Your Property Success Mentor February 23 02 2017

Hit the record button and hand over to Jane Slack Smith.

Hello and welcome to the second mentor call of 2017. Wow, what a year it's been already, hasn't it? There's so many, so much stuff happening here. We did a quick little catch up this afternoon and John and I said, what have you been up to? I don't know. I have no photos. I don't think I've done anything exciting, but I feel like my head's been down the whole time.

Yeah.

And look for you who are new to these calls, a big welcome. If this is your first time, please don't be shy, make sure you speak up, say hello, ask me a question, or just tell me why you're here. And welcome to the community. And as always, hello to all of our students of the Ultimate Guide to Renovation. And those of you in the your Property Success Club. And please introduce yourself, say hi, make yourself known. And we're here to answer your questions. Now, as always, join us. To the students of the Ultimate Guide to Renovation, the your Property Success Club, my mentoring students, Investors Choice, Mortgage diamond clients. As you know, these calls take place the last Thursday of every month, 8pm Melbourne time. And you will get messages, you know, a week beforehand and a day beforehand to let you know that these calls are live. And if you're part of the live calls, you can ask questions or you can actually leave me a message. And as yet, John, has anyone left a message this year?

Oh my gosh, it's a ghost town.

1376 Triple 1 9. I dare you, leave me a message. I think we might just cut this line. It might just be last leg. I know. You know. Have you tried it?

Have I tried it myself? Yeah, I call myself every day.

Just, it's like when you're waiting for a date and you're 17, you're like, oh, does the phone work? Look, we're working, waiting to hear your questions. If you can't make the call live, please send us a question. And of course we do record the calls and try to get them up on the website within 48 hours. And of course there's a lot of calls there that you can listen to from the past. But before we get going with your questions and you can send questions to questionsourpropertysuccess.com I am going to introduce the person next to me, in case you have not met him, the co creator of the Ultimate Guide to Renovation, the youe Property Success Club, the youe Property Success Podcast, even. Hello, John Hubbard.

Hello, Jane Slack Smith. Hello, Everyone, how you going? Yeah, good, good. I feel the same as you. I'm just trying to think what I've.

Been doing and obviously getting in your headshot.

Yeah.

Nice photo.

Thank you.

We got some up to three years we have updated photos at the.

At that. We had drinks after the. With the group after the Mint, one of those workshops in Melbourne.

Workshops. Yeah.

And the girls were giving us some crap about our photos on the mentor calls. That was about two and a half years ago.

I said I thought you. So that was after about two and a half bottles of water.

Oh yeah, yeah, it definitely was that. I changed those photos with you done. Yep. So they changed tick for 2017.

Actually, I tell you what, people do recognize you from the photos because I stumbled out my front door not because I was drunk, but just because I was falling over a scooter and my 9 year old son and fell into a lady and she walked about 10 steps and turned around and said, are you Jane? I've got an appointment with you tomorrow. Ah, there you go. Obviously the photos do work. Thank goodness. I did my hair this morning.

Yeah, there you go. There you go.

So have you been doing John?

Not really much news development sold in the last one was in December just before Christmas as we've talked about on the calls and so we're just waiting on settlement now. That's in March and then so I'm just kind of weighing up the options but one of them is the idea of a.

Do you want a drum roll?

Yeah, go on an open project.

I have no idea what it means. I know you're excited about it. To tell.

Well, I'm thinking what if we could. If our next. I think the next one's going to be a buy, renovate and hold. Right.

Your next project.

Yeah, yeah. Myself and Eileen. So with. With tossing around the idea of what if we could incorporate that into the ultimate guide to renovation and maybe do it over and leave it open for a year and somehow incorporate it into the course. Obviously there'd be people come along. Yeah. Maybe some workshops and stuff like that.

Oh, I'm excited. Would it involve a box on the back? Maybe, maybe not.

Oh, maybe, maybe not. We'd have to see if that was suitable for.

We'd have to do a feasibility together as a group.

Yes, that's right.

Well, that's very exciting. Yeah. And here in Melbourne.

Yeah, I think so. Yeah. Yeah. I would definitely consider Brisbane at the moment, but yeah, I think, I think this next one, just because of all the other commitments would be in Melbourne Nice.

Okay, who would like to come along to an open project and see a renovation in progress on John's time and dime? Okay. Oh, gosh. You know, the. The chat box is going mad with excitement.

That's all right. I'll save myself some holding. Oh, there we go.

Finally we have. Someone said. Yeah, they'll turn up. Right. You're right onto those tools. Oh, I'm gonna pronounce your name wrong. I know I did last time, too. Christina. And that's pretty good. Yeah, yeah, it's pretty good. We'll put you on the best job. Everyone else is going to get the demo day dirties and you could be doing something nice.

Yeah. So I have to select one particularly if we do do that, I'll have to select particularly crappy project that's got virtually everything, you know, that has to be done. Needs replastering, needs re roofing.

Gee, talk about a sacrifice. You're really going to take one for the team, aren't you?

That's right.

Fabulous. Yep.

And you?

Me?

Well, we actually, as you know, we're lifetime learners and curious and always interested in bettering ourselves, bettering our courses, bettering what we can do and offer to you guys. And so we recently started with a new mentor and someone who has. Who we're really excited about working with. And as, you know, as people come into your life and as you need to learn something, you, you know, the right person kind of turns up and that's really what happened for us. And this is really, I think, probably the third professional mentor I've paid for in the last 10 years. And each time, each one has really added to my experience and added to what I could do. And it's almost like you get supercharged with, you know, I know that initial investment. I've always sat back and gone, oh, that hurts. Do I really want to do this? And then within the first meeting or two, you're like, I've just made my money back and I have a, you know, an idea that I could really take to a different level, that I wouldn't have come up by myself. So we went and spent wash a couple of days up on a farm in northern New South Wales.

Yeah. Above Coffs Harbour.

Pretty. We would have pretty pictures for you, but, you know, it's all under lock and key. Or do we have pretty pictures?

You sent them to me before. Hang on.

We have pretty pictures. Beautiful place up near Coffs Harbour. We got to sit on the jetty and look out at this. This hill with the trees on it. And the kangaroos jumping past every day whil we were masterminding. I think we did pretty good hours. We're doing from about 8am to 9 most nights.

Pretty humid though. I wasn't used to that.

Yeah, very hot weather. But hey, we survived. And yeah, it was fabulous. So we had a good time. But you know, as you all know, and I guess that's why you're here too. You know, one of the things that we really learned was the difference between a coach and a mentor. And a coach is someone who doesn't necessarily know your business or know your skills, but keeps you accountable and, you know, make sure that you're tracking against your goals. But often you get into that rut of do, do, do, do, do. And I find that with renovating often and buying properties, you get into that kind of analysis, analysis, analysis. I'm working so hard, but I'm not getting anywhere.

And if you renovation itself.

Yeah. And then a mentor is someone who's actually done that before, been down that path, found the mistakes, knows how to shortcut them, knows how to kind of rocket ship you to the next level. And gee, just in a. I could say six weeks, I think that, you know, there's really been so much value, so much so that we've actually rejigged everything that we're doing this year for the Ultimate Guide to Renovation.

Yep.

So as you guys probably know, March and October every year we open enrollments for our new group of students for a week. And oh, this year we have got big plans install and you're finally going to see us face to face. More about that in the coming months. But we are going to reveal ourselves and update our photos and actually step out from behind the microphone. So stay tuned of when that's going to happen. But yeah, we're going to delay the March opening for enrolments for new students till May and get all these new changes done. Yeah, really exciting things and we think, you know, we really committed to the success of our students and we want to continue on making that better and better. In actual fact, we're always improving. We just had a meeting about updating and improving some of our information for the Suburb Selector software last week.

Yes.

Which we're really excited about. And hopefully as soon as that deal's done, we get to close that and let you know, we're meeting with RP Data on Monday and we know that a lot of you are unhappy, as are we, that the renovator reports have been taken away from Residex. So we're putting a hand up and saying what we want in the next lot. And if you've got any ideas of reports from Residex or RP data that you would like or any improvements or changes, shoot them through on an email to us and we will definitely take them to the meeting on Monday because we want to make sure, as you know, we're huge users of this and promoters of these software products, and we've been able to say manipulate, I'm going to say, influence some of the things that some of the software.

Yeah, well, don't be modest. You had a big hand in those renovation reports ever coming into existence.

Did I just tell you? Did I tell you this last webinar? I was in New Zealand over Christmas and they kept showing this reality TV show of this woman, woman doing a prom. I think I've already said it, but anyhow, this woman, she takes girls and makes them into prom queens.

Oh, okay.

And she said, I don't want to ring my own bell, but ding, ding. I thought, someday I'm going to use that. But anyhow, isn't that the funniest thing you ever heard?

Yeah, it's pretty good.

I thought that was good too.

You should use it more often.

Okay. Yeah, I think I did it last webinar. Q and A call, so I'll probably do it next one as well. But anyhow, we're pretty, we're pretty excited about taking your feedback and trying to make things better. And, you know, we, we're happy to pass on the message. Now, John, we did have a very, very, very exciting guest on our podcast.

Yes.

Like, I could hardly contain myself. In actual fact, I think I giggled and smiled the whole time through it.

Here we come here.

And here we go. Kim Kiyosaki of Rich dad, Poor dad fame. Like, how good was she?

Yeah, fantastic. Really, really good.

Just so amazing.

And great stories, too, about how that whole thing came about. The board game, the book, you know.

You kind of talk about the woman behind the man. You're like, yeah, you know, obviously, Robert Kiyosaki is a bit of a go getter and achiever, mind you. He wrote a book that sold 30 million copies. So, you know, it's pretty good. But these guys, you know, they couch surf, they did it tough in the beginning. And they were together in the poor days. They built a company and sold it and essentially retired and loved playing games. You can see in the background there that she's got the Cash Flow Game. They developed the Cash Flow game. And then he basically said, well, she probably Might write a marketing brochure for it. And he started writing rich dad, poor dad. And she said, well, what am I going to do? And he said, well, you know, the rich dad stuff. You really like real estate. Why don't you have a go Fast forward. She owns 10,000 properties. So, you know, just an amazing.

Turns out she's pretty good at it.

Yeah. You know, and, you know, if you get it right once, why not do it again and again? So we just had the most amazing chat to her and. And she. She was hilarious. And we pulled out from that podcast, which is going down this Thursday, 2nd March, 3am it will be live. And, you know, the podcast itself probably goes for half an hour. An hour. Sorry, but we've. We've pulled out six quick little videos. She was generous enough to be videoed on the Skype calls.

I'll put them in chat for everyone, actually, so you can see.

Oh, I can.

Yep. That's all right. I'll get an email as well.

Okay, good.

I was going to say don't send them that. They got to be bored, but, you know, she's got so many videos. If you have a look on that first video page, it actually lists the titles of all the others. And we've got how many women marry for money and don't even know it.

Yeah.

How I started my first business. Starting Rich dad, Poor dad from a car wash. Hello.

That's a great story.

I love that. And my first investment property. She was scared beyond control and she was buying a $45,000 property. We wouldn't even. That's our deposit. And just how she went through that, buyer's remorse. And she really has a call to action. Women, take control of your money. And you know, some of the statistics that you shared, you know that in America. Three out of five.

Three, four, I think it was.

Yeah, three.

Three out of four. Yeah, three out of five. I wrote the wrong thing in an email today.

Three out of five elderly people are women. And of those three, two are actually were not living. So three out of five elderly people are women living in poverty. And of the three, two of those were not living in poverty when the husbands were alive. And it was, you know, women are usually younger than the husbands. Husbands age sooner and often, according to insurance companies, die sooner. But that final illness has actually pushed the family finances into the red and the wife is left with no money. So staggering kind of statistics, which is really quite concerning. And a funny statistic. And I was reading her It's Time book just the other night and all the statistics that she shared in her first book, Rich Woman, are in these videos and very interesting. But they actually did a survey of women in the UK and said if your current financial situation was assured, if you divorced, how many of you divorce? And 56% said, me.

Wow, is that scary? It is scary.

And number one reason for divorce is finances. So, you know, that kind of call to action for women and men who love them, you know, take control of your finances. Some really great learning there. So I really encourage you to watch those videos and those of you who have seen them, thank you so much for the feedback. I really, I really appreciate it. It's been great. So, yeah, watch out for the video coming out Monday. Watch out for the podcast coming out Thursday. And thank you so much for the amazing feedback we have had for the last podcast with Louie Christopher. It came out last Thursday. We currently had 75,000 downloads, so we're hoping within the next six weeks, I reckon 100,000. Shall we set a date?

Wow. Oh, how long's it been?

First of May.

Yeah, it's definitely accelerating. So first of May, you reckon? Okay, yep. 100 party. First of May.

Yeah, 100 party. So called it here. First. First of May, whatever. Today's date is 24th of February.

We've got 23rd.

We've got eight weeks to do it in, so let's do it.

That's possible.

I think so too.

So everyone listened to the podcast three times and we should make it.

No, we don't dodgy our numbers, John. So. But we would love you to rate and review our podcast. We're way behind the boys from a power and they give us a bit of a jolt every now and then. And I think we've got 24 reviews. They're fabulous reviews, but, you know, it's quantity, not quality necessarily when they're trying to do itunes best, best and fairest awards. So you just need to do that on itunes itself or on your iPhone. You can't do it on the computer. So get in and rate and review. We'd really love to hear your feedback. And we made the top five in iTunes business podcast this week, which is extraordinary because we're actually the only Australian podcast. So great news. And if anyone's kind of bored, kind of, you know, doesn't have a lot to do on tomorrow being Friday, I'm speaking at 3:30 at the property Expo in Melbourne.

Yeah.

So come on down if you want a free code. I sent it a bit earlier. What was my free code? It's Jane VIP or Vip? Jane. I'm going with. I'll let you know in moments.

Yes, we'll have a look. Yeah, that should be good. So you're doing a presentation on how to make a profit from rundown properties.

That's right.

And who with, did you say?

I'm with? Frank. So Frank Valencia, who you probably know.

The block guy?

Yeah, the guy from the block. So he's a bit of fun as well. So we do have a little, a lot of fun with him and every now and then when I run into him, he's. He's a. He doesn't sweat as much in person as he does on block. But no, he's a really good guy and. Yeah, so good. And let me just find that silly code for you. Jane vip. So you can either go to the property Expo page and buy one day for free or three days for free. Jane VIP 330 chatting on the panel. So half an hour I thought I'd.

Pull up this thing as well. Jane, hang on, let me have a look.

Oh gosh. What is it? Ah yes, next weekend if you guys didn't miss the video. John rang me up from site development site yesterday and said, you know what Jane, I reckon in the next 15 minutes you could quickly pull out one of our top rating Melbourne suburbs and go through it. So no editing to this much at all.

No, it's only a little bit.

And he said and just talk for 15 minutes about the suburbs and show people how you come up with it. So this is pretty much down and dirty guys. 15 minutes. How I analyze a suburb and what you would expect if you did decide to come to the workshop. We've got one this weekend on the 4th of March in Melbourne. Early Bird still open to the 28th and you know, save $500. And partners made a bit of a slip up in the email and bit.

Of lack of communication.

It was $2,000 off. So bring your partner for a bargain. The Brisbane workshop is on the 18th of March. I think that early bird expires on the 10th of March. So you know, we really want you guys there. There's less than 12 people. I know there's a. I know we only sent the email out this week but we've got I think the workshops half full for Melbourne and so there's a few and a few people coming back tomorrow. So watch for that. And if you are really keen please get in before the, the early birds up because you know it makes it all good for everyone. And what else can I Tell you. Oh, there's a lot of bonuses as well. We're going to give people a month of RP data.

Yeah, there's heaps and I haven't got that email in front of me, so I can't remember what they all are. But there's a partner for $500. There's the RP data for a month. There was. What else is there? Something else, something else and something else.

And we're going to do a dot map with you and at the end we're going to send you a copy of the dot map so you walk away with your own dot map. So really exciting. We've got I know question there about.

Where do you find the podcast? The podcast, great question is in Itun. So if you just do a Google search for YPS podcast and we'll just.

Put in the chat.

Yep, you should be able to find it there. I'll put that in the chat as well.

So great. Help us get to that. 10,000. How many reviews still? 24.

24.

Gosh.

Yeah.

I think it's because we put illicit on it. Elicit language.

I can't get that off. No matter what I do, it will.

Not go now, I swear. I don't swear that much. I think I might say damn once or twice, but you can't have kids listening to that.

No.

Mind you.

Well, I don't know why I put it on in the first place. It must be because you've got such a potty mouth when you're not on them.

Yeah, right. Okay. So true.

I'll just take that for the record now.

Thanks.

She doesn't swear much.

Well, if there's a necessary word of expression. Hey, I worked underground in coal mines for a few years, you know, and I understand that there's a need sometimes to express yourself, especially when we drop, you know, a drill on your foot or something. So, yeah, as I said, not a lot happened this month, but it turns out that they did. And we've got the workshop coming up. I really. What you guys may have missed is the night before those workshops. So you've got the third and the 17th. We're actually having a little meetup at the Stanfords in Melbourne and Brisbane in the city. And, you know, come along, have a look at the last dot maps. We're going to have them pinned up on the wall. I'll run you through them. Really? It's a chance to have a bit of a chat, grab a bit drink at the bar, come on over. I don't. I don't think we put the credit card on the bar. Get your own drink, come on over. And we'll just be in a corner there having a chat. So we'll be there for about an hour.

Each time I've done it, it's been really, really good actually.

Remember the one in Brisbane? The guy came up and said, I've watched all your free webinars and I've bought houses based on it. And he and his wife have been buying properties in Sydney, really young Sydney and Brisbane.

Yeah, it's amazing how like we'd had no contact with him at all. He'd listened to all those webinars and.

Turned up to say hey and thanks. So, you know, fabulous. Come say hi. We're there and we'll be hanging around for an hour and yeah, that's it.

Good stuff.

So let's get on to tonight. There's. We've got a few questions which is pretty good that have already been sent in. But when you do have a question, oh, I'll do housekeeping first so that we're all good there. When, if you are on your computer and you have any problems hearing us, just nice. Just get a little email, sorry, a little message in the chat to say that you're having a few issues. We can't actually fix them right there and then, but there is an opt in to call in so you can actually jump on the telephone as well. And the telephone can be found in your sidebar under the audio options. And you can call that number from a landline, mobile or Skype. But when you do have a question, all you need to do is raise your hand by pressing the little hand icon in the sidebar menu. And when you. When by clicking on that, it notifies me that you've got a question and I unmute your line and then you know you're going to hear someone say your line's unmuted and you know that you're on. And we really do give preference to spoken questions over written questions. We do appreciate your written questions and try to get to them. So do put those in the question box, but grab a mic so that we can have a chat to you because sometimes there's a whole lot more depth than what you can put in a few sentences. And we really want to give you the best possible quality answers that we fully can. And as I said, if you're new to the call or just here for your first time, please don't be shy, come and say hi and we'd love to hear from you. And that's about it, you know. Lastly, tech support. As you can see, John and I are not very good on tech support. And you know, if you are having problems, please email us@supportyourpropertiesuccess.com and the ever faithful Diana will work it out or Google it. Google it, work it out. All three of us put our heads together and see what we can do to fix your problem. But we'll try to get back to you as soon as humanly possible. So without further ado.

Well, a couple hands up. So why don't we start. I love that Susan.

Okay, let's see what Susan has to say. Hello, Susan, can you hear me? Oh, her hand's up. Mind you, she may have put her hand up in the beginning so she could hear you.

That's possible. Yeah. All right.

And her microphone's not on.

Doesn't seem to be.

Okay, we'll get very excited when we've got hands up. Okay. We've got a lot of people here.

Krishna's here. Let's try.

Okay. Krishna, how you going?

Yes, it is.

Are we pronouncing your name wrong? How do I pronounce your name?

It's like Trisha but with a K. Krisha.

Krisha.

Krisha.

Lovely.

Great. Yeah, thank you.

Krisha, I know that you actually emailed.

I lived in northern New south Wales for 15 years and they called me Krishna there.

Oh, there you go.

They couldn't move from Krishna to Krishna.

This happens around Byron Bay, I find. Excellent. Now tell me, I saw that you actually emailed us some questions as well. But it's so much nicer to speak to you. Tell us, what are your questions? Tell us where you are at the moment with your journey and what you're doing.

Yes. So we've become now unconditional with this property in Castlemaine and it settles on the 6th of April.

Congratulations.

Well, thank you. And I think. Yeah. So I've already sent out a scope of works to a stack of. A stack of. Well, you know, I'm sort of not quite sure what I'm doing, but there you go. To a stack of electricians, plumbers and builders.

Did we talk about this Castlemaine property before last month?

Yes.

Correct. Last call. Yes.

Right.

And so just waiting. It was a fairly general thing. And the way we set it up is we kind of listed what we. All things we thought in our language because I don't really know exactly. I don't understand the processes. So we put down in our language, line by line what we Thought had to be done. And then the next column we left blank and we said, tick off what you can do. What part? What what can you do? And then we said, you know, once you've done that, then in your own quote, itemize it, what has to be done, you know, and obviously give us a call if we're not making any sense to you, you need to talk through or even if you need to meet us and, you know, walk through the property with us. Happy to do that. So we've given them 2, 10, 11, 12 working days to get the quotes in.

Yep.

Yeah. So we'll see what happens.

Have they seen the property?

Most of them have.

Okay, good.

A couple haven't. One's going this Saturday to have a look.

Great.

And so that means all of them, except for one at this stage have seen the property.

Yeah.

Yeah. And one of them came straight back to me. It was interesting when I sent the scope of work in an instant, one came back to me and said, who are the other people you've sent the email to? So I know who my competition is. And I thought, oh, that's unusual. I thought, I don't know how to answer this. I'm not quite sure what's behind it. And I just. I have a funny feeling I'll be just saying, look, you know, these are just, you know, we just want independent quotes and, you know, I'm just not able to share that.

Have you ever.

I think he's probably. He's probably just trying it on.

Have you ever heard of that?

Oh, well, yeah. People like to know who they're.

They're a small country town as well.

Yeah.

You know, everyone.

Yeah. Often those country towns, you know, have three plasterers, you know, six plumbers. So they all know each other.

I don't know. I think I'd probably respond as. As you're suggesting, Krisha, and say, you know, we keep our quotes confidential as we will treat your I need to.

Know and you to find out.

Yeah. So, you know, we respect your question, but, you know, we'd like to keep our quotes confidential as we will keep your quote confidential as well. So appreciate your question, but no way am I answering it.

Are the other ones taking a little while to come in at least? How you got back to you straight away, by the sounds of it.

Well, with that he did with that question he wanted no. So I'm going to answer him after this webinar. Sent him an email back. So I needed to ponder what was behind that, you know, and. But no, I mean, the rest, most of them have now confirmed that they have received followed up with message and most of them have confirmed that they've received the email and. Yeah. And tomorrow I'll probably do a quick ring around to the others that haven't.

So tell me this, Krisha, how much did you buy the property for?

Just under 285.

And what are your plans to do? What's the renovation involved? What's the scope of works? Major. Internal or external as well?

Yes, well, major for us.

Yeah, yeah, absolutely major for you.

Yes. So we are renovating the kitchen. We are turning the existing bathroom into an ensuite and the existing laundry into a main bathroom. We're putting out the toilet that's sort of dangling in the back, sort of veranda area by itself and that. So there'll be now a toilet in the main bathroom as well as in the ensuite. So there's a. The third bedroom at the very back. And we're going to extend the wall, it's an internal wall to make that bigger and more appealing. And we're going to, in the veranda just have a cupboard laundry. What else? And we're going to one of the bedrooms, we're converting that into a lounge. So we're putting a big opening between the kitchen and that room. A big opening.

So, yes, from the last webinar, you was planning on spending around 50,000, is that right? And you're planning on flipping this or keeping it?

Well, flipping is the plan. But, you know, we both know. Well, you know, look, we're both novices and, you know, for us it's a big project and it is a big project. We are excited.

Yeah.

We are expecting to, you know, go, no, you're not.

Don't say it, don't say it, don't.

Say it, don't say it, don't say it.

No. You're expecting to bring it in on budget and on time to your specifications. So you're really clear on your specs and you're getting the builders to quote to those. So, you know, if you've been able.

To, we're as clear as we know how to be at this stage. To be able to.

Yeah, yep. And they will give you feedback on that as well. So, you know, when you get the quotes in there, they might say something like, you know, I remember, you know, some of the quotes I had. And the electrician might say, oh, did you want dimmer switches on those? And you're like, ah, forgot the dimmer switches. So everyone has to quote on Dimmer switches. So it's like for, like for instance, something quite simple. Or did you know that there is asbestos removal? So please quote for the removal of that and then you make sure that that's included all in all the other quotes so that it's not an addition. That's, you know, another one of those. What do you call them? The after the quotes come after the work's done. Variances, Variations. Variations that are like, oh, by the way, we've got 10,000 in variations. So you've done a lot more than a lot of people do. You know, they come in and say, here's my kind of plans. And when the person gives, the builder gives some ideas of did you think about moving this? They don't. They then give that to the next person. So people, the builders are building on each other. So the last one gets a quote on everything and the first guy probably missed half of it. So, you know, you're a lot further ahead than a lot of people. So don't ignore what you have done, which is really great. Don't have the expectation.

We've given them a visual plan of what the property looks like right now and where we want to go, what it, what we want. Yeah, we already knew that there's asbestos. We said which room it was and that needed to be removed. Yeah, look, we've listed out as much as we could with our current knowledge and we, you know, I said in the email, please add. Because I said I sent it off in an Excel sheet, I think I can open it in Excel, but I did a hard PDF copy as well. And I said, look, please enter new lines for anything that we may have omitted that you know is necessary.

Well, I see here you've got some questions here in the email. So if it's a fixed price, can I expect an itemized quote with the price against each or will I just receive a list of things that need to be done and materials required and then one final cost?

Yeah, like I'm not quite sure what to expect. What's going to come back at me.

Yeah, I would just, I'll just a couple of points there. The way you're doing it is, is really good and having everything itemized in writing is, is definitely the way to go. What, what you will find as, and you. As you get more familiar with the building process and working with tradesmen and, and the nature of the building game is that you get some guys that are pretty good on the paperwork and they'll come back to you and good on a Computer, you get other guys that you have to print everything for. And so really what you need to do is, as a, and you know, this is a management principle as well as a building principle, is you work in whatever communication mode that they prefer to work in. And then, so a way of doing that, for instance, some guys will only work on the phone, but then you can follow up with a summary of the call in an email. So that gives you that.

Yeah.

Record of the, of the transaction or whatever that is. So that'd just be one thing, I'd say. Just sometimes you'll find, if you're asking them to, for instance, add lines to a spreadsheet and stuff like that, you might find they disappear for six weeks. So just bear that in mind.

I put it in the PDF. So they just have to print that off.

Yeah, that's right. Yeah.

The downside of the PDF is you can't add lines and whatever.

You just.

Yeah, that's right. And they'll have their own systems as well. So it's a good thing to, it's a good thing to print things out. The other thing is you don't have to itemize, particularly when you, you're not at a stage where, you know, you know, you're not experienced yet. Use the tradesmen to build up your scope of works. So you, with the first quote, you basically, you ask questions and find out for them, you know, milk that experience and that knowledge out of them and, and get it down on paper for yourself and then regurgitate that out to the next tradesman that comes and get their opinion on those points that were raised by the first trade. And that way you're building up your own IP and your own knowledge, which you think, which I would then say you need to systemize into your.

We kind of did that. But when I reflect now, perhaps not, you know, we weren't tenacious enough with it because, you know, one of the builders that came through, you know, we, he just said, oh, why don't you just knock this wall out and make this whole, you know, kitchen, knock out the whole bathroom and laundry, make this whole one space with the kitchen and then, you know, put the bathroom over here and da, da, da. And that looked fantastic at first, you know, and, you know, and that's what we thought, oh, yeah, let's do it, let's do it. And then when we got to the next builder who came along and he said, yeah, but you're going to have to get an engineer for this and an engineer for that, and you Know.

So I think all of those decisions you want to make at the planning stage.

And so we backed away from that. We thought, oh, wow, originally a good idea, but it's not. We can't afford that one, that's for sure. So that was a good learning thing. I mean, just talking to the builders and then. And then checking that idea against another builder.

Yeah. And you'll find that over just individual trades as well, that you always just glean things as you go through that quote process. That's why, why we always say get four quotes if you can. But the other thing is, I just be careful of ultimately. I mean, I. I think at decision by decision, you should ask the trades and get their advice. Definitely do that. Rather than be prescriptive and say that I want it done this way when, you know, it takes years to, to, you know, get up to the same experience level and knowledge level as those trades that have been doing it for a long time. But secondly, you've also got to drive the process because a tradesman will look at a job and see what could be done based on previous work or based on what he considers to be best practiced in carpentry or whatever. You know, he'll have his own design ideas or stuff like that. But ultimately you need to be driving the process from the point of view of adding equity and not over capitalizing, which really just comes back to those comparable sales. So I thought. It just reminded me, Jane. We had a mentor group that were running for a while, and one of the ladies had found this property. It was a really good deal, but she didn't want to talk to us about it because it didn't have a renovation involved. Remember that? And we said, who cares if you add the value? So the point being that don't get too hung up on the renovation part. It's the value add part that you've got to concentrate on. If you've got to pull back in areas and it's not the perfect renovation, then that's where the discipline comes in. Because so many people over capitalize. Yeah.

And really we talk about spending a dollar for every dollar make, a dollar for every dollar you make, or $2 for every dollar you make. If you're spending 50, you want a hundred on that. So 385 is kind of like the renovation cost or value you want to be adding. 385 is the value of the property. But then if you're selling as well, you've got all those additional costs. So, you know, you really have to make sure. That you've got a market for the property you create. So maybe it is coming back on some of the things. But, you know, being aware of what that comparable renovated sale is, is very important. And as John said, you know, bringing that renovation into scope for that.

And also. Sorry to interrupt you. I would try and get really clear on exactly what you're doing. Are you actually flipping? Could you. Don't get stuck in a.

What I wanted. That is the initial intention. Yes. But you know, if the prices are going up in the meantime, while we're working on this, at the point of time, when we're ready, we may. I don't know.

Yeah, you can't take capital growth into your fiso, like with flipping or renovating.

We haven't.

We haven't. We haven't taken capital we haven't considered.

Yeah. Well, that'll keep you disciplined then. If you haven't done that, that's great. If you've got a clear renovation price, then. And you know, if you go over that, then you're going to be bumping up and over capitalizing in comparison to those comparable properties, then that's good. All you need to do is stick to that budget. And what that typically means is that budget doesn't change, but the amount, the scope of work tends to change because you have to rein in areas to make that budget work.

As you're talking. What I'm thinking of doing is once those quotes come in, maybe once those quotes come in, obviously we need to talk further with everybody. So I might even try and get there on a Saturday and have them come in and just to talk a little bit further and then get more of an input from all of them on the Saturday to see what they have to say, you know, and really.

Really kind of try and make separate meetings.

Separate. Absolutely. Yeah.

And one of the things, if you see a quote that's way outside of the quote of everyone else, it might just mean they don't want the work. So don't take that too seriously or personally, you know, so you might find that and you might.

I don't know why they don't just say it. Why they don't just say can't do it instead of going to the effort of giving it.

They'll do it if they're getting 50% more.

Yeah, exactly. And I think we kind of skipped over the question that you had about fixed quotes versus time and materials, because what you're doing is a fixed quote. I would like. And you're almost incorporating a time and materials Component into it by doing the specifications, but you still need to do the specifications. This is what I want. How? So that they can quote against it, but you're probably not going to get them to break down the labor versus the materials in that fixed quote. And they often do include a bit of a buffer because they know that things may or may, they may come up against things. So in a time of materials quote, if they do come back up against problems, they're compensated for it. But in a fixed price, you really hold them to it. So if there's a problem that's unearthed that has kind of been highlighted or they've overlooked or whatever, then they kind of pay for it. So initially, when you're starting off, that fixed price was definitely the way that I went down some of my renovations. But as you get experience and John, you can talk to this as you get experience, you would go down the time and materials path. And often when they were kind of like, look, you want me to fix the floorboards? But really we pull up one. You don't know if we're pulling up 15 or 50. Time and materials make sense then. But me personally, I used to hate the fact that when people were working on time and materials, they go at the back and they're all having smoko. I'm like, what the. Whereas, you know, it's fixed price, it's their dime. So, you know, you can't really expect them to break down the time and materials in a fixed price quote. And therefore, it depends what.

Yeah, I agree.

Sorry. What happens then? If they provide a quote, right? And you look at that quote and you think, you know what? I reckon I can get all those materials. Let's just say, and like I said in the email, the quote comes in for 5,000 to do a particular job, and I go and source materials that cost 1,000. Well, what do I do then? Like, what do I say to the tradie? Then I say, look, I just happen to get these materials for $1,000. You've quoted, you know, five. Where do we go from here?

Well, you do that up front. So if, for instance, let's say you've got a floor, someone who's doing flooring, so for instance, you could get them to quote for the whole thing and they might nominate what kind of flooring they're using. Let's say it's an oak flooring, which is X amount a meter. I'm sure they, you know, if you discussed it up front, they'd be, you know, in, in cases like that where it's just one item, it's not hard for them to kind of separate it. So if it's something like a, a plumber, for instance, where they've got lots of little bits and pieces, it's actually easier to let them do it. For the most part. You can buy some of the bigger items if you want, but I think you just have those discussions with them up front about, you know, is it possible for me to buy some of the material? Because it, you can save a lot of money that way because they will never go to the, they will, they will go to their regular supplier that they have accounts with.

They're not going to go shopping enough shops and things.

Absolutely not. They're not going to go around looking at all the ebay stores, all the importers and try and find the best price and they want. So you can definitely save money. And that's a really good way to work your way. For me, as Jane said, I think when you start, definitely fixed quotes are great for the first couple and as you build up that knowledge as we're talking about before building up that ip, but as you go you can start doing that, start buying some of the materials and adding them in and shopping around and saving money that way. And then as you get more experience, ideally you need to be working towards like a, the way a builder works. So most of the guys for a builder on hourly rate and you know, so instead of paying, you know, the best part of 100 bucks an hour with all the buffers in there and then, you know, you're paying for the tradesmen to carry the cost of the material and all that kind of stuff, they can be working for a lot cheaper but you need to know what you're doing to, you know, so they don't take advantage of you basically. So, you know, Jane, you worry about them having their smoke on and so on if, if you kind of know that they're getting through a day's work. And most. The way most trades work is you get most of your work done before 11 o' clock and that's the, the bulk of. Because it's hard physical depending on what kind of trade it is. But most of the hard physical jobs, the bulk of the work, probably about 80 is done before 11 o' clock in the morning and then it's just the finishing works in the afternoon.

Yeah, and I know I've always, you know, I've gone and sourced the tiles and found a really good deal with the tiles and just got the tiler to lay Them, for instance, or, you know, have sourced the kitchen and then had someone put it in. So, you know, but you kind of get to that stage. But where, when you start, you know, you, you definitely, you don't know the questions to ask and you could turn up with a. A beautiful, you know, S bend toilet that was really cheap on ebay. But you need, you know, a beep. What is it called?

P Trap.

Yeah, P trap instead. So, you know, all of a sudden you've wasted your money because you, you weren't sure. So you kind of learn that on the. On the way. And I think you can have those conversations whilst the people are on site for the first renovation and go, well, what if I did grab a $500 kitchen off graze online? What would I have to do? Oh, well, you need the plumber and you need this and you need that. So you know what the quotes would be if you did happen to find a kitchen that fitted the certain size that you needed for the next property.

Tradies are often happy to help too, and educate you along the way. I would just say, and one thing we said in the. In the Ultimate Guide to Innovation is that, that you look for those can do guys. There's the guys that, yeah, you find this not only in tradesmen but in every profession that find a can't do for just about everything. Oh, you can't do that because this. And you can't do that because. And yeah, they just are such a drain on your energy and time. But if you find the guys that try and find the workarounds and so on, you know, they're of a good disposition, then they're a much, much more of a pleasure to work with.

And I think, Krisha, I also responded to your question in the private Facebook group about, you know, a call out for anyone who knows tradies in Castlemaine. We actually, I could tell that you had a secret pseudonym on Facebook, but we did actually have a lady on one of our webinars last year who had brought in Castlemaine telling her nightmare story. And her builder was on ice. Was on ice. And there was apparently, you know, and she said, you know, her learnings were she didn't get references, you know, she didn't speak to recent. Recent jobs that he had done. And, you know, police turned up and there was all kind of a horrible situation. I can't imagine Castlemaine's that big, but, you know. Well, I know Castlemaine's not the big look.

The country towns, unfortunately have a lot of them have drug problems.

So just be aware that.

I have asked each of them to give me the three latest referees that.

You can call and check. Yeah, perfect. You need to do that. Excellent. And you expect to get those quotes back in. And if you're having a particular difficulty, you know, question, please just email us at support and we'll help you out. We don't want you have to wait a month sitting there going, because what happens.

Yeah, yeah, I know, that's right. But just one thing somebody said to me because I said, oh, you know, hopefully we can source some of the materials ourselves. And they said, oh, why would you do that? Don't all the tradies have their own know where to go and you know where to get the best prices? Why wouldn't you just trust them? What's the answer to that?

Well, I think we've kind of just touched on it and that is that they go to their people, what they have accounts with, whereas you've got more of a personal reason to go shopping and spend extra time. And I know simple things like, oh my gosh, light fittings and carpet and tiles and splashbacks and Caesar stone colors and things. You know, you can, you can slash a huge. Make sure you use your renovation discount code Renaissance, because, I mean, I saved a significant amount off my last kitchen that I did. So, you know, I know that's in the mail to you, but. Or you haven't got it already. But the. Yeah. Go in and have a look at some of those deals because some of them are just, you know, really, really fabulous. And, you know, you've got the time and effort to go looking for, you know, the person going out of business selling the marble bath for, you know, 500 bucks, not 5,000 bucks. Okay. And might be over capitalizing for Castle Main, but, you know, yeah, absolutely. I'm always on those sites looking for things even, you know, seconds world for. I think they have a bath. I got a notice today they have a bathroom and kitchen sale on. So, you know, I, I definitely shop around and it's not in their interest to do that. They might a 10 discount on some of the, the things that they can buy at Bunnings, for instance, on their trade card.

But yeah, those, those builders discounts are totally overrated. Totally overrated because, you know, years ago that they meant something when there was a handful of suppliers and they were getting, you know, trade discount. But there's so many importers now and, and the market's just changed so much that you shopping around is the Best way to save money.

Yeah. So when they say, why would you do that? You go, why wouldn't you? Yep, that'd be my answer.

Well, thank you very much.

Keep us up to date on the Facebook page, too. If you have any questions, please post them there because the community, a lot of the people in the community have renovated regionally as well. So there's a really. There's a lot of experience there of people who can share some of their tips. Tips, thoughts. And don't be scared to ask the questions because, you know, it's a. It's a fabulous group of people with a lot of experience. And until you ask the question, you don't know who can answer it.

Great.

Thank you.

Okay. All the best, Christian. Let us know how you go.

Thanks very much. Bye.

Bye. Bye.

Thank you.

Bye.

All right, let's have a look here.

No hands up, no questions.

Well, what are we, 8? 54? Cool.

You didn't even know we had a call tonight. So, you know, you'd be happy. You get home and have dinner.

I just do whatever. My alarm goes off on the calendar and I just do what it says.

Can. Can I have a. Can I have a. An explicit warning of about to be a swear word.

Oh, yep.

I may have a bitch.

Oh, yeah.

I've got a personal. A personal peeve that's just happened to me.

So that's why I put the explicit on the podcast. Randomly just come out with.

Never saw this coming. Didn't you? Oh, lovely English. Anyhow, I have a property, a unit that we had a. You know, the. The power's not working. The agent was called because the tenants in the unit rang the agent and said our power's out. And so they organized an after hours electrician to go fix it up.

How much? 250 an hour.

270 an hour. And I was sitting there going, you have got to be joking me. 270 an hour. So the normal rates, 60 to 70 bucks an hour.

Yeah. Yeah. Depending on where you are. Yep. I'll take that.

We're talking Sydney. 60 to 70 bucks an hour is what I've been paying. Turns up during the day. Do the job. So we quoted $900 when weren't quoted. They did the work. $900 for the work. I asked for a breakdown of materials and costs. So this is what happens, Krisha, when it happens, when you don't get to negotiate up front where you're actually. They do the work and they go. And he's the bill and the. The. It was $150 for materials and three hours work.

Really?

Yeah.

And what did they do?

They fixed. Well, let's just say that, you know, the place could have burnt down if they weren't there. So, you know, kind of happy. But there was a fuse board problem and a hot water issue and the hot water was draining too much energy on the fuse board and the future board sparked and few issues. We needed an electrician. Just wasn't expecting to pay somewhere up to 300 bucks an hour for one, so. Interesting. Interesting. And that's, it's. It's kind of one of those things where, God, you know, I can remember doing this renovation and it was fighting tooth and nail to get the cheapest, you know, splashback and optimizing the kitchen. So it looked great, but still, you know, was within the price I had. And we didn't have money for the bathroom for the first renovation, but so the kitchen looked great and everything else looked great. And you're like, oh, $25 shower head or $40 shower head kind of questions and you skimping over 15 bucks. And then once you've done the renovation, this is often what can happen is you hand over the management to an agent and then all of a sudden they're like, oh, by the way, someone came out to turn the fuse on and it was $150.

You're like, what?

You know, don't relinquish and let you know that, let your agents know that. You know, obviously I didn't. In this case, I didn't want to be caught at 11 o' clock at night. But you let your agents know that, you know, you, you are checking the details.

And so what's your limit? Do you have a cutoff for them?

I have like a $500 cut off before they, unless it's emergency. Like this was $500 cut off before they can make their own decisions. But I can give you two examples of this. I had a, a plumber called out because kind of strange situation, these people, their hot water bill. Well, their water bill, their power bill was going through the roof. I was paying their water and they couldn't work out why. And what happened was when there was a leak in the water pipe. So when the water pipe or the water was leaking all the time. So the instant hot water was turning on and off all the time. And therefore the power bill went up. So they sent the little plumber in with his great snake to find the issue on, pulled out the, the vanity, find the issue and they came and I Asked for a quote and it came back and it was around, you know, can't remember totally the numbers now. It's like $600 or something. And. And I said, Gosh, $600, what are they going to do? And they said, oh, there's a couple hours work and they've got the snake. And I was like, can I talk to the plumber? And so I rang the plumber and said, what's going on here? And he said, oh, you know these rental managers, you can quote anything and they'll say yes. I'm like, wait a second, I'm the person who's paying. And I said, really? How long's it going to take? And he's like, oh, you know, two or three hours. I'm like, what, 60, 70 bucks an hour? He's like, yeah. And I said, and the snake for that? And he's like, oh, you know, we charge 150 call out for the snake. I was like, so we're talking, you know, what, 350, $400 said, yeah, that's really what it'll cost. So if you let that decision making go, you can really be up for those higher prices. So just, you know, it comes down.

To a good rental manager too, doesn't it? Like, if they should be checking, yeah, they should be doing what you just did and the same thing, trying to save you, you know, save you the money. But yeah, you get a lazy one, they go. And they go, oh, okay, not coming out of my pocket.

But I think what happens is once these tradies get in, also with the gig of having the contract with the rental managers, they're in for life. So. And I remember I had a dishwasher guy go out because there was a leak on the dishwasher. Told you I was going to have a bitch. So second rude word for the night. And the dishwasher guy went out and came back with a quote. And I said, what was the problem? He said, that's my intellectual property. I'm not going to tell you. I was like, what? And then I pushed a bit and he said, well, in actual fact, I had a contractor go out and have a look. So I don't really know. I was like, so you've got the gig for the agency and you're actually passing it onto a subcontractor and not even doing the work and just taking a bit off the top. So that's why I have Fisher and Paykel, because Fisher and Paykel have their own tradies and they come out and they Come out and go. It's a little clip. It's 15.

Are they the drawers? Are they.

No, just a boring old, you know, typical. Not, not the high end development you're doing, John. I was just doing last little cosmetic.

Minnows in John's listeners. She's just got home from work so welcome home.

Oh, Deanne, nice. Thanks for joining us. We're about to leave.

Put your feet up.

Hope you have a question.

Put the kettle on.

Yeah, what do you say? Put the kettle on, Myrtle.

Yeah, that's it.

So anyhow, that was my little bitch. So you know when you do do these renovations and have these properties and you have all of this effort in finding the property and, and planning the renovation and getting the quotes and doing the renovation, manage it on time, on budget, make the money, do the valuation, get your cash back, go on to the next one. Don't forget the micromanagement thing.

Walk off the field at that point.

Exactly. Don't retire to the, the pavilion.

Yeah. You made a good point actually about trades getting comfortable and they do you get those rental managers and they have their group of tradesmen and if, and if they're not a diligent rental manager, the tradesman starts getting complacent and starts taking advantage in it. I found that happens even with my team of trades over the years. You get a guy and you might be mates with them and everything but I always still get quotes against them and they say why are you getting quotes against me? And I say because you're going to get lazy if I don't. And I always do that. I always get quite each time. Now I might not get the four each time, you know, because I, I know Greg, you know, he's used to me and he's not going to overcharge me but the day he does overcharge me, I'm going to know it.

Yeah, absolutely. No, good question. Well, good question. Good statement, Jake. Yeah, well done. Okay. We have no hands up but I can see so many names and faces here of people that are doing exciting things because I've spoken to a lot of you in the last couple of weeks.

Yeah. One in particular has had a little bit of posting.

We are going straight to Lorraine and we're gonna unmute her and put her on the spot. And in actual fact I might even share my screen whilst John's getting, getting you mic'd up. Lorraine, are you there? Yes.

We're such good friends with Lorraine. We're just unmute her at randomness.

You know what Lorraine, there's about. I can see about 15 names on this list of people that all went, oh, thank God it was her. Because I know that I've spoken to a lot of you recently about things that you're doing or plans of things that you're doing. So, yes. Now, Lorraine, give us. Give us the rundown. What has happened?

Look, it all goes on the market. It's on market now. And first open houses on Saturday morning.

Nice.

Looks fantastic.

Let's have a look. So tell us about it. How long ago did you buy it? Are we looking at the pictures on the screen now?

Yeah, that's the before. That's how it looked.

Okay. John and I had a conversation about this. Is it physically staged?

It is physically staged.

You're right, John. I was like, oh, maybe technology has got that good. It looks fabulous. And how did you find the whole staging process, Lorraine?

What we did was we. I approached three to four stages, and the one I ended up going with, obviously it was a good price. She was about $700 cheaper than everybody else, which made a huge difference. But she's a very arty person. I just liked her vibe. And it just looks amazing when you walk in that house now. It just looks fabulous.

Nice front door, too, by the way.

Do you mind sharing how much the stage is cost?

Yeah, no, two eight.

Perfect. Well, this looks too good for six weeks. I tell you what, I reckon you could Airbnb in the meantime and make that two, eight back. It looks fabulous. It's like a honeymoon room, that room. Oh, wow, feathers. Look at that. A mask with feathers. There you go. Beautiful. Now, so tell me, how long. When did you buy the property?

Okay. We bought it on November 16th. We were able to get access just before Christmas, just before it settled, actually, about a week before. And wow, look at that. We were able to. Yeah, we spent about eight weeks on it. Eight to nine weeks.

And how much of your personal time compared to trades and things, how did you split that up?

Okay, so I just would put a dot on a calendar every time one or two or three of us went up there. So we did. We've done probably about 36 days of our own personal time.

Over what, 60 days?

Yeah, over the two months.

Yep.

We have, you know, we've been busy because over Christmas we spent time there, and every weekend we've been there, you know, Greg had a day off. He'd go up there and do something for us.

So.

And we often talk about bathrooms. We often talk about that luxury bathroom look by tiling to the ceiling. And you've really nailed that there with that. And it's almost like a postmodern concrete look to it. It's so beautiful. And where did you get the tiles?

From local to us. And they're all seconds. They only cost us about $600.

Great.

There you go. Krisha, listen to this. Seconds. Does that mean that they were left over from a previous job or they were rejects or.

No, they're just, you know, at the lakes tiles over here where I liven, they have this variety of tiles you can pick and a fabulous lady helped pick them out. And this shower is from the renovators, what is it?

Highgrove? Yep.

And that bath we got for $60.

Tell us where do you get a bath for $60?

Gumtree.

Gumtree. Chrisha, are you taking notes here? Taking notes? Hopefully she's smiling. Deanne's happy. She got home from work. Everyone's happy to see this. Tell me, are you, what was I going to ask about this? Oh, now just, you did say something interesting and we often get these questions from people about how can you renovate remotely. So obviously how far away is the property from where you live?

About. Oh, this one was 50 minutes.

Okay, so we're about an hour hour away. So you weren't on site every day. How did you find managing your trades?

I will look the trades. We, you know, it was easy. Like I just, we just got, we interviewed a couple of trades. One builder, the first builder that we had, he didn't, he had an attitude with a problem with the plumber.

You know, I think we discussed it, didn't we?

It was annoying but good. I mean we've also changed the front of that now that's got a new side fence there now.

Okay.

That used to be what the bathroom looked like. It was a three way bathroom.

Interesting. Well, it looks a whole lot nicer now. And did you, was that a single, was that a single toilet or you, did you knock a wall out?

Single?

Yeah, we knocked them all out.

Yeah. Nice.

We knocked it all out and put, you know, the left everything where it was.

So.

Yep.

It didn't cost anything too much. We just moved the shower.

That's right.

We moved the shower over and that was just the old bedroom and the second bedroom, you know, carpet and stuff like that.

Lovely. And so, you know, you've probably heard us talk to Krisha earlier about fixed price versus time and materials. How did you, how did you go with getting your quotes for this? Because obviously you guys had a lot of hands on as well.

Okay, so Everybody we had as far as the tile, you know, all the electricians and builders and that, we did get a quote off them, but I didn't go shopping. People were recommended to me and they exceeded everything. But we've got some really good connections now and we'll keep moving forward with these guys right now. They did a great job. They were fast and they were well priced.

Yeah. Referrals are a great thing.

Absolutely. And what was I going to ask you? So remind us what you bought the property for 270 and you had a fabulous renovation. What did you spend on it?

Under less than 22. Less than 22,000.

Wow.

Wow.

And let's even throw in 36 days of your own work at what, $300 for a builder a day or what would you say, John?

Oh, for the rainstorm or for the.

For if you had a builder.

Well, Lorraine's worth a couple hundred dollars an hour. Sure.

She would at least be that. But if you had a builder's helper, you'd probably. You've put 300 bucks a day.

Like a labor, you mean? Yeah, yeah. Bucks now.

So you probably saved 15 grand by doing that yourself. So nice work. And. And it's on the market this weekend, so we're going to be celebrating. Celebrating very soon. Yeah, very, very, very soon.

Very, very soon. I mean, we ended up going with the. Like, I was going to change agents.

Yes.

Because I wasn't really happy with.

Yes.

You know, the, the way they were in the beginning. But after talking to. To him, he promised me he'd give his one on one service, which he has. And I also feel like, you know, they'll look after it.

So.

Yeah, this weekend will be the. The big. We'll get the feedback and see what people think because it's just going up under preview at the moment.

Okay, cool.

First open.

We did it. We did it.

Yeah, we did it. Thinking we'd get 360. That's what they told us when we bought it.

Yep.

They said, you know, you'll get around the 3, 360 or a bit more. But I'm hoping with the sales in the area that, yeah, it'll be a lot more than that, but we'll see. I'll let you guys know. I'll put it on the Facebook side.

Oh, absolutely.

Fingers crossed for you.

Yeah, absolutely. You deserve it. You got you. We've definitely. I think we've been through every stage of it with you, so we're keen to see the results and we can't. We're Keen to see the next one too.

Yeah, I know.

Worry we'll be doing it again. Oh, good, good. And where are you going to look in same area next time?

I'll look, you know, not necessarily. We'll just look within that one hour from our area. You know, whatever's fine. I mean, we got that undervalue.

Yeah.

Yep.

So we got it at a good price. That's where you make your money. And then we're going to make a bit more because, you know, we also, you know, the bathroom looks really good and you know, we've extended driveway and things like that.

So, you know, it's a good house.

I mean, where can you buy a house for under 400 exactly 25 minutes from Newcastle?

No, it is fabulous. And just. And you know, we talk about. Actually one of the things I'm talking about on stage tomorrow at the property Expo is, you know, some of the ways to make money. Landscaping, the first impressions, the painting light and bright and then the staging, you know, although it kind of feels that you might be over capitalizing on the staging, especially if it's a buy and hold. But I still see the value and it depends on the area, but you know that just for the rental market, but for the valuer. And although the valuers. And we heard from Kieran Clare on one of the previous podcasts, you know, he was a valuer for many years and he talked about the fact that, you know, the agents, the valuer really knows the value before they walk in. There's nothing, you know, you can imagine walking into this room that we can see here as a floorboards and a fan and a few vertical blinds. And it is nothing compared to what you've created here. You've created the scene and you've created value. So you know you're going to get your money back on that three grand or so that you've paid on the styling.

Yeah, fully agree with that. Best money spent in the whole job, I reckon. Staging.

No, John.

Okay, Not your job specifically, any job. Painting and staging are just.

I thought you would do anything in the back.

No, no, don't do anything else. Change, change the taps. Stick some furniture in there and some paint.

There you go. There you go. You can do it.

Yeah, back in.

Okay, John, you're now off air. I'm muting your mic. But yeah, no, congratulations on. And please keep us up to date and we'll be watching very closely in the Renovator network.

Thank you very much.

Oh, good, good, good.

Now Ravi's patiently had his hand up here.

How good is that?

Now, have you brought that back to me? Is that.

No, it's all mine.

It's all yours. Okay, no worries. Let's have a look at Ravi's.

I'll find a nice page for you to. Oh, our speakers. There you go.

Oh, there you go.

What company.

Ravi, I've just unmuted your line. It doesn't seem like your mic's on. You can see a way of unmuting yourself.

Hi, Ravi.

Oh, there we go.

That's it.

That's it.

We can see a green light. Hi, Ravi.

Hi, Dean. How are you?

Good, good. How are you?

Not bad. Not bad, I think. Sorry, sorry to keep you. I mean, coming in the last moment.

No problem.

Hope I'm not going to be too late for you guys.

No, we got hours. John can skip dinner. He's got a Snickers. He's got a Snickers here. And a coffee. He's good.

So it's all easy for me now. I've been very slack with the doing the modules. I think I'm only past the second module. I already got a question for you.

That's good. Well, as long as we've got a question that can get you onto the third, let us answer it for you.

I think from day one, I've been struggling to pick a state and get started with filtering the suburbs, I guess. And I think I still. I'm still struggling, but I sort of made up my mind being in Melbourne, being in Victoria. Maybe that's the good way to start. Yep, I started doing that and I did the dot map exercise as well.

Fabulous. So you did that for Melbourne?

Yes, I did that for Melbourne. I did the. Initially, I did the 15Ks and then I realized there's no budget for me. So I did the 20k now.

Yep.

And I think the dot map is not talking to me.

You got a squint? Got a squint. Ravi.

Always. I. Even though I jumped on doing the Melbourne, always in the back of my mind, I wasn't sure whether I was doing the right thing by picking Melbourne at the moment. Is there any technique or any demonstration can show me so I can just convince myself I'm doing the right thing or the wrong thing and get back to.

So tell me, Ravi, have you got investment properties already?

No, I don't have any. I have a PP or at the moment, got a bit of equity taken away and put aside for investment property in a different split and all that. I got ready to that stage.

Perfect. And what's Your strategy?

My strategy is to actually buy, buy a high capital property at the moment and hold it for at least three, four years before I can do any renovation because I don't have time at the moment.

Perfect. And well, you've probably seen my little graph of the two properties. One renovation, I'm going to bring it up right now so you can see it. And that's exactly the strategy that I think that a lot of people can do is they buy a property in the first year, they wait until they've got some growth until year three when they can actually access that equity and pull the money out to renovate and then they renovate that property in the third year and then the fifth year they've got enough equity to buy a second property. And then it's kind of, well, sit back on your laurels and wait for the next 10 years and let those properties go up in value. But the key to this is obviously the capital growth and the ability to pull out the equity based on the growth. So my question to you is if your strategy is about capital growth. Now I gather you live in Melbourne, is that right? That's why you chose Melbourne.

That and also because I'm being time poor, I can't travel to other states as well. But not exactly that. It's more to, it's sort of a gut feel as well, thinking that migration is a lot more in Melbourne and Sydney being if at all I want to have a property as an investment party, as a first investment property, I would rather have it in Melbourne and Sydney. And then I thought being in Melbourne being time, it might be easier as well.

Yep, absolutely. And I think that there's a lot of, I think your gut feel might be the fact that you've acquired information via simulation, let's say because the market is really talking, talking about, you know, the Sydney and Melbourne markets have definitely arguably over performed, but performed very well in the last few years. And a lot of that is around the economic drivers of those economies in Melbourne and Sydney. The population growth that we see there, the income growth that we see, the job growth and the migration. And although there has been an anticipated, you know, growth in Brisbane and hasn't necessarily been as general, definitely there has been pockets of potential or pockets that have delivered, but it hasn't been as general as we've seen in Sydney and Melbourne. And just talking to Louis Christopher two weeks ago, I think he was saying from SQM Research. From SQM Research, I think his boom and bust report, correct me if I'm wrong, John? I think it was 9% this year again for Melbourne and then maybe 12 or so for Sydney. So he's still showing those predictions, but.

6 to 9 overall I think. Yeah.

The thing is that Melbourne's price point is still below Sydney and at the moment you're going to, in Sydney you have to go out 30km to get a property that's less than a million dollars. And we know, and we're talking houses here, so we know we can very much do that in Melbourne. You can, you know, within. So you know, I think the thing is that there's a lot of drivers and especially for your first investment property, although I think that you should be geographically kind of, what's the word? Geographically. Mobile. Yes.

Agnostic.

Agnostic, that's the word. Geographically agnostic. And you know, buy the best quality property in the best area that you can afford. The reality is that often, you know, being time poor and not using a buyer's agent and doing the work yourself or maybe wanting to do a bit of a renovation yourself and you know, as you can see with Lorraine, within an hour, you know, you can be hands on and involved in a renovation. I think buying in your, in your own city is not such a bad idea. But I think the mistake that most people make is that, you know, I live in, you know, Broadmeadows and therefore I'm going to buy in Broad Meadows and they're actually, you know, really skewed towards I know this area, therefore I'm going to buy where I know. So as long as you take that off the table and you use the rigor of the research. So in the dot map now we did a dot map in November and in May last year in Melbourne and we came up with a number of suburbs in our workshop. The video that we gave you links to in the chat is the email you would have got today was the review of what we do in the workshop and how we actually go through the process. So the very first thing we do start with is that dot map and then I go to the Residex predictions report and then I go to the Terry Ryder hotspotting report and then I go to the SQM boom and bust report and then I go to the Ripe house price pin report and the suburb that came up in May and came up in November. And here's a little bit of a tip for you too. We picked it in May on the dot map and November it started coming up on the experts reports. So we can see that the dot map was actually pre what the experts were saying we're seeing footscray came up and as you can see in that video, we came up with a whole list of suburbs. Now do you want to just throw in your purchase price and I've got here on the screen the suburb selector software. What was your purchase price that you've come up with?

I can actually afford, according to my mortgage broker, I was told I can afford until 700.

Yep. Okay, so what do you actually want to spend?

600 probably will be calculated buffer in my account.

So yeah, so let's go. We're happy to go well below 600 but let's be realistic because you probably want to, you know, be in an area but let's go 10% above because we know you've got the borrowing capacity to do it and it might just mean that you've tipped into a suburb that has things.

You've got 20Ks there and it was 20.

I used your software and actually filtered based on a 20 kilometer range for 600.

Yep.

I put a couple of filters on and came up with about three to four suburbs I think at the end. But like I said, being back in the form of mind, I think am I doing the right thing? That's probably what sort of triggered this, I guess.

Yeah, well look, I mean in actual fact you could probably choose every single one of these suburbs and take them through and do comparisons and you know, for the fact that not going to take five hours, let's take through the.

First lot and that's where that dot maps nice is. It just gives you that initial shortlist you can work with the same way you would if you start with a report that gives you a short list that you can plug into the software and then start doing the analysis and.

What you're going to find here. So the suburb here in blue, sorry, the suburb here in blue is that suburb we selected and these are the ones that are surrounding it. So it's kind of like a documented dot map. So we can get that feeling for, you know, this is 13.7 k's out. Then you know, something that's closer. 10 ks out is actually a bit more expensive. So this is kind of that, that flow on effect that you, you see and you see that, you know, the higher growth in the areas that are closer to the cbd. So this is kind of like that dot map and you get a bit of a feel here for what's happening in the suburb. But then you also get, and I go into a lot of detail about that criteria of trying to understand my kind of filters that I put suburbs through. So I want over 20, 30% renters, and we can see that's well achieved here. But this is a bit of a concern to me. There's only 50 properties sold a year, so that means that you're going to be getting not that many every single month. Coming up for sale 4 to 5. And if 70% of the market is buying the property's homeowner, then you're up against some people driven by emotion. So this to me is a bit of a concern in the sense that you might be there for months before you actually find a property. And this yield is good. The average yield in Melbourne is 2.8%. So the yield's okay. But for that reason I'd probably leave this one out and I'd go on to the next suburb. Percentage of renters here, you can see, is 25%. So I'd leave that 28%. Your filter might be a little bit lower than that. Or here we've got 45.9, we've got 133 sold, 3.1. So this, to me deserves to go through to the next round. So you can see how you can get quite mathematical almost about the decisions. And what have we got here? Braybrooke, great suburb.

Goodness, it's good to do what Jane just did without looking at the names too, because it takes all of the.

Emotions out of it. Yeah, exactly. Can you explain confirmation bias?

It's where you have a premise and you go looking for evidence to suit your original premise.

So I really think I should be buying in Broadmeadows and, oh, look, it's got the right number of renters. Let's ignore the fact that only five properties a month get sold there.

Yeah, that's right, that's right.

So you can see here, Braybrooke, you know, it's got. We've got here, there's the train. We've got a bit of information here about vendor discounting. Really low vacancies now, not a lot of dwellings in the area, but still a lot being sold. Good percentage of renters. Now, this average weekly income is quite low, so you're probably making some ideas about the fact that it hasn't. It's in a lower socioeconomic area. And then you might go over to another piece of software, if I can. So microburbs, for instance, just to get some more information about what's happening in this area. So let's just put Braybrook in. So this is how you build up that Confidence, Ravi, of, you know, should I be in Melbourne? Well, let's just say yes, because, hey, it's your first property. You're going to do inspections, you're not going to be flying everywhere. The fundamentals economy is that you know that it stacks up for your long term. It's got. Got population growth, supposed to be the biggest capital city in Australia by 2050, but you still are limiting yourself to that and say 20Ks. And as we can see here, it's even closer. However close it was. What was it? 10Ks in the CBD. And you know, we've added in a little factor of 10% to go up in value. And then we can go down into somewhere like there's a lot of data that you can find here in, in microburbs. But, you know, we want to get a feeling for, you know, the people who are there. So, you know, the family score, the affluent score. And what I am always interested in is this renters heat map. So you can see here on the renters heat map, there's a lot of renters. I'm just going to zoom in a little bit. There's a lot of renters in the yellows and greens. So but the owner occupies in the blue areas. So, so we can see here in this blue area that this is probably where the owner occupiers are and this is where the owner occupiers are. So if I click here, you know, we've got 60%. If I click over here, what have I got here? Renters, 63, 48. So, you know, 42. So there's quite a lot of renters here. Now that might mean that there could be units there. So you might just want to check out those areas. But we did see over here that the train was the most common public transport. So you might then want to find out where the train line is. And that's close to. You see a train line there anyway, Train line that's close to this.

It looks like it there.

Yeah. That could be a train line. Noting Bray book telling us where to go, but could have possibly down here too. So you're probably going to then pull up an area like this that's like, okay, we're bounded by, you know, certain areas. So we're right here from the. What do you call that? Sports yard?

Oval.

Yep, oval. And then you'd probably go into somewhere like RP data. Yep. Did I spell that right? Braybrooke. Oh, I forgot my password. Braybrooke. Victoria. Kind of. We bring up. Let's just Say we bring up one of these. So we're looking for. So let's say houses. We'd go into census and we'd find what the typical property is. But let's just assume it for this stage. It's a three bedroom house and we want to. We don't know where Addison street is, but I want to be able to find out on the map. So let's just have a look at this map. Might zoom out a little bit here. Okay, so this is where we saw all the renters. They don't look like a lot of blocks of units to me. But we could jump into Ripe House as well and never know. I could even have Braebrook there. Nope, we can jump into Ripe House and just see where the units are and where the houses are. So we're kind of narrowing from that suburb down to that pocket of potential.

Yep.

And I'm going to do a lot of suburb searches, don't I? Braybrook. So I just want to get a quick idea of where the units are and the houses are because you know, you could be skewed with. There's a large amount of units but in actual fact, sorry, a large amount of renters. But it could be in the area where the units are. You don't want to really, you know, start concentrating in an area where it's not where you want to be.

You're buying a house and all the renters are in units.

Yeah. And so we kind of know that this area we found over here was where the renters were. So we can see there once again, this is where the renters are. And up here, so north of that oval, so we could possibly call it, you know, this kind of area is where the renters are and if we want to have a look at the type of housing. So we've got units over here. So this area here is actually not that high percentage of units. So this is like, you know what's here, 32% mind you've got a park, 55%, 48% and over here 43%. But over here you've got 92%. So this area is still stacking up for me, for, you know, where you might consider. And if we just really quickly looked at that, we've got South Road, Mellon street up to whatever that main road is. And if I jumped back, is this helping you?

Yeah, definitely.

Yeah.

I haven't gone through your. Which will probably tell me all about this, I guess.

Pardon me.

Yes, yes, there is, there's a couple of other things we Skipped over obviously, but the income is another one that you can look at and you can actually bring up the percentage of renters there as well. So plenty of great stuff you can do for the pockets of potential with Ripe House.

And one of the things that you can do here is then just go through and create for yourself a territory in that area. So you can go in, we can call it Braybrook. We can zoom out a little bit. Where is Braybrook? Just over here, this there. I'm going to zoom in a little bit further. So here's our old Mellon Street. Mellon street seemed to be Braybrooke park, so we possibly would create. Is it Adamson Road? I think this is where we were looking at. So you might declare that as your territory, for instance, and then once you. Oh, I've got to delete a territory, but way too many. So let's get rid of some of these. So. Back to Braybrook. And I'm pretty sure that's where we were looking, wasn't it? So we went down Mellon, we're in that area there. So actually it was a bit further over. So we're over to this road which is Ashley Street. So let's just create this territory near the skate park. So all I'm doing is just clicking and letting it go. So I've got this territory now. And then what I'm doing is that territory then comes up and I start looking at the properties within this territory. So I'm just looking in this territory and now there's 600 houses here. We can see this, 600 properties. So let's say how many are the three bedroom houses? So there's 94. How many are on the market at the moment? So there's none on the market at the moment. How many recent sales have you had in that area? So there's been four in the last, since August last year. You can see down here. And what you can then do is you can click on all these properties, click all. And you can add these to your property watch list. And once they go onto your watch list, if any of those properties come up for sale, you'll be notified. Okay, so that's how you kind of get to where should I start down to using say the suburb selector software of how do I analyze one suburb against the other. And you might have your own criteria based on what you can afford, et cetera. And then you go through and do the analysis maybe against three or four properties, suburbs and decide which area that you want to get into and then you take that next Step down to say, and you can find some of this information, as I said, on microburbs, about what kind of properties they have and what's the typical bedroom size. So that was that 2.8. That's why I put the three bedroom in there. But you can go down and you can find out a lot of the information about area free. And obviously it just saves you a little bit more time if you're, if you're using some of the paid software like Ripe House that we use and NRP data. But, you know, you can really get down to that level, Ravi, and you know, the fact that you kind of at module 2 going, what do I do now? Is fine. Because a lot of people get to module 2 with the preconceived ideas of going. And this is in the Ultimate Guide to Renovation going, I know everything. And the preconceived ideas of how to do the research and they get to this and they go, oh, wait a second, am I on the right track? And how do I verify that? So, you know, this is kind of that process that.

Yeah, I was going to say Ravi, when you see Jane at the workshops going through the suburb selector software with all those suburbs, she just has her criteria and whether it might be 1% under and it's out. She just culls them ruthlessly.

Actually, I see, goes through the list, I see someone here who has been to a couple of our workshops who may want to say something. Peter, you online there at the moment, might even unmute him and let him. Let's see if we can put him on his spot. Pete, have you got a microphone? Hello? Oh, yes, hello, Peter. Or is that Joe?

No, it's Peter. Joe's gone to bed.

Well, Pete, you've been to a couple of these workshops and successfully bought in different cities. You know what, what, how have you found that process of going through very quickly and I guess the, the numbers rather than the emotion.

Look, I think it, it just, it funnels you down to something that's manageable. You know, it's just overwhelming when you think, okay, want to buy in Brisbane, that there's 100 suburbs. We got down to three suburbs really quickly. And, and through the workshop, Joe actually knew which area of Kedron we were.

Going to buy in.

And that meant that the brief to the buyer's agent was really simple and it took about three months. So just speeds up the process and reduces the stress.

Yeah. And I think for Ravi. Have you got any advice for Ravi where he's kind of sitting there going how do I start? Where do I go? I've got so much information.

I turn up to your workshop, Jane.

Okay, Pete. But other than that.

I think you've got your budget. There are plenty of tools out there that can help refine for you. But just take action. I think that's probably the thing that's helped us the most, is give us confidence to commit and move forward.

Right. Thanks, Pete. We'll take you off the spotlight. We'll see you next weekend.

See ya. Bye.

Thanks. But Ravi, I hope that helps because, you know, I know that you can kind of get lost along the way and if you are feeling that, you know, between these calls, jump on the Facebook page because, you know, that's what the community and where John and I are there for to, you know, if you're kind of a bit lost, to help you out. Because we really, this is an investment for life. And I think you need to, if your strategy is to depend on having that growth in the next three to five years to allow you to access the equity to continue. You're in a really. You've got a great borrowing capacity, which is great. And the, the next step is to be very confident about where you're looking and getting down to that detail. Module two is going to take you very clearly in the ultimate guide of renovation through to this kind of selecting the suburb. But module three, you're going to love as well because that's when we get into those pockets of potential and we get into that next level of, well, what do you do once you have your suburb?

I started doing a third module halfway through. So, yeah, that started getting that. I just wanted to clear up my picking the Melbourne as to start with. So now I think, I think I'm happy with that.

You sort of confirm, yeah, if you rang up and said, I live in Melbourne, I'm thinking about Darwin. I'm like, tell me the economic drivers that you think are happening there. So, you know, there's a whole, you know, people try to pick markets and, you know, we know that Darwin and Perth really haven't had the return and they've been dependent on the mining industry and that economy is really tanked and exports are up and there's some positives and the market's low there. If you had a time to wait, then maybe it's a waiting game to get you to the growth. But there is some immediate growth to had in these kind of the Sydney and Melbourne markets, which really have that real economy driver. And I think there's a lot of Commentators that are talking about Hobart at Hobart at the moment. And my only, my only cautionary tale would about Hobart is just look at the overall economy and you know, if one major industry turns down or paperworks closes, you know what's going to happen to that economy. So I think it's a bit like Ireland. Isn't Tasmania the greatest export is the youth?

Yeah.

So bit of trouble there. But I mean, I can say that I'm half Tasmanian. My mum's from Flinders island. So, you know, I'm not inside Tasmania. I probably aren't Irish too, but. Yeah. So I hope that gives you a bit more confidence, Ravi, and watch that video on the email we sent today because I essentially just exactly do exactly what I just did for a different suburb.

Yep. It's very timely and.

With competence that you're gaining through the course, you will get confidence and with that confidence, you'll do exactly what Pete said. And that's take action. And I think the saddest thing that we have and our greatest failure as educators, John and I feel, is if we can't motivate people to take action. And the right action, not silly action, but educated action, to allow them to increase their financial future. And hence why we build so much support around the courses that we do and what we offer. Because, you know, sometimes we know you just need to ask a question and you might get stumped on something simple and easy and, you know, it can stop people for years. So I hope to see more of you on the Facebook page and hear about your purchase.

Sure, we will.

Okay.

Ravi, you're the best.

Thanks, Tan. Thanks.

How good's that?

Oh, good. And I reckon that's the end.

You know what's really good about Ravi's question is that he's on module two. Right. So for those people listening to this call a long time recorded. So we, he. He possibly became a student in October last year.

Yep.

So, you know, we're talking a few months down the track. The great thing about the course is that they can come back time and time again.

Yep.

We're updating content and improving. Yeah.

So but it is that, I mean, it's never, you know, life gets in the way sometimes you need to come back to stuff like that. And that's the beauty of having it online like that. I mean, so many people before they buy the course, I really prefer to come to an event or an in person thing kind of thing. But once that weekend's over, all you've got is the paperwork, you know, Whereas with this Course, you can go back to it and watch the full content anytime you like.

Mind you, we might let you see us in the future too. Make sure you come to those meetups or let us know you're coming. But yeah, we really want to say hi to you guys. And we're not just hiding behind microphones. Hey.

Sorry, go on. I can't work out whether we.

Yeah, I think we got one final question.

There we go. We missed one. There you go. Okay, you go.

I can't read it.

Okay, let me have a look there.

It would be great if you can answer this question. Felix, we're here for you. The predicted growth is one of the cornerstones of the Trident strategy.

Yes.

How are predicted growth figures derived? How accurate are these figures? Different sources can vary in their predicted growth. Unlike pricing, disparity and median price, predicted growth seems very subjective. This is a really good question because the thing is about predicted growth is it's just crystal ball. You know, it's someone who's got usually some statistical information from historical analysis that they're overlaying onto the future. So, you know, no one expected the GFC and no one expects that. You know, different things. Earthquakes and tsunamis and all those kind of, you know, human, not human nature, nature, Mother nature, things that can occur or the. I mean, I was watching Insight the other night and they were out in Latrobe Valley where the. The power plants closing down. And you know, there's a thousand people going to lose their job there. And I know people who are in our course that have considered buying in Maui in that area. Now that's just going to have a devastating effect to the economy. And, you know, so it's around the fact that some of these things can't be predicted. But there are some people or institutions that do put out their predictions. And we're talking RP data, Australian property monitors, SQM research, Residex for instance. And Residex really gets down to the suburb by suburb reports that you can purchase. And so does Australian property monitors with that predicted growth. And I think the really interesting thing about that is that they do overlay a lot of information from the past. I even know conversations we've had with Jacob Field from Ripe House. We said, well, how did you come up with these sweet spots in these suburbs? And he said, well, I overlaid all these mathematical modeling and said, what are the characteristics of parts of a suburb that outperform the rest of the suburb and bring that suburbs whole growth up? And he found things like 500 meters from school. Yeah, but within 100 and 500 meters of schools, not too close to the parking, 1500 meters from shops, thousand meters from transport. They are the three things, you know. And so he overlaid that. And so when you go into Ripe House, which I can do very quickly, are we looking at my screen? No, no, we don't have to. But you can go into, into Ripe House very quickly and you can just, you, you can say show my clean screen. Yes. So and you can click on the sweet spots. And basically what it says here, and this is the census information, it says there's 21 small census data points within this suburb. So that's really, they're really about 200 residences each. And that's how census breaks up those microburbs that microburbs use and rose and Ripe House use. So there's 21 here. And we might say look, you know, we only want 10% public housing. So there's only 5 of the suburbs. So 6 of the suburbs that, 6 of these microburbs that have, you know, less than 10% public housing. And we might say, you know, we want to have the minimum tenants that we want is 30%. So we might come up here to 30% and we might come down here and we can apply all of these things to actually look at where what we think our strategy is. Or you can come just straight up the top here and you can click on a strategy like capital growth and it does all of this for you and says look, this is not, you know, there's not a lot of predicted growth in this area or you can have a look at say a flipping strategy and seven of these, these custom sites come up. So you know, and therefore you might target these areas for instance. So you know, there are some sweet spots and the sweet spot information that can come through as well. And I think you know these, all of these different. And this is why in the workshops we take everyone's reports, we don't just say we're going to follow one person's report. We take the hotspotting report, we take the price pin report, we take the SQM report, we take the Resnex report and we combined all of those experts.

Predictions together and cross check it against the dot map so we can see that sustained 10 year capital growth that's pressing in on those suburbs too.

So you know, we take all of that information and we apply it. And I think that the problem Felix, is that a lot of people take one lot of predictions reports and go, okay, so and so says this is. Right. Without asking. The question that you're asking is how do they come up with this? I know Residex, you know, they do some qualification with the local real estate agents for what's happening in the area often.

And remember John Edwards saying to us about the, the report that he least liked was the predictions report because he said people don't. People just use it as gospel where it really should be, as just a short list that you then start the analysis from. And that's exactly the way. Yeah, yeah, you're talking about using it.

Exactly. So, you know, we would then go and grab that and put this into this room report and then find out, you know, from there where you wanted to take it. So, you know, I think from, from that point of view, you know, you.

Might, yeah, that's the thing with a lot of those is they might even have predicted growth but might not be a match to your strategy in any way, shape or form. Might be units or might be whatever.

There you go. There's no, there's no properties within 650,000 within 10Ks 15K. So you know, I think it's really important that you consider, you know, looking at all the information and looking at the fundamentals of how the predictions come up and asking, asking exactly, you know, the providers and I know, you know, I was on Twitter the other day, the pain and gain report from RP data came out and they actually measure every year, every quarter, sorry. You know, people who have lost money on properties and invariably the information is they're more regionally based than capital cities based and more units than houses. And they held their property for less than, I think it was nine years this time. And so they've sold quickly, they haven't waited. There's not a long term hold, but 32% of people who have sold their property within that last quarter have sold for double what they bought it for, you know, and they had a longer average hold time. So, and I was just on Twitter and I sent a tweet to RP Data going like, can you report, tell me what was the, you know, the, the percentage of people who, you know, sold for double. So you know, they will always answer those questions as well. So I hope that helps. You know, predictions report is, is a crystal ball and I wouldn't be depending on one report, I would be looking at all of the, of the information and applying it to the knowledge that you already know.

Hear, hear.

Thank you.

Good idea.

Excellent.

No more questions. Jane, I don't think we've skipped on it. Over anymore. No, I think that is actually it.

Last question.

Yep.

Fabulous. Well, thank you so much for attending this call this evening. I learned a lot. Did you learn a lot? I do love seeing Lorraine's project. We were there for the searching and for the negotiation and for the purchasing.

And fantastic real estate problems like hearing about those purchases off gumtree and $60 bath.

I think that might, we might put that in a winning zone 60 bath and just see who can top that for the moment. Okay. So unfortunately, that is all for tonight. Look, guys, as I said, Kim Kiyosaki's interview on the podcast I just think is the bee's knees and watch the videos as well this week. But gee, you know, jump on the podcast. We would love for you to rate and review us. Let's set a Target. Let's have 35 rate and reviews by this time next month.

Okay.

And 100,000 downloads by the 1st of May and someone beating the $60 bath. Maybe not a bath, but another great deal. So there you go. We're going to set ourselves some targets. Look great call great questions. As you know, we do have a question number that you can call as a 1300 number.

And now it's going to be your last chance to use it.

Don't use it when turn it off. And you can always email us a question at questions@question questionupportourpropertysuccess.com and really appreciate all of your contributions tonight. And as always, here is to your property success.

See y.