten out over the next few months and then start rising gently, but it is likely property values will only rise 3% to 5% in our 3 big capital cities next year.

    Of course our markets will, as always, be fragmented, so some areas will outperform.

    However if overall house prices do respond aggressively, this will create a policy dilemma for the RBA which doesn't want this to occur.

    What's happening on the jobs front

    The continued flood of new job seekers has pushed the participation rate to record highs and meant solid employment growth has made no inroads into the unemployment rate (5.2%) which has actually climbed a little over recent months.

    Why we are skeptical that lower rates will decrease the unemployment rate to the range the RBA is looking for.

    If the RBA expects growth will only return to trend "over coming years", then it's unclear how the economy will produce enough jobs to push the jobless rate to 4.5 per cent or below, which is where monetary policymakers now reckon it needs to be before we get some meaningful and sustainable wages growth.

    Links and Resources:

    Dr. Andrew Wilson, chief economist of MyHousingMarket.com.au

    Join us at our annual Property Renovations and Development Workshop in October – click here for more details

    This podcast was originally published as a video here:Are we heading into dangerous territory? What the RBA minutes reveal – PROPERTY INSIDERS VIDEO


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  • The mood for our property markets has definitely changed.

    If I were to ask you what moves our property markets, what would you say? Finance? Supply and demand?

    Today I’m going to discuss one of the major factors that move our property markets. It’s one that most people don’t talk about or understand.

    In my mindset moment I’m going to discuss ways to fail. This show is usually more about success than failure, but if you understand how to fail, you’ll better understand what not to do so that you can become more successful.

    Finally, I will have a chat with Ken Raiss about some finance hacks about getting more financially fit.

    How investor mindset moves the markets

    Market movements are far from an exact science.

    The fundamentals are easy to monitor. Things like population growth, supply and demand, employment levels, interest rates, affordability, and inflationary pressures.

    However, one overriding factor that the experts have difficulty quantifying is investor sentiment.

    And that’s what’s really been behind market movements of late.

    We’re not rational

    I’ve found that investors often suffer lapses of logic when investing and many of their investment decisions are driven by emotion.

    For example, we tend to extrapolate the present in the future.

    When things are booming we tend to think the good times will never end and when the market mood is glum, we have difficulty seeing the light at the end of the tunnel.

    Can you see how investor psychology, drives booms and busts?

    Can you see how the dominant investor mentality of the time helps drive the property cycle?

    Just to make things clear…homebuyers, who make up around 70% of property transactions drive our property markets. But investor activity creates our booms and busts.

    We follow the herd.

    Obviously, one or two misguided investors won’t be able to influence property prices, but investor psychology is infectious.

    People tend to want to do what others are doing - they ‘follow the herd’ because going against popular opinion is perceived as risky. What if you make a mistake? What if “the crowd” is right and you are wrong?

    This behaviour stems back to the days of our ancestors when it was safer to remain part of the herd rather than leave the security of the pack and be eaten by a Saber-toothed Tiger.

    This “herd behaviour” is magnified by several things including;

    Mass communication enabling the behaviour to become infectious. Now more than ever we are bombarded with messages from the media that influence how we think and feel about things. When we hear that real estate is doomed, all but a handful of sophisticated investors get scared out of the game. And when the media tells us housing markets are booming everyone wants a piece of the action. Pressure to conform. If your friends or family are doing it, it must be right. Right? Human nature makes us reluctant to do the opposite of what our peers are doing. A major precipitating event can give rise to a general belief that motivates investor behaviour. The Global Financial Crisis that saw waves of investors scared out of the share and property markets. On the other hand, the resource boom enticed thousands of investors into mining town housing markets to cash in on the resulting property boom. A general belief that grows and spreads. When the belief that property values can only go one way, and that is up, spreads through an uneducated new generation of investors the enter the market pushing up prices, perpetuating the belief and helping make it a reality! Similarly, when the herd believes the market is going to crash, they steer clear, this gets reported in the media and the negative sentiment feeds on itself.

    When investor sentiment is positive, the crowd jumps in feet first, pushes up demand and places upward pressure on prices – causing boom conditions.

    Conversely, when sentiment is negative, the crowd backs off and frequently sells out of the game due to concerns that they’re about to lose everything – causing market slumps.

    What can an investor learn from this?

    Our property markets aren’t only driven by fundamentals, but also by the often irrational and erratic behaviour of unstable crowd investors. Booms never last forever, and neither do busts. Don’t be surprised when they come around and don’t overreact. This will stop you from getting sucked into the booms and spat out during the busts. Treat your property investments like a business and stick to a proven strategy to help take the emotion out of your decisions. Recognise that property is a long-term play and set up financial buffers to help you ride the property cycles.

    Invest counter cyclically

    I’ve always been an advocate of counter-cyclical investing because moving against the crowd often produces the best results and can mean the difference between outstanding gains in the property market and average ones.

    Sure, it takes some courage to do the opposite of what everyone else is doing, but the results of your contrary behaviour will ultimately speak for themselves.

    Now seems the best time in almost a decade to invest counter-cyclically.

    Tips to gain financial fitness – Ken Raiss

    Have a plan. You need to identify where you are now and what your goal is, then put a plan in place to achieve those goals. Have a savings regime. Deposit money from your income in savings before you see the money. Reinvest for growth. Compound growth helps you get a better result. Invest in capital growth assets. That capital base will give you the ultimate choice when you need to live on your investments in the future. Borrow, because it’s leverage that will help you create wealth Find a good coach and mentor, and build a team around yourself. Find a winning formula and stick to it Don’t beat yourself up for things you can’t control. Make a plan that has some room for flexibility and safety nets for unexpected negatives. Think big and don’t restrict your dreams. Get people around you who will help you achieve your dreams.

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Ken Raiss – Metropole Wealth Advisory

    Some of our favourite quotes from the show:

    “To grow as a human being requires work, and more often than not, it requires embracing the unknown.” –Michael Yardney

    “It comes up every time you speak with successful people about what you need to do to get there. Having goals and then having written plans comes up every time.” – Michael Yardney

    “Building wealth isn’t a solo game.” –Michael Yardney


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  • Want to build a business and not a job?

    If you're a business owner, entrepreneur or professional, you'll have to grow your business very differently to most people.

    The traditional way to build a business is to build a Level Two business.

    In a Level Two business, you as the business owner gather up the reins of power.

    If something should happen to you, your business would crumble.

    If you manage to somehow escape for a short vacation, you probably sneak your laptop or iPhone with you on the trip and check email when your spouse and kids aren’t looking.

    What’s wrong with building a level 2 business?

    Pitfall 1: It caps your income and your success.

    If your business revolves around you and your personal production, as you become more successful, you’ll smack up against the ceiling of how much you personally are able to produce for your business.

    Pitfall 2: It puts everyone at greater risk.

    If you stop working or get injured, your business dies—quickly. This is risky for you, your family, your employees, your customers, and your investors.

    Pitfall 3: It eventually corners you in the Self-Employment Trap™— the more success you have, the more trapped you become inside your business.

    You’re so busy doing the “job” of your business that you can’t step back and focus on growing your business.

    What’s the way out of the Self-Employment Trap?

    Simple: build a business, not a job.

    In the traditional Level Two approach, you try to escape by personally working harder.

    But that’s like stepping on a treadmill and saying that the way to get off is to simply run faster. Not so. The faster you run, the faster the speed of the treadmill.

    You take on more overhead and hire more employees, but you put them into a Level Two model that merely increases your personal pressure to produce.

    A job is something that you do yourself; a business you build does your job for you! Getting your business to do more means building the infrastructure that profitably produces value in the market in a scalable way.

    This means building your business with the end in mind, the end being the day when it no longer needs your time and attention on a daily basis.

    As you enter Level Two, you’ll face a crucial decision point at which you can settle for owning a Level Two job or instead choosing to raise your business to be a strong and independent entity that benefits from your involvement but is ultimately independent of it.

    The traditional Level Two approach is for you the owner to work harder, to do more—to work at the job of your business.

    The Level Three solution is for you to do less and get your business to do more.

    The 4 Building Blocks of All Level Three Businesses

    Every Level Three business is made up of these four key building blocks:

    Systems Team Controls Scalable solution

    Links and Resources:

    Metropole’s Business Accelerator Mastermind

    Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs

    Some of our favourite quotes from the show:

    “I’ve learned over the years that it really is important to let go of control” –Michael Yardney

    “If everything’s dependent upon you, what happens if something happens to you?” –Michael Yardney

    “Having a group of people around you who are already movers and shakers, who are already successful, that’s so, so different to reading something on the internet. It’s so different to reading a book or listening to a podcast.” –Michael Yardney


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  • If you’re looking for more money, more success or to learn to be a better property investor, today’s show is for you.

    I’m going to share three important concepts in today’s episode.

    Firstly, I’ll be sharing some tips for a better financial future.

    Then, in my mindset moment, I’ll explain the big investment that the rich make that the poor don’t.

    Finally, I’ll have a chat with Brett Warren, the Director of Metropole Properties in Brisbane, about the lessons that he would have liked to know earlier in life that would have helped him become a better investor and more successful person.

    7 Tips for a better financial future

    Start paying attention to your finances Allocate where your money is going Faithfully follow your budget Keep track of your net worth Set some financial goals Pay off your debts Spend less than you earn, and start saving the rest

    The investment that separates the rich from the poor

    I’d like to share with you one surprising investment that separates the rich from the poor. And that’s how you invest your time. That’s going to determine how your financial future will unfold.

    People often tell me they can’t invest because they don’t have enough money, and I tell them that if they don’t have enough money, invest their time.

    However, most people don’t have enough time to invest either. They think working harder or longer is going to make them richer. But nothing could be further from the truth.

    The problem is most of us are working harder, but the inflation-adjusted wages have stayed stagnant. Working more doesn’t mean making more or keeping more.

    Rich people work to build assets. This means businesses or investments that will bring cash flow whether the person is working or not. Adding assets doesn’t mean working longer or harder. The more financially fluid you are, the less you’ll need to work. Rich people know how to make their money, and other people’s money, work for them.

    Lessons for Better Property Investing and Success

    Location does 80% of the heavy lifting Choose capital growth over cash flow Success comes from a series of small steps in the right direction Successful people have multiple streams of income

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Brett Warren – Director Metropole Properties Brisbane

    Some of our favourite quotes from the show:

    “Debt takes away your options, and debt takes away your future financial freedom” –Michael Yardney

    “Never buy anything with your credit card that you can’t pay off by the end of the month.” –Michael Yardney

    “Success is a long-term journey, and along the way, as we’ve mentioned before, there’s lots of little failures.” –Michael Yardney


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  • Would you like to know where house prices are going to be at the end of this year and next year?

    Today, I’ll share the latest forecasts from Domain, and we’re going to run through them state by state and explain what might make them better or worse depending upon what happens in our economy.

    Then in my mindset moment, I’m going to show you how you won the lottery.

    Today’s episode contains a lot of numbers and figures, but I think the trends that I’m going to explain will give you some comfort.

    What’s Ahead for Australia’s Property Market?

    Remember, it wasn’t that long ago that our media was predicting housing market Armageddon. The property pessimists have again been proven wrong. Having said that, this has been the longest and the deepest property downturn in modern history.

    What’s ahead?

    Remember there is not one property market nor one Sydney or Melbourne property market, but having said that, Trent Wilshire, economist for Domain, forecasts that property values are likely to stabilize in the capital cities by the end of the year, and in fact rise in some locations, and he predicts moderate growth in 2020.

    Forecast for Sydney:

    House and apartment prices will be 2% higher by the end of 2019 In 2020, house prices will increase by 3 to 5% Apartment prices will rise by 2 to 4% in 2020 About 25% of home loans in New South Wales in March went to first home buyers Prices of off-the-plan and new apartment in high rise towers Sydney are likely to fall

    Forecast for Melbourne:

    House prices have fallen about 11% since their peak, and apartment prices have fallen about 8% Prices are likely to increase by about 1% by the end of 2019 In 2020, house prices will increase by 1 to 3% Apartment prices will rise by 0 to 2% in 2020 Melbourne’s population is predicted to rise by 10% in the next few years

    Forecast for Brisbane:

    Housing prices will bottom out in the next 6 months and rise by 1% by the end of this year and 3-5% in 2020 After bottoming out apartment prices in Brisbane will remain flat next year. Brisbane’s fragmented market means that some areas will rise faster than others

    Forecast for Canberra

    House prices will rise by 2% by the end of 2019 Apartment prices will rise by 1% by the end of 2019 Canberra will be the strongest property market in 2020 House prices will grow by 4 to 6% in 2020 Apartment prices will be subdued by the oversupply of apartments Apartment prices will grow by 1 to 2% in 2020

    Forecast for Perth:

    Prices will bottom out over the next 6 months After prices bottom out, there will be slow growth Perth will see 0 to 2% growth in 2020 Perth will see a rise in population growth

    Forecast for Hobart:

    Hobart has been the best performing property market in the last 3 years, but the boom is over Hobart will not see any growth in housing for the rest of 2019 Apartments will grow by 2% in Hobart by the end of the year There will be 2 to 4% growth in Hobart house prices in 2020

    Forecast for Adelaide

    Adelaide property prices continue to rise slowly Adelaide will see 1% growth for houses in 2019 Adelaide will see 2% growth in apartments in 2019 In 2020, Adelaide’s housing prices will rise by 1 to 3%

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Some of our favourite quotes from the show:

    “Remember, Melbourne is rated as one of the 10 fastest growing large capital cities in the developed world.” –Michael Yardney

    “Property prices are driven by investors in particular.” –Michael Yardney

    “Entitlement gets us nothing but heartache. It blinds us to the magic of gratitude.” –Michael Yardney


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  • There is change in the air – our property markets are showing some promising signs

    And the biggest question buyers and sellers in Sydney and Melbourne are asking is: “Are we there yet?”

    In other words, they’re wondering have our property markets hit the market floor and is it time to get back in again?

    We’ve also received the much anticipated second interest rate cut, which by the way isn’t good news.

    In this month’s Property Insiders market update Dr. Andrew Wilson and I bring you up to date on what’s happening around our property markets.

    We discuss

    This month’s interest rate announcement – the RBA is clearly targeting unemployment. They want to move the unemployment rate down into the low 4’s to soak up the spare capacity in the employment market with the aim of impacting wages growth. The Global economic environment. The major story this month has been the trade tensions between the US and China. If they persist they could impacting global GDP but we did see some positive moves recently with a downgrading of the tensions. The Domestic economy – including GDP - we saw the March quarter GDP figure — growth for the March quarter of 0.4%, which meant that the annual pace of growth in the economy has dropped from 2.4% down to 1.8%. The unemployment rate in May was steady at 5.2%. There were 42,300 jobs created — the strongest monthly jobs growth in the past 12 months – 39,800 new part-time jobs were created, whereas only 2,400 jobs full-time. The participation rate rose to 66%, which is the highest it’s ever been in terms of people looking to get employment. The Wilson Asking Price Index - There are mixed signs this month with asking prices improving in Sydney – but falling elsewhere
    Auction clearance rates

    What’s ahead?

    Nationally our property markets are likely to bottom out in the next few months and property values are likely to be a little higher at the end of the year than they are today.

    While servicing a mortgage may become a little easier, the introduction of the Banking Code of Conduct and the expansion of Comprehensive Credit Reporting from the beginning of July means the scrutiny on loan applications will remain significantly greater than it has been in the past.

    Given this, don’t expect a significant bounce in property values – the recovery in housing market conditions is likely to be slow and gradual.

    Links and Resources:

    Guest: Dr Andrew WilsonMyHousingMarket.com.au

    July 2019 Housing Market Commentary | PROPERTY INSIDERS VIDEO


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  • Our subconscious never sleeps, it keeps working tirelessly day in and day out.

    It’s the seat of our emotions and our memory and it responds to our beliefs.

    That’s what I want to talk to you about today.

    There’s something in your brain called the reticular activating system that acts as a data filter.

    Our brains are constantly bombarded with millions of bits of information, and this system eliminates most of those, allowing in only the sounds it’s preprogrammed to allow in.

    What I’m trying to show you in these sessions, is that some of the habits we have are engrained in the subconscious.

    We all have empowering and disempowering habits.

    In today’s show, I want to go through with you the habits that differentiate between the successful people and the average person so you can learn to work on developing habits that will help you on your way to success.

    Success Habits of the Rich

    Successful people don’t believe in or wait for fate, destiny, chance or luck to determine or shape their future. They believe in and are committed to actively and consciously creating their own best life. The poor think about money emotionally, while the rich think about money logically. Successful people have a plan for their lives and work methodically at turning that plan into a reality. Their lives are not a blundering series of unplanned events and outcomes. The poor often think that rich people are dishonest, while successful people know that rich people are ambitious. While the poor believe money is the root of all evil, wealthy people know that poverty is the root of all evil. The poor believe money changes people. The rich understand that money reveals people. The poor are worried that if they become rich they will lose their friends. The Rich believe being wealthy will expand their network. Successful people are resilient. When most would throw in the towel, they’re just warming up. The poor believe their thinking is unrelated to their net worth. Successful people know their mindset is critical to their results. Many people believe you have to be educated and smart to be rich. Successful people know intelligence has little to do with getting rich, but know they have to be financially fluent.

    Links and Resources:

    Michael Yardney


    Rich Habits Poor Habits

    Some of our favourite quotes from the show:

    “People sabotage themselves and they don’t get rich because they have these feelings that the rich are ugly greedy bad people, and that’s not necessarily the case.” –Michael Yardney

    “If you can change your habits, you’re going to change your life.” –Michael Yardney

    “Your mindset is critical to your results in life, in all areas of your life, including money.” –Michael Yardney


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  • I’m often asked what I would do differently if I could live my investing journey all over again.

    If you ask me, one of the keys to investment success is the ability to pick yourself up from setbacks, learn what you can from them (including your own limitations) and simply try again.

    So, to help prevent you from making the same mistakes, I’ve put together 16 things that I wish I’d known when I first started investing.

    The value of education

    My first couple of investments were successful, but the worst thing that can happen to a beginning investor is to get it right the first time – you think you’re smarter than you are when in truth my early successes were because of a rising market rather than my own “brilliance”.

    Thankfully, I recognised this and set about becoming better educated by reading books and seeking out teachers, mentors, and consultants for advice.

    And I still continue with my education and personal development to this very day.

    Goal setting

    Far too many people invest in property with no idea what they want to achieve or by when. They may buy one or two investment properties, usually in suburbs where they live or “understand”, but they haven’t set any clear long-term goals.

    Setting goals helps you focus because if you don’t know where you’re going, while any road may get you there, every road may also get you lost.

    Create a property team

    Because everyone has lived in a property of some sort, most people think they know a bit about property.

    While property investing may be simple, it’s not easy and that’s not a play on words – it takes skill.

    And sometimes those skills should come from other people who know more than you do.

    So, create a good team around you including mentors and advisors or your “brains trust” as I like to call it.

    However, if you’re the smartest person in your team, you’re probably in trouble.

    Think rich, not poor

    You probably believe that you deserve to be rich and successful.

    The problem is your income will seldom exceed your personal development.

    That’s why it’s important to develop the mindset of rich people and the rich habits of successful property investors.

    Have an abundance mindset

    To become successful, you’ll also need an abundance mindset.

    What do I mean by that?

    An analogy is to think of yourself as a cup.

    If your cup is small you can only accumulate a small amount of money, any extra will spill over and you will lose it.

    You simply cannot have more money than the size of your cup.

    Instead, develop an abundance mindset in which your cup is big and deserving of being filled with success.

    Delaying gratification

    Far too many people can’t resist the instant gratification of buying that shiny new toy using their credit card thinking the money in their limit is theirs.

    It’s not – it’s the bank’s money you pay interest on for the privilege of using.

    To become rich, you must learn to delay gratification as wealth is the transfer of money from the impatient to the patient.

    Overcome your fears

    The truth of the matter is that fear is a powerful human emotion.

    While it can help us, it can also prevent us from investing because we illogically see it as too “risky”.

    However, with a sound investment strategy, and a property team around you, you can minimise the risks.

    Don’t let failure hold you back

    We all make mistakes.

    The difference between ultra-successful people and the average Australian is that successful people don’t let failure hold them back.

    Instead, they get up and try again.

    What I mean is that, because we can’t go back in time to change decisions that we’ve made, there really is little point in dwelling on them, is there?

    Instead, I prefer to learn from my mistakes and move forward smarter than I was before.

    And in the world of property investing, there is so much to learn and unfortunately, mistakes can be costly.

    Understanding the power of compounding and leverage

    One of the big secrets to successful property investment is the power of compounding and leverage.

    This means the earlier you start investing and the longer you hold your properties, the more time your money has to grow.

    And with a long-term horizon, you don’t have to be overly concerned about the ups and downs of the market.

    It’s not a get rich quick scheme

    Sure, Sydney’s property market has made heaps of money for investors over the past six years.

    But for the 7 years before that, the market was actually flat.

    Having invested for over 40 years now, one of the many lessons I’ve learned is that property investment is not a “get rich quick” scheme.

    It’s a get rich slow one!

    Ignore white noise

    You’re probably aware how the media loves a real estate story – particularly those that “predict” a property bust.

    The truth is that a significant price falls in well located “investment-grade” capital cities properties is unlikely.

    So, learn to ignore the “white noise” and keep your eyes on your long-term goals while not taking notice of short-term market vagaries.

    Both capital growth and cash flow are important

    In my mind residential real estate is high-growth, relatively low yield investment vehicle and the key to wealth creation is to grow a substantial asset base of “investment grade” properties.

    But I learned an important lesson during “the recession we had to have” of the early 1990s.

    I realised that while capital growth gets you out of the rat race, you need solid cash flow to keep you in the game.

    Location is non-negotiable

    Remember that 80 percent of your property’s performance will be due to its location and about 20 percent because of the property itself– so never compromise on location.

    Don’t throw your money away

    To become rich, you will need to learn to spend less than you earn, save the difference and eventually invest it.

    The problem is that too many people throw away their money buying things they don’t need with money they don’t have to impress people they don’t like.

    Gratitude is important

    Wealth means different things to different people.

    But I’ve learned over the years that true wealth has nothing to do with how many properties, or how much money, you have.

    True wealth is what you’re left with when they take all your money and properties away.

    16. Give back to the community and charity

    Apart from being grateful for what you have, you also need to give back to the community and charity.

    Our successful property investments and business have made us extraordinary lucky so I believe it’s our responsibility to help others who are less financially fortunate.

    The lesson from all of this is that property investment is a long journey.

    There will be market ups and downs and lessons learned, along the way.

    But with the right education and the right support, you can create and live a wealthy and grateful life.

    And we can’t ask for any more than that, can we?

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Kate Forbes

    Some of our favourite quotes from the show:

    “At the start of my investing career, I believed that I knew enough to be successful, but that wasn’t the case as, of course, I didn’t know what I didn’t know.” –Michael Yardney

    “One of the keys, therefore, is to overcome your fears and learn to be comfortable with being a little uncomfortable, especially in the beginning.” –Michael Yardney

    “Rather than look for the “next” hotspot, find a location that has a long history of strong capital growth and one that will continue to outperform the averages because of the demographics in the area.” –Michael Yardney


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  • Do you want to know when our property markets are going to bottom out?

    Think about it…it wasn’t that long ago that the media was telling us that we’re in for even further property price falls.

    But look what’s in the media today.

    Many people are asking how to pick the turning point in the property market. Is it too early to get in and buy countercyclically? Is this the right time?

    In this episode, we’ll talk about what to look for to pick the turning point in the property market.

    Also, I’ll share my views on buying counter cyclically.

    I’ll also share some of the lessons that we’ve learned from past property downturns, and in my mindset moment, we’ll have a chat about fears.

    How to pick the turning point in our property market

    Even the smartest economists armed with all the data can’t pick the exact moment the market turns. But there are some signals you can look for.

    The macro economics – The property market doesn’t work in a vacuum, so the world economy and the country’s economy matter. Keep an eye on inflation and wages growth as well. Finance – Property markets are driven by the availability and affordability of finance. Keep track of data on credit growth. Credit growth is a leading indicator – it turns positive before the markets do. Market sentiment – Increased consumer and business confidence are good signs for the future. Supply and demand – The population is growing faster in Australia than any other country, and this fuels demand for property. Vendor discounts -- When sellers don’t have to give as much of a discount to sell their home, that’s a sign that property markets are starting to turn, and that will come before property values start to increase. Increase in the number of transactions – This will happen as buyers and sellers return to the markets Asking prices – Asking price is an accurate real-time indicator of what’s happening in the market Option clearance rate – This is a good indicator of market confidence.

    Now is a good time to make a countercyclic purchase in Sydney or Melbourne or ride the property wave that started a while ago in Brisbane.

    Lessons learned from past property downturns

    I’ve been investing since the early 1970s, so as you can imagine, I’ve seen the ups, the downs, the stabilisation phases, and the booms come and go and repeat themselves. I’d like to share with you ten lessons I’ve learned from previous cycles.

    Booms never last forever – Every boom sets us up for the next downturn, so be prepared when it comes. Adhere to the strategy – Don’t change your long-term strategy because of short-term factors. Getting rich quick is getting poor quick – Successful property investing takes time. There are no shortcuts. You need a long-term perspective – Keep your eye on the long-term horizon. Property investment is a game of finance with some houses thrown in the middle – Strategic investors buy time by having financial structures in place to ride through the cycle. Invest in locations with a future, not a past – Find a location where the local economic growth will lead to jobs and wages growth. You know less than you think – An overinflated ego will leave you worse off than you started. Surround yourself with mentors and experts who can teach you things you didn’t know. Don’t mistake money for wealth – True wealth hasn’t got to do with how much money or property you have. It’s what you have left when you lose it all. When good times seemingly turn bad, property pessimists and doomsayers come forward – Sophisticated investors ignore the white noise and focus on the long term. Opportunity is knocking – Take action when those around you are talking doom and gloom.

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Some of our favourite quotes from the show:

    “As I see it, there really hasn’t been as good a time to buy counter cyclically for over a decade.” –Michael Yardney

    “A world without fear would be simultaneously more dangerous, less rewarding – just plain flat.” –Michael Yardney

    “Don’t be scared of bad things happening. Do your homework, do your research, and get on with it.”


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  • Have you thought about investing in commercial property?

    You’re not alone — faced with the prospect of more moderate returns from their residential property investments, many investors are considering this as an alternative.

    By this, I mean offices, shops or warehouses.

    In today’s podcast, I’ll be exploring the benefits of investing in commercial property, as well as some of the negatives.

    Benefits of commercial property

    There are of course many benefits from investing in commercial property

    Strong returns — Over the years commercial property has provided strong returns as a combination of capital gain and income. Stability of income — One of the important features of commercial property is returns are generally high and more secure. Returns for property fluctuate considerably less than returns on shares. Low risk — There is less volatility in the value of commercial property than in shares — if you own the right property. Exposure to different sectors of the economy — Retail and industrial properties have a direct relationship to the general state of the economy. Retail property depends upon consumer spending. Tax benefits — Commercial properties provide generous tax benefits with substantial depreciation allowances. Some buildings also attract building allowances, where a portion of the structural cost can be offset against the assessable income. Hedge against inflation — The value of commercial property and rentals of commercial properties have outpaced inflation over the long period. Investment control — As the owner of commercial property, you have a significant degree of control over your investment. You can choose to do improve your return through renovations, upgrading, and change of the use of the property, or you may amend the terms of the lease or the type of tenant you have and you always have the option of further development of the property or dispose of it. Leverage — Just as with residential properties it is possible to leverage your returns by borrowing up to 70% of the value of commercial property. Adding value — Just as investors in residential property are able to add value by buying a run-down property and renovating or redeveloping it, there are opportunities in commercial property to add value. In particular, if you can increase the rental income from your property this will directly reflect on the valuation of the property.

    Ways you can add value to your commercial property investment include:

    Renovating Upgrading Subdividing or enlarging the block Improving the appearance of the property Obtaining permission for redevelopment Renegotiating the lease Changing its use for example to residential

    The negatives of commercial property

    Some of the disadvantages of investing in commercial properties include:

    Lack of liquidity — Selling a commercial property can take several months — often longer than it takes to sell a well-located residential property. Lack of pricing information — Compared to residential property there is little pricing information available for investors in commercial property. It is, therefore, more difficult to know the value of your particular property. You may able to get some information from the Property Council of Australia or from the following websites https://www.commercialrealestate.com.au/or http://www.realcommercial.com.au Scarcity of other information — If you are interested in share or in residential property, there are many blogs, magazines, newspapers, and websites that will help keep you informed and make you a better-educated investor. There are very few information resources for people interested in commercial real estate. You will find some articles in the Australian Financial Review and in the reports produced by some of the larger commercial property agencies. Higher costs — The entry level to purchase a commercial property is usually higher than that for residential. Partly because the price of a good commercial investment is substantial and partly because you require a larger deposit as banks won't lend you as high a proportion of your property compared to residential real estate Ongoing management — Direct property investment in commercial properties can require your ongoing management but usually requires less management than similarly priced residential properties.

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Commercial Property Investment Guide

    Ahmad Imam - Metropole Properties Sydney

    Some of our favourite quotes from the show:

    “My mistake was doing it a bit too early because I didn’t recognize at the time that while I got good cash flow, I didn’t get much capital growth.” –Michael Yardney

    “As a commercial investor you need to come up with more equity, you need more cash in your stash to get going.” –Michael Yardney

    “In general, commercial investors are looking for the security of the lease.” –Michael Yardney


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  • The 7 Major Benefits of Taking Your Business to Level Three

    It’s well worth investing your time, energy, and resources to build a thriving Level Three business. When you do, here are the seven tangible benefits you’ll get:

    It gives you control over your financial future. It will massively increase your net worth. Your business is much easier to scale. You earn your freedom from your business. A Level Three business gives your staff security and growth opportunities. Your business is dramatically more stable. You have a greater impact on your market.

    So, let’s look at 4 myths that hold people back building a level 3 business

    Myth 1: It’s too risky.

    Is starting your own business really so risky?

    Let’s look at the facts.

    Fact: According to most credible studies, a generic business start-up that has at least one employee has a roughly 70 percent chance of still being in business after two years (the way most studies define “success” for a start-up business).

    More than 50 percent are still in business after five years.

    And these numbers are misleadingly low in most instances.

    Why? Because the data doesn’t account for businesses that close for legitimate reasons other than “business failure”— reasons such as health issues, the desire to start a new business, or other personal reasons.

    These statistics are a source of encouragement.

    After all, if 70 percent of new business owners can succeed through the first two years and at least half make it through year five, imagine how much better your odds are when you tap into the support, training, and input from resources such as the Business Accelerator Mastermind community.

    Myth 2: It will consume your life.

    Yes, launching a new business is intense.

    So are the Level Two years of establishing, grooming, and growing your company.

    But when you understand the Level Three Road Map, you see that as you grow your business, you not only can but must build it to be increasingly less dependent on you.

    That's why we're encouraging you to build a business, not a job so that over time you can transition your business away from needing you on a daily basis.

    Myth 3: You’ve got to stay in control.

    Control is a trap that will wrap your business around you, making it grow progressively more dependent on you.

    Instead, learn to build your business with the systems, team, controls, and scalable solutions in place that enable it to operate independent of your autocratic control.

    Myth 4: It takes a lot of money to launch a new business.

    In the past it did take quite a bit of capital to establish a new business.

    But technology has changed the playing field, giving new-comers easier and less expensive access to businesses than at any other time in history.

    Links and Resources:

    Metropole’s Business Accelerator Mastermind

    Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs

    Some of our favourite quotes from the show:

    “I am still involved, because I enjoy it, because I’m having fun.” –Michael Yardney

    “I guess one of the reasons many of us get into business isn’t just to have a job to get money, but to leave an impact, leave a legacy on your community and on the world.” –Michael Yardney

    “Hard work isn’t going to be enough to get you out of the rat race.” –Michael Yardney


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  • There are so many predictions about what’s going to lead to property price growth in the future, but today with Pete Wargent, I’m going to explain to you a demographic tsunami that’s going to change our property markets, and one that you really must understand if you want to own the sort of property that’s going to outperform in the future.

    I’m also going to discuss the 7 signs of a shonky property guru. This came from a game I played over the weekend. Listen in to find out more.

    Then in my mindset moment, I’ll explain why being rich is a choice. Yes you have a choice. If you want to, you can become rich, and I’ll explain how.

    This demographic Tsunami will change our property markets

    There’s no shortage of housing forecasts at present, and many of them are a bit scary.

    And what this means is that many investors are making decisions based on the media instead of the fundamentals.

    But there’s one big driver, a veritable tsunami that the property pessimists seem to have forgotten.

    It’s not our economic growth and it’s not jobs growth, it’s a demographic tsunami that’s going to hit us according to Pete Wargent.

    Sydney, Melbourne, and Southeast Queensland take up the big chunk of the population growth, about 400,000 per annum Because Australia’s visa programs are tilted to the under-30s, there’s an enormous surge of people in the 25-34-year-old age bracket, the typical first homebuyer age Population growth is important, but so is household formation Many first homebuyers will initially live in apartments Younger people are congregating in the inner suburbs, especially Sydney and Melbourne Younger people want to live in modern accommodation that is close to amenities and lifestyle, but not in high-rise towers Owner-occupiers drive the market and investors create the booms in-between Australia’s population is headed toward about 30 million over the next decade up from 25 million Trends that are going to drive property values up over the next decade: Close to amenities Municipalities where gentrification is occurring Walkability Easy access to public transport The rise of electric vehicles Melbourne will overtake Sydney in population over the next decade

    7 Signs of a shonky property guru

    They tend to brag about their achievements and talk themselves up They claim their “secret techniques” can work for anyone They don’t warn you about the risks or the possibility of failure They say you can get involved in property with little or no money Their testimonials sound too good to be true They pretend to be mentor when their aim is to sell you property They suggest you can amass a large number of properties in a short period of time

    Links and Resources:

    Michael Yardney

    Metropole Property Strategists

    Metropole’s Strategic Property Plan – to help both beginning and experienced investors

    Pete Wargent

    Some of our favourite quotes from the show:

    “In the middle is where a lot of people are going to want to live.” –Michael Yardney

    “Over the years I’ve learned that becoming rich starts with something as simple as the thoughts that you put in your head.” –Michael Yardney

    “The minute a guru starts mentioning how successful they are, how wealthy they are, how happy they are, my alarm bells tend to go off.” –Michael Yardney


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