Property Podcast
Property Podcast
Jan 19, 2021
Tuan Duong: Using Resources to Create a Strategy Tailored to You
Play • 35 min
Join us in today’s episode as I continue my discussion with Duong. We discuss the best resources to use as an inexperienced investor, we learn valuable property tax tips, we discuss the best areas to buy in based on your investment strategy and much, much more!

Timestamps:
1:09 - Everywhere you turned people were talking about property.
4:31 - Duong was fortunate in finding people who offered to help.
6:45 - Duong believes in buying only where you would want to live yourself.
9:44 - A huge percentage of australians only ever invest in one property.
13:08 - His motivation is to be free in his retirement.
16:34 - Focus on the suburbs with high owner-occupier rates.
22:12 - Choosing your resources wisely is important.
27:20 - ‘knowledge is power’ applies to property too.
30:12 - Tax depreciation isn't just about the lump sum.
32:45 - It’s not just about accruing lots and lots of properties.
35:55 - His business was developed through personal skill.
37:52 - You’ll be surprised at the amount of strangers who will help you out in life.

Resources and Links:

Transcript:

Tuan Duong:
(2:14) And I wish I had known about it much earlier, because everybody on there would talk about it, it was a thing, like people are selling, you know, the dream, and it was the BS dream, you know, and it was very painful because of how much I knew I had to forego with making that decision.

**INTRO MUSIC**
 
Tyrone Shum:
This is Property Investory where we talk to successful property investors to find out more about their stories, mindset and strategies.
 
I’m Tyrone Shum and in this episode we continue our discussion with Tuan Duong, a successful investor and founder of Duo Tax Quantity Surveyors. Join us as we learn  valuable tips about property tax depreciation, we hear the strategy behind his portfolio, and Duong reveals the best advice he’s received to date.

**END INTRO MUSIC**
 
**START BACKGROUND MUSIC**
 
Tyrone Shum:
As a young and inexperienced investor, Duong was sold a pipe dream by a project marketing company. His second investment was an apartment in Queensland, pre construction, and unfortunately he had to sell it four years later at a loss. 

Tuan Duong:
(0:18) It's probably one of the most significant ones for me. Yeah, it probably was one of my worst investment choices. And because of, you know, purely not being educated, and being sold a dream, you know, directly through this project marketing company, and not knowing what else to do. Probably 2013 [or] 14 maybe, that's when I first put my interest in, before they started construction in 2015 [or] 2016. So 2014 was when I made that decision, but at that time, the property market, if you remember, Tyrone, was really on top, it was right at its peak. 

EVERYWHERE YOU TURNED PEOPLE WERE TALKING ABOUT PROPERTY 

(1:09) Everywhere you turned people were talking about property. I was receiving emails and letters and everything from everyone, agents, buyer's agents, you know, like, should I buy brand new in sort of small boutique type apartments or units or townhouses? Or should I be buying these dense apartments in sort of Houston, which is where I bought, I bought an apartment in Houston, and it had all the right attributes from what they would sell.

(1:37) But over time, I realised that, you know what, in that amount of time, from 2014-2018, there would have been so many opportunities that I've missed out, and that's the opportunity cost of making the wrong decision and not being educated or informed. And I think I wish I had known about things, like the Property Investory Podcast, at that time, you know, there were those independent places where you could get advice, and not have to make that mistake. Being educated about that, jumping on property chat was something I've only done in the last few years. 

(2:14) And I wish I had known about it much earlier, because everybody on there would talk about it, it was a thing, like people are selling, you know, the dream, and it was the BS dream, you know, and it was very painful because of how much I knew I had to forego with making that decision. And so it's a very big learning curve, that there are places like this where you can learn where to make good choices, and obviously not telling anyone how to make a choice, but gathering as much information as you can, before you make those decisions and go down the wrong road.

Tyrone Shum:
Duong tells us about his portfolio and the method behind his location choices. 

Tuan Duong:
(3:47) At the current time, I have six properties, all based in Sydney. It's a mixture of commercial and residential, something I just came across because of the necessity of my pathway. But I've been so fortunate with that, investing in commercial properties, because when I had first started the business, my first office was a rental office out of my accountants office, he sub-leased a room and you wouldn't believe it, but I was paying $75 a week for a room in Canley Heights to operate my business. 

DUONG WAS FORTUNATE IN FINDING PEOPLE WHO OFFERED TO HELP.

(4:31) So very lean, but very fortunate, to come across people that will allow that and you know, you've gotta start somewhere, it wasn't the most glamorous office, you know, it had a few bug issues. But you know, that's where you start and from there, once we had to vacate that premises based on size and we were growing at that time, I bought my first commercial property in Newington which is based in Sydney and at that time I paid $440,000 for that. And you will be hard pressed to find something that's 10 years old for that price today, that's about 150 square metres.

(5:07) But I was very fortunate to start our office there, our first office, we moved in to do a beautiful renovation. And we've moved out there again, only recently, to move into another office in Homebush, which we're situated in now, which is a beautiful Technology Park next to DFO here in Sydney. But that's where we're based and so you know, it's a mixture of things, buying property for your own purpose, and I've always had that impression that if I bought something, it's my philosophy to ask, 'Would I want to live there myself?'

(5:41) And the answer is yes. If I wanted to go to Jordan Springs, if I wanted to go to Austral, I would actually want to live in these areas. If I want to go to Canley Heights, I'd love to live in those areas. And the same goes for work. Where do I want to work? I think, you know, being in the city is very expensive to buy property there, it's a great place but it's not necessary. People aren't so critical about where you're based these days. And having an office in homebush allows all of my staff who come over from all sorts of areas from Sydney, we congregate here in Homebush, which is where our head office is.

(6:15) And it's a convenient place now that we've got the Westconnex, we've got great tunnelling everywhere, I'm losing track of the amount of tunnels in Sydney and out, but it just means that it adds value to your property because it's reachable, attainable, you can get there. And so it has all the right boxes ticked for what a commercial property should do, and I've always aspired to being in these areas myself. It's a very beautiful sort of precinct we're in now. 

DUONG BELIEVES IN BUYING ONLY WHERE YOU WOULD WANT TO LIVE YOURSELF. 

(6:45) So yeah, I'm a big believer that you should buy where you would want to be if you believe that it's a great property. And I guess that's a very common thing. Because, you know, even a lot of people I know, I've got clients in Guilford in Sydney. And when I look at their 10 [or] 15 [or] 20 property portfolio, they're all around Guilford. So it's crazy, right? They grow up in Guilford, they buy in Guilford, and they just do so well for themselves, and it's amazing.

Tyrone Shum:
Moving on, Duong talks us through one of his pivotal investments in Canley Heights which put everything into perspective for him.

Tuan Duong:
(8:35) I bought that property for $400,000. It's probably worth double that now, the duplex I bought. And so for me, that was an aha moment, like, 'Oh, my God', you know, seeing that purchase. And then I guess, when you first purchase it, you don't think a lot you think, 'Okay, well, I'm new to this, I'm not well versed at this'. But as time goes on, seeing that capital growth, and how little it costs to maintain a property, it's almost self explanatory that, 'Hey, this is a really good vehicle for you to drive wealth'.

(9:10) And that's when it hit me, 'Well, this is it, this is what I've got to do. This is what I've got to aspire to do'. And so, as time went on, I just stopped buying the cars, and I stopped buying the flashy, nice things and started going out less and then realised that, you know, saving money is going to take me a long way. And that's when I decided three or four years later that you know, you gotta keep going. There's other people out there that keep going and you start to learn. Your  mortgage broker says, 'Well, you can do this'. And they open up this whole window of opportunity for you to say, it doesn't have to stop. It's not just one property.

A HUGE PERCENTAGE OF AUSTRALIANS ONLY EVER INVEST IN ONE PROPERTY.

(9:44) Because, you know, I would think you could only afford one, you know, and I think the majority of Australian investors today, I think it's a massive percentage of people, they actually only have one investment property throughout their whole life. And so having an opportunity to buy more, it didn't seem realistic, but then as I went through life, it made me think, 'Okay, well, you can have more than one, you can have two, you know, three'. And now I've seen other clients that do it, and I think, 'Wow, amazing'. 

(10:19) Not that we get it very often, we don't get a lot of clients that are returned customers that come by depreciation schedules for the second, third, fourth time. But there are people out there that do have that. And so it's definitely possible, you know, and it's nice to see other people doing it because it helps you break through, you know, when you see other people in some pattern, you think, 'Well, you know what, if they can do it, I can do it too'. And that's a great mentality to have, I think.

Tyrone Shum: 
Duong goes on to explain his strategy and the motivations behind his investment career.  

Tuan Duong: 
(12:15) Capital growth is important, because you know, gaining capital is what you want to do in life to free yourself, at some stage for retirement. And so now at a mature stage in investing in property, and being a business owner, and obviously, at the age of 34, I'm starting to think about the future, right? So future planning. And for me, property is a vehicle that's going to help me grow wealth, and eventually I see it as a way to build a portfolio. 

(12:43) And hopefully I can pay down debt. If I can help over time to debt-recycle my properties, and use and leverage property to start paying each other off, and have these properties that hopefully, at some stage at the retirement age of 65 [or] 67, I have a couple of unencumbered properties that will be the vehicle of retirement for me and not have to rely on the pension and things like that.

HIS MOTIVATION IS TO BE FREE IN HIS RETIREMENT.

(13:08) I wanted to be self-sustaining, and eventually have a vehicle of 3 [or] 4 [or] 5 [or] 6 properties, hopefully unencumbered, and they will then be the vehicle to help me through my retirement phase of life. So really, for me, that's the driving factor. That's the reason why I do it. It's great, because I get to understand it, I talk to a lot of people, day in, day out about property, we've got buyer's agents that work with us, we've got sales agents, real estate professionals.

(13:37) We've got tax agents that work with us, and they're always talking about it, about this vehicle. And so for me, it's a no brainer. If it works for tens of thousands of people, it must work. So for me, it's a continuous ongoing process of learning about property. Where's a good place to buy? You know, where should I invest my money? How am I going to do that at the most accelerated rate with a balance of being able to lend as well? 

(14:03) Because now with, you know, tightening restrictions on lending, we've got to balance it out in terms of, you know, cash flow, and having that positive cash flow throughout all your properties to not sort of subject yourself to, I guess, being sort of lent out and not being able to borrow more money to continue your journey. So it's really important.

Tyrone Shum:
Aside from buying newly built properties that he could see himself inhabiting, what other strategies has Duong implemented to get where he is today? 

Tuan Duong:
(14:49) For me, you know, there are areas for example, where I've bought in towards Jordan Springs or in Austral. There are properties that are like Austral, you're trying to buy a property that is probably one of the most affordable ones in the area, things like Liverpool, you know, you've got good suburbs like Milton Grange, you know, Leppington, Cecil Hills, Elizabeth Hills, these are really well to do suburbs, you know, we're talking, you know, averages are $1.2 million to $1.3 million south. 

(15:29) And if you're talking about driving from these great suburbs, 5-10 minutes to get to Austral, which is a thriving subdivision area, which is just full of new developments. And you think, 'Well, maybe there's an oversupply'. But then you look at the pricing implied, if they're starting around $500,000-$600,000, you think, 'Well, it has all that room to grow'. And for me, if I have that leverage to grow that much, similar to things like Kellyville, you know, Kellyville is a surrounding suburb to those areas, up in the Northwest region. 

(16:00) And if you can sort of leverage off that with cheaper, affordable lots there, you want to do that, because it's got that room to get to that $1.2 million or $1.1 million price range. And that's where you want to be in 5-10 years time. So this is where my philosophy is trying to identify suburbs that are really well to do, people aspire to living there, checking out the vacancy rates, making sure that there's a high owner-occupier rate there, if most people are owner occupier there, then you want to be around these suburbs.

FOCUS ON THE SUBURBS WITH HIGH OWNER-OCCUPIER RATES. 

(16:34) And that, for me, is really critical. And that's why, you know, I've chosen some of the suburbs I have. And to balance that off with, I also like to invest in places where I think, you know, because I think rental yields are really important. So having that positive cash flow is important. And for what I realised when I first purchased a commercial property is that it drives so much yield, you know, as much as I bought the premises in my personal, he was renting from the company, the company was renting the property  off my trust. 

(17:08) And that would allow me to yield strong cash flow, because the amount of yield you get in commercial is crazy. I mean, for a $400,000 office, you could get something like $45,000 worth of rent a year. And that's what I'm getting at this stage now that I've rented out the old office and with the new tenants, which is amazing, which is exactly what you want to do, you want to be heavily positive, geared where you can. 

(17:34) And not everyone is able to do that, because the price of housing in Sydney is maybe expensive, but there are pockets like I've seen thousands of my clients do. A lot of our clients are now moving out of Sydney, they're not buying in Sydney any more than buying in good places like Tasmania, with strong growth attributes, they're buying in places that are sort of South and Southeast and even North, the Kippa-ring area in Queensland, and then they're buying in these areas because of positive cash flow.

(18:01) So it's a good balance between capital growth, what you can afford, and not sort of, you know, shooting yourself in the foot, but balancing out with these cheaper properties that have good positive growth, and also have good sort of positive yield. So you know, you get some strong rental yield in these areas, make sure that you're going to get good returns, to then help you sustain more properties, because that's what it's all about. So having I think a good team is really important to do.

**ADVERTISEMENT**
 
Tyrone Shum:
Coming up after the Duong reveals the moment which sparked a change in his mind set.
 
Tuan Duong:
(21:01) And so then when you start taking an interest in yourself and realise that, 'You know what, I can't be like this, I've got to do something for myself'.

Tyrone Shum:
He shares the resources which helped him in his own journey.

Tuan Duong:
(21:20) And if you could go to these types of venues and events, you learn a lot, because all the information that you can gather from these places, they are very objective.

Tyrone Shum:
We learn the value of tax depreciation in property and what it could mean for you as an individual.

Tuan Duong:
(30:48) Whether it's to, you know, splurge and take your family on a holiday, I mean, that's the power of what I do, if I can help people unlock that knowledge of, 'Wow, I've got this extra money I can go so much further with it in my personal life, family life, financially'.
 
Tyrone Shum:
And that’s next. I’m Tyrone Shum and you’re listening to Property Investory.
 
**END ADVERTISEMENT**

<insert money partner advert>

Tyrone Shum:
Being more relaxed in his younger years, Duong eventually realised he wanted to get serious about his life and investment career. He shares the resources he utilised to improve his success.

Tuan Duong:
(20:26) I started my journey out of business because of purely wanting to start a business in property. I think, for me, that ignition came from people like Napoleon Hill, I'm not sure if people know. But 'Think and Grow Rich' was a really important fundamental for me. Because I didn't have that mindset. I was very blase about life. Ten or more so years ago, I was very casual about how things should be, how I wanted to set my life to be. 

(21:01) And so then when you start taking an interest in yourself and realise that, 'You know what, I can't be like this, I've got to do something for myself'. And I want to have a purpose not just in my personal career, but you know, spiritually as well, like you want more from yourself. And then you listen to these people like Napoleon Hill and talk about these things, it is amazing, because it can transform you as a person. So those places are a great place to start, especially if you're someone like me that found it very difficult to break through and find out your calling. 

(21:37) And I did find that very tricky. So people like Napoleon Hill, Les Brown is an amazing speaker, I love Les Brown, because he's just awesome value and awesome energy. And having those people when you start out is amazing. But as you progress, I think as a property investor, when I started becoming a business owner and a good property investor, I needed to leverage off knowledge, people with good information. And the best way I found to do that was to go to places where they would educate you. 

CHOOSING YOUR RESOURCES WISELY IS IMPORTANT. 

(22:12)  So not going to these project marketing type environments, but more so going to, you know, accounting firms, they would host property events. And if you could go to these types of venues and events, you learn a lot, because all the information that you can gather from these places, they are very objective. And it's straight to the point, very informational. They're talking about the latest market data, what's happening in Perth, Sydney, Melbourne, what suburbs are great. 

(22:49) And they tell you about the fundamentals, I remember going to one where you know, I went in there and you know, as a Vietnamese person, I understand the Melbourne market and the Vietnamese Melbourne market very well. And they were doing an event in the city from a property expert, but also an accounting expert. They were talking about their own journeys and why they liked buying in places like Sunshine, Footscray. And they are well to do suburbs, and had you bought those properties two or three years ago, when I was in the seminars, you would also do very well.

(23:21) So for me, it's having a very good team that's around you, that gives you the advice you want and you need. And it's always very objective advice, you know, unbiased, and having that team of, you know, legal mortgage brokers that want the best for you. And that's where you want to reach out to as many people as you can to get the right advice. And where do you find these great mortgage brokers, the ones that partner up with these accounting firms, these property experts, and they go to places and then educate and all they do is educate.

(23:53) And that's where I've learned a lot of my lessons, is that I go to places and I never sell, I never want to sell anything I do, all I do is I educate people about legislation. This is what the legislation or the tax rulings allow you to do as a property investor. And if I can interpret it to you and make you a better property investor, you trust me to do what is right for you. And I think that's really important that everybody out there as property investors, find that for themselves, go out there, run the same journey, go through the same journey of finding a great team to surround them.

Tyrone Shum: 
(25:22) So along your journey as well, do you have any particular mentors that you actually worked with over this period of time? 

Tuan Duong:
(25:31) In terms of business wise, I haven't had a lot of mentors, and I am very much a person that wings things. It's strange enough to say, but I've always had people advise me, I've got a great group of mates that are in business, and they become my mentors, per se. And there's a lot of people that are ahead of me that have been running their businesses, but I've started just going on my own journey. And, you know, I've tried to go down that path of mentors, but it's not something for me, because I think that I don't know what's best, and nobody knows what's best for you. Right? When it comes to mentorship. 

(26:15) But, you know, I think people mentor you in their own way, you don't have to exactly have one mentor, or have someone ongoing, but you know, catching up with someone, they become a mentor, you learn so much from them. And that same goes for me when it comes to property investing. The best mentors are the people that are doing it themselves, they're living the dream, right? 

(26:36) They're there, they're getting into this, they're in there, they're stuck into it, they're always trying to leverage the next property, find out what to do, and so I have a host of people around me, there's a quite a few people around me that invest in property and have a diversified portfolio. And I'm always talking to them about what they are doing in their lending side of things, their legal side of things, their structures, tax accountants? Having these people as friends, or just people with a really common interest in property, and that might be tax related or legal related, they will help you a great deal. 

‘KNOWLEDGE IS POWER’ APPLIES TO PROPERTY TOO. 

(27:20) And so, for me, it's being able to meet clients on a day to day basis. And then like people who are my clients, they're teaching me more about property than I am telling them about property. And that for me means that I can leverage off the knowledge, and having more knowledge is more power, as you say, Tyrone, so for me, that's really important. 

(27:41) And the same thing goes when you are looking for people that you're trying to walk, you know, this journey, there is no better thing to do than to go find someone that's already walked that journey, the one that you want to take. And not to say that that's the right journey, but having an understanding of what they're going through, it gives you a great sort of baseline as to where you should go and how you should, and what sort of journey you want to take.

(28:08) So I think these events and these places of gathering are a bit hard these days, but you know, it is all online, online is a great place to start. And of course, like if anyone wants to reach out I'm more than happy to share some of these places I go to as an advisor but I go there as a property investor as well. 

(28:27) And I get to listen, and I'm always learning about you know, the statistics of where people are buying, you know, what percentage of vacancy rate is in this suburb at this time, what makes it the best suburb, and like there's nothing in it for these guys. Well to do sort of property buyers agents or accountants and they live in that you know, living that dream and that journey and I'm just getting value out of it and I'm more than happy to share it with you guys out there who might be interested.

Tyrone Shum:
In retrospect, what would Duong say to himself if he could go back ten years?

Tuan Duong: 
(29:12) One thing that I was always very conscious about, and subconsciously always thinking about was you know, I was always concerned about what everybody was worried about with me. Like everyone wants to know, 'Okay, Tuan, are you doing well enough? Are you doing this enough?' There was a lot of pressure, there's always pressure in growing up, you know, thinking, 'Are you doing the right things? Ticking the right boxes in life?'

(29:35) So I think if I could go back to a 10 year younger me, I would tell him, 'Just care less, worry about your own journey and stop looking elsewhere. Focus on the road ahead and doing what you love the most'. And fortunately for me, I got to see that, 10 years ago at 24 [or] 25, by the time I was 26, and worrying about my own thing, living my own life, I then came across things that I thought I was passionate about, that resonated with me. And that's tax depreciation. 

TAX DEPRECIATION ISN'T JUST ABOUT THE LUMP SUM.

(30:12) As basic as it sounds, it just resonated with me, it's something that I couldn't believe how much value it added to my life. Imagine you're talking about a $6,000 refund. It's not about that, you know, it's not about this lump sum, it's about what $6,000 means for somebody, that's more than $100 a week, in a year. I mean, having $100 extra a week, every year is going to drive massive differences in people's lives, whether it's to pay bills, whether it's to save for the next investment property for the next deposit. 

(30:48) Whether it's to, you know, splurge and take your family on a holiday, I mean, that's the power of what I do, if I can help people unlock that knowledge of, 'Wow, I've got this extra money I can go so much further with it in my personal life, family life, financially'. Great, that's what it should mean for you. And that's the power of what the ATO is providing here. And if I can share this with more investors, and this is where I go on talks, and I share on, you know, properties, sort of investing seminars and talk about depreciation, and people can resonate, and that's great. I'm doing my part.

Tyrone Shum:
Equipped with the knowledge he has now, what's on the cards for Duong in the future? 

Tuan Duong:
(31:37) So the next five years, we're on a very interesting journey. Duo Tax Quantity Surveyors is now going to expand to also do Property Valuation. So the business is going to take them to that sort of avenue. And so we're going to do property valuations as a Duo Tax arm. And so that's another very interesting part of our business that we're going to be looking into.

(32:04) But on top of that, what I want to do personally, for my investing journey is start to look at how to not really expand my portfolio, I think I've got this idea that with some planning involved, if I can start paying down some of these debts over time, in the next five years to consolidate some of that debt, and look at, you know, longer term vision of trying to reduce debt, and then we can really be able to scale the rate closer to that retirement sort of goal. And that to me is important. 

IT’S NOT JUST ABOUT ACCRUING LOTS AND LOTS OF PROPERTIES. 

(32:45) And so it's not always about accruing lots and lots of lots of properties. For me, I have something that's manageable, properties that I think are going to perform well, and has a good balance of debt to sort of loan, and for me, I want that balance to have that passive income, that rental income that I'm getting from all these properties, by reducing some of that debt, but also have some of that capital growth opportunity.

(33:16) If I could, I would then expand my portfolio within reason and manage that cash flow. So it doesn't affect my lending too much. So that's for me in the next five years is going to be really critical. So not so much about expansion, but I think some debt consolidation for me, and I'm sure everyone has their own journey. But for me, that's where I'm sitting. I sound like an old man already.

Tyrone Shum:
Duong has a well thought out plan for the future, but has he always had a plan? I ask how much of his success is due to skill, intelligence and hard work, and how much is down to luck.

Tuan Duong: 
(34:20) I think there's always a degree of fortune, and luck, per se, but I think you know, I was very fortunate to have met, or been a part of, I think at that time, the fitting out of my mum's restaurant. I think I was very lucky to come across someone like that, to then say, 'Oh, you know what, like construction is where I want to be, I want to be construction'.

(34:48) And so part of that, I love numbers, and falling into construction, I was in estimating. And I was estimating to price work for you know for projects and road works or bridges and things like that. So it's very interesting. But then as I evolved, and I was more well versed, I realised that you know, property was so important as an arm. And here I am, had a construction degree experience in construction, and then applying that into property to drive wealth. 

(35:22) I thought it was just, it was beautiful, like, I couldn't believe there was property tax, and now construction, all entangled into one providing advice on all fronts. And it's been a blessing. And when it comes to skill, you know what, being an engineer, you don't have a choice but to be very good at spreadsheets and crunching numbers. So I was, you know, being in the construction engineering role it was natural to me to develop the tax depreciation software internally.

HIS BUSINESS WAS DEVELOPED THROUGH PERSONAL SKILL.

(35:55) So it's all developed in house here at Duo Tax Quantity Surveyors, I was blessed to be able to prepare that, you know, I had the skill set to start a business out of it. I was a spreadsheet master. So my CRM here, and Duo Tax was built on spreadsheets through Google Sheets, with five or six employees using the same software. So it wasn't until probably the last three years, I was using that for a couple of years before the system just shut it off, it just didn't work anymore. 

(36:27) Google had to call me and say, 'Hey, you're running a business out of a Google Sheet. I think this is not built for you'. And so we've gone on to then develop other software, things like Salesforce to be implemented into our office. And so you know, it's part of a journey, right? You're always learning and to me, yes, there is a degree of luck. 

(36:46) Everybody needs a degree of fortune and luck. But the rest, unfortunately, sorry to say, listeners, but yeah, if you want something so bad, you've got to work for it. And it's all hard work. And the amount of cold calling and door to door sales I've had to do to accountants, and real estate agents is what was really important to get me ahead, because it's, you know, if you want things to grow that fast, you just got to go and get it.

(37:25) But one of the things I always preach in the office is, if you do the things that others don't, you'll achieve the things that others won't, I think it's very important. So you're going to do something very special, unique and do the hard yards, I think, and that's what I really put it down to, doing the things that others don't is that you search, you know, and you search and you ask, and if you don't ask, the answer is always, always no.

YOU’LL BE SURPRISED AT THE AMOUNT OF STRANGERS WHO WILL HELP YOU OUT IN LIFE. 

(37:52) So it's very important to go out there and learn, whether it's business or investing. If you don't ask you don't know. And it's always good to ask. I find that now, there's more people out there that are willing to help versus the people that you already know that will help you. So go out there and find those people. There are great people out there that you don't know yet. And they will give everything to you to help you get ahead.

**OUTRO**

Tyrone Shum:
Thank you so much to Tuan Duong for taking the time to speak with me on Property Investory.


If you love the show and are ready to get serious about investing your money to get a low risk, high return, then SMS me your name and email address on 0499 88 10 40 to become a money partner.

Right now, there are great opportunities in the property market and I am looking for money partners who want to invest their money for a short 6 months.

To register your interest, text me your name and email address on 0499 88 10 40.

Just head over to propertyinvestory.com/guide and download it today.
The Progressive Property Podcast
The Progressive Property Podcast
Kevin McDonnell
Ask Me Anything: How to Raise Money, LTD vs Personal & Clubhouse
In today’s episode, Kevin gives an update on what he’s been up to recently, current opportunities and hosts a question and answer session to help members of the community with any of their property challenges. He advises listeners on various ways of raising money for their property investing with in depth details of the different options, strategies to use during Covid-19 and tips on rent to own, rent to rent and how to start building a ‘power team’. KEY TAKEAWAYS A lot of people are saying that property in London could now be dropping in price, this hasn’t been the case for many years. Consider doing the opposite of what the masses are doing and perhaps think of investing in this location.   In terms of raising money for property investments, there are various ways of doing this and there’s never been a better time with interest rates being so low. Reach out to people, let them know you’re in the property business. Joint ventures, banks, private finance and bridging loans are all ways of raising money. Bridging is the most expensive way of raising funds, more suitable for commercial properties and HMO’s and private funding is probably the best way as there are no upfront costs.   There is a huge demand for rent to own currently and there are big benefits to this. As a landlord you have no maintenance, no management costs and you’re helping someone become a home owner. It can work in any part of the country and is the most hands free strategy, which can be done remotely.     Don’t state the rent and terms for a rent to own when advertising. Try and be deliberately vague. A lot of potential applicants will just read the ‘rent’ part of an advert or won’t be eligible, for example if they can’t afford it or are on universal credit, but this is still a great way of building up your tenant database.   Covid shouldn’t be a reason to alter your plans and strategies. The world and business is still moving forward. There is still a housing shortage and people still need homes. One thing you can alter slightly is changing from guaranteed rent to offering landlords profit share agreements. It’s risky offering guaranteed rent without knowing when the pandemic will end and when furlough will end. Remember to market in the right places and in multiple places.   Depending on your personal circumstances, you’re probably better putting everything into a limited company rather than paying personal tax. You’ll have limited liability and it’s a better strategy long term as you can pass shares on, sell shares etc.  However, the best advice is to get yourself a property tax accountant.   If you’re trying to build a ‘Power Team’ let people know where you’re based and what you’re looking for and start to build your team around that area. Remember to use your name, property is a people business.   If you’re a young person trying to get into property with no funds or income, try to get a job working for somebody who is already in the property business. Don’t do the obvious thing and get a job in a letting or estate agent, most don’t buy property and they won’t teach you how to become an investor.   BEST MOMENTS ‘If the taxi driver in New York says to you ‘which stocks to buy’ then you need to get out of that stock immediately because if the man on the street knows what stock to buy, you’re too late to the show’ ‘Observe the masses, do the opposite’ ‘Property is a people business’ ‘You’re not going to learn about property working in an Estate Agent’   SUBSCRIBE TO THE A NEW INVESTMENT SERIES Episode One: How to Perfectly Invest £10,000 | The Best Stocks | Property | Gold & Classic Cars Watch Live On The Progressive Property YouTube Channel Every Monday At 7 PM Tiny.cc/PPTV Listen To Audio Recordings On The Money Podcast bit.ly/moneypodcastitunes   ABOUT THE HOST Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.   CONTACT METHOD https://www.facebook.com/kevinMcDonnellProperty/ https://kevinmcdonnell.co.uk/     See omnystudio.com/listener for privacy information.
31 min
The Michael Yardney Podcast | Property Investment, Success & Money
The Michael Yardney Podcast | Property Investment, Success & Money
Michael Yardney; Australia's authority in wealth creation through property
Learn These Rich Habits of Successful People | Rich Habits, Poor Habits Podcast, Part 1 with Tom Corley
Have you ever wondered how certain people become so rich and successful? Well, if you’ve been listening to my podcast or reading my blogs and my books, you’d know that rich people don’t become rich by luck or by accident. Becoming rich requires hard work, dedication, and a certain set of habits. We are what we repeatedly do. That means excellence isn’t an act, it’s a habit. My friend Tom Corley spent five years studying millionaires and gathering insights that become the basis of his blogs and books, including the book we co-authored: Rich Habits, Poor Habits. He found that people who became wealthy practiced certain habits, and that’s what we’re going to discuss today. Since there are so many habits, we’re going to break this into a two-part series, and today we’re going to start with the first group of habits that the rich do that differentiate them from the average person. Rich Habits Of course, not all rich people are successful, and not all successful people are rich; but remember I was much younger and more naïve then and wanted it all. So I tried to understand why some people were rich while others kept struggling financially. Over the years I attended many seminars, paid mentors, and read as many books as I could on the topic of success. I modelled successful people and eventually grew successful myself. It wasn’t easy, I’ve had my challenges in life (mostly self-inflicted) and I’ve hit rock-bottom, but I got up again, learned from my mistakes, and moved forward. And over the years I’ve mentored more than 3,000 successful (and some not so successful) investors, business people, and entrepreneurs. In fact, a by-product of this is our top-selling book – Rich habits Poor Habits In it, Tom Corley and I explain… Being rich has little to do with the money itself Instead, it has a lot to do with how you think about money. So if you want to become rich, one of the first steps is to know how the wealthy think about money differently than you do and to start thinking like them. The next step is to take action and to let the action become natural by thinking the way wealthy people think. We’ve found rich people share similar habits. While we explain this in some detail in our book, today I’d like to briefly share… The first of the 21 Success Habits of The Rich …. * The average person thinks about spending their money, while the rich think about how to invest their money. * The average person worries about running out of money while the rich think about how to use their money to make more money. * Most people believe hard work makes you rich, while the rich know that leverage creates wealth. * Successful people don’t procrastinate. They don’t spend their life waiting for the ‘right time’ or waiting until they know it all or have figured everything out. * The average person believes having a job gives them security. The rich know there’s no such thing as “job security.” * Most people want to be rich. The rich are committed to being rich. (They are very different things.) * When things go wrong, the rich find a lesson, while others only see a problem. * The average Australian sets their financial expectation low, so they’re never disappointed. On the other hand, the rich set their financial expectations high so they’re always excited. * Successful people take calculated risks – financial, emotional, professional, psychological. But once they’ve built their wealth, they take fewer risks. * The rich consciously and methodically create their own success, while others hope success will find them. * The rich look for and find opportunities where others see obstacles. * The average person believes life happens to them. They are a passenger, while the Rich believe that they create their own destiny. They are the pilot of their lives. Successful people align themselves with like-minded people. They understand the importance of being part of a team. They create win-win relationships. Links and Resources: Tom Corley - Rich Habits Michael Yardney - Metropole Get your own copy of our international bestseller Rich Habits Poor Habits Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us Shownotes plus more here: Learn These Rich Habits of Successful People | Rich Habits, Poor Habits Podcast, Part 1 with Tom Corley Some of our favourite quotes from the show: “As you’ll learn, it’s not your fault if you’re born poor. But it is your fault if you die poor.” – Michael Yardney “It depends what your focus is as to what you see.” – Michael Yardney “2020 taught us the importance of that. How many people who had multiple income streams – such as you, such as me – still had a really good year, while those who were dependent on one income stream, unfortunately, found that dried up.” – Michael Yardney PLEASE LEAVE US A REVIEW Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how.
33 min
The Money Podcast
The Money Podcast
Rob Moore
How to Staff Up Fast, With Low Risk/Cost
So many entrepreneurs become daunted when they think of hiring staff and the expense that comes with it. Join Rob today as he explains how you can staff up quickly, with very little expenditure so you don’t have to do all the work yourself! Discover how referrals from friends, family and existing team members can help keep your costs low, how to ensure your staff can make you double (or triple!) their salary and how to manage their income generating tasks well. KEY TAKEAWAYS   Referrals from existing team members, friends or family are brilliant for finding staff at a low cost as there is an element of trust. You can acquire and hire a staff member for free if there are no recruitment fees.   Staff members are always working 30 days in arrears. If you manage them well on the income generating tasks. You can get them to earn their salary before actually paying their salary. As long as you can get them to make more than what they cost you, then ‘gross’ you have got them for free.   Whilst the initial cost of hiring staff may seem daunting, remember the salary you pay them over the next year is split into twelve instalments. As long as they are managed well, targeted well, have good minimum standards of performance and have a clear vision for their role they should be able to earn double or triple their salary.   Incentivise your ‘non income generating’ staff to save you and your business money by offering them a percentage of the money they save. Have them go through the expenses regularly and the savings they make could end up paying their salary.   Make sure you have always got a percentage of your staff that are income generating. Generally as the company grows, the percentage of income generating staff is lower because you will hire admin staff to manage all the work you have coming in.   Track your KPI’s, this is your percentage of staff that are revenue generating. It is wise to also track revenue per staff member too. If your revenue per staff member gets near or below their salary, you are making no money. If your revenue is 2-10 times their salary, then you are making a large profit.   BEST MOMENTS “You are going to have a breakthrough, threshold year.” “I like staff members to generate between two and three times their salary.” “When you save £1 you save the whole £1. When you make £1, you probably only make 15p in that £1.” “When I write a job description I make it really inspiring.”   VALUABLE RESOURCES https://robmoore.com/ bit.ly/Robsupporter   ABOUT THE HOST Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”   “If you don't risk anything, you risk everything”   CONTACT METHOD Rob’s official website: https://robmoore.com/ Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs LinkedIn: https://uk.linkedin.com/in/robmoore1979   See omnystudio.com/listener for privacy information.
40 min
Comedian v Economist
Comedian v Economist
Equity Mates Media
Boomtown! 10 Reasons the economy is going to boom.
Thomas lays out 10 reasons why he (and pretty much every economist in the country right now!) thinks the Australian economy is set to boom. Adam is alarmed to learn that there’s perma-bears in these woods. What’s their trip? *** If you've got a question for Thomas... or Adam... then go ahead and send them to cve@equitymates.com Any views expressed by the podcast host or any guest are their own and do not represent the views of Equity Mates Media or any other employer or associated organisation. Always remember, all information contained in this podcast is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. The hosts of Equity Mates are not financial professionals and are not aware of your personal financial circumstances. Before making any financial decisions you should read the Produce Disclosure Statement (PDS) and, if necessary, consult a licensed financial professional. For more information head to our Disclaimer Page, where you can find resources to search for a registered financial professional near you. *** Have you just started your investing journey? Head over to Get Started Investing – Equity Mates 12-part series with all the fundamentals you need to feel confident to start your investing journey. Want more Equity Mates? Subscribe to Equity Mates Investing Podcast, social media channels, Thought Starters mailing list and more here.
36 min
SugarMamma's Financial Foreplay
SugarMamma's Financial Foreplay
Canna Campbell SugarMammaTV
Kristen was hit by a car & left on the road. But this blow inspired a more meaningful wealthier life
I love the debt free community on Instagram. Always so informative, inspiring and supportive. One day I came across a powerful image on the account @ProjectFrugal of a young women in a neck-brace, with blood on her head. The text said "This Day Changed My money Mindset"...She looked like she was smiling though...even though as we find out she wasn't - she was just trying to see her cracked teeth. I reached out to her and we spoke over email, with her sending me a voice note. As I listened to her story, I knew that I needed to share this with you. Not only does Kristen share her incredible story and attitude to life but she is also full of so many brilliant money saving hacks, ideas and inspiration. She has also had an impact on me personally to go deeper with our financial goals as a family. I think you will love listening to this podcast and please, definitely check out Kristen's account @ProjectFrugal - this will definitely be a great resource for you for your own financial journey. @SugarMammaTV for all your immediate access to my content @CannaCampbellOffical for minimalism, motherhood, capsule wardrobe fashion and beauty xCC General Advice Disclaimer The information on the SASS Financial website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial product. Canna Campbell is a Corporate Authorised Representative and Corporate Credit Representative of Wealthstream Financial Group Pty Ltd ABN 35 152 803 113 Australian Financial Services Licensee AFSL 412079.
39 min
Any Other Business
Any Other Business
Rob Bence and Rob Dix from Property Hub
The tech we use to run a multi-million pound business
Have you ever wondered what tech is behind a multi-million pound business? Getting the tech right can be a game-changer but there are SO many options out there, where do you even begin? Thankfully, Rob & Rob have tried almost every bit of tech out there and they’re sharing it all.  You’ll hear about the tech they used when it was just them in their bedrooms to today with a team of around 50, the mistakes they made and how they knew when it was time to make the important switches. If you’re a bit of a technophobe or are simply overwhelmed by the amount of choice out there, this episode was made for you. You’ll find out: What tech Rob & Rob used starting up versus now. The mistakes they made when implementing new tech. What tech is perfect for when you’re starting out. The different types of tech you might need. How to decide when it’s time to upgrade your tech. The importance of good tech in business. How and why tech is one of their biggest costs. Tune in now! And if you’re looking for the tech they mentioned throughout, you can find the full list below: Google Workspace Mailchimp SendFox Capsule Hubspot Salesforce Slack Microsoft Teams Trello Monday Helpscout Zendesk Sage Xero Make sure you’ve liked and subscribed to our YouTube channel - and don’t forget to hit the notification bell to be the first to find out when new episodes drop.  You can also find out more about us here and here. And if you’d like to follow the journey of our businesses, you can do that here: Instagram: http://instagram.com/propertyhubuk  Twitter: https://twitter.com/propertyhubuk  Facebook: https://www.facebook.com/propertyhubuk/  Linkedin: https://www.linkedin.com/company/propertyhubuk  See omnystudio.com/listener for privacy information.
35 min
Property Developer Podcast
Property Developer Podcast
Justin Gehde
78 – Property development lessons to grow your property business
Decades of experience have taught Rod Fehring a thing or two about property development, and he shares some of the lessons learned along the way about how to create a successful property development business. In this episode we explore those lessons, the standout projects and the future of Australian residential property. Project update - Project 1 - framing well underway, couple more sales, 75% sold - Project 2 - assessing build quotes, readying to make a decision on who to appoint, about to launch marketing campaign Training Reminder If you are interested in discovering how ready you might to become a property developer, then head over to www.propertydevelopertraining.com and check out the quick self assessment tool. We also have the mentoring program that is available to help guide you through your first project, so email justin@propertydeveloperpodcast.com if you would like further information. Social links If you would like to see how my projects are progressing, I do post regular video updates on the show’s Facebook and Instagram feeds, along with other news and tidbits and they are both under the handle of Property Developer Podcast, so be sure to check them out. Property Developer Podcast Facebook - https://www.facebook.com/propertydeveloperpodcast Property Developer Podcast Instagram - https://www.instagram.com/property_developer_podcast/ Property Developer Podcast LinkedIn - https://www.linkedin.com/company/property-developer-podcast Today's Guest is Rod Fehring In episode #76 [https://propertydeveloperpodcast.com/2020/12/03/76-becoming-the-head-of-a-billion-dollar-property-developer/] we covered Rod's career, how he went from humble public servant to head of one of Australia's largest public property development companies, Frasers Property before he retired in 2020. In the follow up conversation, we cover memorable projects, lessons learned, social housing, future of Australia housing markets Links Frasers Property Australia – https://www.frasersproperty.com.au
1 hr 37 min
The Inside Property Investing Podcast | Interviewing Inspiring & Successful Property and Real Estate Investors
The Inside Property Investing Podcast | Interviewing Inspiring & Successful Property and Real Estate Investors
Mike Stenhouse: Property Investor
337: Rosie and Allan Charles on breaking property rules, replacing income and the power of single-lets
Rosie and Allan Charles of Arch Investments – I'll be totally honest, I've spent the past two years thinking of them as Ark investments every time I see them on social media, thinking it was some abbreviation for architecture. But, of course, after asking the question I now know that it stands for Allan & Rosie Charles – but at least now you'll remember to look for them next time you're on Instagram. Anyway, getting back to what this phenomenal couple has achieved in a few short years… They started investing by breaking all the rules – sourcing deals hours away from home and focussing on the humble single let instead of being distracted by shiny objects and new-fangled strategies. It's clearly worked for them, replacing Rosie's income and allowing her to step into property full time whilst Allan focuses on the strategy for the business and making sure that all of his toys were constantly being tossed from his pram. You'll hear more in today's interview about how they've built a successful portfolio through consistent efforts and constantly putting themselves in challenging situations that they were forced to find solutions to, as well as the numbers behind their best and worst deals, how they split the responsibility of their business, and why investing in education gave them the accountability they needed to succeed. ********* Subscribe to our YouTube Channel - https://www.youtube.com/insidepropertyinvesting Follow us on Instagram - https://www.instagram.com/insidepropertyinvesting/ Access our free resources - https://www.insidepropertyinvesting.com/resources/
1 hr 5 min
my millennial property
my millennial property
SYMO interactive
306 setting your long term property goals
Setting your long term goals with property puts all of your decisions into context and on a timeline. In this episode Emily and John chat about how you can determine your goals, measure and manage them, and keep everything in your planning in perspective. The chat touches on: 👉🏻what you're aiming for and why you're heading towards that 👉🏾setting up milestones to see progress to keep you encouraged 👉a little about Emily and John's property goals and how they're breaking those into manageable steps to achieve them 👉🏽the metrics that can help you measure your steps towards your long term property goals Here's the book Emily mentions in the chat: booktopia.kh4ffx.net/MXnE7N Check out The Glen James Spending Plan at the link below - use coupon code "m3p" to get this for under $50... save $20 Take a look at John’s Solvere Online Academy and Emily’s online course (The Buying Coach) at the link below. For podcast resources, links to our stuff, disclaimers & warnings about this episode + more... check out: https://www.sortyourmoneyout.com/m3pshownotes 🛑 This podcast is for education and entertainment purposes. It is not intended as a substitute for professional financial, tax or legal advice. Any advice is general financial advice only which does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you do choose to buy a financial product read the product disclosure statement and obtain appropriate financial advice tailored to your needs. We may discuss products, services and answer listener questions on this video for entertainment & illustration purposes only. We may change the name of the questioner for anonymity. It is impossible to give you personal advice on an entertainment podcast as we do not know the details of your personal financial situation. While we do our best to provide accurate information, we accept no responsibility for any inaccuracies that may be communicated in this podcast. SYMO interactive Pty Ltd, the publisher of the podcast, is an authorised representative of MoneySherpa Pty Ltd which holds financial services licence 451289. Please read our Financial Services Guide located at sortyourmoneyout.com. This podcast is intended for residents of Australia. We acknowledge the darkinjung people, Traditional Custodians of the land on which our studio sits, and pay respects to their Elders past and present. We extend that respect to Aboriginal and Torres Strait Islander peoples who may listen to our podcast.
23 min
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