Episode 10 of The First Home Buyers Show - Wrapping up with a bow on top

Of the first Home Buyer show. And we are going to share a little bit of magic with you today because this is the last episode in the series of the first Home Buyer Show. So we're going to recap, revisit and share with you all the important things that you need to know that you may have missed in the last nine episodes. So. So without further ado, over to the credits. It's the first Home Buyers show where first home buyers go to watch their wealth grow. And here's your host, Jane Slack Smith. Hello. And it is Jane here. Hello, it is Jane here. And what an exciting, exciting day it is because it is episode 10 and the last episode in the First Home Buyers show series. Thank you to all of those who have been part of it over the last 10 weeks. I am so proud of what we've been able to achieve in taking so many people from not really knowing a lot all the way through the process. And the financial freedom framework that has been developed to give some clarity and some process and some step by step information on how you can actually get into your first home and create wealth along the way. Now, for those of you who are just joining us at the moment, There has been 10 episodes in this entire series and this is the wrap on that. And this all came about, well, through a bit of circumstances that are a little unusual. I have dedicated the last 15 years in assisting investors on how to find properties and create their wealth to get to their goals so that they can achieve financial freedom and follow the passion projects and live to their full potential. Now, everyday mums and dads across Australia have benefit from this learning, but invariably I get to talk to people who are, I don't know, 40, 50 or sitting there going, I've only got 10, 15, 20 years to, to get to the goals that I want to achieve. And that started me thinking. Now, earlier in the year I was diagnosed with a brain tumor and I was very, very fortunate to have an amazing team. And whilst I was in recovery in the hospital after having that removed, I got to chat to a lot of nurses and these nurses were talking about their first homes and what they were buying and I could see they were actually buying these properties sometimes based on emotion, sometimes just because their parents are told when they had to do something good with their money, they didn't know where to buy and they didn't know what they were doing. And I thought if I could take all of the investor mindset that I've learned and taught over the last 15 years and helped me build my multimillion dollar portfolio, If I could apply that to First Home buyers, how amazing could this be? So hence, tradition was turned on its head. Now, I know there's a couple of you there. Who have we got? Simone. Hi, how you going? Simone, it is great to see you here as always on the and hey, Lisa, welcome. It's good to see you here, too. And sue, wonderful to have you back as well. There are so many people who have been consistently on live on every one of these shows. And for those of you who are watching this in replay, we love you just as much. Now, as I was saying, you know, I've been teaching investors for many, many years, and, you know, I wanted to give some insight to First Home buyers because if you can buy your home strategically, then you can actually create a wealth base that gives you the choice of doing many, many things. So think about this. The traditional method is, you know, you get a job, maybe go to uni, get a job, start a relationship, think about, you know, your career, have a family, buy a home, and then at 40, 45, 50, you think, oh, my goodness, I'm not going to have enough to retire on. Sometimes you're going to fall into the trap of buying, you know, something based on some really slick, and then you're going to lament that you could be further behind. You might have to work for even longer. And then, you know, you're thinking, I have to be able to get this investment right. And, you know, it's a worry. But what if we turned that on the head? What if you bought your first home and that then could become your first investment and you've got that sitting there for 20, 30, 40 years, but you've bought it strategically in an area where renters want to live and there's growth potential. Now, this is what intrigued me, and this is why I started, and I'm going to share this with you. The Financial Freedom Framework. And as you can see, I just wanted it to be simple. I wanted it to have a system that people could use to buy their first home. And that's how this all came about. Now, if you have a look at this, we have the Financial Freedom Framework. It is five easy steps. There is a sixth secret one that I will tell you about a little later. But these five simple steps essentially allow you to take the process through the entirety and have support along the way. Now, one of the things that I find is that a lot of people miss the first step, and that is the see it step. And what happens with that is that Often what you see is that people get kind of caught up with mum and dad want me to buy a property, all my friends are buying properties. I don't really want to live where I can afford. You know, this is forever. This is such an overwhelming process and the see it part of this process is actually just saying, hey, this is not forever. You know, typically Australians live in their home for nine to 10 years at the most. This is going to be a nine year plan. But let's think about this strategically. If you could actually have other people give you money and incentives and allow you to get into a property quicker, then wouldn't that be wonderful? Now where does this, all this money come from? There's three ways that you can get equity. You can have equity or money to invest. You can save like crazy the deposit. You can have a gift from maybe mum and dad or an inheritance, or you can have equity in another property that you can pull out. Now as a first time buyer, that one's off the table. A lot of people, if you're like my parents, you know, they didn't even have a home to be able to pull put up as guarantee for me, let alone cash to swing into the bank account. But what they did is they taught me a lot about going after what I was after, having a vision and being able to achieve it. And that is what I would like for you. So just think, one year out, just think, hey, there's all these grants and there's all of these stamp duty concessions the government's giving me. They're essentially a gift. Now yes, you do have to save a deposit and invariably you have to save, save about 5%. Now with a 5% deposit, which is not the 20% that the lenders want, they require you to have mortgage insurance, but there is that first home loan deposit scheme that allows you to get in with the government's backing, but it is limited to a number of people. Now if you have seen our Australian guide to grants and concessions, then you will know that that is available to people if you fit in certain amounts of eligibility. But the thing is about the see it part of framework is that you need to understand what you want to achieve. Now we know traditionally houses and land go up in value, units don't always perform as well. And you know, a change of a council requirement can mean that all of a sudden units can go up in a suburb that they weren't there before. There can be an oversupply and there can be issues with capital growth. Houses have outperformed units and that's why I suggest that people buy houses, establish property potentially that they can add a bit of value to. Not a house and land package out in the burbs where there hasn't been proof of demand and population growth. I'm talking about an established older property. If you can, you know, maybe get a grant or concession and depending on the state, live there for six to 12 months, fantastic. You can then move out and get on with life. However, what I'm talking about here is that there's also the potential for you to take that property and, and truly make it your home. Maybe you do want to live there for two, three, four, five years, but if you buy it strategically now, it's going to be worth more than if you just buy any old property in any old area. So that is why I'm really, really strong about having this vision of how long do you need the property for and what is the goal of the property for you? If the goal of the property for you is to create wealth to give you choice, you can move out. Maybe you don't want to move out. Maybe you're going to use my home hopping strategy and move from one home to the next home by using the equity in the first one or even selling it to upgrade to the second one, fantastic. But it all comes down to buying the right property in the right area that other people want to buy off you. Which takes me through to the next segment of our financial freedom framework. And that's just getting it all set up. Now when we talk about set it, it's about understanding what your budget is and understanding what your exp expenses will be while you have the property. Maybe if you move out and create it as an investment property, understand your eligibility for the first home buyers grant, maybe for stamp duty concessions and maybe even for the first home loan deposit scheme, you may be able to have all three, which would be fantastic depending on the state that you're in. Now I just want to I guess take a step back here because it's all good and well to say, hey, you know, I only need a 5% deposit to get getting to a property. And you know, honestly, let's think about say $600,000 property in Melbourne. You know, you can save $30,000 and on the stamp duty concessions that the government's going to give you, that's 30,000 less that you have to save. You can get in with a 5% deposit which is $30,000. So you know, this is in established areas that have some growth potential and these Areas do exist. So you know, this set is make sure you don't have a hit on your credit file that your last flatmate left you with a bad Telstra bill or something. Now it's understanding your clean credit. So when you come to the bank, they are going to process you straight away. Now at Investors Choice Mortgages, we are so committed to assisting people in going through this process of getting the right finance to meet their strategy and that vision that we talked about that we go through an entire process. Our clients end up with a 15 page report of recommendations of what to do for our first home buyers. We go through an eligibility check as well and look at what you are eligible for with your grants and concessions and for first time buyers as well. Once you have a discovery call with us, I also go through the process of giving you a first time buyers course that I've retailed for $495. And when you have a pre approval, I give you access to RP data preferred, which is usually $150 a month, just so that you have all the resources that you need to be able to find the property. Now we are committed to assisting our clients because getting the finance right and having it set up correctly is important. Now there's so many different things to know. Maybe there's fixed rates or variable rates, you know what's happening with interest rates. If you're worried that rates could go up, maybe you do want to fix some of your interest rates. You know, having an offset account and be able to put extra cash in and pay less with an interest only loan could suit you. Maybe you are someone who is one of the 10,000 that qualify for the first home loan deposit scheme, which means you have to have a principal interest loan and you have to be with one of the two major lenders that have been approached to do the first home loan deposit scheme or the 25 minor lenders. Now if you do, you have to do a whole assessment through that lender and they put your grant in for you. So there's so many things to know around what your lending is and what the right finances. And this is when we talk about set it up. Because if you're with the wrong lender and you make an application and it hits your credit file and then you find that they can't, you know, fund a first home loan deposit scheme grant for you or you're with a lender that you have a strategy that is you buy the property and you move out and you create some equity whilst you're There maybe by renovating it and pull that money out to go and buy the next property. But you're with the lender that won't let you do that and then there's a lot of problems. So having that big vision and setting it up is so important and you need to make sure that you can afford this. You got to eat as well after all. Okay, then we move on to source it. Now this is. I could spend days and I spent an entire episode on, in episode nine, sorry, episode eight, going through and looking at suburbs that people were looking at buying in and looking at the categories and the criteria and the filters that I use and to be able to see if the suburb has growth potential. Now I suggest you go back and check out that episode because it was really interesting in how I interested me how I took some free websites and information that you can use. I then looked at paid websites and information that you could use and I gave you some filters to understand what other things that can drive growth so that when you're looking at a suburb and trying to assess it yourself, you can do that. Now, sourcing the property in the right area is. They've had more than 10% growth. That is a fantastic outcome and one that I would love for people to be able to do themselves. It's a part of understanding the ripple effect. When people can't afford those suburbs close to the cbd, they move out to the next ones, try to identify what those suburbs are before they go up in value. So this is where we're always trying to understand, understand how to source the property in the right area. Now there are so many tools, you know, I shared those in the last episode that you can use. As I said, you know, you can go and do it yourself with free tools such as domain and real estate. You can go on the house, you can go and do all of these searches Suburb View and I share all those with you. You can do. You can use some paid tools I created with my own algorithm, the suburbs like to software which is part of my location masterclass to teach people where to buy. And that just takes all the data from SQM research every single month and census to work out what the typical property is and all the details around that suburb so you don't have to go and get the information in different areas. And then I showed how to use RP Data professional to be actually able to do those alerts and searches and valuations so you can check and see if they're what is happening in the suburb but also get down to the property area. Now, what a lot of people don't know is that all this information is available. Now. I can tell you that there's over 15,655 suburbs in Australia. There's over 8,500 in major regional and capital cities. 120 suburbs, that would be the ones that I would start with. Now these are filters that I look at that are going to give me a risk minimization on my investment. So if I was going to convert this property into an investment property in the future or have it as a home that is in an area that also has investors interested in buying that property, when I come to sell it, then I want to have things like over 30% renters. I want to have more properties so more renters on the market than properties on the market to rent. So there's always a demand. I don't want to have a property sitting there vacant. So there's all these filters that we put in place and this is part of the research that you can do or you can get someone else to do for you. Now then we moved on to the next segment of the Financial Freedom Framework. Now this one, you know, I had Scott Agnett from hello House come and join us. Because one of the things about finding a property and then proceeding forward in getting the property is that you need to know how to negotiate. And now I know a lot of people aren't great at negotiation. I know that for many you don't negotiate properties every week. But you know, what there is is a number of skills. Now Scott very kindly shared all of his experience of over 20 years as a real estate agent and what the real estate agent says and what they really mean. Now, we had a lot of people in this episode shocked that the real estate agent wasn't working for them. No, the real estate agent is the salesperson who is working for the vendor. And this is often not known. So what Scott shared with us is, you know, Scott in Howell. House now is no longer a real estate agent. He's now professional negotiator. You know, for a small share of the savings that he gets you. If he doesn't get your savings, you don't pay. But for a small share of the savings, you know, he'll go in and professionally negotiate for you. Now he's done this for my mentoring students. He's done it for some of my mortgage students. He's done it for my best friend. You know, I know that there's tens of thousands of dollars that is left on the TABLE Often when you don't negotiate well or know, you know, the reasons behind why someone's selling so they can make an offer that is attractive to them. So understanding the negotiation is just so very, very important. Now, I don't know if any of you remember those episodes. I see there's a number of you watching at the moment that what Scott shared with us. But you know, some of the things I think that he talked about that real estate agents say and I've heard time and time again with all the properties that I've purchased in the past and you know what they actually mean, I think, you know, if you have a chance, go back and listen to that episode because it is pure gold. And once again, you know, we have the first house buyer Facebook page and it's an incredible group of people. You know, we're sharing information in there all the time. Don't be upset because the first time buyer show is finishing and this series is wrapping up with this 10th episode because we are going to continue the conversation over there in the first house via Facebook group. And I will be once a month taking on suburbs and properties and actually doing full reviews for people live. So go in there and make sure you make the most of it because this part of the process is slamming a negotiation so important. And Scott's in there and will answer all your questions as well. Now, one of the other things that people miss when it comes to buying a property is the pest and building inspection. In actual fact, they don't even know that they need it. Now, I've had clients in the past who have purchased properties without these and they have then found these live termites. They have active problems, they might have plumbing issues and things that they never detected before. It is so important to do this. And if you're buying a unit, not that I recommend buying units, but if you're buying a unit, getting the strata minutes is just imperative to find out over the last 4, 5, 6, 7, even 10 years what have been the issues in the strata. So, you know, getting that information is just absolute gold. And then it comes down to getting your conveyancer or solicitor to review the contract. Now I was looking at one of my clients contracts yesterday and looking at the property for them and I could see that there was an easement on it. And when they went back and checked with the council and it was actually Department of Water, they could go in at any time and rip up their backyard and lay pipes. So they had a garage built over the top of it. And that just means that the water department could go in or knock over the garage and put the pipes in without really even requesting anything. So understanding this before you buy the property is so important. And this is something that people miss. You know, they've gone through the whole, you know, the loan process and it's taken ages and they're so happy. They've got a pre approval, they get down and they've found the property, they've been out every weekend, they've done all the searches, they finally found the property and it's kind of like. And they give up. So don't do that. Be very, very mindful that this slam it stage is where you have to be really super active as well. So you can slam that property and then once you slam it, well, then we move on to the fun stuff. And this is the stash it stage of the financial freedom framework. Now stash it just means you can move on. Now maybe you're going to live in the property and watch it go up in value and then potentially sell it and upgrade to the next property. Maybe you're going to live in it for the time that you need to live in it, 6 to 10, 12 months depending on the state you're in, so that you can get all the grants and then you're going to convert it into an investment property and you're going to move on. Or maybe you're going to keep the property as an investment property, pull out some equity and go and buy another property, maybe another home you can upgrade to or maybe an investment property. There's so many things available to you that you can do here in stash it, but there's things that you need to know about it as well. So for instance, when you're changing the usage of the property, say from a home to an investment, you need to get a valuation done. It can affect the capital gains tax that you have to pay. If you're making it into an investment property, get a quantity surveyor in there to see what you can claim against your tax. It's about also talking to your accountant and maybe getting a tax variation set up. Now tax variation is basically a fancy way that if you've got a property that costs more than it's earning for you and at the end of the year the tax department gives you a tax refund because it's an income generating property, then you can actually apply to the tax office and say, look, instead of giving me $6,000 in at the end of the year, can you give me $500 in my pay packet? Every single month. So you're actually getting your tax return early. This is so exciting. It essentially allows you to help cash flow any out of pockets that you have. So tax variation is important. We've talked about making sure that you also get maybe a valuer in to check the property out. But also I would get in a professional property manager to manage your property. So don't just go with property manager or maybe the company that you bought it off. It's really important to have a look at the property managers, how many properties they have under management, how they treat, for instance, trades requests. So if someone says I want to get some washes changed so they're going to try to ring you up in the middle of the night or if there's an emergency with a switchboard, will they ring you up in the middle of the night or will you authorize to 200, 300, $500 worth of works without them talking to you? You want to make sure they're doing regular inspections, maybe six months, not 12 months, so that if there is hells angels changing the oil in the lounge room, that you know about it up front. You want to make sure that you have a professional property manager. Now there's a number of professional online property managers too, which are fantastic and are at great discounts. We talk about those in the first place house buyer Facebook group. Now, they are a lot less expensive than the traditional bricks and mortar property managers because they don't need to have that big office. They run from a central place. They have real estate inspectors and people on the ground who will do the open homes and do the inspections. So you know you're getting the service but you're just not paying for the overhead. So that's something to check out too. And as I said, we discussed that over the first house buyer face. So there's so many things to know. Oh, thanks, Carolina. She says, hey, that's a great idea. So make sure when it comes to the stash it process that you actually understand, you know what you are doing with the property. Now, I did mention that there was a sixth secret part of the financial freedom framework and that is actually the super size it segment. Now this is an optional extra. So what this is is when you move into the property, this is how you can actually supersize your investment and your equity. So what's really important here when you think about the property itself and when you buy it and when you start with that, see it and the vision is understand what you want, the property's goal or what you want property do for you. Now, my strategy that I employed of the eight properties that we purchased and put in our portfolio was the Trident strategy. Now, this is a strategy that I came up with because I was kind of super scared of actually losing my hard earned deposit and I'd save this $45,000 and I wanted to make sure that I had everything right. So I thought, if I've got three ways of making money in a property, then that's going to be a good thing. If I save stuff one up, I've got two to fall back on. So my Trident strategy is essentially buy under the market by negotiating, by understanding the market, by being able to know what is happening in the market that you are targeting. Then it's about buying with capital growth in mind. So in the long term, I'm in an area that has good population growth, good income growth, great demand. So I have an area that's going to boost the value of my property. Look at the ripple effect, for instance. But my third is to actually supersize it and add equity very quickly by renovation. Now, renovation is the strategy that I employed for my very first home. So I bought it with a 5% deposit. I had $45,000 back then in Victoria, I had to hand 25 of that over to the State Revenue office as stamp duty. So I had a very small deposit. I bought that $425,000 property, I borrowed $50,000 to do renovation, and then nine months later, that $425,000 property was worth $700,000. I had made more in that nine months than I had made in the previous year doing a job, slogging out 50 hours a week. So, you know, that really gave me the courage and I guess the validation that having those three ways of making money was a great way. Now that $425,000 property is worth over $1.5 million today. I still have that property. It's being rented out, $1,000 a week. Fantastic. Paid the loan down or had the effectively having it paying itself by having money in in a offset account. So, you know, I've got a strategy in place for that property. I bought well and I renovated it. And that is what the supersizer is about. Whilst you're in the property, doesn't matter if you use all of your money to buy the property and put in as a deposit. But whilst you're earning money while you're there, renovating strategically is a way that you can actually boost the value. Now, back in 2012 and subsequent years I created a course called the Ultimate Guide to Renovation because I believe in this so strongly. Now, the first six modules are all about how to buy the property, my suburb selector software and location masterclasses in there. But the thing is that most people miss about the selection of an area of where you're going to renovate is they buy a property just because it needs a renovation. Now there's a lot of lonely properties out there that haven't been treated well that do not deserve a renovation and they're not going to make your money. So my rule has always been you have to make $2 for every $1 that you spend. But how can you kind of verify this beforehand? Well, what you need to know is what is in the suburb itself is their high priced renovated properties. And the medium priced property actually gives you the capacity to add a renovation cost that will actually be below, below what the higher priced properties are. So there is capacity to add value. So for instance, if I buy a $400,000 property and I spend about 10% on a cosmetic renovation, $40,000, then I want to make sure that there is at least renovated properties that are selling for $480,000. So I want to make sure there's capacity to make $2 for every $1 I spent. Now if I buy for $400,000 and I do a $40,000 renovation and I can see that the renovated properties are selling for 440, there's no capacity for me to make money. And in actual fact, it probably just wasted my time and my money. So you have to be able to be in a suburb where there's no capacity to add value. And this is something that people miss. But as I said over in the first house via Facebook group, we talk about all these things and renovation strategies as well. Or you can join my club, your Property Success club, which is via donation and money goes to a worthy cause and we give you access to courses, etc. Q&A, monthly Q and A and also a private Facebook group as well. So I'll just put a link to that in the notes below. But you know, there's so many things that you can do with the property to supersize that you don't have to have the money straight away. You can do little things whilst you live in the property and whilst you're earning your income. So I think this is a wonderful way for people to actually boost the value of their property. So when they move out or when they sell or you know, when they decide that they want to pull Some money out to go and invest somewhere else. They actually have a property that is worth more than it should be because you created money out of thin air by supersizing it. So that's essentially my sixth and secret sixth segment of the Financial Freedom Framework. So just check this out again. You know, we've been through this whole framework and in the last few weeks we've gone through each and every one of these. So we're looking at, you know, the see it, understand your vision, understand your set it, understand your budget, how much it's going to cost you, setting yourself up for getting a loan, getting the right loan to match your vision, then sourcing the property with all the things that you need to know there, slamming it and getting that property done and dusted, supersizing it if you can. Some people use granny flats or subdivision as a supersizing strategy. I love renovation and then it's about stashing it. So that is that fryer Financial Freedom Framework. Now I also want to share with you and I'm just going to do that right now. I'm just going to share with you my other things that I want to show and talk to you about. So if you haven't seen this before, this is the first house buyer.com a lot of people been over there and have downloaded the latest guide to Australia for Australians first time buyers, grants and concessions. I update this regularly because things do change regularly, including the first home loan deposit scheme. So as that information comes up, I update the ebook and the information and you know, if you sign up for it, I'll send you updates on that as well. Now the other thing that has come to light recently is that there's a lot of people who are interested in the first home loan deposit scheme. It starts January 2020. It will go again in July 2020. To be ready and to be eligible to that you have to actually be eligible for lending. So what I did here is I've created a quick two minute quiz like honestly, I say three minutes here but it's definitely not going to take you that long. All you need to go through is answer the questions and there's very few questions. And what it will come out with is tell you based on the original information that you put in. Is there some eligibility issues that are going to affect you? They might be your credit file, they might be your deposit, it might be that you want to buy over the amount the first time loan deposit scheme is going to give you. So I really encourage you to go in there and if you would like us to then at Investors Choice Mortgages to do an assessment for you and a fuller assessment on your eligibility and your borrowing capacity. Then I encourage you to do that. And there's also a grant checklist as well. So the first home loan deposit schemes actually come out with an eligibility assessment. And so you can go through and go and complete that as well and find out, you know, if you are eligible. So I really encourage you, you know, head over to the First House Buyer page, check out your lending eligibility, check out your grant eligibility, but do know that if you are applying for the first home loan deposit scheme, that you do have to go through a lender first and there's only a certain number of lenders who've been allocated to that. Now I also really encourage you to go over and join our First House Buyer community. Now, in the First House Buyer community, this is where we share a lot of information and you can go through and grab the information there. As I said, there's a number of professionals in there who are there standing by to assist you and to help you out because I think that it's a wonderful opportunity for us to assist First House buyers in buying properties strategically. And as I said, once a month I'm going to be heading over there and if you put in a suburb or property you want me to review, I'm going to show you how I would do that. So please keep an eye on that. And I really encourage you to head over there and join the First House Buyer Facebook group and go back and revisit the episodes you might remember. You know, we started 10 weeks ago with episode one, the first five step framework, which we reviewed again today. I then interviewed Emma who was the first house buyer at the ripe old age of 51. So it shows it's never too late to start. And then I had Scott from hello House join me and we talked all about negotiation and he shared all of those secret real estate agent information with us. And then I talked about how to get the deposit because a lot of people are at this stage where, you know, they don't even know if they can afford what they want to afford, but do they have the cash to do it. So understanding the ways that you can actually get a deposit, deposit. And Scott joined me again for the buying process. Now, having been a real estate agent, he's been through this many a time and having bought many properties, so have I. But a lot of people don't understand the process. And in actual fact, if you head over there to episode five, I've created a ebook based on the buying process as well so that you can learn how to go through that process. So I'll put a link up there for you. But if you're interested in that ebook, just put in comments book below and I'll get that over to you. And then Money Mindset I know a lot of people don't fully understand how they can save. They feel that money runs through their fingers. They don't understand why this is the case. And I was joined by Natalie who is a money mindset coach now. She's based in Columbia. She used to work for the World Bank. She travels the world and teaches people all about the money archetypes. So understanding what archetype you are. There's a quiz that you can do and just download and you know I think this is a really really great way of understanding the things that can limit you, but also the type of money archetype you are and the things that are your gifts or your benefits that you can utilize. Where and what to Buy Now I love helping people work out where they can buy property. So for me this was like an absolute gift. I got to have a real exciting chat about this. So you can see here. When we talked about where to buy I had people put up a number of suburbs. I looked at suburbs in Sydney, Melbourne and Brisbane. I use free and paid websites to show how you can click the data and do analysis on the suburbs. I also ran my secret little algorithm that I run for my mentoring students each month and looked at the suburbs that first home buyers price points are in. And I shared some of the suburbs around Australia that you might be interested in. And that's what I'll be sharing month in month out in the first House Buyer Facebook group as well. So don't miss that. And last week I was joined by and then I was joined by expert renovation expert and my trusty co host of youf Property Success podcast John hubbard. With over 20 years of buying and renovating. You know we talked about I guess his renovations, some of the renovation mistakes that people make, some tips and tricks on how to get bang for your buck and how to understand how that supersize strategy can really work for you. And as is then said you know we then talk about about in episode nine the suburbs where people could buy and could afford. So I really encourage you go over and check out this page. I think I've created this as a resource so that people can go in hey Susie, good to see you there. But I've created this for A resource so that you can do that. So don't miss out on jumping into the First House Buyer page and just learning a little bit more about your lending eligibility, your grant eligibility. Join our community and watch the episodes and we have lots and lots of other things that we'll be adding here and sharing with you. So that is it essentially, when we come to talking about the First House Buyer Facebook page and grant. You know, as I said, this is episode 10 and the final episode in the first Home Buyer Show. And you know, this has been such an exciting endeavor for me. I've really enjoyed sharing with you, you know, my knowledge, the thousands of people who watch these videos. I'm glad that you've got something out of this. For the hundreds of people who have joined the First House Buyer Facebook group, you know, it's so good to be able to continue the conversation and, you know, even get to chat to you as well and, and work through, you know, some of the issues that are holding you back. Because I think that as a First House Buyer, you really have the opportunity to create magic for yourself. So without further ado, let me do the speedy recap and that is going to take us all the way through to the end of the series. My magic wand. Let's create some magic. So the speedy recap for episode 10 of the First Home Buy show, what we did is we had a look at the Financial Freedom Framework. Now, the Financial Freedom Framework is made up of five segments and that's around seeing it, creating that vision so you know exactly what the property needs to do for you and how long you want to hold the property. Now, we're not talking 10, 15, 20 years. We're talking one to three years. Understand right now what you need to be looking for and how the and what that property is going to do for you. Then we move on to set it. You need to make sure that you can get a loan. So making sure the loan suits the strategy that you're going to use and also making sure that you can afford it and seeing how lenders are going to assess you. Now, for instance, you might find that you have a credit hit on your file. That is not something that the lenders want. You need to know that ahead of the game. So having an understanding of how much property going to cost you as well so that you don't have to eat mints every night is something that you need to do in this segment, which is set it and then we move to source it. I love finding properties. I love sharing my knowledge on how people can find properties that are going to go up in value. So it's about understanding the ripple effect. It's about understanding how some suburbs will outperform others based on population growth, based on income growth, based on demand, based on, based on the type of property and the location of the property. So this is always a very exciting thing to look at and understanding strategically where to buy so that your property goes up in value. And then we move to slam it. And this is about negotiation. Now in my Trident strategy, I have three ways of making money. Negotiation is one of them buying below the market. You're making money up front. Now, in a fast moving market, it's not always easy to do this, but it is possible definitely. So negotiation is absolutely something you need to do. And then you have to have your pest and building inspection done. You have to have your contract reviewed. You need to make sure that you've got everything set up before you sign on the dotted line. And you take possession of your first home. And then we talked about stash it. Now depending on how you are going to use your first home, this could take up different ways. So you might have your first time that you live in for three to five years, sell it and then buy your next home. So it's like home hopping. Now if you do that, then you want to make sure that by the time you come to sell it, you have as much equity or growth in that property. Imagine having 2, 3, $400,000 more in your bank by being strategic about where you bought your property. You might be a first home buyer that says, you know what, I want to be a home vesta. A home vesta is someone who buys a home, uses all the grants and all the benefits that they can get to buy strategically in the right area. And depending on the state, they move out within 3, 6, 12 months, depending on the state. And when they move out, they convert it into an investment property. They become a rentvestor. They start as a homevestor, they become a rentvestor. Now there's some things that you need to do when you do that. You need to get a value in so your capital gains tax is under control. You might want to put, put a tax variation in. Talk to your accountant. You might need to have a quantity surveyor come through so you have all the deductions that you need. You need to have a property manager. And there's property managers that are either traditional bricks and mortar or some of the new startups that actually can do this remotely for you at a cheaper price. So there's all of the things to understand. Now I also shared my sixth secret segment of the Financial Freedom Framework and that is supersize it. This is part of my Trident strategy. Three ways of making money Buying under the market, buying in a good growth area to make more money in the long term, but then also supersizing it with renovation. Now I talked to you about how to make $2 for every $1 spent in episode 8 of the First Home Buyer Show. It is possible for you whilst you're living in that property to boost up the value, but you have to be in not just the right property to do that, but you have to be in the right suburb. And that's about knowing the suburb pricing disparity between unrenovated and renovated properties. So as you can see in this speedy recap, we covered so many things about the Financial Freedom Framework. It has been an absolute honor and a blessing to be part of this group and sharing with you. I really suggest that you head over to the First House Buyer Group in Facebook and and join the conversation there where we're going to continue adding value and sharing all of the tips and tricks that can assist you as a First House Buyer. So all the best to everyone. I really appreciate the time and effort that you guys have put into being part of the First Time Buyer Show. And without further ado, over to the credits. And that's it for this week's first Home Buyers show. And Jane will be back next time with more tips, tricks, resources and interviews. See you then.