Are you doing your passion?

This is Luke Moroney for the daily property search podcast. And the topic I’d like to talk about today is, are you doing your passion? Before we get into this topic, just a disclaimer that this podcast is for general purposes only and should not be regarded as legal or financial advice. Make sure you get your own independent advice when it comes to investing.

Being true to who you are

So are you carrying out your passion, your true core to who you really are? It was interesting to meet with an Uber driver today, over in the US where I’m currently traveling, and I took a look at a new bar from central part of California. So it’s a town called Riverside into Palm Springs, Palm Springs, sorry. And it’s about an hour drive away. And in the discussions with the Uber driver, it was interesting to hear about what he’s currently doing. He’s in his mid 70s right now, and most people in mid 70s, probably thinking about retirement or going on cruises traveling or spending time with Greg But he is carrying out his true passion. That true passion is about finding old cars and particular models and make some cartons, doing them up, and then selling them to overseas buyers. And it’s a very passionate way that he’s gone about organizing this particular business and or, you know, being true to who he is. 

So it was a significant discussion for me to see, you know, what he’s actually doing. And it reminded me a lot about what I’m doing in property and what I’ve seen successful property investors do themselves. And I wanted to get across a couple of tips that he actually said and resonated with me that can really help you think about your passion Firstly, but also think about when it comes to property investment investing, have you actually thought about what is what it is you actually going to do and how you’re going to carry it out on a daily basis, or a weekly basis, all the discussions, you can Have constantly about seeing your wealth grow, seeing your property portfolio grow and seeing success at the end. Well, an ongoing success, I should say. So a couple of key points that I wanted to speak about

Going direct to find the deals 

Firstly, when it comes to car sales or that he’s, you know, looking to acquire pre sell vehicles from it was about not going to car shows not saying what is on advertisements, but actually looking to buy wholesale. So he’d actually go around neighbourhoods drove around and look for cars that are the making model that he’s looking at, and, and then knock on doors. Simply speak to the owners of the property, or the owners of the property who have those cars in their driveway or in their garages. And he would go and locate these particular vehicles knock on the door and see if they wanted to sell. He actually said to me that if the wife answers normally I’d get a cell if the husband answers often would be about Bit of a struggle will take a lot longer. So it’s interesting to see those dynamics. And it’s important that the discussion happens between both parties when it comes to the sale of a significant item. And obviously, when there’s an emotion attached, that comes with its difficulties or struggles when you’re looking to buy something off other people. So the whole message behind that is my first point is about buying that wholesale is going direct to find those deals, to, you know, look to get better deals on the resale and the profits that he’s making out of his business.

Sticking to one strategy

The second point I’d like to make is, is really sticking to one strategy. It was a really simple formula. He was looking at limited edition vehicles that were built, you know, back 50, 60, 70 years ago, and actually finding those particular models that were limited edition edition specials and there wasn’t many of the model made and when you are getting to that point of having limited edition, then the price and the supply and demand ratio goes in your favor as someone who’s trying to resell. So it’s really simple. He looked at the, you know, he reverse engineered what the, what the the deal was going to look like and saying that I’m going to sell a car at 120,000 US dollars, I’m going to look to buy that car for around 50 to 70 US and I might do up to 15,000 worth of works on the car, whether it be engine, the outside of the car, and really quickly ascertain whether it is possible to get that deal. So very specific strategy. And when you think about property, it’s the same sort of thing. What are you going to do with the property? What is the value going to be like, you know, once you do a renovation or a granny flat or whatever you’re going to do to that property, what kind of value has laid out who’s actually going to buy that that house from you. Not only Now, but maybe down in the in towards the future. So we really got to think about the strategy that we’re applying. 

Know the product 

The third point I’d like to make in terms of the sale of cars is really the understanding about that particular vehicle, or the works on cars that are required. So he had a true understanding of, and it’s done it multiple times and has that passion behind it, he could really ascertain quickly that he could see faults in a car within 20 minutes by just jumping under the car, I’m gonna look what’s going on looking around the car, and really identify what is actually happening. He even got to the extent of having discussions and that’s where you want to further in your negotiation, see about some of the points and see if it’s really gonna stack up with its true value. Because if there’s so many components that aren’t actually working, you’re gonna have to put more works, you know, more than that $15,000 that he is budgeting for each particular deal. So if he can identify what’s actually happening with those cars, then he can actually look to negotiate on price. So he even actually said to one particular owner, well, that I see that the bumper has a Denon, and then jokingly said, I hope nobody was killed. So getting to that point of not just identifying the issues, but negotiating through creative discussions. So yeah, if you can put words out there like that, maybe you can joke around and build that rapport with the seller. And then you get to the point of actually negotiating on that price. So if they get an understanding that you are knowledgeable and you’re skilled in that area, you can really show them that you’re identifying the process correctly.

Setting up your team

The fourth one I like to make is in regards to setting up his team so he had it he has a team in California as well as people overseas as well and they are equally as passionate as he is. And I think that goes hand in hand. I know with Mark and myself in terms of property buyer’s agents. We’re passionate about what we’re doing in property and what it can actually deliver for clients. And we love the negotiations with agents and enjoy the transactions that we’re making and what the potential it has for people in future. We’ve done it ourselves. We’ve seen the growth, we know it works. We’re learning more and more each day about what goes on with the property. The interactions with our team members gets us more skilled in these areas as well. Thinking about things like a granny flat and what is required on an a particular property. Obviously, we refer and double check things with our granny flat builder. But it’s important for us to get a deeper understanding of what happens in these areas and people that are equally passionate. I know the people that in our team, they’re so passionate about their particular job and what they can deliver to a property deal is significant.

What’s your passion? 

It’s important to actually think about those things in terms of your passion, whether it be property or somewhere else in your life that you continue to do it. And maybe property for you might be something that you’re really passionate about and want to get involved with. By starting out a property portfolio and really get involved in the industry down the track, maybe it’s a position where you run it as a wealth creation strategy for then to be able to do your hobby passionately down the track that you don’t can’t see the whole idea of actually getting an income from that right now. But as you build your portfolio, and you have that backing in that sort of insurance policy to a certain extent, it can actually give you give you dividends in future to be able to quit your nine to five job and get in there and do something a little bit differently and do really, you be really you do your passion and that’s what it’s all about. 

Is retirement a consideration when you are doing your passion? 

And speaking to this Uber driver that’s in his mid 70s and doing his passion right now. We had a discussion around why not retire and You know, he questioned that himself. And a lot of people his age, they go on cruises and travel and so forth, that are actually, you know, look to retire or question him about retiring. But he jokingly said to me that he won’t retire for another 20 years. He absolutely loves what he does. Now, he’s probably not getting into the extent of doing a lot of repairs and maintenance as much as it was in the past, but he’s actually still going out to find the deals. So it’s very similar to us in terms of a buyer’s agent, where we go out, look at the deals and he’s in the same way, and he said he will continue to do it for the next 20 years. So in his mid 90s, he’s going to be still transacting deals, and that’s what’s special and keep the challenges going. Keep the mindset strong, and it really works with helping you individually to keep things stimulated. Keep things going in your life. I don’t think age is a barrier and I know My mother’s cousin, who is in, you know, into her nineties, she just turned 90 now is still talking about property deals. And that’s where I would like to be when I get to that age as well to still stretch, transacting still working my passion. So hopefully that gives you a little bit of insight on some thoughts in comparison to what’s going on with property with car sales and things like that. 

So hopefully, it helps you in the future to think about your passion, property investing and ideas that can help you move forward. So if you want to talk about this subject further or other things when it comes to your own circumstances with property investing places give me a call on iPhone double o 332377. Look forward to talking with you soon. And thank you for tuning in.