How I made my first million: Investment coach says being rich is within most people's reach

ORIGINAL ARTICLE HERE

Stuff's series How I Made My First Million talks to millionaires about how they got there. This week, it's property investor and coach Steve Goodey.

How did you make your first $1m, how old were you?

Looking back it would have been in my mid-30s.

I started buying houses to keep them as rentals in my early-20s, well before I'd bought a house to live in myself. I think the first house I bought to live in myself was my fourth property purchased.

I sold that first owner-occupier home to buy the second, which I still own and I'm currently living in my third home.

In the last 20 years I think I've bought and sold, traded, or renovated about 3000 houses, some for myself but most for clients whom I've coached.

You never really wake up one day and say "Oh wow I'm a millionaire" it's more likely you do a lending application that asks you for your assets and liabilities and the number under the heading "Total Assets"  has the second comma in it for the first time.

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Airbnb: All but dead?: Steve Goodey

Airbnb: All but dead?

I wrote an article about moving my Petone, Lower Hutt 3 bedroom property from a long term rental to a holiday rental on Airbnb a few weeks ago.

https://www.stuff.co.nz/business/117932670/property-investor-my-house-makes-extra-1100-a-month-on-airbnb

I took the house from being rented at $700 per week ($36,400 pa) to getting $5,500 per mont from airbnb and booking.com ($66,000).

Some what astounding figures when you think about it but you need to consider the reality too that I’ve been paying $1,100 per month in cleaning fees, toilet paper, power and maintenance that’s over a above the previous arrangements.

I’d say in all reality my profitability is probably up by $800 per month or $9,600 pa, which really just makes it boarder line as to being worth doing or not.

 

What you need to consider is the cost of furnishings, the time it takes to...

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The best spend when renovating for profit: Steve Goodey

The best spend when renovating for profit

Quite often, I am asked what my “top 5 tips” are for renovations and where you’d get the most bang for buck. This is a hard question, because it largely depends on what each property needs.

I tried to answer the question the best I could, in an article I wrote for Stuff.co.nz a few months ago.

https://www.stuff.co.nz/business/117778203/heres-what-to-invest-in-if-you-want-your-renovations-to-put-money-in-your-pocket

Although the market has changed significantly since then, the advice still stands the test of time.

 

 

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LVR restrictions are gone – what it means to you: Steve Goodey

Original article here: https://www.stevegoodey.com/lvr-restrictions-are-gone-what-it-means-to-you/

Every commentary at the moment, is talking about the Reserve Bank getting rid of the Loan to Value Ratio restrictions.

People are saying it is a good thing for the market, but nobody has yet to explain why.

What does this mean for the investor and for the market as a whole? Is this move enough to “save” the property market from the impending recession?

 

So I grabbed some paper and tried to map out how it would actually pan out for the average property investor with a home plus two rentals. I discovered some interesting results.

I’d appreciate hearing what impact you think this will have – so post something back on Facebook and tell me how you see this going down.

  • Full credit to my cameraman/eldest son for the steady camera work.
 

 

 

 
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Six Rules to kicking Ass in Life: Steve Goodey

6 Rules to Kicking Ass in Life.

Six Rules to kicking Ass in Life:

 

1, You are your only competition, everyone else is either there to help or slow you down.

 

2, Earn, save then invest then spend.

 

3, Avoid people who are negative sap your time or energy or add no value.

 

4, If you don’t go after it don’t be shocked when you don’t get it.

 

5, Any failure is one more failure closer to your goal.

 

6, Those habitual things you do every day will decide your future.

 

Agree? Disagree? Did I miss any?

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Save your short term rental: Steve Goodey

Save your short term rental

Original Article here: https://www.stevegoodey.com/save-your-short-term-rental/

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Statistics show that 1 in 5 guests who visit New Zealand stay in Airbnb accommodation. That amounts to 8.8 million nights or 18 percent of the total short-term accommodation market.

It’s no wonder that the wider short-stay/self-book accommodation market neared $400m in revenue last year in New Zealand Alone.

That was of course until New Zealand closed for business this March, effectively ending the international tourist market for the foreseeable future.

Large numbers of short term accommodation suppliers, myself included, had 100% of their future bookings cancel in a few short days. The only saving grace being that some of us had a fairly robust cancelation policy in place to protect us from last minute cancellations, or so we thought.

Unfortunately for us...

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Which people will be “Most” affected by no LVR?: Steve Goodey

Original Article here: https://www.stevegoodey.com/which-people-will-be-most-affected-by-no-lvr/

The removal of all LVR restrictions is going to be a massive change in the property market mainly for the first home buyers. This is actually a good thing for investors too.

In this quick video I explain why.

 

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Getting Access to Money in the era of Covid-19: Steve Goody

Original Article HERE: https://www.stevegoodey.com/getting-access-to-money-in-the-era-of-covid-19/

It sure looks like there’s going to be some changes in the property market in the next few weeks and months.

Interest rates are round 3% and looking to stay there for at least a year, the restrictions on loan to value ratios are being removed and banks have been told they can relax their lending criteria from the reserve bank.

Add to that consumer confidence levels, unemployment rates and tourism numbers at zero and you can see a lot of uncertainty and equal amounts of opportunity.

I plan to start exploring this and getting my “Ducks in a row”, first thing I need to do is get some funding so I called my mate Dave Windler to see if we can make any sense of it all.

 

 

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