Latest / The Curve / Rethinking How to Get on the Property Ladder.

Transcript

Rethinking How to Get on the Property Ladder. · The Curve

0:00
I made $122,000 in six weeks, which sounds, I don't know, maybe a bit arrogant, but the whole
0:07
point of this episode is to tell you exactly how I did it, so that if you want to make money
0:12
in property or get on the property ladder, you can too.
0:15
I never thought I would own a property, I never thought that I would make money in property,
0:19
it just felt so out of reach for me, but the approach that I used is something that literally
0:25
anyone can do, it's called the burr approach, so it's buy, renovate, rent, refinance, repeat.
0:33
So it's the idea that you basically buy low, you add value so that it's like the value
0:39
of that property is immediately increased, you rent it out, you refinance with the bank
0:44
and then you basically use that property to go again and again and again.
0:48
So this is an amazing approach to property, it's something that I'm incredibly proud of,
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a huge advocate for and in this episode you will meet Peter West and he is the guy that
0:58
I did this with, if you're interested after listening and you want to do this as well,
1:02
you can email us, we will put our email address in the podcast show notes and we can put
1:06
you in touch with him, but yeah, this is a huge conversation, it's full of so much knowledge
1:11
we've split it up into two episodes, so this is part one and next week we'll be dropping
1:16
part two.
1:17
This is a video podcast and if you would like to watch it on YouTube you can click the link
1:21
in the show notes.
1:22
I've been really excited to put this episode out, so I hope you really enjoy it and if
1:25
you have any questions at all, comment where you're listening to this podcast.
1:30
Welcome to our brand new property podcast.
1:35
This has been in the works for a long time and we're so excited to finally be able to
1:41
speak to you regularly every month, we're going to have a property podcast when we talk
1:46
about home ownership, property investing and that's whether you're trying to buy your
1:51
first home, you're trying to buy your second home, maybe you're wanting to buy them.
1:55
They spent property and that is exactly why we're proud to be partnering with BNZ because
2:00
they get it, they understand that there's no two situations that are the same and having
2:04
a BNZ home loan partner in your corner, you'll always have the expert advice and tools
2:09
that can help you make it happen.
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But thank you so much BNZ for helping empower this property podcast.
2:16
I've paid it so exciting to have you here, this has been something we've spoken about
2:20
for months and actually when I was doing the prep sheet and planning, what we would
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talk about, I was like, oh my God, we've actually kind of now known each other for nine months.
2:32
Yeah, I think Michelle and my wife told me to get in touch with you and that was what
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back in September.
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There was pages of that.
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She had a message.
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Okay, so Michelle, Pete's wife, absolutely genuine, so lovely.
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So she listened to the podcast and she heard me just banging on about how I wanted to get
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into property and was like, Pete, help her out.
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Yeah, so Michelle, big fan of the curve and avid listeners.
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So yeah, whenever you started talking about property, whenever it was late last year, September
3:00
was I think.
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She was like, hey, why don't you, or Sophie's keen to get into property, why don't you
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just flick her message and see if you can help out.
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So I did.
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Slint your DMs and credit to you, you didn't dismiss me, you sort of, you know.
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Well, I was about to say, like, you know, the DM slide is like, can go one of two ways,
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right?
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And I think because I could tell, okay, this is going to sound so weird, but you know,
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when you see a message, if it's like, well written, good punctuation, someone's like,
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made an effort to write it, you're like, okay, which sounds like such a strange thing
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to say.
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But if someone goes and sends like a y'all, can we catch up on it into property or something,
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you're kind of like, nah, but your message was like, I'm immediate, I was like, I think
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this guy knows what he's talking about.
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And also, I was in a position where I was really trying to explore what it would look
3:51
like for me to buy a property because I, you know, as a Kiwi living abroad, I couldn't
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go and buy my first home.
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And I knew that.
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So I was like, it sort of felt like this pipe dream where I didn't really know, like how
4:07
or where or what, like I was actually looking into doing the gift of deed or deed of gift
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or like basically like gifting my amount to someone to put into their property, but it's
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quite risky.
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And you can, I mean, like, I trust all my friends that I would have done it with, but
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I was just like, I don't love the idea of it not being in my name.
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So anyway, I was in a position where I wanted to explore the different options.
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And I can't even remember.
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I wish that we had that message, but basically it was like, do you ever, how long have
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you got your font?
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I can grab it.
4:40
Oh, can we get it?
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Yes, yes.
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Look, this is probably longer than I remember, perhaps we won't read that.
4:49
But essentially, it was Pete explaining the fact that he has an approach to property,
4:54
which to me was really new.
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I'd never heard of it before.
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And I was like, oh, yeah, this sounds kind of interesting.
5:00
So let's just give some context as to who you are, your experience in the property world,
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et cetera, because even for me, they're like, oh, I worked in property development or
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construction, or like, I don't know, I've never worked in that industry.
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So maybe you just give context for the sorts of stuff you've done in the last decade.
5:20
Yeah.
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So I had a corporate career for 10 years, started out with Phontera, and went down that
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corporate path for 10 years.
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But in the last five years, I started doing property on the side.
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Yeah.
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So this was kind of pervigilating more of a passion project, kind of.
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Yeah, correct.
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Well, it depends how deep you want to go.
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But I originally...
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Deep.
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I don't know if you've blessed us up.
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I'll go take this.
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Deep.
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I studied egg science, and I always thought, batch of agricultural science, it's pretty
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much 101 of farming, how does grass grow, how does soils work, all the good stuff in
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life.
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Soil is a really fascinating way, but anyway, side story.
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And so when I went to university, I thought I wanted to be a farmer.
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A few different reasons, but when I was growing up, I was brought up in Te Amitu, and everyone
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with wealth around me was dairy farmers.
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So I thought, OK, that's going to be my vehicle to sort of financial independence, have my
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business, et cetera.
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I went farming in 2020, after 10 years in a corporate career.
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And whilst I didn't hate it, I didn't love it enough to be happy in like 20 years' time.
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So I was like, right, that dream...
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Well, just pretty massive, right, to be like, can I get a move to a farm?
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I'm going to go and give this a go.
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And then to be like, shirt, maybe it's not the one, it's brave.
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Yeah, I'm glad I tried it.
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Had a really supportive wife.
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A wife was like, yep, do it, because you'll never know if you don't try it.
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Well, a legend, by the way, because that's huge.
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So fit context. Hopefully she's fine with this thing.
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But Michelle's, she's actually Irish.
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And so Pete and Michelle met in Ireland.
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I can always say it like, I'm a pirate, Ireland.
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And so to move to New Zealand, one thing with you, amazing.
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Then to move to a farm in New Zealand is like another.
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So pretty supportive.
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So we moved from London to Matamata to a dairy farm.
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So pretty, yeah, pretty big change for Michelle.
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But she took it on her stride.
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But yeah, went farming, realized I didn't like it.
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Or like it enough to be happy in 20 years' time doing it with a, you know, happy marriage.
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So sort of been that off and quit.
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And then I was sort of going, okay, well, what's my vehicle to wealth and financial stability, security.
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Not necessarily driving for aries, but just a bit of financial stability.
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And so I looked around and properly was the next best thing.
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So that was like, right, let's go 100, 100 into that.
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And so started that journey five years ago.
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So I'm still relatively new.
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Let's go say cause you're actually like quite fresh in a good way.
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In the scheme of things.
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Yeah.
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But jump straight into it, went into development.
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And then I've gone into various different strategies since then.
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But as of June last year, I've gone full time properly trading.
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So flipping and then also helping out people such as yourself.
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Yeah.
8:01
Okay.
8:02
So you said so many things I want to backtrack on.
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So the idea of, so five years ago, just to set the same.
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Cause I think there's quite a, I don't know if it's misconception, but I certainly had it.
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And for a long time, buying selling property, flipping, all the different strategies
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was kind of a not a surefire way to grow wealth.
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But it was guaranteed in a way.
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And I know there's like no returns that are guaranteed.
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And you can always like totally fuck up a project.
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But generally buying and selling property or buying and holding was a way.
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As soon as you got on the ladder, it was kind of like nice, you're good, you're sorted.
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Five years ago, property was still doing a really, really well in New Zealand.
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But it was less of like a surefire like tech, you're in property, you're going to do well.
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That you had to be really strategic about it.
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So when you first went into property and you were first like trying different strategies
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that you mentioned, what were some of those different strategies?
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Because I know you can buy and hold, which is more of like a passive approach.
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More active would be like the flipping.
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But can we go into some of those subsets of categories under both of those big kind of active passive
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and what ones you explored?
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Yeah, so first I suppose maybe I'll just give my definition of active and passive.
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So for me, a passive is where you buy property.
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Typically a new build property, so it's just been built or maybe one or two years old.
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And you don't do anything to it.
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You effectively just hold onto it and let father time take care of the rest and hopefully,
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or historically see that property go up in value over time.
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Active is where obviously or not obviously, but you do something to the property.
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So you renovate it or maybe subdivide it.
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You're forcibly appreciating the value of that asset.
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So you're not waiting or you're not necessarily as reliant on capital gains over time.
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So active is actively adding value, actively trying to increase your returns
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and how much money you're making on that asset.
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Passive is kind of sitting back and letting the property market in terms of the value of that increase
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over a period of time without making too much of an effort to add.
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It's more just the buying hold.
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Yeah, you're not really doing anything to that property.
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And there's pros and cons to both and we can get into that.
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But you're pretty much reliant on the market to take care of it.
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So it's pretty much out of your hands and hence it's referred to as a passive investment or a passive property.
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And so over the last five years, what have been some of those strategies that you've done
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or like the projects that you've tried in the different ways you've tried?
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Also just to your point when you said for you and a passive approach is actually more new goals.
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Like I would have bucketed any purchase of a house and buying and holding as passive, but you don't.
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No, because you could, like I'm sure we'll get there, but if we talk about your property, you've purchased.
11:02
You know, it was quite tired and run down.
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So we purchased it and we renovated it, but you're going to buy it.
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You're going to hold that for 10, 15 or however long.
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So that was still a buy and hold, but it's an active approach.
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So in terms of the different strategies within active approach of tried development,
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which is where you buy a piece of land, maybe with a house on it, maybe not, and actually build some houses and then sell those.
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I've tried transportable homes, which is where once again you maybe have some land
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and you transport an existing house onto that of done flipping.
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Well, you've really done quite a few.
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And done flipping, which is where you buy an old run down home, renovate it and put it back on the market as soon as possible
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and try sell it for a profit, subdivision.
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So subdivide buying a house, subdividing it off and selling the two different houses and then multi-unit, which is effectively a block of flats.
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So where you've got three or four flats under one roof and renovating those and buying, holding them.
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So a few different strategies across the years.
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In terms of being this kind of in a way, almost being a side hustle, or I'm going to try this out and see how I go.
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Firstly, it's super brave, but also it's even more brave to try lots of different types,
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whether any that were higher risk that felt more stressful, like any that you gravitated towards more than other experiences.
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Yeah, and it's been the benefit of trying different ones and it's taken me through trying those different ones.
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I probably landed on the sweet spot now of what I think is the best, but definitely probably development is hugely risky.
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And I got pretty lucky with when just my timings, it wasn't any great planning or anything, but I managed to sell those properties just before property prices fell off a cliff.
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Because if I hadn't, then I'd be looking at some serious losses realistically.
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So that was pure luck. I can't say there was any great planning of when I tried to do it.
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But definitely just the dollar value that you're dealing with, if you're building four houses, might be in the millions of dollars.
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If you're flipping a house, you might be spending $70,000, $70,000.
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So if you get it wrong by $10,000 on a flip, you're only out by $10,000.
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If you get it wrong when you're spending $2,000, it's just the scale is a lot bigger.
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And so there's obviously a lot more money on the line with the development.
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And also I guess the audience, the people that are listening are not ones who have probably, I imagine, a million dollars to go and do a subdivision with four houses.
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So even being in a position where you can, because there's so many different ways of doing it and making money and property.
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But also we're all restricted to what our personal like cash ban with this.
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So is the reason that you landed on and what we'll get into in a second, this particular approach?
13:50
Is that because it's less risk, it's less capital required, it's more accessible for people?
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Or is it like a combination of everything?
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There's some factors, but one of the cons of development or flipping is that at the end of the day, once you've sold that project or property,
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you don't actually have an asset at the end of the day. And you get wealthy through property or you get wealthy through property by holding an asset for a long time.
14:18
Whereas with both those strategies, you make your money and then you've got a little bit of money in your bank, but you don't actually have an asset.
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So house prices go up, you have to go back to the market, buy another house and you sort of back at square one.
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Whereas with a buy and hold approach, you get an asset, it goes up and value over time and you generate wealth through that.
14:35
So I guess then, if we were to compare this to the stock market, it would be similar to what's happened to me where I've gone and bought stocks.
14:44
I've made like a quick return because I bought them, say, let's just use Netflix as an example, since I bought it, it's gone up like a, honestly, I reckon like 50% since I bought it, like heaps.
14:56
It would be like me selling out, taking that money, but they're not holding for the next 20 years.
15:04
The difference there is like, it's almost a quick cash injection opposed to long term wealth.
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And the idea of like buying and selling in the stock market, when you sell out, you're missing out on all those future returns.
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And so while it can be fun to be like, do you know what, I've just made 500 dollars, I'm going to take that out.
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If you can emotionally leave those in there knowing that it's going to, the other day that gives the example of Birkshire Hathaway and Warren Buffett.
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If you'd invested a thousand dollars with him 60 years ago, it would have turned into 55 million.
15:42
Not bad.
15:43
But over 60 years, how many times would you have been like, I'm going to take it out.
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Like I do it every couple of months.
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So.
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It's equivalent of being like a day trader, if we're using like the share analysis, being a day trader,
15:53
if you're someone who just bought the Birkshire Hathaway stock and just sat back and watched it grow for the last 60 years.
15:58
So it's great, you can get some massive wins, like day traders, I'm sure, get some massive wins.
16:03
But the person who just sits back and probably holds the Birkshire Hathaway shares over 60 years is probably.
16:08
The other one is the other one who's going to win over the long term.
16:11
So definitely, my goal is to buy sort of as many properties and hold them for as long as possible.
16:18
So, okay.
16:20
We've landed personally with your property portfolio and how you approach it.
16:24
Because they know we'll get to kind of the business side of things and the gap in the market in a second.
16:29
And my experience working with you.
16:31
But would love to talk about your own personal property portfolio.
16:35
Like, what were you at the moment?
16:37
Like, how many properties do you own and were any of those ones you renovated?
16:42
Yeah, what does yours look like?
16:44
Do you buy and flip?
16:45
Do you do all of the above still?
16:47
Yeah.
16:48
So I've got a pool of money which I use to do the flipping full time.
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So that's that pool of money, you know, it's used to buy the house and renovate it.
16:58
And then once that I sell the house, it's reinvested into the next property.
17:02
So I've got a bit of cash there.
17:04
And then in terms of my buy and hold.
17:06
So I've got two properties and then across those two, there's seven rentals.
17:09
So one of them is a multi-unit.
17:11
Multi-unit is kind of like just six or seven apartments, right?
17:15
Is that what you mean?
17:16
Yeah, I guess there's a loose definition.
17:17
Maybe like four and above or three and above is roughly where you start to call it a multi-unit.
17:23
And so both of those are in the Waikato.
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That's where I'm from.
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I sort of know that market.
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So and it's a pretty good market for a buy and hold because it's a lower price point than Auckland.
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So you can still achieve really good yields.
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And that lower price point means it's more accessible for someone who's starting out there journey like me.
17:40
And so yield is the yield capital gain?
17:44
Is it the same thing?
17:45
No.
17:47
So in terms of residential property, when people refer to yields, typically it's gross yield,
17:52
which is the rent you get per annum.
17:55
Yeah.
17:56
Divided by how much you purchase that property for.
17:58
And that's yield.
17:59
That's yield.
18:00
And why is it an important number to use as a metric?
18:05
It's a very rough figure which you can easily gauge where the properties are going to pay its mortgage, buy itself or not.
18:13
The other term which people refer to as a cash flow positive or cash flow negative.
18:18
And so if you've got a seven or eight percent gross yield property, then it's going to pay for itself in terms of pay its mortgage, pay its rates, insurance etc.
18:25
And you're not going to have to put any money into that property.
18:28
And when you say seven or eight percent, and therefore that means that it will be kind of like self-sufficient,
18:33
is that because mostly seven or eight percent would be above what someone would be paying in interest?
18:39
Yeah, it obviously depends on what the interest rate is.
18:42
If the interest rate is two percent, then you don't need to be getting as much rent.
18:47
So it sort of fluctuates.
18:48
But if you take a ten year average of let's say six percent, then a eight percent gross yield property is going to pay for all the mortgage, all the rates, all the insurance etc.
18:56
And you're not going to have to top it up.
18:58
But that's not including paying down the principal.
19:00
Is it like you're paying off your mortgage or is that actually sometimes also including?
19:04
Once again, depends on the interest rate, but typically no, that would just be interest only.
19:09
But you can do.
19:10
Correct.
19:11
And particularly with investment properties, that's what a lot of people do, right?
19:14
Yeah, I saw the other day, I think one of the banks has just offered ten years interest only for property investors.
19:21
With the logic being that in that ten years, the property is going to go up and value in there for once you sell it,
19:27
you can pay back the principal that you're owed.
19:30
That's quite cool.
19:31
Yeah.
19:32
Maybe we talk about the gap in the market that you saw and the strategy that you've landed on is kind of your,
19:39
okay, I think this is where I'm going to double down and help other people to make money and property.
19:44
Let's talk about what it's called, what it means, like what's the general approach?
19:51
Yeah.
19:52
The term is called bear, which is an acronym.
19:56
Can I just say what that reminds me of?
19:58
Go on.
19:59
Do you remember bringing it on?
20:01
No.
20:02
Definitely not the talking market.
20:05
Maybe different upbringing.
20:06
Don't worry.
20:07
Don't worry.
20:08
That's the only girls listening that don't want to put them out.
20:10
There's this song in it as I burr.
20:13
Does this sound?
20:14
No.
20:15
Yeah, I know.
20:16
It's cold in here.
20:17
Thank you.
20:18
It must do something.
20:19
It tends to be too cold.
20:20
You know what?
20:21
Fucking bring it on.
20:22
Yeah.
20:23
Well, I mean, it's showing me.
20:25
So B-U-R-R.
20:27
B-R-R-R.
20:29
Oh, burr.
20:30
Like literally burr.
20:31
It's cold in here.
20:32
Yeah.
20:33
Which sends for buy.
20:34
Yep.
20:35
Renovate.
20:36
Rent.
20:37
Refinance.
20:38
And repeat.
20:39
I forgot now four hours.
20:40
Which is, speaks to the process that you go through when you do this type of project.
20:47
So effectively, you buy property within tension of holding it for 5, 10, 20 a long time.
20:53
And then renovate it to try and add value to that property.
20:56
You then rent it out.
20:58
You then refine it.
20:59
So go back to the bank and say, hey, Mr. Thomas is bank.
21:03
This probably is now with X.
21:05
I want to get that equity out.
21:07
And then you go and repeat the process and buy your second or third or fourth.
21:10
And I think that is the key here, the refinancing part.
21:14
Which, I don't know, I guess this whole process for me.
21:18
When people talk about the property ladder,
21:20
it's just such a bany drop moment of course.
21:24
Because as soon as you've got equity in something,
21:27
the idea that you can kind of borrow against it or take money out to go and further leverage yourself in another property
21:34
makes so much sense.
21:36
Yeah.
21:37
A lot of people, myself included, probably didn't realise or at least it took me a long time to realise
21:41
that you can actually leverage again against the property.
21:44
I always assume that you just had to have a pot of money.
21:47
Same.
21:49
And then, but you don't.
21:50
So you can refinance, take that equity gain to use that as a deposit for your next property
21:55
and then go again, which is pretty powerful.
21:57
It's so amazing.
21:59
So basically, Pete and I had been talking.
22:02
We've been doing some zooms.
22:03
I was like, this guy feels kind of legit.
22:05
He's nice.
22:06
He's also married.
22:07
So like, there was just, I was like very aware that you were like,
22:10
this was so professional, which I really, I know that sounds weird,
22:14
but I do think there's a safety or a trust when you're really aware what someone's intentions are.
22:22
And the fact that you had your presentation, your slides, it was like,
22:27
yeah, I don't know.
22:28
I got to the point where I was like, okay, I really trust this guy.
22:30
I actually would love to try this approach I've never heard of before.
22:34
Which is so rogue.
22:36
It's pretty bullsy to trust a random dude that's DMed you off Instagram.
22:41
And you're like, do you know what?
22:42
Yeah, let's try and work together.
22:44
Use my deposit that I've tried to save for for my whole life.
22:48
Let's try and do a project together.
22:50
Yeah, it's correct to you.
22:52
No, I don't think it is.
22:54
I think it is.
22:55
No, but it would have been very easy just to dismiss that and be like,
22:58
who's this random person?
22:59
I did specifically mention my wife's.
23:01
Yeah.
23:02
He didn't think I was just creeping.
23:04
I think it was a very good detective, not honesty.
23:08
It's not that we have hardly any men that follow our listens to curves.
23:11
It's like that.
23:12
But yeah, I mean, it would have been pretty easy for you just to dismiss that.
23:16
So as I could again for being open and curious enough to sort of explore.
23:20
And then, I mean, it took us a while.
23:23
You know, we started speaking at September and then took your while to get the pre-approved
23:27
obviously.
23:28
I think you've documented the challenges.
23:29
Yeah.
23:30
But it was great.
23:31
And then I think we reconnected back in January.
23:33
You reached back out and said, hey, we're really going.
23:36
Yeah.
23:37
It was cool process.
23:38
It was really cool.
23:39
So basically what happened was when Pete and I spoke, we like very much
23:44
and from the beginning was super clear on numbers and like what it was required.
23:47
So what I also didn't totally understand with the approach is that you
23:53
it depends where you're buying for how much you need.
23:56
And the real difference for me and like what really landed was like,
24:01
okay, I don't have enough for a first home.
24:04
Also, I don't live in New Zealand.
24:06
That's not really an approach I'm considering.
24:08
But I knew I wanted to invest in property.
24:11
And the idea of an investment property, I vaguely knew you needed a higher
24:16
deposit.
24:17
So I kind of fully dismissed that as an option.
24:20
But then when we'd been talking, I'd started to be more open to the idea of, okay,
24:25
like I could invest in a way, way, way lower price point.
24:29
You know, a house that I, to be honest, probably wouldn't live in in an area
24:33
that I probably wouldn't consider.
24:35
But it just opened my eyes up to the idea of, okay, like you don't have to go
24:40
and buy a million dollar horned bay property to get into the property market.
24:43
There's actually a huge amount of opportunity.
24:47
And lots of different parts of the world as well.
24:49
Like obviously the main centers, like the center of London, the center of Auckland,
24:53
the center of like hubs where most people want to live are probably going to be
24:57
out of my price range.
24:59
But I started to realize, okay, so if I was to then do an investment property somewhere
25:06
where I needed a 30% deposit, but I only did a $500,000 house or a $400,000 house.
25:13
So basically I was like, okay, this is potentially risky.
25:18
You know, like there's this guy that I think that was what he's talking about.
25:23
I'm pretty sure this is legit.
25:25
But I was also like, this is my whole life savings, you know?
25:29
And do I also want to put all of it in the property market?
25:32
So I was like, that's what I was kind of considering for a while.
25:35
I was like, do I want to go and put all of this in property?
25:38
Or would I feel more comfortable doing less?
25:41
So anyway, I started speaking to my flatmate at the time.
25:44
And I was explaining this opportunity.
25:46
And he was like, oh, I've always been really interested in this approach to property.
25:50
I almost didn't when I lived in Australia.
25:53
If you wanted to go in with someone, let me know.
25:55
And I was like, that actually, I was like, that actually could work.
25:59
And by the way, this is a friend that I literally had moved into the house
26:02
like three weeks earlier, which just speaks to like, how risky I feel like I am.
26:06
Because that got a gone totally tipped up anyway.
26:09
But you did raise that during our initial discussions.
26:13
Oh, tonight, what did I say about it?
26:15
Well, you just said, you know, I'm thinking about going in with a friend.
26:18
And sort of came back with like, that's great.
26:22
But if you thought about this, which was good for you guys to have that conversation.
26:25
I'm like, okay, what happens if someone wants to sell in two years?
26:28
Or how does it affect your relationship property and all that good stuff?
26:32
So it can be done.
26:33
But you definitely do need to have some potentially tough or awkward conversations.
26:38
Yeah.
26:39
What happens if we stop being friends, et cetera, et cetera, right at the start.
26:42
Yeah.
26:43
I kind of forgot about that.
26:44
That's right.
26:45
Because you emailed me a bunch of questions to ask.
26:47
I was like, okay, I've prepared some questions.
26:51
I was like, I'm just with these on things I want to ask you.
26:54
And it was things like, how long do you want to hold it for?
26:56
How long do you need this?
26:57
Do you need this money back in the next few years?
26:59
Because I really wanted to buy something and hold onto it for like a minimum of five years.
27:04
And he was very much on the same page.
27:06
And we've really like worked through this and we're like, okay, sweet.
27:09
We're totally aligned here.
27:11
We want the same approach to property.
27:14
This is purely like a business transaction.
27:17
And we wanted to approach it in that way.
27:19
We weren't like, yeah, I don't know, from the very beginning.
27:22
We were like, let's try this properly.
27:25
So essentially, we went down the process of both having to get pre-approved,
27:29
which like for everyone that's listened to.
27:31
Our earlier property episodes was just like, fucking hell, such an nightmare.
27:37
But finally, we got pre-approved both of us for 500,000.
27:42
So we would join in like equally responsible for that.
27:45
And so that was kind of like, we went back to painting.
27:48
We were like, okay, we know what we've been pre-approved for.
27:50
So like, this is our budget.
27:52
Will this work?
27:54
And then we started chatting about like, yeah, the different locations and how it could work.
27:59
And it's quite funny because I was even just thinking the other day,
28:01
like back to the conversation that I had with my friend.
28:05
Because we sort of properly started kicking this off at the start of the year.
28:09
Every time I spoke to somebody and I was like, this is what I'm doing.
28:12
They were like, um, capital gains in Levin, aren't great.
28:16
Like you should be trying to buy an Auckland.
28:19
And I was kind of like, fuck, I'm like, I know that there's truth to what you're saying.
28:24
But I didn't really know how to respond at the time.
28:26
And so I think there was a few times that both with the friend I was buying with and with you.
28:31
I was like, should we be looking at different locations?
28:34
So can we just talk about that before we move on?
28:36
Why and how is it still okay and potentially really lucrative financially
28:41
to buy in other places where the capital gains or hot property energy isn't quite as intense as like the centre of a main city?
28:50
Yeah. So firstly, you touched on, you know, you thought originally thought that property was out of your,
28:57
you know, you thought you needed to throw down a million dollars in Hoon Bay.
29:01
And a lot of people aren't aware that you can still buy really good property or at least a decent property for, you know,
29:08
400, even maybe 350 K out in the regions.
29:12
And so that's, it is possible and it is really good to get that message out there.
29:17
You don't have to buy an Auckland.
29:18
But in terms of coming to that point of why you don't have to buy an Auckland,
29:22
provided you buy in a town that has decent employment opportunities and people are still wanting to live there.
29:30
The capital gains will be achieved, you know, historically I think Auckland's gone up at six and a half percent
29:35
and the rest of the country is at six percent.
29:38
That's so bloody good.
29:39
So pretty good. Provided you don't purchase in a town where there's an elevated level of risk.
29:45
For example, Ratahee is a small town in Central Plateau and there was one employer there, there was a mill.
29:52
And that's mills recently shut.
29:54
So that town, you know, doesn't have a great...
29:56
Does it smell like a wood mill?
29:58
Like they were cutting trees down to two.
30:00
Exactly, bang on.
30:01
And so that, like if you purchase a place there, that isn't going to have good capital growth over the next 10 years.
30:06
But provided you're buying in a place that has good employment, good economy, people want to continue to live there,
30:11
you're going to still, well, based off historic evidence, you're still going to get capital gains.
30:16
Who knows what's going to happen in the future.
30:18
But if you look historically, those places have still managed to achieve really good capital gains.
30:22
So it's the idea that you don't want to buy in the middle of nowhere, because there is a chance that like,
30:29
A, you might not be able to rent it out.
30:31
But also the capital gains might not be there in the whole point of this as to try and buy property that's going to increase in value.
30:37
Yeah, rightfully or wrongfully, the vast majority of wealth generated through property is through the capital gains.
30:43
Yes, you get a little bit of money through rent if it's cashway positive, but it's not massive.
30:48
It's enough to pay the mortgage, and that's about it.
30:51
So how we generate wealth through property is holding it for a long term, and it goes up.
30:55
And those other centres, you know, Fungare, small towns like Tiamutu, where I'm from, they still get really good capital gains.
31:02
So you absolutely can still achieve really good gains over the long term without being an Auckland.
31:07
And so let's just talk about the global property.
31:10
I know that you're way more focused on New Zealand.
31:13
But do you think if someone was, you know, based in the UK or in Australia, the same premise could apply?
31:20
You just need to look at what historical capital gains are in particular areas to get a feel for where there's like growth and stimulation and the property market.
31:30
Comparatively, like I'm just thinking in the UK there's so many cute little country towns, right?
31:35
And there might be people listening who can't afford to buy it in London or any of the main centres like Manchester.
31:42
It is the idea you just want it because I didn't even know that stat of like, you know, Auckland six and a half percent on average, the rest of the country is around six.
31:50
You just want to understand that like what the historic data on in the growth in those regions are.
31:57
Yes, I don't know. I mean, I've only bought and sold properties in New Zealand, so I can't speak too much around the strategies and stuff in the UK and Australia.
32:05
But definitely there are people and I follow them doing the boom methodology in Australia and in the United Kingdom.
32:12
And so they still work 100% just the towns are different. So instead of buying in London, you're buying up in leads or something, you know, where it's a little bit cheaper.
32:20
And New Zealand, I suppose just a comment, New Zealand is Nevada in terms of property.
32:26
I don't think we quite realise how lucky we have it here. We don't have stamp duty for those who don't know what stamp duty is in the UK and Australia.
32:32
It's effectively a tax that you pay when you purchase a property and it's a percentage, so maybe up to 3% which is getting up there if you're buying a $500,000 property for example.
32:41
And of course, we don't have capital gains tax in New Zealand, we're in the UK and Australia both have capital gains tax.
32:48
Yes, we've got the Brightline test, but if you hold your property for 10 years, you're not going to pay any tax on it, which is quite unique in the world.
32:56
So how long it's going to be like this?
32:59
I was going to say.
33:00
But right now we don't have it and so I guess you could call it lucky in that sense if you own property that we don't have those taxes.
33:08
I actually was talking to my goddaughter actually who's so intelligent and just like a million times smarter than me and half my age and she was talking about the idea of not having capital gains tax.
33:22
And she was just saying, I think it's, we shouldn't use the words bullshit, but she was like, it's income.
33:27
The fact that it's not taxed is I don't, she was like, I don't think it's necessarily right.
33:31
And I was like, gosh, I find it so interesting talking to different people about anything to do with the economy and money because everyone's perspective so different.
33:40
And I feel like, you know, for ages, it's like all hail Queen Victoria, which to be fair, she is fucking amazing and like has the most amazing perspectives on things.
33:49
But just talking to different people and opening your mind up to the different ways of thinking.
33:54
I don't know when I spoke to her about that to my goddaughter.
33:58
I was like, what a cool, how cool that you have an opinion on that.
34:01
It's just interesting to hear.
34:02
Yeah, 100% I haven't really heard a great argument for why we don't have a capital gains tax if I'm honest.
34:08
Like other than I don't really like paying tax, I don't want to pay more, but I don't know if that's really the best argument for it.
34:14
So I can see probably in the not too distant future when New Zealand does have a capital gains tax.
34:20
Because as you say, if you're making money off it, then it is income.
34:24
So yeah, watch the space, I guess, maybe changing.
34:27
Okay, so let's talk about New Zealand and why it is Nevada.
34:31
What are the things that make the New Zealand property market so unique in such an amazing way to make money?
34:38
Yeah, well, I suppose firstly generally there's obviously property in generic terms, which is powerful because obviously you can borrow other people's money to buy the asset, which is pretty unique.
34:48
Or at least you can borrow a lot, you know, up to 80% of the value of the asset, which is pretty unique for property.
34:54
But New Zealand specifically, I suppose it comes down to once again, like any asset supply and demand on the demand side for property New Zealand's a fantastic place to live.
35:04
So we've got really high net migration as a percentage of our population historically.
35:08
It's chilled out a little bit in the last year or so, but people want to live here.
35:12
And so we've got lots of people coming here, which drives up, you know, more people need houses.
35:16
So there's always been really good demand for housing.
35:20
On the supply side, we're quite restrictive in our planning laws here in terms of what you can build, how many houses you can build.
35:28
For example, in Hamilton, there's probably only three or four places where you can build townhouses.
35:32
Wow.
35:33
Everywhere else has to be, you know, duplex or a single standalone house, which keeps a real restriction on the supply side.
35:41
As well as where you can build, you know, we're pretty good at saying, right, this is the town boundary, you can't build over there in the rural zone.
35:50
So it does keep a lid on the supply side.
35:54
I guess also we're such a new country with so much space, we're kind of starting fresh comparatively to a lot of the world.
36:01
So there's, as you say, there's less houses.
36:04
But we're also in a unique position where because not heaps has been done, we can dictate the way that it happens.
36:13
So I imagine that that's like, it's not a free fall, like it would have been 400 years ago in parts of Europe and the rest of the world.
36:22
We've only been around a few hundred years and there's a lot of land still.
36:26
But interestingly, what it doesn't mean is that we're just going hard and building all these houses.
36:32
We're actually doing it in a more measured, like controlled approach.
36:35
Yeah, bang on.
36:36
Like there's still bits of land here that haven't been subdivided.
36:40
You just look at ones.
36:41
Honestly, I was like, no houses, no houses, no houses, no people.
36:45
It was like the middle of nowhere.
36:46
It was in the South Island.
36:48
And I was just like, oh my God, if there was an apocalypse, we would all be moving to the campus.
36:52
Yeah.
36:53
Yeah, there's vulnerable people here.
36:54
There's not a lot of land.
36:55
And you see like one house every 10 Ks.
36:58
That's crazy.
36:59
So you're right.
37:00
There's lots of land that still hasn't been developed or subdivided or cut off versus, you know, you go to the UK.
37:06
They've been subdividing and cutting up land for thousands of years.
37:10
Yeah.
37:11
And so there's still pretty, you know, lots of opportunities out there at a reasonable price point.
37:17
Arguable, but you still can pick up relatively cheap bits of land out there.
37:22
Gosh, let's just feel like it's such an exciting different way to think about and be stirring.
37:29
So I want to bring things back to the house.
37:32
Escalona Street.
37:33
Is it fine to say where it is?
37:34
I feel like it's right.
37:35
Do you know what wants to go see it?
37:36
Do we even nickname it?
37:38
It's true.
37:39
We haven't seen it.
37:40
It's kind of a funny street name, isn't it?
37:42
It's not easy to work off.
37:43
It's kind of like it.
37:44
No.
37:45
It's still lower in the sounds.
37:46
It almost doesn't keep you Spanish.
37:48
Escalona.
37:49
Do you know what I mean?
37:50
It's got Spanish colors to it.
37:51
Yeah.
37:52
It's got that random design on the front.
37:53
Which I kind of liked to be honest.
37:54
I was like, oh, this is fun and different.
37:55
You wanted to keep the floor.
37:56
You wanted to keep the floor.
37:57
Oh, my God.
37:58
That's right.
37:59
The line I was so cute.
38:00
I loved it.
38:01
I thought the kitchen was a vibe.
38:02
Like I know why we redo that.
38:04
So, okay.
38:05
That track too.
38:06
The moment where I was like, paid.
38:07
We got pre-approval.
38:08
Holy shit.
38:09
Like we're good to go.
38:10
So, our budget was 500,000.
38:11
Yes.
38:12
Which meant that we needed to have between us as a not you.
38:16
But me and my friend, which is definitely annoying.
38:18
We can't say his name.
38:19
But anyway.
38:20
Anyway.
38:21
Yeah.
38:22
Yeah.
38:23
Yeah.
38:24
Yeah.
38:25
Yeah.
38:26
Yeah.
38:27
Yeah.
38:28
Yeah.
38:29
Yeah.
38:30
Yeah.
38:31
Yeah.
38:32
Yeah.
38:34
We needed, I think it was like, if we were going to spend 400,000, we needed about 230,000
38:42
for the deposit of 30%, which I think was 120 divided by two.
38:47
So, we had both had to put 60,000 in for our deposit.
38:50
And then we were estimating around 80,000 for the renovation.
38:54
Yes.
38:55
So, it was about 40,000 each.
38:57
So, all up, we were sort of thinking 100 to 110,000 each.
39:02
It was going to go into this property.
39:04
Is that right?
39:05
Yeah.
39:06
So, you know, when I originally sent that message to you, I sort of mentioned the KPIs,
39:11
which was we're going to try by property for around that 450 mark.
39:14
We're going to spend 7.080 on it.
39:16
And we're going to try and get it valued up around that 600, 650 mark.
39:21
Our goal for you was to try and achieve a net gain of about 100k,
39:26
with a 7 to 8% gross percent yield.
39:29
So, for anyone that doesn't know what that means, essentially the plan was,
39:34
okay, and this is what Pete said from the beginning.
39:36
He was like, you don't want to go by property, go through the renovating
39:41
and then not making an immediate gain.
39:43
Like there's just no point in you as we're just buying hold something,
39:46
which is the whole point of the approach.
39:50
Is that you are trying to be active and passive at the same time.
39:56
You're trying to buy a property, actively add value and then hold it,
40:00
at least for five years, that was our plan.
40:03
And so, when it came to this property,
40:07
or any of the ones that we went on, the idea was our target is to make 100 grand
40:14
by the time we re-value the house, so after the renovations have finished,
40:18
that was the goal.
40:20
And so, when it came to picking the house,
40:24
actually in a really unique situation where we just started working together,
40:28
this house came up and you were so good at keeping expectations low.
40:33
You were like, normally we go for heaps of houses and they're not always going to come through.
40:37
You're not just going to find one and it's going to all work out perfectly
40:40
because our approach is we have targets of what we want our investment returns to be.
40:45
And if we don't think we can hit that, there's no point in doing it,
40:49
so we have to be strict with what we buy and what we don't buy and what's needed to add value.
40:53
Like, are we going to have to build a whole new roof?
40:55
Because adding a roof doesn't really add much value to the house.
40:58
So, these were all things that I was like starting to learn as we were looking at these properties.
41:02
But I guess let's use Escalona Street as an example.
41:05
By the way, if anyone goes through Fungarday and goes through Escalona Street
41:10
and you go to my house, please take a photo.
41:12
Say hi to the neighbour, Marshall, great guy.
41:14
You'll hear him before you say something.
41:17
Oh my god, look into this story another time.
41:22
But so, when you found this, we were searching for a property, we had a whole lot of alerts on.
41:27
There was like, you know, parameters with what we were trying to find.
41:31
What was it about this house when you were like tick, tick, tick?
41:34
Like, what are the things that we're looking for with this particular approach?
41:38
So, we started looking at you're right.
41:40
This all happened relatively fast.
41:42
I tell anybody who I'm working with to stay patient.
41:45
This can, you know, when you're looking at can take months, can take weeks,
41:49
it's really just like the draw of what is available and you've got no control over what comes on when.
41:55
So, so Escalona, and the best way I describe it is you're looking for a bit of a shitty home, but not too shitty.
42:01
Totally.
42:02
So, you want something that's run down cosmetically.
42:05
So, tired carpets, maybe the paints chirped.
42:09
Maybe the bathroom hasn't been renovated in 10, 15, 20 years.
42:13
But it structurally sounds.
42:15
So, you want to avoid anything that's really expensive.
42:17
So, you want to avoid anything like a new roof.
42:19
You want to avoid anything like piles.
42:21
Expensive to do anything, cos obviously if they're bent, you're going to have to lift the house up or do something.
42:26
Wooden joinery is horrifically expensive to replace.
42:30
So, joinery doors and stuff.
42:32
Yeah, rotten windows.
42:34
So, you want to avoid rotten windows.
42:36
Cladding of the house, if you've got rotten cladding.
42:39
Cladding again.
42:40
The outside of the house.
42:41
So, the weather boards are on the outside.
42:42
Anything like that.
42:44
You also want to avoid any works which require building consent.
42:48
Because it adds time and cost to a project.
42:51
So, we're trying to find a house that is cosmetically a bit tired.
42:55
It's structurally sound.
42:57
And we can come in there and just cosmetically renovate it and not need building consent.
43:02
And that's what Escalona ticked all those boxes for.
43:05
I think the other thing you just said there is a really good point, which is time.
43:09
The time that it takes to renovate something.
43:12
You're having to pay for your interest rates.
43:15
Your insurance.
43:16
Everything.
43:17
You're covering all of your fixed costs to keep that house.
43:20
Because you don't have someone in there paying rent.
43:22
And I think that's a really important piece.
43:24
So, if someone takes five months to renovate.
43:27
You're paying all of that interest, all those fees.
43:30
And having to cover that yourself.
43:31
So, that's something you have to factor in.
43:33
And for us, it was like, we knew we were probably going to have to pay.
43:36
Our goal was six to eight weeks, I think, for the renovation.
43:39
Which even in itself is super quick.
43:42
And most people don't get it done in that amount of time.
43:45
But you have to factor that in with your kind of lump sum to invest, right?
43:49
Yes, you need your deposit.
43:50
Yes, you need your renovation.
43:52
But you need to pay insurance and interest in all of those things before you have rent coming in.
43:58
Yeah. And I think we spoke about that right at the start.
44:00
Where there's going to be, I think we said allow for three months of no rent coming in.
44:04
So, you're going to have to have a sufficient amount of money to cover your interest.
44:07
You're paying on your mortgage without any rent coming in.
44:11
Obviously, you've got your interest.
44:13
You've got potentially rates.
44:15
You've got the insurance.
44:16
You've got power over that period.
44:18
So, you do need a bit of money sitting in a little pot to cover you for that period.
44:22
But that's why, as you mentioned, time is absolutely critical.
44:25
But the faster you can get it done, the faster you can get it rented.
44:27
Means you're not having to cover as many of the costs just out of your own hard-earned cash.
44:31
Yes, yes, yes, yes.
44:33
God, I feel like there's just a lot to talk about.
44:35
We might have to turn this into a two-parter.
44:38
What a tease.
44:40
But I guess just before we close off this conversation,
44:44
what would be your absolute nose in terms of the birth approach?
44:50
What would we be looking for?
44:52
Like, all the things that you've just said is great.
44:55
But in order to make the numbers stack up,
44:59
to be able to get that hundred grand uplift,
45:01
there's lots of different factors, right?
45:04
Maybe could you just run through how you think about the numbers?
45:07
And there are four houses that just absolutely are a no-go,
45:10
because I think for me, that part where you talk about,
45:15
well, this is the amount you put in.
45:17
This is what it's worth at the stage.
45:19
And that is all so methodical.
45:23
So I know that you can't go into too much detail on a podcast.
45:26
And it's also, I mean, I know it's a precious IP,
45:29
but it kind of is, because it's a loaned skill.
45:33
But can you just do an overview of how you stack up
45:36
and think about those numbers to make sure that when you're doing this,
45:40
you are hitting that target of a hundred grand?
45:43
Yes, so there's a different process to it,
45:45
which I think we got to experience that process together,
45:48
and you saw that that it's not luck or it's not chance.
45:52
It's very much methodical, and we went into that property knowing
45:55
pretty much exactly how much we were going to make.
45:57
We actually achieved it a little bit better than that, which is...
46:00
Wait, absolutely.
46:02
We paid colder.
46:04
So that's nice.
46:05
But in terms of, so a few things,
46:07
firstly, there's some types of properties which I just don't even look at.
46:10
And so those are things like standalone units,
46:13
maybe like a block of four, because you're trying to buy an asset
46:16
that a lot of people want,
46:18
not so many people want a one-bed unit and a block of flats.
46:22
So you're trying to buy a family home that someone...
46:25
It's going to be relatively easy for you to sell down the line,
46:28
because it's coming back to that supply demand thing.
46:30
If there's a lot of demand for it, it's going to go up in the video.
46:32
And also rent it out, right?
46:34
There's also that piece of...
46:35
Is it going to be easy to rent?
46:37
Yeah, and that comes down to location, number of rooms.
46:40
If you're wanting a family to be...
46:43
Oh, it's exhausting, isn't it?
46:45
It's just like an audible exhale, like,
46:50
just asking another girl.
46:52
I'm loving it.
46:53
So...
46:54
Sorry, people.
46:56
So it's the idea of like...
46:58
There's so many things that you have boxes to take.
47:01
Otherwise, you just don't even go near it.
47:03
Because for us with Escalona Street, it was three bedrooms,
47:06
but for it to be super valuable and for it to be actually perfect for a family,
47:11
we would need to add a room in here for the numbers to stack up.
47:15
And so it was like, you had to go and measure and be like,
47:18
yep, perfect amount of space, we can whack a room in here
47:21
that would work for a small child or whatever.
47:23
And that all comes into the numbers that you figure out, right?
47:26
Yeah, yeah.
47:27
So go back to the properties which you've void,
47:29
like just touching on some units.
47:31
Then I'd avoid some things like lease hold, for example,
47:33
because you want something that's free hold.
47:35
And then coming more specifically into the property itself,
47:38
yeah, there's obviously the...
47:40
We're just looking for things that's cosmetically spaces.
47:43
A big one, you've just touched on.
47:45
We were always trying to add a bedroom
47:47
because that means we can get more rent,
47:49
achieve more rent for the property, which helps you outpay your mortgage.
47:52
That's quite key, isn't it?
47:54
That's really one of the key things.
47:56
Is there a sleep out that can be turned into another bedroom?
47:59
Is there enough space where like,
48:01
it's a weird layout in the kitchen's enormous?
48:03
And actually, you could put another bedroom.
48:06
Because that instantly, in terms of the value add,
48:09
it's not just about the kitchen's disgusting enormous to be in the toilet.
48:12
It's actually how many people could live in this house comfortably,
48:16
and that's what bumps up,
48:18
the overarching value of the house,
48:20
but also what you can rent it out as.
48:22
Correct, like, with your...
48:24
If we go back to your property,
48:25
we realistically, if we didn't add that bedroom,
48:27
we may have been able to get like 600 for that property in terms of rent,
48:32
but obviously we achieved 690.
48:35
So yeah, that's a great example.
48:36
We're adding that bedroom,
48:37
which was relatively, like, in that in your house,
48:39
was relatively straightforward.
48:41
There was a nice little space.
48:42
We didn't have to move any walls.
48:44
It was just whacking up a bit of framing,
48:46
bit of jib, voila.
48:48
You got a new bedroom.
48:49
Well, I would wish it was there.
48:51
Thanks for the builders.
48:53
You guys are legends.
48:54
We actually should think then.
48:56
I feel like they were legends.
48:57
I am very conscious when I talk,
49:00
and I always use the term we, you know,
49:02
when I use my, in content,
49:04
I say we generated value for that,
49:06
because yes, I found the property
49:08
and I project managed it,
49:09
but realistically,
49:10
it's the 7 or 8 trades who did all the work.
49:13
100%.
49:14
You know, they're the ones who transform that space,
49:16
so it is seriously a team effort,
49:18
and I'm lucky to have great trades
49:20
and great relationships.
49:21
Yeah.
49:22
He's a shit boss, though.
49:24
I think all the trade is really don't like me.
49:26
I walked onto the site,
49:28
and he was just screaming ever.
49:30
Micromanager being here.
49:32
What are you doing with the job?
49:34
Wait, can we go back to the number of side of things?
49:39
Yeah.
49:40
I suppose the rough process in terms of,
49:42
coming back to that comment,
49:44
that it's a process that's not like.
49:46
Obviously, the key figure is figured out
49:48
what the property is going to be worth.
49:50
At the end of the process,
49:51
which there's a way in which we go about that,
49:53
and I provide that reassurance to you
49:55
and provide you evidence to that effect,
49:57
saying, right, I think it's probably going to be with 650,
49:59
when it's done,
50:00
here's the evidence which backs that up,
50:02
and so we go into it knowing what that end figure is going to be.
50:05
We then figure out what it's going to cost to renovate that property,
50:08
and we do that through.
50:09
Of now, I've got, you know,
50:10
a good bank of evidence of this property cost,
50:13
this much to renovate, broken down into electrician,
50:16
plumbing, et cetera,
50:17
and then also, for your skeleton,
50:18
we got quotes before we did the work.
50:20
Yeah.
50:21
So we got trades through,
50:22
we got the work quoted,
50:23
so when you go into it,
50:25
exactly what it was going to cost.
50:27
The next part of the equation is figuring out how much money you want to make
50:30
out of the property.
50:31
So in your case,
50:32
we said, right, we want to make a hundred grand for you.
50:34
That then tells you obviously what you can afford to pay for the property.
50:37
And now there's lots of properties
50:39
where you go through that process,
50:41
and it doesn't work because they want more money
50:44
than what you're willing to pay for it.
50:46
For example, I've been to 12 auctions,
50:48
all been unsuccessful at.
50:50
You went to one, and you got one.
50:53
So there's numerous times where you get disappointed,
50:56
let down whatever you want to call it,
50:57
because the numbers don't work,
50:58
and that's fine.
50:59
That's part of the game.
51:00
But what you do is you move on to the next,
51:02
go find the next property, run the numbers,
51:03
and it really is a numbers game of terms of getting offers out there,
51:07
getting rejected and moving forward.
51:09
It's just like kicking punch in the face,
51:10
going in there is property.
51:12
Move forward.
51:13
It's like house tinder.
51:14
You're like, no, no, not going to work,
51:16
layer flip.
51:17
And then you might have arrived,
51:18
but they've also got to like swipe on you.
51:20
You know,
51:21
there's still things that have to add up.
51:23
Even if you're like, this is the one,
51:24
you might not be able to get it for the amount you need to buy it for
51:26
in order to make those games.
51:28
So it's a whole thing, you know.
51:30
It's a real whole thing.
51:31
I'm not getting a lot of swipe rights.
51:33
I got a solid swipe right.
51:36
Didn't I?
51:37
That was so rare.
51:38
God, I just needed a break.
51:40
As in, I felt like I'd been pushing shit up hill for a while,
51:44
and then all of a sudden,
51:45
when that auction happened,
51:46
I was like, shit, yes.
51:47
And we'll go into that auction in a second.
51:49
Let's do a part two,
51:50
and we can talk more about my specific,
51:52
like the numbers,
51:53
how the auction went, blah, blah, blah.
51:55
I think that you're going to be run off your feet.
51:58
I'm sorry.
51:59
But yeah, let's do another episode.
52:01
Thank you so much for today.
52:03
Speak to you in five minutes,
52:04
but everyone listening,
52:05
this won't be coming up for a while.
52:07
Sorry.
52:08
Thanks for having me, sis.
52:09
Okay. Did you love the sepissites?
52:11
Yes.
52:12
Have you got property,
52:14
front and center in your mind?
52:16
Yes.
52:18
So I was like, you're a fibro.
52:19
I know.
52:20
Now could be the time to take the first step
52:23
towards what it is that you're wanting to buy.
52:25
Whether that's your first home,
52:26
whether that's a new flat,
52:27
whether it's, I don't know,
52:29
buying another investment property.
52:31
And thankfully,
52:32
BNZ has the expertise and tools
52:34
to help you get started,
52:35
and their home loan partners are ready,
52:38
whenever you are.
52:39
You can book an appointment,
52:40
you can ask millions of questions.
52:42
Trust me, that is totally fine.
52:45
And you can start turning the property dream
52:47
that you have into a plan
52:49
and hopefully soon into a reality.
52:51
I know from experience that this can feel quite overwhelming,
52:54
but when you're working with experts
52:55
who can actually help you get there,
52:57
it's such a burden of your shoulders.
53:00
Know that you've got the advice and the tools
53:02
that you need to actually make it happen.
53:04
We know how hard it can feel
53:06
and like overwhelming and just, you know,
53:09
so like a fish out of water
53:11
when it comes to buying properties.
53:13
We're so thankful to BNZ to be helping us
53:17
create and empower this podcast
53:19
so that people can learn and,
53:21
you know, we just want you all to succeed.
53:23
We want you all to succeed.
53:25
We're all in your corner
53:27
and this is going to be such a game-changing property podcast series.
53:30
Yes, and for anyone that has gone
53:32
through the process of either buying a house
53:34
or a flat or whatever it is that you're trying to do,
53:36
please let us know
53:37
because we would love to be cheering you on
53:39
from the sidelines.
53:40
But thank you so much again to BNZ
53:42
for empowering this podcast.