Research

Why this investor started investing for his family

By Bianca Dabu
Andrew Third

Andrew Third, like many people, got into property investment by pursuing the great Australian dream of buying a principal place of residence and paying it down—but instead of ending his journey when he got his growing family their own home, he went on start his own business of creating wealth through investment properties and eventually building a three-property strong portfolio.

The property investor and his wife bought their family home in December 2006 at Hornsby Heights.

“Investing, at that time, was not really in our minds. It was more like we want to settle down and buy a house... We didn’t really save much. Pretty much everything went into the house… [to make it] a bit nicer for the family,” Andrew shared.

Eventually, the couple got into reading about how property investment could help them create wealth and ultimately ensure long-term financial security for their family. Seven years after they bought their principal place of residence, Andrew and his wife finally bought their first investment property in Newcastle.

“There was a period of time that we’re just doing all the readings… [We thought], ‘Okay—we want to get an investment property but we just don’t know how. Do you have family members that are into property investing? Do you know where to start?’ It wasn’t until a work colleague mentioned someone working for him [that we got started]. We went and saw the same people and they put us on the path to property investment,” Andrew said. 

“Over that period of time [between 2006 and 2013]… jobs have moved on, wages [have] increased. We just took out equity out of our home and borrowed against that to buy our first investment property.” 

The couple met with a strategist who laid out all possible plans for them, and from there they were able to add a Newcastle-based four-bedroom house and a Queensland-based off-the-plan townhouse to their portfolio in a span of three years.

While it’s easy to say that things have been working out well for them, Andrew admits that they have a long way to go in terms of ensuring that they actually achieve their long-term financial goals. From the moment they bought their first investment property up until today, according to him, “it’s all an unknown”.

“It was kind of just ‘Let’s try it and see what happens.’ I want to do something and see how it works… so we gave it a go, gave it a shot… [It was just] a lot of reading, researching, talking to people… Sometimes, I have those conversations with my wife, like ‘How can we afford this?’ or ‘How do we progress with the kids in our life?’ But I guess we’re still young. We’re both 33, so we’ve got plenty of time ahead of us,” he shared.

His advice to budding property investors: Read up, prepare yourself the best way you can, and just give it a go. Don’t get stuck procrastinating.

Andrew said: “Knowing what I know now… I probably could have done better but I don’t regret it. We’re in it now so let’s just see where that takes us.”

Smart Property Investment’s Vivienne Kelly concluded: “Information overload… [that] could get paralyzed. You’ve got to start somewhere. You’re never going to know everything.”

Tune in to Andrew Third’s episode on The Smart Property Investment Show to know more about hitting serviceability walls when facing parental leave, the realities of buying off-the-plan, and how he's tackling the unknowns that come with investing in property.

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  ["title"]=>
  string(51) "Boost for investors as app sets up off-site bidding"
  ["alias"]=>
  string(55) "boost-for-investors-as-new-app-sets-up-off-site-bidding"
  ["introtext"]=>
  string(144) "

Property investors are now able to identify and bid on auctions remotely using a new live-streaming functionality launched by Gavl.

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Called “Request an Auction”, the new functionality enables users to watch and bid on any Sydney or Melbourne auction remotely.

Through Gavl, prospective buyers are now able to register to bid on their preferred auction. The platform will obtain permission from the listing agent and confirm within 48 hours.

Vendors can also request to have their auctions broadcast to a larger buyer audience.

Co-founder Joel Smith said that auctions streamed on Gavl attract 47 per cent more viewers than traditional ones.

He said that Request an Auction will be valuable for remote buyers.

“Buyers are able to have Gavl attend any auction they nominate, so they will never have to miss out on an opportunity due to logistical complications in physically attending the auction.

“Vendors, too, have the opportunity to directly book an auction with us, so they can open up their event to buyers all around the world. With more potential buyers, they’re giving their property the chance to receive more bids and maximise their sales result.”

Mr Smith said that prior to the Request an Auction app, buyers were limited to what they could achieve through the Gavl technology.

Gavl is a live-streaming and bidding platform for real estate auctions.

Mr Smith said that it has streamed more than 6,000 auctions, which have achieved 3.5 million views from 50 countries.

Gavl’s Request an Auction function is currently being offered in Melbourne and Sydney only.

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Boost for investors as app sets up off-site bidding
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Having to split her time between Hong Kong and her original base of Sydney has not slowed Julia Tita’s goal of building a high-performance Australian property portfolio. Instead the resulting alterations to her strategy have positively impacted her investing success.

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Having recently purchased her 6th property, Julia joins host Tim Neary to discuss her journey, share her ups and downs over the years, and reveal her thoughts on why some properties are better than others.

Julia also explains why she no longer makes a move without the help of a buyer’s agent, why working with a strong team of specialists is extremely important and discloses her long-term property ambitions.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Eagleby
Charters Towers
Townsville
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Sydney
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Melbourne 
Glen Iris
Bondi

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How a move to Hong Kong impacted Julia’s Australian property goals
object(stdClass)#1191 (52) {
  ["id"]=>
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  ["title"]=>
  string(88) "‘Common’ referrer practice of being paid on both sides of the fence coming to an end"
  ["alias"]=>
  string(82) "common-referrer-practice-of-being-paid-on-both-sides-of-the-fence-coming-to-an-end"
  ["introtext"]=>
  string(246) "

The practice of property investment firms sharing undisclosed kickbacks among the supply chain involved in development sales will be outlawed in NSW on 1 July this year under the Real Estate Reform being handed down by regulators in NSW.

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Property commentator and valuer, Suburbanite’s Anna Porter, said the reform will address conflicts of interest.

She said they arise when a mortgage broker, accountant or financial planner receives part of the commission from the property firm, who receive their fees from the developer or seller.

“This puts the broker into a position by which they are being paid on both sides of the fence,” she said.

“Until now this has been a grey area and there was nothing stopping this practice.” 

Ms Porter said this has been a common practice in the industry.

"Some well-known mortgage broking firms openly admit to receiving $5,000–$10,000 per referral in their pocket.”

She also said this process has been going on for decades.

"Property investment firms commonly pass some of their commission on to the mortgage broker, accountant or financial planner as a reward to them for passing on the referral. This means that many brokers or financial service providers are making significant amounts of money just to refer on to a property firm, often totalling hundreds of thousands of dollars a year," Anna Porter said.

Ms Porter said the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017 will be in force from July this year, and will prohibit this practice unless the broker or referring partner also holds a real estate industry license.

"Under the new laws, if the broker takes a referral fee from the property firm, they will have to be a licensed real estate agent and also hold a corporation’s license,” she said. 

“Subsequently, every transaction that they receive a referral fee from, they will be putting their license up against the transaction and taking full liability for the conduct, practices and outcome of that transaction, even if they have little to do with the transaction; they are a party to it financially and therefore take as much risk as everyone else in the transaction.”

Mr Porter said where a referrer holds a real estate license, and receives a part of the sale commission, they may find themselves in breach of the ethical requirements under the act.

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‘Common’ referrer practice of being paid on both sides of the fence coming to an end

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