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You Don't Make Friends with Property · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:13
  Speaker 2: Hello and welcome to She's on the Money the podcast
• 0:16
  Speaker 2: Millennials who Want Financial Freedom Surprise Surprise. House prices in
• 0:21
  Speaker 2: Australia are high shocking and as everyone listening would be aware,
• 0:26
  Speaker 2: over the last few months, in certain pockets of the
• 0:28
  Speaker 2: country at prices seem to have skyrocketed even further. Our
• 0:32
  Speaker 2: mate Ryan John V was telling us the other day
• 0:34
  Speaker 2: about a house he was looking at that went for
• 0:36
  Speaker 2: about four hundred k more than it was listed for,
• 0:39
  Speaker 2: which makes me want to vomit.
• 0:40
  Speaker 1: And you and I actually from the Peninsula complete side note,
• 0:44
  Speaker 1: property down on the Ninch went for one point six
• 0:47
  Speaker 1: million dollars over reserve last weekend.
• 0:49
  Speaker 2: Jorge, Yeah, crayon, and so reserve means.
• 0:54
  Speaker 1: Means said for well, kind of what it's listed for,
• 0:57
  Speaker 1: but what the owners want to let it go for. Right,
• 0:59
  Speaker 1: So it was it was a very expensive property to
• 1:02
  Speaker 1: begin with. But the real question here is who has
• 1:04
  Speaker 1: an extra one point six million dollaruies to be like,
• 1:06
  Speaker 1: you know what, that house is so nice, I'll buy
• 1:08
  Speaker 1: it twice? Like what not me? Anyway, that happened? Carry on?
• 1:13
  Speaker 2: Well, the long story short there is that the property
• 1:15
  Speaker 2: market is a tough nut to crack, especially if you're
• 1:18
  Speaker 2: cracking it solo.
• 1:19
  Speaker 1: And don't have an extra one point six million dollaries
• 1:22
  Speaker 1: to spend it.
• 1:23
  Speaker 2: So what are our other options? V? Could we buy
• 1:26
  Speaker 2: with a friend or a sibling, What are the benefits
• 1:29
  Speaker 2: of doing that? And more importantly, what are the risks
• 1:32
  Speaker 2: joining me? As you would know now because she's spoken
• 1:35
  Speaker 2: multiple times in this.
• 1:36
  Speaker 1: Introduction and she just gets involved, she just butts in.
• 1:39
  Speaker 2: It is award winning financial advisor Victoria Devine. V. I
• 1:43
  Speaker 2: want to start by asking you if you would ever
• 1:46
  Speaker 2: buy with your little sister and my good friend Alex
• 1:49
  Speaker 2: Devo Divine.
• 1:50
  Speaker 1: Alex Devo Divine, I think I would. I don't have
• 1:53
  Speaker 1: heaps and heaps of dolaries though, Like it's not like
• 1:55
  Speaker 1: I can be like, oh, let's just go, let's let's
• 1:57
  Speaker 1: buy a house together. But if she was a situation
• 2:00
  Speaker 1: where she wanted to purchase and I happened to want
• 2:02
  Speaker 1: to invest in a property at that time, she's a
• 2:04
  Speaker 1: pretty responsible gal.
• 2:06
  Speaker 2: To be honest, really, I thought you'd be like absolutely not. Oh,
• 2:09
  Speaker 2: I mean jumed, she would say.
• 2:10
  Speaker 1: I mean she's the responsible goal and we are very
• 2:14
  Speaker 1: like I'm a financial advisor, So I would probably have
• 2:17
  Speaker 1: a lot more education going into a process like that.
• 2:19
  Speaker 1: I'd be like, Okay, cool, no problems, Let's put a
• 2:21
  Speaker 1: contract together, let's do this. Let's work out what point
• 2:25
  Speaker 1: we sell, what point we do this, who's going to
• 2:27
  Speaker 1: live in it? What is this look like? So I'd
• 2:29
  Speaker 1: probably be a lot more pragmatic to try and take
• 2:31
  Speaker 1: the emotion out of it so that she and I
• 2:35
  Speaker 1: could actually do it together if we wanted to. But yeah,
• 2:38
  Speaker 1: maybe maybe I would. I like the idea of it,
• 2:41
  Speaker 1: but as this episode is going to discuss, it's maybe
• 2:44
  Speaker 1: not the best idea even if I would like to
• 2:46
  Speaker 1: do it right.
• 2:47
  Speaker 2: Yeah, okay, Well, Devo, if you're listening, get in touch
• 2:50
  Speaker 2: with your sister.
• 2:50
  Speaker 1: Probably don't have no money. It's a hypothetical question.
• 2:54
  Speaker 2: Bye, Okay, let's talk pros and cons.
• 2:57
  Speaker 1: Hear me.
• 2:57
  Speaker 2: I know someone who is planning at the moment, actually
• 3:00
  Speaker 2: on buying with his brother twin brother. Fun fact, anyway.
• 3:04
  Speaker 1: They can playlex switch ERU, pretend it's they're apart, not identical.
• 3:08
  Speaker 2: Oh okay, they can still give it a go, be
• 3:12
  Speaker 2: like parent trap.
• 3:13
  Speaker 1: But we're adults and we are in our own property.
• 3:15
  Speaker 1: Did it ever trip. You out that was just Lindsay Lohan. Yeah,
• 3:18
  Speaker 1: it was very much of them as an eight year
• 3:20
  Speaker 1: old that it was a trap. For a very long time,
• 3:23
  Speaker 1: I thought she had a twin turn out.
• 3:25
  Speaker 2: No, same, just great camera effects. Let's move on, be
• 3:30
  Speaker 2: talk to me about the benefits of this process.
• 3:32
  Speaker 1: So obviously it gives you access to the market sooner
• 3:36
  Speaker 1: than you would have otherwise been able to do it because,
• 3:38
  Speaker 1: as we know, juel incomes mean that you have double
• 3:41
  Speaker 1: the money to spend or save or invest with. And
• 3:44
  Speaker 1: here in Australia it actually takes an average of four
• 3:47
  Speaker 1: point six years to save for a house deposit, and
• 3:50
  Speaker 1: that's according to the statistics from the Australian Government. But
• 3:53
  Speaker 1: I ah, just side note, I think most of us
• 3:56
  Speaker 1: would agree it takes much longer than that, like four
• 3:58
  Speaker 1: point six years. Like what we're buying buying somewhere warehouses
• 4:02
  Speaker 1: a two hundred thousand dollars and definitely definitely not in
• 4:06
  Speaker 1: Melbourne or Sydney, I believe. So speeding up that process
• 4:09
  Speaker 1: by combining two sums of savings is definitely a way
• 4:12
  Speaker 1: to perk up the property buying process and make sure
• 4:14
  Speaker 1: that you know you can afford a house that maybe
• 4:16
  Speaker 1: you couldn't have otherwise can also help you get into
• 4:19
  Speaker 1: a preferred location because the more money you're able to
• 4:22
  Speaker 1: put towards that, it means you're able to, you know,
• 4:24
  Speaker 1: spend a bit more, get in a better location, whatever
• 4:27
  Speaker 1: you're doing there. In the Facebook group this week, ge
• 4:30
  Speaker 1: you asked a question. We heard a positive story from
• 4:32
  Speaker 1: a woman called Joy who said that she brought a
• 4:34
  Speaker 1: holiday home with her in laws and that went really
• 4:36
  Speaker 1: well and you know, apart from a few minor disagreements,
• 4:40
  Speaker 1: they say it's a really good decision. So for many Australians,
• 4:43
  Speaker 1: buying a property is their major money goal and that's
• 4:46
  Speaker 1: what they've been working towards forever. So I think that
• 4:49
  Speaker 1: it's definitely a thing that people would want to put
• 4:51
  Speaker 1: together for to buy because it just feels elusive if
• 4:54
  Speaker 1: you're on your own sometimes. So it's not a bad idea,
• 4:57
  Speaker 1: it's just something we really really need to consider deeply.
• 5:00
  Speaker 2: So the main benefits would be getting into the market
• 5:03
  Speaker 2: sooner and perhaps buying somewhere that you would prefer to
• 5:08
  Speaker 2: live in.
• 5:09
  Speaker 1: That's pretty much it, absolutely and I think it's just
• 5:12
  Speaker 1: around that flexibility piece really, like obviously and property is
• 5:15
  Speaker 1: a massive investment. It kind of gives a little bit
• 5:17
  Speaker 1: of that responsibility to someone else, like it could be fun.
• 5:20
  Speaker 1: Like I don't know. I always have this idea of
• 5:22
  Speaker 1: buying a house with all of my friends when we're
• 5:25
  Speaker 1: old and all moving into it, just having this mega
• 5:27
  Speaker 1: mansion with all our pets and all our partners, and
• 5:30
  Speaker 1: we just have sleepovers every night. Like that's not the
• 5:32
  Speaker 1: worst idea, right, Probably not, It totally is. Let's move
• 5:36
  Speaker 1: it on. Gee, what's your next question?
• 5:37
  Speaker 2: Well, so I guess money and family and money and friends.
• 5:41
  Speaker 2: That's difficult territory to be trapesing. Generally speaking, it is
• 5:46
  Speaker 2: so risky. G well, what are the risks?
• 5:48
  Speaker 1: So many risks because often your goals aren't as aligned
• 5:52
  Speaker 1: as you think it is. So I could be like, gee,
• 5:54
  Speaker 1: let's buy a house together, and you'd be like great,
• 5:55
  Speaker 1: I love houses. And then we pick a location, we
• 5:59
  Speaker 1: buy it together, and we haven't deeply discussed exactly what
• 6:03
  Speaker 1: our priorities are. And maybe my priority, because I'm a
• 6:06
  Speaker 1: little investment friend, I want to buy it as an
• 6:08
  Speaker 1: investment property. So the market goes up significantly and I go, great,
• 6:13
  Speaker 1: this perfect time to sell. We're going to make a
• 6:14
  Speaker 1: really great profit on these, and you go, but I
• 6:16
  Speaker 1: wanted to hold it forever, And then we're going to
• 6:18
  Speaker 1: have a disagreement about whether to sell it or I'm
• 6:21
  Speaker 1: buying it as an investment property and you've said that,
• 6:23
  Speaker 1: but then later down the track you want to move
• 6:25
  Speaker 1: in and I go, okay, cool, will you paying rent?
• 6:27
  Speaker 1: And you go no, because I own the property, and go,
• 6:29
  Speaker 1: but that's not fair. So there's all of these things
• 6:32
  Speaker 1: that can pop up during the journey where our values
• 6:35
  Speaker 1: don't align. And it's not necessarily things that you can
• 6:39
  Speaker 1: predict either, Like I might come up against some financial
• 6:42
  Speaker 1: troubles and go, oh my gosh, I actually can't afford
• 6:45
  Speaker 1: the mortgage or payments on this anymore. I really want
• 6:47
  Speaker 1: to get rid of my part of this property, which
• 6:49
  Speaker 1: ultimately means you've got to sell your property as well.
• 6:52
  Speaker 1: I can't just sell my part, so you're lumped into
• 6:56
  Speaker 1: my financial problems then. And it's just as much as
• 6:59
  Speaker 1: the response ability is diluted, the issues are then diluted
• 7:02
  Speaker 1: as well. So what becomes my issue financially is also
• 7:05
  Speaker 1: your issue. And I think that that's a really deep
• 7:07
  Speaker 1: thing to discuss. But money, family and friends never mix well. Never, never, never, never, Like,
• 7:13
  Speaker 1: I feel like when you lend money to a friend,
• 7:16
  Speaker 1: you'll get only one thing back. You'll either get your
• 7:19
  Speaker 1: friendship back or the money back. It's hardly ever both.
• 7:21
  Speaker 1: So I genuinely believe we need to be so careful
• 7:24
  Speaker 1: when making decisions around money and friendship and money and
• 7:29
  Speaker 1: siblings and money and parents because it's just so convoluted.
• 7:33
  Speaker 1: Now I've said this so many times. My biggest piece
• 7:36
  Speaker 1: of advice. You know, this is not the Business Bible podcast.
• 7:39
  Speaker 1: If you would like more business advice, head over there.
• 7:41
  Speaker 1: But never go into business with your friends is my advice.
• 7:45
  Speaker 1: I don't care how smart or how great they are,
• 7:47
  Speaker 1: or how you know, successful they are. I really struggle
• 7:51
  Speaker 1: with the idea of going into business with friends because
• 7:54
  Speaker 1: it becomes so much more convoluted, becomes really messy, and
• 7:59
  Speaker 1: money and business and everything like that is actually really challenging.
• 8:03
  Speaker 1: And the same is going to happen with property. And
• 8:04
  Speaker 1: you should really see property purchases as a very similar
• 8:08
  Speaker 1: asset acquisition, so that you you know, it's a big responsibility.
• 8:12
  Speaker 1: I've never seen it work super well. Unless everything is
• 8:14
  Speaker 1: sunshine and roses. I'm gonna have to go hey, gee,
• 8:17
  Speaker 1: we can't afford rent this month, Like that's going to
• 8:20
  Speaker 1: cause conflict, It's going to cause resentment. And as much
• 8:23
  Speaker 1: as you go no, like we'll get through it together,
• 8:25
  Speaker 1: Like at some point or another, it's not going to
• 8:27
  Speaker 1: work out well. In saying that, I come across as
• 8:31
  Speaker 1: someone who works with their friends, and I absolutely do,
• 8:34
  Speaker 1: because I think that everybody in my team has now
• 8:37
  Speaker 1: become a friend as well as a business you know, associate,
• 8:40
  Speaker 1: and I feel like that has come from a different place.
• 8:43
  Speaker 1: So I think it's different. If your relationship started as
• 8:46
  Speaker 1: a business relationship and then it flourishes into a friendship,
• 8:49
  Speaker 1: that's very different than going to school together and then
• 8:52
  Speaker 1: going into business. I see that as very different. So
• 8:55
  Speaker 1: you would know, I have a really great relationship with
• 8:57
  Speaker 1: Ryan and Jess and you and you know, Tony and
• 8:59
  Speaker 1: everyone in there our team, and I love them desperately,
• 9:03
  Speaker 1: but that has started at business. So that's what it
• 9:05
  Speaker 1: always boils back down to. It's always like, okay, cool
• 9:07
  Speaker 1: when it comes to business. This is business. We need
• 9:10
  Speaker 1: to just get this done. Let's go grab a drink.
• 9:12
  Speaker 1: That's very different than oh yeah, but you said, and
• 9:14
  Speaker 1: remember when I went to my mum's house, and you
• 9:17
  Speaker 1: know your mum said this, and we grew up with
• 9:19
  Speaker 1: these values. It's it's disgustingly convoluted. And that's my blunt opinion.
• 9:23
  Speaker 2: So I'm skipping ahead a little bit here, but that's okay,
• 9:27
  Speaker 2: you're allowed. What is the difference then, between buying with
• 9:30
  Speaker 2: your best friend and buying with your boyfriend or your
• 9:34
  Speaker 2: partner or whoever it may be, but that someone that
• 9:37
  Speaker 2: you're romantically attached to.
• 9:38
  Speaker 1: Why is that different?
• 9:39
  Speaker 2: Because we see that obviously every day people are buying
• 9:41
  Speaker 2: houses to get their partnership. Yeah.
• 9:43
  Speaker 1: Absolutely so, in my humble opinion, it's because when you
• 9:47
  Speaker 1: buy with a partner, it's because you expect that relationship
• 9:50
  Speaker 1: to grow together and have the same goals essentially forever.
• 9:54
  Speaker 1: And let's use me as an example. I bought with Steve.
• 9:58
  Speaker 1: I have every inten of staying with him forever. I
• 10:02
  Speaker 1: hope that one day he's taking his sweet time. But
• 10:05
  Speaker 1: we get married and you know, we have kids, and
• 10:07
  Speaker 1: our goals are aligned, and that property purchase is aligned
• 10:11
  Speaker 1: to the goals that we are creating together. I can't
• 10:14
  Speaker 1: predict that for you, and so I guess it's easiest
• 10:16
  Speaker 1: to use you as an example. Bit off I said, gee,
• 10:19
  Speaker 1: right now, it makes a lot of sense to go
• 10:21
  Speaker 1: and purchase a property together, and you go, yeah, V,
• 10:23
  Speaker 1: like that's great. We're really close. You know, we've got
• 10:26
  Speaker 1: this great relationship. We talk about money all the time,
• 10:28
  Speaker 1: so I don't see that as an issue. And then
• 10:31
  Speaker 1: a year later, you and Harper decide to go and
• 10:33
  Speaker 1: move to London. Yeah, and then you're saying, oh, look,
• 10:36
  Speaker 1: I'm going to move to London. I can't really afford X,
• 10:38
  Speaker 1: Y and Z or you know, you come into some
• 10:40
  Speaker 1: financial troubles. We aren't a team in the same way
• 10:43
  Speaker 1: that my partner and I are a team and go
• 10:46
  Speaker 1: through those things together. And in my experience, if my
• 10:51
  Speaker 1: salary was completely cut and I couldn't contribute to the mortgage,
• 10:54
  Speaker 1: it'd be a us problem, not your problem. And it's
• 10:58
  Speaker 1: just a very different ballgame in mind opinion.
• 11:00
  Speaker 2: Yeah, okay, so it's all about that goal alignment. Yeah,
• 11:03
  Speaker 2: peace if you will. Okay, have you seen this in
• 11:08
  Speaker 2: your place of work? Turn wrong?
• 11:10
  Speaker 1: Yeah, your clients, Yes, I have, I've seen it. Turn Look.
• 11:13
  Speaker 1: As a financial advisor, we get to see people at
• 11:15
  Speaker 1: their greatest. We also get to see people at their
• 11:17
  Speaker 1: most desperate, and I've seen a lot of people who
• 11:20
  Speaker 1: have gone into property purchases with siblings who they now
• 11:23
  Speaker 1: don't even talk to anymore because it's just gone so awry.
• 11:26
  Speaker 1: I've also seen guaranteur relationships completely fall apart because there
• 11:31
  Speaker 1: was a mismatch between what one person's expectations of the
• 11:35
  Speaker 1: deposit being and the other person's expectations of the deposit being.
• 11:39
  Speaker 1: So to quickly define, a guaranteur isn't where someone gives
• 11:42
  Speaker 1: you money. It's where they put their asset up as
• 11:45
  Speaker 1: security for your loan. So it means that in the
• 11:48
  Speaker 1: future they potentially can't get another loan because there's a
• 11:50
  Speaker 1: security being held over the top of their property. So
• 11:54
  Speaker 1: it actually is a lot of risk. It's not just
• 11:56
  Speaker 1: someone signing a bit of paper being like, oh cool,
• 11:58
  Speaker 1: like if she can't pay her mortgage, I'll for g
• 12:01
  Speaker 1: Like they're actually putting a caveat over their own mortgage.
• 12:04
  Speaker 1: So then they can't release as much equity as they
• 12:07
  Speaker 1: might want to if they want to go buy an
• 12:08
  Speaker 1: investment property, or they have to get rid of that
• 12:11
  Speaker 1: guaranteur before they can sell their property, because how do
• 12:13
  Speaker 1: you sell a property that has their security over it.
• 12:15
  Speaker 1: So there's a lot of attachment that I don't think
• 12:18
  Speaker 1: people understand when it comes to guarantor's because often people
• 12:21
  Speaker 1: flippantly say, oh, just get my parents to guaranteur. It's like,
• 12:24
  Speaker 1: do you know how big that responsibility is? Actually? Do
• 12:27
  Speaker 1: you realize what the financial implications for them are? Because
• 12:30
  Speaker 1: there are some It might be to you just signing
• 12:32
  Speaker 1: a piece of paper, but it's not actually in reality
• 12:35
  Speaker 1: that can feel that way.
• 12:37
  Speaker 2: Just on that guaranteur, don't v. I used to live
• 12:40
  Speaker 2: with Devo, Victoria's younger sister, and.
• 12:42
  Speaker 1: When her name's actually Alex Alex Sandro.
• 12:44
  Speaker 2: Louise, but hate being called Devo, doesn't she.
• 12:47
  Speaker 1: It's so upgrade. Everybody should now call her a Lexi
• 12:50
  Speaker 1: lou because their middle names Louise and lex. She hates it.
• 12:53
  Speaker 1: I love you, Alex. Anyway.
• 12:55
  Speaker 2: We used to live together, but before we live together,
• 12:57
  Speaker 2: we had to get a house. We had to find
• 12:58
  Speaker 2: a house and it was good.
• 13:00
  Speaker 1: House mate, great house mate, You're alive.
• 13:02
  Speaker 2: No, no, she was one of my favorite worst housemates
• 13:04
  Speaker 2: I ever had. She was savage, she was very neat.
• 13:08
  Speaker 1: I was listening, I know she is so organized woman.
• 13:12
  Speaker 2: Anyway, love your d if you're listening. So basically we
• 13:17
  Speaker 2: when we were trying to look for a house. No
• 13:18
  Speaker 2: one would take us because we were twenty or something
• 13:21
  Speaker 2: and we didn't.
• 13:22
  Speaker 1: Have Melbury income.
• 13:24
  Speaker 2: Yeah, we were loose units. Anyway, we wanted our parents
• 13:27
  Speaker 2: to go as Garan took and Mum was like, no, girl,
• 13:31
  Speaker 2: definitely not. And I was like, Joe, why not?
• 13:34
  Speaker 1: It's simple, like I'm not going to let you down.
• 13:36
  Speaker 2: But she wouldn't do it, and I thought, I just
• 13:39
  Speaker 2: I was. I couldn't understand why she wouldn't do it,
• 13:40
  Speaker 2: And now it makes sense because it was would have
• 13:42
  Speaker 2: been huge risks.
• 13:43
  Speaker 1: Yeah, And I think that that's it's different when ranting though,
• 13:46
  Speaker 1: so same level of risk because it all falls back
• 13:49
  Speaker 1: to her if you guys mess up, but it's very different.
• 13:53
  Speaker 1: There wouldn't be a caveat over the top of her
• 13:55
  Speaker 1: mortgage for you to do that. It would just be
• 13:57
  Speaker 1: her signing on to say, if g king decide not
• 14:00
  Speaker 1: pay her rent, I'm gonna have to cough it up.
• 14:03
  Speaker 1: And I think that that's a really big responsibility to
• 14:06
  Speaker 1: take on for someone else's child. So if you were
• 14:08
  Speaker 1: leasing on your own, maybe they would have been like, yep, cool,
• 14:10
  Speaker 1: we've got cheese back, But like, what if my sister
• 14:13
  Speaker 1: didn't pay her rent, or you know your other housemates
• 14:16
  Speaker 1: didn't pay. That shouldn't fall back on your mum. And
• 14:19
  Speaker 1: that's where I would have been saying exactly what Joe
• 14:21
  Speaker 1: King said. No, thank you, good on your shoe.
• 14:24
  Speaker 2: Still a bit salty about it. Let's move on and
• 14:28
  Speaker 2: move back to chatting about buying with someone other than
• 14:32
  Speaker 2: a signific Now I really.
• 14:33
  Speaker 1: Wanted to talk about how salty you are on your mum.
• 14:36
  Speaker 2: Love your mum. So yeah, as we said, I did
• 14:39
  Speaker 2: post in the community, and we did see it that
• 14:42
  Speaker 2: most of these people did have negative experiences in going
• 14:45
  Speaker 2: through this process. There was a story from tweet I
• 14:48
  Speaker 2: think it was who bought an investment property with a relative.
• 14:52
  Speaker 2: She put down the deposit and that relative was meant
• 14:54
  Speaker 2: to match that deposit with other expenses. But once all
• 14:58
  Speaker 2: of the paperwork was signed and they were sified as
• 15:00
  Speaker 2: tenants in common which we will go into later, the
• 15:03
  Speaker 2: relative refused to pay a cent and it was all
• 15:06
  Speaker 2: left up to our community member to foot. She then
• 15:10
  Speaker 2: finished the post by saying that she no longer classes
• 15:12
  Speaker 2: the person as a relative, which is heartbreaking. Do stories
• 15:17
  Speaker 2: like this surprise you?
• 15:19
  Speaker 1: It definitely does not. Surprise me gee at all. This
• 15:22
  Speaker 1: is a story I've heard all too often, and all
• 15:25
  Speaker 1: of my friends in real estate have heard all too often.
• 15:28
  Speaker 1: We actually heard from someone who was on the other
• 15:30
  Speaker 1: side of this, wanting to buy with her partner, but
• 15:32
  Speaker 1: he locked into a mortgage with his mum a few
• 15:34
  Speaker 1: years back. So it not only impacts those people directly involved,
• 15:38
  Speaker 1: but also the people on the periphery, which kind of
• 15:41
  Speaker 1: sucks and not kind of actually really truly deeply sucks.
• 15:44
  Speaker 1: And I think that that's something you really need to
• 15:46
  Speaker 1: understand when you go into one of these relationships with somebody,
• 15:50
  Speaker 1: is that this could happen. And nobody goes into a
• 15:53
  Speaker 1: relationship or an agreement with the expectation that this is
• 15:56
  Speaker 1: going to happen. We all say, ah, it had never
• 15:57
  Speaker 1: happened to me. And it's like getting a boyfriend, right,
• 16:01
  Speaker 1: you know, getting married. Nobody gets married with the intention
• 16:03
  Speaker 1: of getting a divorce, with the average cost of a
• 16:05
  Speaker 1: wedding being like I think it's like thirty four thousand
• 16:08
  Speaker 1: dollars now in Australia. Like, you don't just accidentally get
• 16:11
  Speaker 1: married to then go nah, but we'll problems get a divorce. Yeah,
• 16:14
  Speaker 1: Like you don't choose that. No one chooses that. So
• 16:17
  Speaker 1: I think that it's really important to remember that if
• 16:20
  Speaker 1: you are going to do this, let's see it as
• 16:22
  Speaker 1: a business transaction. Let's stop going. You know what, I
• 16:24
  Speaker 1: love ge King so much. I trust her. Let's go
• 16:26
  Speaker 1: all right, gee, if we can buy a house together one,
• 16:28
  Speaker 1: let's understand our goals. Let's put a contract in place.
• 16:33
  Speaker 1: Let's actually go to a lawyer. Might be expensive, might
• 16:36
  Speaker 1: be one thousand dollars to have a little contract written up,
• 16:38
  Speaker 1: but that thousand dollars could save your butt laid down
• 16:41
  Speaker 1: the track, and five hundred dollars each to make a
• 16:44
  Speaker 1: commitment is really not that much money when you think
• 16:47
  Speaker 1: about it in the grand scheme of things.
• 16:49
  Speaker 2: Okay, so financially speaking, then v what happens if we
• 16:53
  Speaker 2: do buy with a friend and then three years down
• 16:54
  Speaker 2: the track they decide that they want to buy with
• 16:57
  Speaker 2: their partner instead.
• 16:58
  Speaker 1: Yeah, so you've actually got to have some of other
• 17:00
  Speaker 1: friends who are kind of scary looking that are happy
• 17:02
  Speaker 1: to go to their house, knock on their door and
• 17:03
  Speaker 1: be like, give us our money. But if you don't
• 17:05
  Speaker 1: have those friends, because no one should have those friends.
• 17:08
  Speaker 1: Let's be honest in Australia. When you do buy a
• 17:11
  Speaker 1: property with a partner or a family member or a
• 17:13
  Speaker 1: mate whoever, you will still have entered into either a
• 17:16
  Speaker 1: joint tenancy agreement or a tendency in common agreement. They
• 17:21
  Speaker 1: have very different rules and they are both legally binding,
• 17:24
  Speaker 1: which is terrifying. And what happens if you decide to
• 17:27
  Speaker 1: go your separate ways will be very different depending on
• 17:30
  Speaker 1: which agreement you opted into at the start. So let's
• 17:32
  Speaker 1: have a chat about what each of those are. Joint
• 17:34
  Speaker 1: tendancy is the more common option of the two, especially
• 17:38
  Speaker 1: with couples, and that's where each of you owns equal
• 17:40
  Speaker 1: parts of that property, no matter who contributes to the mortgage.
• 17:44
  Speaker 1: It's an even split. So say you get a high
• 17:46
  Speaker 1: flying job, George and have the capacity to pay more
• 17:48
  Speaker 1: on the mortgage than your partner Harps. Would that would
• 17:51
  Speaker 1: therefore mean that you don't actually own more of the property.
• 17:54
  Speaker 1: You did pay more of the mortgage, but like he
• 17:56
  Speaker 1: still owns his thirty percent. Yeah, does that make sense.
• 17:59
  Speaker 1: By the same you're both equal owners of the property,
• 18:02
  Speaker 1: so you're both equally responsible for the debt even if
• 18:05
  Speaker 1: you are paying more. Or just said to Hups, don't worry.
• 18:07
  Speaker 1: I'll pay off extra whatever it is. So I want
• 18:10
  Speaker 1: you to be aware that if you are entering into
• 18:12
  Speaker 1: this kind of agreement and you are paying more of
• 18:14
  Speaker 1: the mortgage, when it comes time to sell that property,
• 18:17
  Speaker 1: you aren't actually entitled to your quote portion of that property.
• 18:20
  Speaker 1: You're only going to be entitled to fifty percent of it.
• 18:22
  Speaker 1: So just be aware. Also, in a joint tendancy, there
• 18:26
  Speaker 1: is a thing called a right of survivorship, which means
• 18:30
  Speaker 1: that if one of the joint tenants actually dies, the
• 18:33
  Speaker 1: property passes directly to the other tenants. So if you know,
• 18:36
  Speaker 1: you and I purchased G and I passed away yesterday,
• 18:41
  Speaker 1: you would get my entire property, not my family, even
• 18:44
  Speaker 1: though it was one of my assets. Yeah, so I
• 18:46
  Speaker 1: think that's important to take into consideration because if you're
• 18:49
  Speaker 1: buying it with a partner, yeah, you might want it
• 18:51
  Speaker 1: to go to your partner, But if you're purchasing an
• 18:53
  Speaker 1: asset with a friend to you know, create wealth individually,
• 18:56
  Speaker 1: and then you know in your will you wanted your
• 18:58
  Speaker 1: wealth to go to your family, that wouldn't actually happen
• 19:02
  Speaker 1: in this situation, which is a bit sad. You know,
• 19:04
  Speaker 1: you might be a good guy, and be like, yeah, cool,
• 19:05
  Speaker 1: let's sell it. That's split it. You give it h
• 19:07
  Speaker 1: fifty percent to victorious parents. But not everybody is a
• 19:10
  Speaker 1: good person, and we need to remember that, especially when
• 19:13
  Speaker 1: things like that happen. In comparison, though, a tendency in
• 19:16
  Speaker 1: common agreement, by contrast, means that it's not need even split. Instead,
• 19:21
  Speaker 1: your stake in the property is going to depend on
• 19:23
  Speaker 1: your financial contribution to it. So you might own thirty
• 19:26
  Speaker 1: percent of the property instead of fifty percent, which would
• 19:29
  Speaker 1: be the case in that joint tendancy we just discussed,
• 19:31
  Speaker 1: and your co owner might own seventy percent. You know,
• 19:34
  Speaker 1: Harper is a baller in that situation. When it comes
• 19:37
  Speaker 1: time to sell, you would both be owed the percentage
• 19:40
  Speaker 1: of the asset that you owned rather than the even split.
• 19:43
  Speaker 1: Does that makes sense?
• 19:45
  Speaker 2: It does make sense.
• 19:46
  Speaker 1: Side note, the right of survivorship that I explained just
• 19:49
  Speaker 1: before does not exist in a tendency in common agreement.
• 19:52
  Speaker 1: So if the person in your agreement passes away, So
• 19:55
  Speaker 1: if I've passed away, then you just won't receive my share.
• 19:58
  Speaker 1: So you need to make sure or the wheels updated
• 20:01
  Speaker 1: and you actually have an estate plan in place and
• 20:03
  Speaker 1: that you are doing all of this stuff before you
• 20:06
  Speaker 1: even enter into the agreement. But I'm going to stop
• 20:08
  Speaker 1: talking about that now because one, it's not actually that interesting.
• 20:13
  Speaker 1: Let's just touch on the definitions. But two we're going
• 20:16
  Speaker 1: to discuss it in way, way, way more detail in
• 20:18
  Speaker 1: the Property Playbook podcast, which is coming out next month.
• 20:21
  Speaker 1: Is it yeah, actually two weeks or something? It's sat right,
• 20:25
  Speaker 1: Tony two weeks. Tony is nodding her head and giving
• 20:28
  Speaker 1: me a big thumbs up, saying that it is definitely
• 20:30
  Speaker 1: coming out in two weeks, which is like really exciting,
• 20:33
  Speaker 1: but from my part, slightly, Jeremie, get excited, guys.
• 20:37
  Speaker 2: I think we'll have a little break now. But on
• 20:40
  Speaker 2: the other side of the break, we will be chatting
• 20:42
  Speaker 2: about how we can minimize the risks of buying with
• 20:45
  Speaker 2: a power if we do feel like we need to
• 20:47
  Speaker 2: do that, and we will hear more on Vikid's take
• 20:50
  Speaker 2: on Guaranteur's Don't Go Anywhere.
• 20:56
  Speaker 1: Guys.
• 20:56
  Speaker 2: If you are loving today's conversation, please join us over
• 21:00
  Speaker 2: on our Facebook page, on Instagram, on YouTube TikTok. We've
• 21:03
  Speaker 2: got a newsletter, We've got it all, and if you
• 21:06
  Speaker 2: do love the show as well, please leave us a
• 21:08
  Speaker 2: positive review.
• 21:09
  Speaker 1: Five stars would be just.
• 21:11
  Speaker 2: Delightful, but you do you four would be good as well.
• 21:15
  Speaker 1: Five is best, five is best. I reckon five is
• 21:17
  Speaker 1: best in gee, in my humble opinion, you deserve five stars.
• 21:21
  Speaker 1: You So you got more questions about garacies? Do? Okay?
• 21:24
  Speaker 2: So if we are set on buying with a sibling
• 21:26
  Speaker 2: or a mate, how can we minimize.
• 21:28
  Speaker 1: The risks that you spoke about earlier?
• 21:30
  Speaker 2: On?
• 21:30
  Speaker 1: All right? So get everything in writing, get receipts, take
• 21:33
  Speaker 1: your screenshots. You cannot rely on just conversations no matter
• 21:37
  Speaker 1: how much you trust a person like I don't even
• 21:40
  Speaker 1: care if you trust them so deeply that it feels
• 21:42
  Speaker 1: awkward to bring it up. Blame me, be like, oh, well,
• 21:45
  Speaker 1: I was listening to this podcast and they said Victoria
• 21:48
  Speaker 1: the Devil. She said that you have to get it
• 21:51
  Speaker 1: in writing. So you know, I'm just doing this. I
• 21:53
  Speaker 1: was told love it like. I will happily be anybody's
• 21:56
  Speaker 1: scapegoat when it comes to making decisions around finances. I
• 21:59
  Speaker 1: don't even care. Blame me. I'll be that mum that
• 22:01
  Speaker 1: you've got that code word that you text to be like,
• 22:03
  Speaker 1: oh yeah, I'm doing okay xoxo. But it means come
• 22:06
  Speaker 1: and pick me up right now, like I'll be that
• 22:08
  Speaker 1: parent for you. Love that I've got you. But I
• 22:11
  Speaker 1: really recommend getting the assistance of a property lawyer or
• 22:14
  Speaker 1: a conveyancer just to help make the process a lot easier.
• 22:17
  Speaker 1: But the main thing you want established and written down
• 22:19
  Speaker 1: before you even take it further is six things. And
• 22:22
  Speaker 1: I'm going to list them off because I've written them
• 22:24
  Speaker 1: all down. Are you ready? G I'm ready? So? Number one,
• 22:27
  Speaker 1: who will live in the house? Is it tenants? Is
• 22:29
  Speaker 1: it one of the owners? Is it no one who knows?
• 22:32
  Speaker 1: Is it a house for your dog? Let's get our
• 22:34
  Speaker 1: goals on the table. Two what percentage of the property
• 22:38
  Speaker 1: are either of you going to own? Are you fifty
• 22:41
  Speaker 1: to fifty with me? Am? I thirty seventy? Because you
• 22:43
  Speaker 1: have more money than me, because I spent all of
• 22:45
  Speaker 1: mine on dog accessories, I don't know. Three what happens
• 22:48
  Speaker 1: if you can't meet payments? What happens if one month
• 22:51
  Speaker 1: we can't do it? What's the agreement there? How is
• 22:54
  Speaker 1: that going to work? How do we have that conversation?
• 22:57
  Speaker 1: Just liking business? I want you to think, I think worst
• 23:00
  Speaker 1: case scenario, what happens if we can't pay the bills
• 23:04
  Speaker 1: have the hard conversation hypothetically because it's so much easier
• 23:08
  Speaker 1: to have it hypothetically. Same goes with relationships. If you're
• 23:12
  Speaker 1: entering into a marriage, I think one of the most
• 23:14
  Speaker 1: important conversations you have with your partner is what happens
• 23:17
  Speaker 1: if we divorce. Get on the table exactly how you
• 23:21
  Speaker 1: want to be treating each other. You say, OK, gee,
• 23:23
  Speaker 1: I'd want it to be treated with the respect. I'd
• 23:25
  Speaker 1: want to make sure that we're on the same page.
• 23:27
  Speaker 1: I'd want this to happen so that if ever you
• 23:30
  Speaker 1: do go through that process, you don't have to have
• 23:32
  Speaker 1: an awkward conversation during the heat of the moment where
• 23:34
  Speaker 1: you actually really don't like the other person. You can
• 23:37
  Speaker 1: fall back on a conversation and a document that you've
• 23:39
  Speaker 1: created together to say, you know what, when we were
• 23:42
  Speaker 1: both level headed and so in love with each other,
• 23:45
  Speaker 1: this is what we wanted the outcome to be. Let's
• 23:48
  Speaker 1: go down that route because it's treating each other with kindness. Yeah,
• 23:51
  Speaker 1: that's my opinion.
• 23:51
  Speaker 2: So it's like a little bit of awkwardness now for
• 23:53
  Speaker 2: a whole lot less awkwardness.
• 23:54
  Speaker 1: Yea later and it's totally not awkward going Hey, ge
• 23:57
  Speaker 1: what happens if I can't pay the mortgage? And you go, like,
• 24:00
  Speaker 1: if it was just one month, like i'd you know,
• 24:02
  Speaker 1: i'd pay it, but then you know you'd owe me
• 24:05
  Speaker 1: or okay, well maybe my parents might help me or
• 24:08
  Speaker 1: my partner, do you know what I mean? Like, have
• 24:10
  Speaker 1: that conversation now to talk about what's reasonable to expect
• 24:14
  Speaker 1: versus not because you might say, oh, v if you
• 24:16
  Speaker 1: can't afford the mortgage, You're like, I actually don't have
• 24:18
  Speaker 1: any extra cash, Like you can't rely on me if
• 24:21
  Speaker 1: I can't pay it, because like I'm just budgeting so
• 24:23
  Speaker 1: that I have exactly what the mortgage repayments are and
• 24:26
  Speaker 1: like I don't have any more flexibility in my budget.
• 24:28
  Speaker 1: Like it's really important to have that conversation up front.
• 24:32
  Speaker 1: The next is number four. Who pays for house maintenance,
• 24:35
  Speaker 1: who's gonna pay the insurance? Who looks after the rental
• 24:38
  Speaker 1: income tax? Who's gonna talk to the real estate agent
• 24:40
  Speaker 1: if your tenant's hot water system is broken and it
• 24:42
  Speaker 1: needs replacing, who's gonna make that decision around how much
• 24:46
  Speaker 1: you're gonna pay for it? And bra hrah, like have
• 24:48
  Speaker 1: that conversation. Number five is how you make decisions about
• 24:51
  Speaker 1: the property, like if you want to extend or you know,
• 24:54
  Speaker 1: someone knocks on the door and says, do you want
• 24:56
  Speaker 1: to sell the property? How are you gonna make those decisions?
• 24:58
  Speaker 1: How are you gonna make them together? And how are
• 25:00
  Speaker 1: you going to make them well? And then number six
• 25:02
  Speaker 1: I've written down was what will the structure of ownership
• 25:05
  Speaker 1: look like? So back to that joint tendancy or tenancy
• 25:08
  Speaker 1: in common agreement? What does that look like? How does
• 25:11
  Speaker 1: that work? And also are you owning it? Me being
• 25:14
  Speaker 1: a financial advisor, are you going to own it individually
• 25:16
  Speaker 1: or are you owning it in a family trust? Or
• 25:18
  Speaker 1: what does that actually look like? What are the benefits?
• 25:20
  Speaker 1: You need to talk to your accountant about a property
• 25:22
  Speaker 1: purchase like that, so have a chat. There's plenty more
• 25:25
  Speaker 1: that you need to but I think those six are
• 25:27
  Speaker 1: probably a good stuff.
• 25:28
  Speaker 2: Very well put their v and there is so much
• 25:31
  Speaker 2: to consider. So if anyone listening is a little bit
• 25:33
  Speaker 2: stressed that maybe they don't have a pen with them
• 25:35
  Speaker 2: to note all of that down, I will put together
• 25:37
  Speaker 2: a bit of a blog post so you can refer
• 25:39
  Speaker 2: to that.
• 25:39
  Speaker 1: Oh you're so generous. You also really like riding, so
• 25:43
  Speaker 1: I'm not surprised to joy. Thanks you Joy. Thanks.
• 25:46
  Speaker 2: If someone has bought with a friend or a family
• 25:49
  Speaker 2: member and the five years in and it's not working
• 25:53
  Speaker 2: for whatever reason, and maybe they didn't ask themselves those
• 25:55
  Speaker 2: six important questions, what are they meant to do? Now?
• 25:59
  Speaker 1: Don't feel bad about it having listened to our podcast,
• 26:01
  Speaker 1: like you don't know what you don't know, So don't
• 26:04
  Speaker 1: you know, crucify yourself because I'm now saying, oh, you
• 26:07
  Speaker 1: should not have done it that way. That's not what
• 26:09
  Speaker 1: we're saying. We're saying. If this is a decision you're making,
• 26:11
  Speaker 1: here are some handy tips, here's how you should be
• 26:14
  Speaker 1: approaching it. But I think just take a deep breath,
• 26:16
  Speaker 1: potentially sit down. I always really like writing down what
• 26:19
  Speaker 1: my intentions were when I made a decision if I'm
• 26:22
  Speaker 1: not feeling comfortable about that decision anymore, just to really
• 26:25
  Speaker 1: create a little bit more clarity and be like, Okay, cool,
• 26:27
  Speaker 1: I purchased this because I really liked working with George.
• 26:29
  Speaker 1: I really really liked this. I really liked that, and
• 26:32
  Speaker 1: you know what did I want to get out of it?
• 26:33
  Speaker 1: And you can refer back to that and just remain
• 26:36
  Speaker 1: level headed. Like one thing that my dad taught me cheers. Dad,
• 26:40
  Speaker 1: is that if you lose your temper, you lose your argument.
• 26:43
  Speaker 1: So don't lose your temper. You won't lose your argument.
• 26:46
  Speaker 1: So just be really pragmatic and that point of self
• 26:48
  Speaker 1: reflection where you get to sit down and go, okay, cool,
• 26:50
  Speaker 1: what were my intentions? What do I want the outcome
• 26:53
  Speaker 1: to be? Write it down, because if you can write
• 26:55
  Speaker 1: it down, you're more likely to be able to properly
• 26:57
  Speaker 1: articulate it to the other person because you've had that
• 27:00
  Speaker 1: reflection time. So for me, that's really important. And then
• 27:03
  Speaker 1: also get some professional advice. Go see a solicitor, go
• 27:06
  Speaker 1: see a lawyer, Go have a chat with somebody about
• 27:09
  Speaker 1: what that is. And if you're really really stuck, I
• 27:13
  Speaker 1: think the National Debt Help Line. They've got some financial counselors,
• 27:16
  Speaker 1: completely free epic service. Give them a buzz and we'll
• 27:20
  Speaker 1: make sure that in the show notes their number is there.
• 27:24
  Speaker 2: All right, bit of a change of pace here, v
• 27:26
  Speaker 2: If we have listened to this podcast, we were planning
• 27:29
  Speaker 2: on buying with a mate, but now we're like, hmm,
• 27:31
  Speaker 2: maybe not such a great idea. Talk to me more
• 27:35
  Speaker 2: about guaranteurs, Like, are they a helpful way of getting
• 27:38
  Speaker 2: into the market or are they kind of just a trap.
• 27:41
  Speaker 1: They are absolutely not a trap. Having a guaranteur is
• 27:44
  Speaker 1: such a special thing. If you've got a parent that
• 27:46
  Speaker 1: is willing to put that level of risk on you
• 27:48
  Speaker 1: getting access to the property market, that is so great,
• 27:52
  Speaker 1: and I think that it's really important to consider how
• 27:56
  Speaker 1: you feel about that before going into it, but also
• 27:59
  Speaker 1: just being really grateful for that opportunity, because there's an
• 28:01
  Speaker 1: opportunity that most of us don't actually have access to.
• 28:04
  Speaker 1: It's very limited amounts of people who are actually able
• 28:07
  Speaker 1: to do that because their parents have to be in
• 28:08
  Speaker 1: the financial position where they can actually afford it, and
• 28:11
  Speaker 1: that often comes with like, you know, good money, habits
• 28:14
  Speaker 1: that have been ingrained over a long period of time.
• 28:16
  Speaker 1: And so if you're in that position, like that's great,
• 28:17
  Speaker 1: but it is a very privileged position to be and
• 28:19
  Speaker 1: you can't just go, oh, just get a guaranteur, like
• 28:22
  Speaker 1: it's not available to everybody, and you know, I think
• 28:25
  Speaker 1: that a lot of parents actually feel a lot of
• 28:28
  Speaker 1: guilt because they're not able to provide that to their children,
• 28:31
  Speaker 1: especially in twenty twenty one where properties are going for
• 28:34
  Speaker 1: four hundred thousand dollars over reserve consistently. Parents are like,
• 28:37
  Speaker 1: oh my gosh, it was so much easier getting into
• 28:39
  Speaker 1: the property market when I was getting in. I wish
• 28:42
  Speaker 1: I could help my child, but it's just not an
• 28:44
  Speaker 1: option for me. Might limit them too much. It might
• 28:46
  Speaker 1: stop them retiring as easily. It might stop them, you know,
• 28:49
  Speaker 1: buying an investment property to help them with their financial success.
• 28:52
  Speaker 1: So I think if your parents aren't able to do that,
• 28:55
  Speaker 1: or they're saying no, there's a really good reason they're
• 28:57
  Speaker 1: saying no. It's not just because they don't want to.
• 28:58
  Speaker 1: It's because maybe they're not financially able to. And it's
• 29:01
  Speaker 1: actually none of your business what their financial lives are.
• 29:03
  Speaker 1: In my opinion, it's not your business what your parents earn,
• 29:06
  Speaker 1: what they spend, what they own, what they own not
• 29:08
  Speaker 1: your business unless they decide to share that with you.
• 29:10
  Speaker 1: And I think it goes for everybody right, But definitely
• 29:14
  Speaker 1: an option still if you want to do it. But
• 29:16
  Speaker 1: I think it's also really important to just take into
• 29:18
  Speaker 1: consideration how big of a responsibility that is. But also
• 29:23
  Speaker 1: getting the ground rules in place again before you move forward.
• 29:26
  Speaker 1: Are you going to have that guaranteur for a couple
• 29:29
  Speaker 1: of years and then refinance your loan so it's one
• 29:31
  Speaker 1: hundred percent in your name. Are you going to be
• 29:33
  Speaker 1: making extra mortgage repayments so that happens sooner rather than later,
• 29:36
  Speaker 1: or are you just planning on cruising along with minimum
• 29:39
  Speaker 1: repayments because you actually can't afford additional repayments to get
• 29:42
  Speaker 1: out of that guarante period first, Because a guaranteur is
• 29:46
  Speaker 1: essentially in place of a deposit, so if you don't
• 29:49
  Speaker 1: have a deposit, someone can guarantee a portion of their
• 29:52
  Speaker 1: property to become in quotation marks your deposit. So once
• 29:57
  Speaker 1: you actually reach a point of having equity in your property,
• 29:59
  Speaker 1: which is essentially means that you've got enough money paid
• 30:02
  Speaker 1: off your mortgage to refinance it so that you would
• 30:04
  Speaker 1: have that quote twenty percent, you can release a guaranteur,
• 30:09
  Speaker 1: which is kind of cool. But are you working towards
• 30:11
  Speaker 1: that on a fast chech or are you just making
• 30:13
  Speaker 1: minimum repayments and you're not really planning on doing that,
• 30:16
  Speaker 1: or you're planning on only paying interest off, which is
• 30:18
  Speaker 1: going to take a really long time. I think it's
• 30:20
  Speaker 1: just important to know what your parents' expectations of that
• 30:24
  Speaker 1: are as well, because they might go Noah, don't worry
• 30:25
  Speaker 1: about it, like we've got absolutely no intention of doing
• 30:28
  Speaker 1: anything at all, So just take your time, enjoy it.
• 30:31
  Speaker 1: Or they might say, Yep, we really wanted to get
• 30:32
  Speaker 1: you in the property market, but you know, in the
• 30:34
  Speaker 1: next five years, we really do want to retire or
• 30:36
  Speaker 1: we really do want to create some more wealth ourselves.
• 30:39
  Speaker 1: So you need to buckle down. And we've given you
• 30:41
  Speaker 1: this opportunity because you don't have a deposit, but that
• 30:43
  Speaker 1: doesn't mean you get to be lax. So I think
• 30:46
  Speaker 1: that's really important. But again, we're going to be talking
• 30:48
  Speaker 1: about these more closely on the Property Playbook in two weeks.
• 30:51
  Speaker 2: Friends, Hey, but was there anything else you wanted to
• 30:55
  Speaker 2: add there?
• 30:56
  Speaker 1: Are we ready to wrap the show? I think we
• 30:58
  Speaker 1: nearly are ready to wrap the sho show. But as always,
• 31:01
  Speaker 1: before we wrap the show, we'd like to acknowledge and
• 31:04
  Speaker 1: pay respect to Australia's Aboriginal and Torres Strait islander peoples.
• 31:07
  Speaker 1: They're the traditional custodians of the lands, waterways and skies
• 31:11
  Speaker 1: all across Australia. We thank you for sharing and for
• 31:14
  Speaker 1: caring for the land which we are able to earn on.
• 31:16
  Speaker 1: We pay respects to elders past and present, and we
• 31:19
  Speaker 1: share our friendship and our kindness.
• 31:21
  Speaker 2: And of course, guys, please remember that the advice shared
• 31:24
  Speaker 2: on She's on the Money is general in nature and
• 31:26
  Speaker 2: does not consider your individual circumstances. She's on the Money
• 31:30
  Speaker 2: exists purely for educational purposes and should not be relied
• 31:33
  Speaker 2: upon to make an investment or a financial decision. And
• 31:36
  Speaker 2: we promise Victoria Devine is an authorized representative of Australia
• 31:39
  Speaker 2: Pacific Funds Management, but prietarily limited ABN. It's three four
• 31:43
  Speaker 2: one three two four six three two five seven AFSL
• 31:46
  Speaker 2: three three nine one five one and big thanks to
• 31:49
  Speaker 2: Tone for putting together today's a podcast.
• 31:53
  Speaker 1: Hallakya we to have her.
• 31:54
  Speaker 2: She's in the room right now, Toto to say, Yeah.
• 31:57
  Speaker 1: She's got nothing to say. She's shaking her head. She
• 32:00
  Speaker 1: is not nodding her head. She is shaking her head.
• 32:02
  Speaker 1: I got in trouble for that before. But yeah, I
• 32:03
  Speaker 1: really like Tony. Good acquisitions are from the team. Glad
• 32:06
  Speaker 1: we stole her from Radio Life. Yeah. Are you happy
• 32:08
  Speaker 1: with the podcast today? Happy? She's happy? Okay, yay, Well
• 32:12
  Speaker 1: with that, see you next week. Bye, guys,