Investor Mistakes: Treating it as a hobby, not a business

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
 
Property Investment is a business, not a hobby.
 
Or so I thought.
 
With property, we are dealing with big numbers and although I knew it was a business, in reality I never really treated it as such. As a result, in the early years I only got the results one would expect you would get by treating it as a hobby.
 
In my naïve way of thinking, getting a tax refund at the end of the financial year was a great thing. I remember being ecstatic that in some years my tax rate was in effect 0%. That meant that all the tax I had paid through the year was refunded to me. Why? Because I had a huge amount of losses to offset against my personal income. My properties were making a huge loss year on year and I was excited.
 
However, if we...
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INTERVIEW: GRAEME FOWLER & KATRINA LUKIES. New Zealand Property Investors and Traders

This is a unique opportunity to learn from the best! Come and join Phil Thompson from AssetLab as he has a no holds barred conversation with powerhouse property investors and game changers Greame Fowler and Katrina Lukies.

 

CLICK HERE TO LISTEN TO THE FULL INTERVIEW

 

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.

 

When you are ready, here’s how we can help you succeed:

1) Join our Facebook page for free training, updates, and chat.

2) Join us at an upcoming course or workshop. Subscribe to stay in the loop or check out our homepage: Events on our Homepage.

3) Get in touch for a chat about how we can help you with our selection of programs and coaching options.

4) Check out the incredible value in the Assetlab Masterclass HERE

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KEEPING YOUR HEAD IN THE GAME: Property Investment Success

What does mindset and personal development have to do with property investment and wealth creation?
 
Well…Everything.
 
AssetLab’s philosophy is to “Work harder on the INVESTOR than on the INVESTMENT”
 
Now I hear some people saying “Nope. We’re Kiwi’s. We don’t like flowery stuff mate; just give us the nuts and bolts and we’ll be ‘right”
 
If only that were true. It does seem that way on the face of it of course but the reality is far from it.
 
Let’s face it, most of the Property Education principles taught in NZ are not new. Most of the information can be found if you look hard enough; Books, Forums, Investor Associations, Good ol’ Google, it’s all out there. A lot of it for free.
 
AssetLab are in the business of Wealth Education so it may seem like we’re bias towards it. And you are right, we are.
 
But we encourage free...
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Meet the Assetlab Team

We would LOVE to hear from you! We love to talk about property and help you with your property challenges and goals. It’s what we do (and we’re really good at it. Whew!)
 
Breathe easy, we don’t hold ourselves out to be Guru’s, Super-Stars, Masters-Of-The-Property-Universe, or anything other than who we are. Our expertise is in property and helping people achieve success in property but we are a team of normal Kiwi’s who love to help.
 
 
Stay on touch with ALL of the team and get lots of free training by joining our Facebook community HERE.
 
Here we are (mug-shots and all):
 
Sally
Sally is one of Assetlab’s awesome property coaches and along with James is one of the team’s trading and renovation experts. She is a highly experienced property trader and has traded and/or renovated over 100 properties. She also has a growing rental portfolio of positive cashflow properties, and is an absolute...
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Property Investor Mistakes: Overcapitalizing on your renovation project

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
 
Property Investment Mistakes: Overcapitalizing on your renovation project
 
One of the biggest mistakes I see investors make is overcapitalizing when renovating properties, both trading and within their buy-and-hold portfolio.
 
And yes, I am guilty of falling into this trap over the years as well.
 
It is funny because everyone is so objective when it is not their property, however, the minute they have ‘skin in the game’ the emotional attachment seems to set in. Suddenly, the matter-of-fact demeanour of sticking to the budget can morph into a splurge here and a splurge there when it is their own property.
 
It is not so much the extra $20 for a light shade that matters, but when you add up 10 of those throughout...
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Property Investor Mistakes: Getting the all-important Tax and Accounting Issues wrong

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
 
Investor mistakes: Getting the all-important Tax and Accounting Issues wrong
 
 
Our current government is intent on kowtowing to the masses and ensuring that the “greedy and capital driven” rental investors “who make money from doing nothing but holding property”, are no longer able to make quick capital gains or deduct rental losses, and have put in place the following changes:
 
Brightline Test
This initially meant that if you bought and sold a property within two years which wasn’t your family home then you paid tax on any gains, this has now extended to five years.
Our feeling on this is that most rental investors are in it for the long term anyway, if they do make a profit within a two- or five-year...
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Investor Mistakes: Making decisions with our heart and not our head.

 
Becoming Emotional
 
Making decisions with our heart and not our head. We’ve probably all been guilty of this at some stage in our lives. Becoming emotionally attached to something that leads us to start acting in such a way can cost us in many ways and it’s no different when it comes to a property transaction.
 
For most of us, a property transaction is likely to be the biggest one we will undertake in our lives. For some of us we may only do this once. For others, particularly those of us that are looking to grow a portfolio and or trade properties, we may do this many times over. If we are making decisions purely based on emotion, rather than logic, this could quickly begin costing us tens, if not hundreds, of thousands of dollars.
 
We once met a client in our early days of selling real estate. She had been to a property seminar and thought that investing in or trading property was a good idea. She was ‘cashed...
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Property Investor Mistakes: Not knowing how to negotiate

Not knowing how to negotiate can cost you thousands!
 
The art of negotiation in Property Investing is key. You may have been told that a great investment is all in the purchase and this couldn’t be truer.
I myself was an awful negotiator when I first started property investing. Rather than having that awkward conversation with an agent about how my offer would be $80,000 below the asking price on a property, I would just walk away from it. I would often find out that eventually it would sell close to what I would have offered. The problem with walking away is that I missed my opportunity to help condition the vendor or to find out where they truly sit. Also had I offered, then the agent would have thought of contacting me when the vendors started to become realistic. I may have then had another opportunity to try and secure the deal.
 
Not only have I made mistakes with not knowing how to negotiate I have also witnessed them. Through...
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Fundamentals of Property Finance for Successful Investment

In this video David Windler (Mortgage Broker of the Year and top NZ broker) talks you through the basics of investment finance, which will get your mortgage learning off to the right start.
 
 
Any questions? Ask away on the Facebook Forum.
 
Important Update: When we recorded this the bank deposit requirement for investment property was 35% (65% LVR). It’s now 30% deposit (70% LVR). The principles still work, just the math is different.
 
You can (and definitely should) contact Dave and his team here: Mortgage Supply Company
Enjoy!
 
 
When you are ready, here’s how we can help you succeed:
1. Join our Facebook page for free training, updates, and chat.
2. Join us at an upcoming course or workshop. Subscribe to stay in the loop or check out our homepage: Events on our Homepage.
3. Get in touch for a chat about how we can help you with our selection of programs and coaching...
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Why We Love Property Investment

There are a stack of reasons why we, at AssetLab, love property as an investment vehicle so much!
 
In this video training Phil covers our Top 10. 
 
 
Any questions? Ask away on the Facebook Forum.
Enjoy!
Arn, Phil, Sally, James and Janine.
 
 
When you are ready, here’s how we can help you succeed:
 
Join our Facebook page for free training, updates, and chat.
 
Join us at an upcoming course or workshop. Subscribe to stay in the loop or check out our homepage: Events on our Homepage.
 
Get in touch for a chat about how we can help you with our selection of programs and coaching options.
 
Check out the incredible value in the Assetlab Masterclass HERE
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