OVERRATED: The Worst Property Advice Ever
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- Опубликовано: 30 июл 2024
- Discussing 15 controversial property topics across three different areas, buying strategies optimisation and hot topics.
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Love hearing an educated aussie accent. Could listen to this guy for hours.
He is very well spoken indeed and synthesises information beautifully.
Luke thanks to your advice i sold a house to a new home buyer under the substantial renovation to a property you suggested in one of your videos .i hadnt thought of putting that in the add originally cause i didn't think my old property could be sold to first home buyers but due to a substantial reno they managed to qualify and it sold for a higeher amount.
Also i think flipping houses only works when the government helps with funding the renos. I buy flood damaged properties or after a cyclone ect and government donates money to have these properties back on the market to controbute to more housing stock . But its time consuming cause government paperwork takes forever to be accepted but it does work.
Hi Luke , tthere is no video on RUclips that explains how to use flood maps in QLD ( Townsville, cairns, Rockhampton etc?) Could you please do the same .. I asked on several forums but could not get any answer .
God bless and continue with the videos . Very informative
Mate just google and type in ‘Toowoomba food
Maps’ it’s not hard
@luke u missed to reply on this 😢😢..seems this being the most liked comment
Great suggestion! I can add a flood map video to the cards in the future!!
Thanks @@lukewiles1that would be terrific 🎉
Luke, mate, are you okay healthwise? Watched this viedo in the new year after few months break, you look very different.
Hey Tanveer. Thanks for checking in! I've got a condition called Alopecia Areata. It started around mid-late 2023 and ended up losing all of my hair by christmas. I might lose all my hair / eyebrows. I'm most sad about the beard haha
I agree with all of what you said here. Great video. So much conflicting information, it's hard for beginners to get their head around!
There's certainly a lot to unpack when you dive into property more!
Great video! Very informative! 👌
Thanks for watching!
Great video Luke! Love it :)
Thanks mate!
On point 👏🏻
This is pure gold! Thanks Luke.
Glad you enjoyed it!
I always wondered about those Brick Syndicates, it makes sense in some respects but when you think about it, the company/Syndicate is really the only one making the true money.
I've always said flips have gotten hard, unless you're a builder and can do everything, but you still have to provide the 6.5 year warranty and you'd probably make more money doing another job.
Some good content thanks. Did some cosmetic improvements recently and it worked out really well (paving, new handles etc). The right minor renos and landscaping on your own home can create a lot of eventual cash too although you would want to be looking to eventually move to a cheaper market to make the most of it, so yeah that can be overrated.
Exactly!
Good stuff! We've seen great value uplift in from buy and hold cosmetic renos
Not too many that I disagree on. I like that you guys get in and do some work yourself. I think it’s the best way to create your own equity. Not too many people want to put in the sweat equity but I can guarantee it works.
Hard work has certainly paid off! We've had good success buying, renovating, refinancing, and going again
Thanks for the video. Very informative.
Careful with Granny Flats, may have CGT issues here, and may lose your tax free capital gain.
I'm glad you pointed out that the long term average for interest rates is 5% - 6%. People will really need to get used to the current levels. A lot are focussed on them cutting, I am not so sure that there will be a significant rate cut in the short to medium term unless there is some black swan event. 2% in Australia is unheard of and I would be surprised if we ever go there again in my life time.
Great to hear your insights! I would personally only consider a granny flat on an investment property where you can legally have two leases, one for the house and one for the flat
@@lukewiles1 Good advice. Some people may initially think lets cut "our" back yard in half, build a granny flat and then rent it out.
Great video.
Thank you 😊
Im a single parent and i want to buy. Im torn between buying for myself (3 bedroom) or just buying a cheaper 2 bedroom unit for an invest and staying in my rental.
Definitely agree the cheaper properties can work!
Great summary! If people adhere to all of these points throughout their years of home ownership and investing, they’ll become very wealthy.
One more tip - start as early as possible.
Thanks appreciate your kind words! Looking to help more people with this kind of content
Another reason why the flip option is also overrated is short-term fluctuations in the market. Your flip occurred during a small dip in the market which really ate into your margins. If your flip was in the first quarter of 2024, it would have gone differently. It's too hard to predict the market short term. A flip, where you live in the house, over 1-2 years, makes more sense, since you don't pay capital gains. But still agree it's overrated, especially quick flips due to increased risk and tax.
Great video, just have to say that you definitely need to run your numbers properly in order to do a profitable flip, its very much doable
We made profit, just not as much profit as we would have liked
@@lukewiles1 I watched that as well, another good video and good from you to show us the process you went through.
I've also seen how other people do the flipping process but what I've realised is that you have to run through the numbers before you decide to buy the property. Have to agree with you though that is a much better decision if you do a Reno and keep the property, but for that also one has to run the numbers beforehand for that to make sense.
Some of the people and strategies you talk about are done by people that are worth $50 -100M + So to say they don’t work is only for your experience or opinion. They obviously work for the people that have done them
Thank you PK. I did your course years ago and always watch your videos, I keep up on the weekly mentoring videos on my own time too. This is the year I finally get my foot in the door.
I’ve learnt so much and it all started with you!
PK’s wealth has been made by selling courses for $6k a pop.
Do the maths. Has he sold 1000 courses? Probably a lot more.
Good luck to him, but the truth is that his “retirement” is being subsidised by people like you, and not his property portfolio.
You don’t buy multi million dollar houses on the Gold Coast with passive income from a resi portfolio like his.
@@jimm3379 That doesn’t mean the methods don’t work. Thats like saying TAFE or Uni is useless because they make profit?…
The goal is to invest wisely for a good ROI and that’s what he teaches. I didn’t know anything about property and the course was a great investment. I’m genuinely confident that I don’t need to use a buyers agent because I know what they know.
I thought the same thing. Very scaleable business model for him. He seems to have die-hard supports though, so good luck to him@@jimm3379
@@jimm3379100%
your thumbnail video showed a picture of dave ramsey ... so i thought you were gonna do a portion on your view on his advice ........ but you didnt 😞
Ravi is full of it.
Mate heaps of coin in flipping - I think you did it wrong.
I'd say I definitely did it wrong based on the profit haha
What part do you think they did wrong?
@@kyleperrin4 wrong area demographic, perhaps over spent on the reno not understanding the market correctly ie who the buyer would be, perhaps overpaid for the property to begin with, not doing the accurate research on what a renovated property in the area was going for… I could go on. Big money is being made out west. I’m about to start flipping but I completed a
Course first and done a tone of
Research. Unfortunately you can’t just buy a ‘Reno’ property anywhere and do
It up and expect big results - you need to research.
@@lukewiles1 you picked Aspley - not much profit in higher end areas I’m afraid. Perhaps one day but not
Right now. The market is
Screaming for
Properties $700k and under
@@chookie131 yeah okay cool, that makes a lot of sense. Where did you do your course?
It will take you 20 years to get your money back if you build a granny flat
What about the capital value? 20 years to get the money back is just based on cashflow
@@lukewiles1 There are better things to invest 250 grand into than a granny flat.
Granny flat are much cheaper than 250k.
A 16 sq 3 bed house is 250k
@@lengerer I said 150k to 250k.... some granny flats are 70sqm and some are 100sqm. Plus carports, fencing, landscaping
@@lukewiles1 sorry mate, I tagged wrong person. My comment was directed to the other dude
Sorry but you just don't know how to buy property for flip and that's why you rate is overated. I am happy to share examples where we made 20% in 6 months or extrapolated 40% per annum.
Is this before the recent boom? Is this every year? Did you include the time you spent on the job? Curious not being an ass.
@@xsaviour755 Brisbane market was pretty quiet in late 2022 and early 2023.. even during that market l had the same return.. much more than 20% in 2024.. and will have 2 more in the second half of this year which irrespective of the market will still give 20% plus return.. when times are bad you just need to wait a bit longer like 30 more days on the market.. but most people overestimate their selling price and underestimate their reno costs.. so it doesn’t work
@xsaviour755 under any market condition. Poor market condition is 15-20% return in 6 months, good market condition is 30-40% rerurn. Most people overestimate selling price and underestimate renovation costs and that's why the deals doesn't work.