EPI 086 | The right mindset: Interview with Jill McIntyre

Things we talk about

custom_year_bullseye_13194 (1)  
What’s news

  • Mastermind Jo’s goals for 2014
  • Kaz’s goals for the year
Jill McIntyre Your Mindset’s Role On Your Success

Quick tip and action

  • Need someone to keep you accountable?  Send us your goals for the year!
  • Take a good look at those things you are not achieving or putting off and ask yourself ‘What is holding you back?’



EPI 085 | Which way is your path to success? Part II

Things we talk about

 Buy and hold What’s news

  • Reno project bombshell!
    Mastermind Jo goes solo!
time frame The Path to Success Part II

  • Factors which determine your
  • Time frame
    • Short-term goal
      to quit—heavy
      cash flow bias
    • Long-term goal—
      balance cash flow
      and growth
  • Risk profile
    • Faster strategy
    • Mining towns, student
      accommodation, buy-reno-
      sell, development
  • Activeness
  • Financial situation


Quick tip and action

5-year target
  • Set your five-year goal
  • Work backwards from there,
    planning out years 4, 3,2, 1 



EPI 081 | Which way is your path to success?

Things we talk about

Contract What’s news

  • Finding another reno project
    (not THAT easy, it seems!)
  • A contract mistake that could
    cost a lot of money
woman_pointing_at_success_400_clr_7860 The Path to Success

  • How to determine your strategy
    in property investing
  • Goal — what, when, how
  • Strategy — how
  • Timeframe
  • Risk profile
  • Activeness
  • Financial situation
  • Creative financing

Quick tip and action

  • Write out your goal
  • Write out a statement of your



Financial Freedom—Fast-tracking your success


We’ve been writing about financial freedom and how property investing can be your tool to achieve this. Below are the links to the first two parts if you missed it:

Financial Freedom—Finding the holy grail in property investing
Financial Freedom—Determining your approach to investing

In this post, we conclude our series by giving you tips on how to fast-track your way to financial freedom


The first is education.  Obtaining a good foundation of investing knowledge, regardless of your chosen strategy, is imperative.  It will stand you in good stead whatever path you choose.  You can do this by reading books and magazines about investing, attending seminars or undertaking a course.education

The second is to find yourself a mentor.  This can be someone you know such as a friend or colleague, or it could be a mentor that you pay to receive advice and guidance from.  A mentor will certainly not do it for you, but if you can learn from the lessons and mistakes of others and have someone steering you in the right direction, then you will certainly reduce the time and effort required to reach your goals.  The key to getting this one right is finding the right mentor for you.  Find someone who has done what you want to do, using the same or very similar strategies to those you intend to use and soak up everything you can from them.

Decision and Action

Now comes the bit where you commit.  Everything starts with a decision.  A decision that you are going to do this, you are going to make it happen.  Making that decision will put you in the sort of success mindset that you will need to be in to drive you into taking action.

Take action

If you did that little exercise that we started with earlier, looking at what your ideal day would look like if you were financially free then you will already be experiencing some of that feeling of being free.  You’ll already have some motivation to get you going.  Think about this frequently and it will drive you to pursue your goal and to take action.

Action is really the key that will set apart those who achieve their financial freedom goal and those who don’t.  Many people talk the talk, but much fewer take action.  You will need to take action.  In fact, you’ll need to become a habitual action taker as it will be massive and repeated actions that will get you there.

The specific actions that you will need to take will depend, of course, on your goal and your strategy.  You should take some more time to conduct a planning exercise to identify your next action steps and put timeframes against these.  Schedule time each week or month to assess progress toward your goal, assess how you are tracking and set yourself the next set of actions.  Be constantly striving toward the next step.


In this article we’ve talked about ‘the point’ of investing in property, which for most people we decided was achieving financial freedom.  Not needing to work, having enough passive income to sustain yourself and your family in a satisfactory manner.  We know that people can and do achieve this goal through investing in property to create wealth and that there are several ways to go about doing it.

GoalWe’ve talked about creating your overarching goal for your investing.  You need to know what it is that you are trying to achieve. We talked about several of the key factors that will influence the strategy and approach that you will need to take and how you will need to make some decisions about your investing strategy so that you can have a clear path in mind for how you intend to reach your goal.

We’ve talked about how the road to success can be tricky, there can be a few detours along the way and sometimes it doesn’t always pan out as you thought, but so long as you know your destination and you keep your overall momentum and direction going the right way, then you’re winning.

We’ve also talked about the importance of educating yourself in the foundations of investing and how finding someone who has achieved what it is that you want to achieve who can play a mentoring role can fast track your success.

We’ve covered the fact that only you can make that decision that commits you to action and to then go on and take those actions.

I really hope that some of the points made in this article have resonated with you.  Here is a succinct summary.  Use it as an action list and go out there and make it happen!

Goal:  Decide what you want to achieve

  • Strategy: Plan how to intend to get there (strategy)

  • Education: Educate yourself

  • Mentoring: Find a mentor

  • Decision: Commit to making it happen

  • Action: Identify next steps and take massive and repeated action toward your goal



Getting your head right – 4.Knowing your endgame

Now if you’re a regular listener to our show, Everyday Property Investing, then you will have heard us ‘banging on’ about your goals.  What are your goals, are you actions in line with your goals and so on.  We mention goals so often for a reasons – you need to have one!

Most people start investing without a goal or they have a very vague goal that they haven’t really thought through.

Me included.

When I started investing I had a ‘mantra’ of ’15 by 50′ which meant that I wanted to own 15 properties by the age of 50.  But really, what does that mean?  I needed to dig deeper than that and work out what was my ‘endgame’ and how I was going to get there.  What specific strategy did I plan to implement?  What were my 15 properties supposed to deliver?  Now, I’ve actually changed my goal as I have evolved as an investor, but you get the point.   You need to, in the very wise words of Steven Covey (7 Habits of Highly Effective People) ‘Begin with the end in mind’ – your exit strategy.

You first important step is to work out what you endgame is.  I’m going to assume for most people, what they are looking for from property investing is that they are looking to achieve ‘financial freedom’, meaning that they are no longer obliged to ‘work’ for money to sustain themselves and their family to live.  Financial freedom is having the choice to spend your time as you wish to spend it.

How much money do you need?

So the first question is to work out how much money you will need to reach that point of financial freedom – and this will be different for everyone.  How much money would you need to live on per year?  Now you can be as extravagant as you wish, but that will only mean that it will take you longer to get to that point.  So really think this through – if someone said to you that you no longer need to work for a living but you need to live on, say $50k per year, is this enough for you?  Maybe you loath going to work every day, so $50k would absolutely be enough for you to throw in the job you hate.  Or perhaps you like your job, so you’d be happy to keep working for another 5-10 years extra to give you a better retirement salary.

Let’s assume that you decide that $100k is a nice round number – because, well, it is a nice round number.  And one that I reckon I could live on!  So, to obtain $100k per year, you’d need at least on of the following:

  • $100k of passive income from rental properties – let’s say  roughly seven fully owned properties fetching approximately $300 per week (assuming approximately 7% management costs and 5% maintenance and expenses per annum).
  • $2 million dollars in the bank (assuming 5% interest).
  • A cash flow generating development project or renovate and flipping strategy that was yielding at least $100k per year

So work out what you magic number is.

How do you plan to obtain the money  from your properties?

The second question is then how will you use property to achieve this:

  • Is your plan to buy many properties and then sell them all to live off the interest of the profit you have made?
  • Is your plan to live off the passive rental income from your investment properties?
  • Is your plan to buy, renovate and sell properties to build up enough money to retire?
  • Is your plan to develop properties for profit or develop and keep them?

What is your timeframe for achieving financial freedom?

This is a big question because the type of investing and property transactions that you will be involved in to reach your target by your timeframe will need to be aligned with the timeframe in which you want to achieve your financial freedom.

If you realistically want to quit your job in 5 years time then your strategy and methods will be very different to someone who has 15 years to make it happen.  You need to think this through very carefully.  Getting there faster can mean using strategies and techniques that may have a higher risk that others.  This may or may not suit your risk tolerance and risk profile.

What I have found for myself is that I initially chose one particular method (positive cashflow buy and hold), but worked out during the course of my journey that this method was just not going to get me there fast enough!  I then decided to introduce other methods to ‘fast track’ my plan (renovation and development).

Determined yet flexible

You need to be determined and committed to your goal.  Committed enough to weather the tough bits and to keep striving to reach it.

You also need to be flexible enough to assess and revise your goal along the way.  We all change and evolve as investors and as people.  For me, in my earlier investment journey I was committed to building wealth, nowadays, as I have evolved as a person, my priorities have changed.  I would be happier with much less if it meant I could spend time with my family doing what I loved – so for me, achieving financial freedom and buying back my time as fast as possible is what is most important and so my ‘magic number’ is lower than when I initially set out on this adventure.

Short Term Goals

We’ve spoken mostly in this article about our long term goal.

But it’s hard to move forward and put your goal into action when you’re looking at this ‘helicopter view’ – you need to get down and dirty in the details.  This means working out the specifics of what you need to do next.

Once you’re happy with your big goal you’ll need to think about all the little steps you’ll need to take in between and to identify a set of short term goals to work on that will take you closer to your endgame.

I’ve covered this in great detail on this site previously, so I’ll refer you to this three part series for mapping out the steps you will take to reach your goal:


EPI 032 | How to get started in property investing with very little money

Here’s a situation we’ve probably all faced at one point or another.

We want to invest in our first (or second…or third…etc) property but we just don’t have a enough money.  So what do we do?

Well…we listen to this podcast!  In this episode we are talking about how to get started in property investing with very little money.  Now some might be thinking there is some magic bullet (the kind that comes with a wad of cash to invest) but it’s Kaz & Den here, not some hypey salespeople, so we’re ‘keeping it real’…er…dude..!

Things we talk about:

  • Working out what you have – assets, equity, cashflow
  • Decreasing expenses
  • Setting goals
  • Increasing cashflow
  • Committing to property investing
  • Partnering up with others for property investing


  • Set yourself a goal to cut expenses/increase your savings by $50 per week right now and commit to it.
  • Put your extra money somewhere to build your deposit – or – if you have a mortgage on your own home then put this extra money on your mortgage.




Your first weekend as a property investor

Property Investing

If you’re one of those people who want to become property investors but just don’t know where to start, this article is for you! Read on and we’ll step you through your first weekend as a property investor. Of course, we’re not expecting you to buy anything (we think you’d be crazy if you did!) but your first weekend should give you a taste of things to come!

Friday evening

Australian Property Investing

Your first task is to set yourself a property investing goal.   This should take about half an hour. Make yourself comfortable, turn off your phone, relax, and start thinking BIG!

Answer the following questions:

  1. What will investing in property give me that I don’t have now? (common examples are more time, freedom, more money, etc.)
  2. What will this enable you to do? (common answers include “I would play more golf”, “I’d go trekking through Nepal/Honduras/Tasmania”)
  3. What are the most important things in your life? (such as family, health, etc.)
  4. With all this information in mind, answer the following questions:
  5. What would I really love to be doing with my life and how could property investing help me?

Your second task tonight is to analyse your risk profile.  Take this simple survey and see where you lie.


Residential Property Investment

Your first task this morning is to go online and take a quick look at your finances.  You need to be able to answer the following questions:

  1. What is my current savings/debt position? To do this, you will need to find your total cash savings and then subtract your total debt, including non-mortgage loans and credit card debt. The only debt you don’t need to consider right now is any mortgage you might have – we’ll explain why later.
  2. How much money can I reasonably expect to save each week (or month, if it’s more relevant to your own situation)? To do this, list your “necessity expenses” such as electricity, rent/mortgage, food and so on. Don’t forget that some expenses such as rates may only be billed annually – you’ll need to find out how much annual bills are and divide this figure by 52 (for those calculating weekly savings) or 12 (for those calculating monthly savings). Then make a decision about which “luxury expenses” you would like to allow for, and how much you will allow. After considering your income, after tax, you can arrive at a relatively reasonable savings figure.

Once you have answered these questions, head down to the local newsagent or supermarket and buy a copy of a leading Property Investment magazine.  There are a few to choose from!  Make sure pick a magazine that includes a data section, showing information such as price, vacancy rates and yield in many different areas.

Now come home and relax – you’re going to spend an hour (or more if you enjoy yourself) reading through the magazine. You’ll probably find inspirational articles about successful investors, insightful articles about what locations might make good investments and possibly a tip or two about how to renovate cheaply and effectively.

Keep a keen eye out for any property groups or mentoring services that you might find mentioned in the magazine – these might be most helpful for tomorrow’s tasks!


Property Investing

You may have already done this, but it’s now time to have a more thorough look at the data in the back of your magazine! Look up the statistics for your particular suburb and answer the following questions:

  1. What is the yield for your area (the location in which you reside)?
  2. What is the median house price and what is the median unit price?
  3. If you were to invest in your area, you’d probably need to have saved about 25% of the purchase price of a property. How much would that be? How does this compare to your savings?

If there is a section which shows high yielding areas, have a look at a couple of locations.  Read our free report (which you receive when you sign up over there on the right hand side of this page!) called “Tips for choosing your investment property location”.  Then listen to our podcast EPI014 |8 Steps to becoming a property location expert.  Follow the steps in the article and podcast and come up with two reasons why these areas would (or wouldn’t) be good for property investing.

And finally…

real estate investing

Congratulations! You have just completed your first weekend as a property investor! Now, a very wise man once said that any experience is worthless unless it’s reflected upon, so please complete your weekend by answering the following questions:

  1. What are three things I learned this weekend?
  2. What skills do I have that will help me?
  3. What skills will I need to work on?and lastly…
  4. Am I ready to invest in property?

Now remember, there are many things we haven’t covered in this article including;

  • Viewing and analysing individual properties
  • Analysing locations to find out which areas are better for property investment
  • Different types of loans that might help you
  • Depreciation and other tax implications

If you would like more information on these, and other, topics then feel free to browse through our website, all of our articles are listed here and make sure you subscribe to our free podcasts in iTunes.  You’ll find a bounty of information in our podcasts, and they’re all free!

Good luck with your property investing!

Setting goals – the key to your property investment success – Part 3

Property Investing - Tracking goals

Phew!  We’ve finally made it to Part 3, the final part of this series on setting goals – the key to your property investment success.

In part 1 we looked at how to go about looking at the various areas of your life and setting your goals.  Then, in part 2, we looked at  identify the actions needed to reach those goals and how to avoid overwhelming yourself and to achieve some ‘quick wins’ to give you momentum.

Hopefully you were inspired to write down your goals and to start taking action.  For a lot of people who take the time to sit and write their goals out – and this is a minority – that will be the end of the exercise for many.  They may even take a few actions, but then life happens, work is busy, the weather is bad, the kids are noisy….whatever it is and goals can quickly become long ago forgotten dreams!  This is where tracking your goals is important.  Not only do you need to know your goals, identify and take action, but you need to follow up, on a regular basis by tracking your progress.

What to measure

Firstly you need to know what to measure, so take a look at your goal and determine what you will be measuring.  If you have set SMART goals then the goal itself will most probably tell you what you need to measure!  So as an example, if your goal is to read 10 book about property investing by December 30th then you’ll need to measure the number of books.

Sometimes you may need to come up with your own method of measurement, so for example, if your goal is to complete a renovation project by December 30th then you may choose to measure it simply as ‘completed’ or ‘not completed’ or you may want to measure incremental progress along the way, so you may measure your progress as a percentage completed against your project plan (you do have a plan, don’t you?!).

How often to measure

The frequency of measurement is determined by the length of the goal and your own personal preference.  The most important aspect is that you choose a frequency and stick to it!   If the goal is relatively short term then weekly measurement may be appropriate, whereas with longer term goals you may want to stick with monthly, or in some cases even quarterly measurement.   Where possible I try to keep the tracking frequency the same on most, if not all of my goals so that I can simply track them all at once.

Setting a reminder in your calendar that will automatically prompt you is a great way to ensure that you are tracking goals at the set frequency.

How to measure

For some it may be enough to just simply sit down and assess where you are at against your goals periodically by reading your goals statements.  Optimally you should record your current progress either on paper or electronically.  My favourite method is definately spreadsheet.  Setting up a spreadsheet with each of your goals running in the left column and then your dates across the top row gives you an opportunity to table your progress.

Now, I’m a bit of a computer geek so where possible I try to make my goal measures to be a numeric value which also allows me to graph my results, providing a powerful visual tool to review.  Visual tools can be very powerful for reinforcing your goals, motivating you and driving you to continue taking action toward your goals.

Speaking of visual tools, earlier this year in podcast episode 12 Den shared how he tracks some of his goals using some really interesting visual tools.  These tools related to his fitness goals.  Over the course of the year, Den has a goal to run a distance equivalent to the distance between Melbourne and Sydney.  He has a map of that distance and each week he updates his progress on the map:

Visual goal setting tools

Den, being the wonderfully fit guy that he is, also has a goal to swim a distance equal to the distance across Port Phillip Bay (Melbourne), over the course of the year – at it’s widest point, of course!  He has a chart for recording his weekly progress also:

Port Phillip Bay ChartAlthough these two examples aren’t related to property investing, you can see how you could make your tracking tool something a little creative to keep you motivated!


So in summary, tracking your goals is important to make sure that you are heading in the right direction and to provide ongoing motivation to you to continue toward your goals.

Tracking is not hard, you simply need to come up with what you’re going to measure, how you’re going to record your progress and make sure that you stick to a regular frequency.  Using visual tools can be a great motivator, so have think about how you could visually represent your goal and get cracking!

Setting goals – the key to your property investment success – Part 2

Setting property goals and actions

So by now, if you’ve been through part 1 of this goal setting series AND you’ve taken the time to think it through and put something down on paper (or on computer!) then you should have a brand new shiny set of property goals for yourself.  Congratulations!  You are now a step ahead of the vast majority of people!

This, however, is not the time to sit back and relax, because the defining mark of those who are successful is that they take action.  So what we are going to do now is to look at our goals and write down the actions that we need to take to move toward and achieve our goals.  There are a few different ways to approach setting your actions, so I’ll be describing the way that I go about it – not that this is the only way, so feel free to amend the process to suit your needs.
When you’re writing down actions there are a couple of things to consider – overwhelm and the need for a ‘quick win’.

Overwhelm – you don’t want to overwhelm yourself, so although it’s tempting to write down a list of 30 things you need to do to achieve just one goal, it may be better to ‘chunk’ some of these actions into one step or to simply focus on the next few actions.  Things seem much more difficult and so much more of a chore if there is a list of 30 things standing between you and your goal.  Exactly how many actions you should write is up to you, however, the idea is that you should be able to look at your list of actions and not be daunted by this list, but rather excited to get started!  For me, I like to write down all of the the steps I’ll need take to get to my goal but then I’ll only focus on the next three things that need to occur and write down actions for these three things.  This way I’m not overwhelmed by how many steps I’ll need to take, rather I am focused on taking action.

Quick Wins – It’s important to get yourself some ‘quick wins’, so I think it’s a great idea to set yourself one or two small and relatively easily achievable actions to get started with.  This has the effect of giving you momentum.  As my good friend Den says, it’s much easier to steer a moving ship than it is to get the ship going in the first place!  Anthony Robbins also has a great philosophy on this.  He says ‘never leave the scene of setting a goal without doing something toward the attainment of that goal’, so he suggests that one of your actions should be something that you can do right now, straight away.

So let’s try an example to get you going:

Goal: To complete a renovation project by December 30th, 2011.

Firstly, I write down all of the steps I’ll need to undertake:
– Educate myself about renovation process
– Assess finances
– Area selection and due diligence
– Property selection and due diligence
– Purchase
– Preparation – materials, trades, etc
– Renovation
– Sale
– Settlement

Now I’ll focus on the next three things I need to do, ensuring that I have some ‘quick wins’.  So my first three immediate actions are:

  1. Watch all DVD seminars from ‘Property Systems Complete Renovation System’ and read manual.  (Note, this is a great renovation product from Dean and Elise Parker, we’ll look at this in some detail in another post!).
  2. Write down my current financial situation
  3. Visit mortgage broker to discuss borrowing capacity and preparations (e.g. pre approval).

Once I have these things underway or completed I’ll look at the next step in the process and create my next three actions.

A great tip for you is to write all of this stuff down, your goal, the steps in the process, the actions for each step and so forth.  Why?  Well if, like me, you are planning on undertaking many property projects in the future then it pays to start getting your systems and checklists down so that you can begin to develop well managed and repeatable processes that you can use in the future.

So there you have it!  That’s what I do to get some action underway on my goals.  You may wish to give this a try or come up with your own system that works for you – the key thing is to make sure you get your ship moving by taking action.

In part 3 of this goal setting series we’ll look at tracking your goals, so stay tuned for that one!

Setting goals – the key to your property investment success – Part 1

Australian property investing - property goal setting

Given we’ve been talking about our property goals, I thought it fitting to give you some ideas on how to go about setting your goals, if you are struggling with it or just haven’t got to it yet.

The start of the year is a time that many people traditionally set themselves some goals for the year to come, also known as new year’s resolutions.  How many people, however, actually take this process seriously?  Serious enough to develop a plan of action, to implement their plan of action and to track their progress against their goals?  Certainly far fewer people than those who write down their new years resolutions.  Goal setting, however, is a powerful tool and often a key trait of successful property investors.  Setting goals achieves several positive outcomes:
– Focuses your mind on the target
– Motivates you to strive to achieve
– Creates a sense of accountability by making your goals real

So how do you go about setting goals for your property investing?  I like to break my property goals down into several key areas:

Education – continuing to educate yourself about property is essential no matter where you are at with your property investment knowledge.  You can do this through the internet, books, magazines, seminars, property groups, courses and mentoring programs.

Projects – this is where I set goals related to property ‘projects’, which to me means things like purchasing a ‘buy and hold’ property investment, doing a renovation project, doing a development project.

Systems – this is where I set goals related to the management of my property portfolio and projects and instituting scalable and repeatable systems that I can use to run, build and grow my business.

Australian property investing - property goal setting

Writing good goals

It’s important that we structure our goals in a way that inspires us to want to achieve them.  So write goals that are positively framed wherever possible.  Also, make your goals ‘SMART’ goals, that is, Specific, Measurable, Attainable, Realistic and Timely.  The most important part of that, to me, is measurable and timely, so make sure you goal is not ‘fluffy’ and set a timeframe.  So when you are writing your goal, ask yourself, how will I know when I have achieved this goal?  This will help you to frame yourl goal in such a way that it is measurable and has a designated timeframe.  So for example, rather than saying your goal is to ‘lose weight’ you’d say your goal is to ‘lose 5kg by March 30th’.

So, lets take each of these areas and work out some goals as examples to clarify the process and to inspire you to write your own goals!

Education Goals:

  • To attend a property investing seminar by March 30th.
  • To read 10 book about property investing by December 30th.
  • To do a property investing course by June 30th.
  • To subscribe to and listen to a property investing podcast each month during the year.
  • To find 3 people who invest in property and spend an hour talking to them about property investing.

Project Goals:

  • To purchase a property and rent it out by June 30th.
  • To save $10,000 toward a deposit by March 30th.
  • To have $40,000 deposit for an investment property saved by June 30th.
  • To complete a renovation project by December 30th.
  • To purchase a development site by October 30th.
  • To source finance for a property investment purchase and have pre-approval by March 30th.

Systems Goals:

  • To setup a tracking spreadsheet for my property portfolio by January 30th.
  • To purchase and implement property investing software by January 30th.
  • To document my property research process and identify checklists that I can create related to property research, purchase and management.
  • To create checklists for property research, purchase and management.

Now these are just some examples to get you thinking, be careful not to overwhelm yourself and really just create one or two goals in each category only.

The next step after this is to look at your goals and write down the actions you’ll need to take.  We’ll look at this stage of goal setting in part 2 of this article.