Don’t take Driving Lessons from someone who can’t Drive

Don’t take Driving Lessons from someone who can’t Drive

In my last blog I talked about getting out of your head and a way to do that is to learn from experts…..the key word there is experts!

Not the guy next door who’s investment portfolio is made up of Smurf figurines.

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I love Smurfs, but this is not the guy to help get you out of your head.

Which brings me to the heading, would you take driving lessons from someone who has never driven?

Here’s some more information,  what if they had no desire to drive, are scared of driving and believes cars are are dangerous? You’d run a mile, and you have to run because now you are just as scared of driving as they are!

Yet when we are stuck in our head, let’s say about buying our first investment property, who do we turn to? Family and friends, who don’t invest but have a bunch of horror stories to share. Remember M Night Shalalalala from my first blog?

What is wrong with this you ask, their stories match your concerns,  therefore 1+1 = investment properties are nightmares worthy of M Night Shalalalala (how do you spell his name, I must find out?). What’s wrong? These are not their stories, they don’t invest in property, they invest in Smurfs.

Your family and friends have the best intentions, but you nearly learnt to drive from someone who can’t drive!

Here are the 2 most common horror stories I hear from people who don’t have an investment property, but want to give me advice:

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No Tenant and you can’t pay the Mortgage?

This is the first horror grenade non investors like to throw. The property won’t rent, it’ll be empty for months, and you can’t pay the mortgage. Here’s the reality:

  • less than 53% of Australian adults own their own home, and this is projected to fall below 50% in the next few years. Add in population growth and the number of people renting increases further. Woo hoo, a growth market.
  • the number of new properties being built is not keeping up with population growth. More people renting and not enough properties, double woo hoo!
  • well maintained properties in the right area, right price will rent, all the time.

There are very few, very few, rental properties that don’t rent, and with good research you can avoid those properties (a whole blog on its own!)

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Tenants will trash the house!

Horror grenade 2 and I love this one. The conversation usually starts with “there was a story on Today Tonight”. They will talk about how all tenants are evil and your house will be turned in to a rodent infested meth lab, which explodes as they are incompetent drug cooks.

The reality is for most tenants this is their home, it’s where they sleep at night, where they feel safe, entertain their family and friends, watching shows about meth labs!

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I ask you, have you ever rented, or currently rent? Did you or will you trash the house?

If more than 50% of the population is going to be renting, are they all going to be house trashers?

I don’t ignore the risk that there are undesirable tenants, but you can protect yourself with landlord insurance and a robust tenant selection process.

The cost of landlord insurance is proof that tenants that trash are rare. Annual landlord insurance premiums usually cost the equivalent of 1 weeks rent. Why so cheap I hear you ask?

Insurance companies have really smart people working out premiums, and they reckon the risk of a dodgy tenant is low, and that makes me feel all warm and fuzzy.

Tenant selection, my advice is outsource and get a great agent. Aside from having better things to do with my time, agents have access to potential tenants, other agents and databases that aren’t accessible to you and I.

Let me help you get out of your head, I know how to drive, in fact I love driving. There might be a few wrong turns, a speeding fine, you could feel a little lost, but if we use the GPS we’ll reach your destination, your investment goals.

Disclaimer:  I will pay my own speeding fines!

 

 

 

 

 

 

 

 

 

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Stay in your Head and you’re Dead

Stay in your Head and you’re Dead

 

Dramatic title, well a lot of us need a little wake up call.

Stay in your head and you’re dead. I could be slightly nicer and say stay in your head and you stagnate or gently tell you that over thinking stops you taking action or that taking forever to do “research” is actually analysis paralysis.

I prefer “stay in your head and you are dead”,  because when there are no signs of life, time of death is called, you are dead.

“Stay in your Head and you’re Dead” is a quote that resonates because so often, and recently, I hear females say they want to invest but they’re scared, don’t know if they should invest in shares or property, where to buy, what to buy, house or apartment, or should they build, or buy, new or old property, what state, how much, will they get a tenant, etc etc. it’s exhausting thinking that much, and you get stuck in your head and the investing is dead.

So how do you get “out of your head”?

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Write all those thoughts down, brain dump them, purge them and determine what is really keeping you stuck in your head and holding you back. I am pretty confident that for all the reasons you will throw at me, and there will be plenty because you have been thinking about this for a long time, the underlying theme is the fear that you will make a…………

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Big Arse Mistake

Now no one wants to make a BAM, but while you are stuck in your head avoiding a BAM you are also missing out on investment opportunities, learning experiences, reaching your goals and not being dead (that one is a biggie)!

So how do you avoid a BAM. Firstly stop hanging out in Gotham City turning on the batman search light, then start to learn from the experts, speak to people who have invested or even better book a coaching session with me. What You Must NOT Do is:

Take Driving Lessons from Someone who Doesn’t Drive

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This will be the topic for tomorrow’s instalment, yes 2 in 1 week, and it’s a goodie. When did life get so awesome!

 

 

 

 

 

 

Big Life Changes – how can I Reno Now?

 

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Time flies when you are taking action and it’s been ages since my last post. Missed me? Of course, and you are anxiously wanting to know what I have been up to. Short version:

  • completed a 1 week coaching course in Melbourne (loved it)
  • went to the Sunshine Coast for a little holiday and to see the rental property I built and immediately tenanted in December
  • celebrated 25 years with BankWest/ CBA on the 19th June
  • fantastic weekend in the Hunter Valley celebrating a friends 40th birthday
  • Resigned and left my job on the 30th June
  • From 1st July 100% focused on running my Wealthy Chicks coaching business

WAIT A MINUTE – celebrated 25 years and then left your job! Explain yourself.

Firstly, imagine what the long version would look like, epic, I have saved you a lot of reading, and boredom, thank you wealthy chick!

Explanation, well it has been an emotional roller coaster, a thrilling ride and I am finally getting out of my banking comfort zone and embarking on an exciting new career in my own business, Wealthy Chicks.

Exciting means REALLY “swear word of your choosing” SCARY! I left the security of

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great pay, annual bonus, good company, nice office, perks aplenty. I left all that, and although I am a little bit scared about the future I don’t regret leaving. Why, because I was no longer passionate about my job. I used to love, love, love my work, and then I didn’t, and looking back I stayed 18 months too long.

What does this mean for my renovation dream? I was hoping to buy a place before I left my job, do I shelve that dream? Banks sorta like to see a stable income, not possible business earnings or future profit from a Reno flip.

Reno dream over, again! Blog closing down, again! Maybe that’s okay, I have a new business to focus on (slightly miffed, but I’ll live).

LEARN MORE to EARN MORE

I like to learn as it will make me a better coach and a more informed investor. With that in mind I set off to a free seminar linked to the author of the Rich Dad Poor Dad books. I was hoping it was a seminar to find a rich sugar daddy, if only (if that seminar does exist send me an invite as it would make for an awesome blog!)

I went as I thought I might get a few idea’s for my business, but instead I had a lightbulb moment.

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I don’t need to do a Reno on my own!

If you read previous posts you will know that I am good at predicting doom, hard on myself, action oriented and don’t ask for help, oh and hate research. Basically a very well balanced wealthy chick, who thought she had to do her Reno on her own.

This little 2 hour seminar opened up a lot of possibilities, and I can achieve my renovation dream with a partner (a busines partner, not a partner of the boyfriend variety…..mm there’s that doing things on my own kicking in again!).

Anyway, back to renovation with a partner. I know that means asking for help, internally cringing, but I am excited. Reno dream is still possible and I can share this amazing experience with someone else, which is pretty special.

Asking for help – even more rewarding that I anticipated

This story is a last minute bonus, for me and you, well for you it might just be the photo of Ryan Gosling, best part of the blog!

I joined a 7 day challenge run by the amazing Turia Pitt, and the challenge for day 4 was going outside your comfort zone. I posted my struggle asking friends to help me practice coaching. I publicly committed to asking 3 friends to spend an hour with me as a coach. Phew, a bit scary putting it out there, but I committed and immediately took action, coaching session organised.

Fast forward about 90 minutes and I go back to my post and all these amazing people not only offered supportive words, they want me to coach them! People I have never met before want to help me. I’ll admit I got a bit emotional, amd then took action! Let the coaching begin my little Guinea Pigs!

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And thank you Mr Gosling!

Conclusion

Get out of your comfort zone, do what you love, recognise and seize opportunities when they present themselves, and ask for help. It works and feels soo good.