Buying

Olympian Matt Abood — A freestyle approach to investing

By Todd Stevens

Olympic swimmer Matt Abood may be best known for his time in the pool in Rio, but for someone who was always trained to stay in his lane, it may surprise you just how much this Australian freestyle champion has branched out with his interests outside of the water.

Smart Property Investment’s Phil Tarrant is joined in studio by Matt, who will share how he developed an interest in property investing, and how The Smart Property Investment Show podcast has helped him in approaching his goal of supporting his lifestyle.

Matt will share the numerous similarities that can be found in sport and property investment, in particular the importance of having a strong support team in place to achieve an end goal.

The pair will also discuss why Matt found it important to shop around for a buyer’s agent, the biggest misconception about property investment that he no longer believes, and the importance of mental preparation in any goal.

 

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: Facebook, Twitter 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!

 

SUBURBS MENTIONED IN THIS EPISODE:

Kingscliffe

 

RELATED AREAS OF INTEREST:

How Gold Coast units can be prepared for the Commonwealth Games
The profits and perils of pools: avoiding over-capitalisation
How a former Olympian found new sport in property development: Ed Fernon's success story
Why property development is a 'long-term game'

 

 

FULL TRANSCRIPT:

 

 

Phil Tarrant: Welcome to the Smart Property Investment Show with your host Phil Tarrant.

            Oh Gudday everyone, It’s Phil Tarrant here.  Thanks for joining us on the Smart Property Investment Show. In the studio today I have Matt Abood. Matt Abood, you might know the name. Matt is a former olympian, was out at Rio, he's a freestyler. Fifty metre, hundred metres I believe and also, he's pretty capable in the pool. I've asked him to come to the studio. Matt's made the transition from being an elite athlete swimmer to someone with a day job now. That doesn't mean going up and down a pool following a black line, working with Commonwealth Bank. He's also an avid property investor. So I've asked him to come in just to share his story of making that transition out of sport into property investment and business but also get an understanding of the way he sees the world in terms of his portfolio and what he intends and plans to do with it.

            Matt how're you going?

Matt Abood:  Well thanks Phil, thanks for having me.

Phil Tarrant: So talk to me about Rio. Good fun?

Matt Abood:  Good fun. Yeah, it was awesome. It was the end of my career as a swimmer, as a competitive swimmer. I didn't know it at the time but I had a feeling that that would be the last swim meet that I would go to. It was an amazing event to represent your country during the Olympics is a, for me it was a culmination of a 10 or 15 years as swimmer so it was fantastic to be there. I had an amazing time.

Phil Tarrant: Is it always a plan? Like as a kid growing up. Like you wanna go to the Olympics, or just evolved into that?

Matt Abood:  There was a point in time that the Olympics sort of popped on to my radar. I grew up in Kingscliff in Northern New South Wales and we were always fortunate enough to have many Australian representatives there and many of them went on to represent Australia at the Olympics. So the Olympics for me was from a young age was something that I was aspiring to be and had a couple of cracks at it along the way and finally got there at the age of 30.

Phil Tarrant: Okay, that's pretty late right?

Matt Abood:  Yeah.

Phil Tarrant: I'm assuming.

Matt Abood:  Yeah, very. I unfortunately missed the London team by a very narrow margin, but got the opportunity to have another go in 2016 and got myself to Rio.

Phil Tarrant: Talk me through the moment of walking out for the opening ceremony. Was that like a "Shit this is actually pretty cool?"

Matt Abood:  Yeah. Or it would have been. As a swimmer, you don't generally get to go to the opening ceremonies because we kick off the next day. And we had quite a strange competition schedule in Rio as the times were aligned for the east coast U.S. tv audience. So we were starting at about 11 o'clock in the day for our heats. That would go through 'til about one p.m. and then the finals would kick off from 10 p.m. at night and go through to kind of one a.m. Which isn't, so we don't think that's too late, but by the time you add in the travel to the pool, the warm up, the race, the warm down and then your protocol afterwards. If you get a drug test, you're lucky enough to get a drug test after finals. We weren't getting back to the village 'til like three, four in the morning sometimes.

Phil Tarrant: Really?

Matt Abood:  Getting to sleep, we're kind of like on a, nearly a night shift there. The Olympics we had all the glass and stuff in our apartments was completely blacked out so we could sleep in and we were getting up at just before lunch and going to have breakfast and things like that. So it was a really strange experience but all the swimmers were in the same boat.

Phil Tarrant: Yeah. So as a swimmer myself, and I smiled saying that. I started swimming from a young age. Your 50 metre freestyle time's about, sort of, five, six seconds quicker than mine. And that's a lot actually, over 50 metres. But I know what it's like waking up every single morning to swim. I know what it’s like to go swimming after school, being in the pool, being in the gym, its pretty heavy going. You've obviously embraced that though. Was that, how did you programme your mind to be able to constantly do that? 'Cause it's a very lonely sport swimming, right? 'Cause you just got your head to deal with really.

Matt Abood:  Yeah, you're in the water by yourself. I think-

Phil Tarrant: Yeah.

Matt Abood:  Towards the end of my career, I sort of cherished that loneliness I guess. Would be, because today were so drawn to phones and computers and notifications and all that stuff. So to have the ability to jump in the pool for two to three hours and just be zoned out and involved and completely what you're doing without being distracted was quite nice but you're right, it can't be quite lonely. But when you, I think like anything, when you're sort of driven towards a goal that you wanna achieve, all that sort of drops by the way side. And I even think about my career in retrospect now and sometimes I think, "How did I do that" or "How did I do those training sessions?" Or those mornings or get back in the water and chase the Olympics again for four years after I just missed it in 2012. So like I am sort of perplexed sometimes at how I did it, but when you're in it and you're chasing, it's like nothing else really matters and you have a goal set in mind and you're gonna get there.

Phil Tarrant: Were you able to flick a switch though as soon as you jump in the water and start swimming. Can you go into a mode where you disassociate yourself with what you're doing and just do other things in your mind?

Matt Abood:  Yeah. In training, sometimes you would turn off mentally on purpose just to refresh and have a think about other things and then switch back on if it was the main set or something coming up that was gonna be quite hard, quite arduous. Then you had the energy to refocus. But in a race, sometimes people ask you "What's going through your head when you race?" And you hope to be as little as possible so when you're standing on the blocks you're just empty minded and you're just in a reactionary state ready to start. But yeah, one of the biggest things I took out of the sport was probably the mental aspect. Did a lot of performance psychology and those sorts of things throughout my career and friendship and all those things as well. So it's great to have some achievements on the board but the skills and the friendships and the experiences that you get through sport, you can't get them anywhere else.

Phil Tarrant: It's pretty cool. And what I hope to extract out of you today, just really using those skills in terms of dedication, diligence, goal setting that you had from your sporting career into how you apply those same skills in many ways it's the same. Into sort of growing a property portfolio because winning in swimming and winning in property doesn't happen overnight. It's perpetual, ongoing, you know, grind sometimes-

Matt Abood:  Exactly, yeah.

Phil Tarrant: As always fun. It comes with setbacks, it comes with wins, it comes with losses. So of playing metaphor between the two. Good mental resilience is critical in elite sport as it is in being a property investor. How do you sort of deal with times, in your sporting career where you're going "Oh, this sucks" or "I don't wanna do this today" or "I'm sick of this" or "Why am I doing this?" How did you deal with that mentally? What process happened inside your brain?

Matt Abood:  It was having, I guess, the anchor of the end game in my mind. And that was always the long game and I think that's the right way to approach property investment. And that's something that is hard. Because like I find myself now, it's one of the things I need to keep on top of, is my patience. So I wanna go out there and do as well as I can in everything I'm doing and one of those things is property investing. After I finished swimming, I sort of had a look at my wife and I's financial position and we'd made certain sacrifices along the way in chasing the swimming and the sporting goal. It's not the most lucrative sport, but. So it was about setting a goal in the future and then working towards that and sort of catching up some time.

            For the swimming piece, missing London, then Rio was the goal and I wanted to be an olympian and I wanted to represent my country in the Olympics so I sort of reset the goal posts and then worked towards that. I made some changes along the way. So I think if you don't succeed the first time, it's about evaluating honestly where you're at and what may or may not've gone wrong. Sometimes it's purely things out of your control and you might be on the right path, you just gotta have a break, refocus, maybe make some small tweaks to freshen up your mind or your approach but then reset and get at it.

Phil Tarrant: So as you're gearing up for Rio, so smack bang in you know, three, four months out, really heavy training. How many hours a week do you reckon you were dedicating to your craft, and your craft being swimming, whether it's in the pool or in the gym or other stuff?

Matt Abood:  Yeah, it was nearly, I guess sort of nearly, a full 38 hour week in training. We'd do eight to 10 swimming sessions depending on the week and the amount of training we needed to get done in the pool that week. There'd be three for myself, there was three sessions in the gym as well and two Pilates sessions. And then outside of that, you know, appointments with your coach, massage and physio, sport psychology if you're on that week or not. So it was kind of, on average, two to three sessions a day on and around the swimming piece. And one of the most important things with all of that training is the rest that you're getting. So fitting in work and study as well was important but then having time set aside just to rest and recover because everyone can train as much as they like but if you're not resting and recovering, none of the training can sort of take effect and you will just sort of just train yourself into a hole eventually.

Phil Tarrant: Mm-hmm (affirmative). So many metaphors you'll pull out of this into the property investment and training, right. Resting and recovering. You know a lot of people buy hard and they keep buying and buying and buying. But if it's a property it's not doing anything sometimes and just rest and recovering and let it sit there and cook and go up-

Matt Abood:  Yeah, a bit of time that I consulted I set there.

Phil Tarrant: Yeah and getting there and set. So, and we shift onto the property bit in a sec. But I'm really intrigued by this, the diligence of elite sport into taking that to life after sport. And we've had other guys and girls on Smart Property Investment Show previously who, in the same boat, excellent piano or cricketers all this sort of stuff, and they say a lot of the same things. This diligence and persistence and doggedness and the ability to rationalise stuff going on in your sporting life and using that into the future. So gearing up to, you didn't make London, you spent four years preparing for Rio. You're working during that period of time, so you now work at the Commonwealth Bank but during that period of time you're also working there. Were you getting a craft or a skill behind you for life after sport?

Matt Abood:  Yeah. So, um, don't get me wrong, like I swam pretty well in 2012, I did quite fast times and, but again it was about there was something else there that wasn't quite right and all I was doing was just swimming. So it was about introducing a little bit of balance into my life and also preparing for the occasion where if swimming didn't work out, like if I got an injury or I just lost interest, then what else would I do? So, um, I was lucky enough to have done some work experience at the bank before the 2012 Olympic trials so I went back there with a four year plan and the biggest piece of that was to get myself to Rio.

            But outside of that I wanted to develop a career for myself outside of the pool and then do some study in line with that to compliment what I was doing. So I went about sort of putting that in place and that wasn't just like, "Oh yeah, I'll just do some work here and there and study." It was literally there were the end goals but then it was back to like a weekly time table and I had all my training sessions on a spreadsheet, I had the times I could work and how that worked, where I need to be at what time each day and that was how it was for the following four years. It wasn't concrete, there was times where I travelled and I was away competing and things but when I was back in Sydney training and working and studying, that was my weekly patent that I sat down with people and worked out and worked on.

Phil Tarrant: And, I know the Commonwealth bank is big supporters of the Olympics and sport in Australia. So obviously, supporting athletes go through the process to achieve excellence in their sporting careers but the Commonwealth bank must also see the talent coming out of sports people and how they could be utilised in a work environment. So what sort of work are you doing now for the Commonwealth bank?

Matt Abood:  I work in our business and private banking and I do, I work in the corporate finance area. Lot of analysis, performance management sort of stuff, so looking over lots and lots of numbers. Which-

Phil Tarrant: Are you a numbers guy?

Matt Abood:  Yeah, I do like. Yeah I like to sort of break things down and see what's going on where. So you know when I fit that sort of entered the property world, it's nice to sort of, I just like to see how everything's tracking and what's going on with various bits and pieces. So I think there's so many comparisons that you can draw from business and sport and property investing and each, it flows each way, so I think there's a lot that business can learn from sport and a lot that sport can learn from business.

Phil Tarrant: Mm-hmm (affirmative). Interesting. So, obviously you have a full time job now with the Commonwealth bank, which means that bank's happy to lend you money because you’re generating a salary. So talk me through this step into property investing. Was this something you thought about before you, sort of post Rio, that you always wanted to get into or was it a light bulb moment that said "I wanna start creating some wealth here?"

Matt Abood:  Yeah, I guess the way I first got into property was, I moved to Sydney at the end of 2008 from, as I mentioned, Kingscliff in Northern New South Wales, which is a small sort of coastal town and I sort of struggled getting used to the Sydney life style. Like Kingscliff's got like one set of traffic lights, you're on the beach in a minute, you can park where ever you want. One of the things that sort of irked me when I moved to Sydney was I couldn't really understand the fact that I couldn't park outside my house. And those sorts of things, so I wanted a place to move back to when I finished in Sydney. So I just bought a place. I was lucky enough to sort of scrape a deposit together and with the help of my parents at the time, get into a place at Kingscliff.

            That was back in 2010 and that property, I sort of look back on it now and I went in without much knowledge at all, but I guess for me now, I have a place that, if we wanna go back to Kingscliff one day, it's a nice place and we can do that. And that sat there for six or seven years, not doing much at all. Always rented, which was fantastic, never a worry. Which is always good, I think, when you're starting out. But then coming back after Rio, sort of evaluated where we're at, I went and met a bunch of people, accountants and financial planners and just heard their opinions and there was the side that sort of liked the managed funds and this sort of insurance and that sort of thing. And I couldn't help but wonder where their angle was with that and what the, why their allegiances were with certain funds and insurance firms and then the property side.

            So I started looking at that a little bit more. Stumbled across this podcast, I went and started meeting a bunch of people and one of the things that I had in swimming was a team. I had my coach, physio, sport scientist, gym instructor and that support network around myself and that was again, sport and business was one of the things that was talked about right here. So I went about sort of, creating that team around myself and educating myself as much as I could and then sort of setting the things in place to move to that end goal in maybe 10 or 15 years, I don't know. But I kind of like to paddle my own canoe so it was about getting the steps in place to do that.

Phil Tarrant: So you've got a buyers agent. Are you using a mortgage broker? Are you doing it, you're direct through the bank I imagine.

Matt Abood:  Yes, through the bank. Yeah.

Phil Tarrant: That's handy. Are they looking after you? Giving you good rates?

Matt Abood:  Um.

Phil Tarrant: Don't think so?

Matt Abood:  It's like, it's not unlike, I still use the mortgage broker. It's not unlike, I think you need to evaluate the whole environment. Even if it's just to put your mind at peace of where you're at. Or, I think it's always good to challenge, like honestly challenge your own opinions.

Phil Tarrant: Yeah.

Matt Abood:  And it's great to act on gut instinct and all that sort of stuff but making an educated decision and either verifying that or discrediting it in some way, shape or form, I think is good. And you get better at that the more you talk to people and hear their opinions, yeah it's important to do so.

Phil Tarrant: So you're used to working in an environment where you're leaning on experts to help you excel in whatever you're in for it. Again, another sporting analogy right? You know, you spoke about your coach, your training partners, sport psychologist, all these team which are integral to turn you into an elite athlete, make you excel and exceed at elite level.

            So put into context of property investment, we speak about a lot on the Smart Property Investment Show, it's about having your A-team around you. So that's people who know what to do a lot better than you do and I'm a big advocate for myself, you know. And I don't claim to be an expert in property at all but I am expert at finding people who are experts. And it sounds like you have the same mantra, which is good.

            So talk me through the biggest, as you went down this path of, I guess seeing a whole bunch of different people as you bark down the wealth creation path and you see, you go and see financial planner they’ll try and put you into shares or some sort of managed fund or some sort of ETF or some sort of tree scheme somewhere and whatever. And I've heard a lot of people go really bad in that regards.

Matt Abood:  Yeah.

Phil Tarrant: Depending on who you talk to, you get a different opinion so you need to collect the opinions, synthesise that information and work out what works for you. So you've gone, "Property sounds okay, let me explore this some." What's the biggest sort of misconceptional myth that you think you broke once you started digging down into this compared to how you used to think? Anything in particular?

Matt Abood:  I can remember, with the property at Kingscliff, once I got that and I had it for a few years and it was on P and I at the time, and that's just because that was what I was put on, I didn't know any better. Once you sort of get into that spot where the rent starts taking over and it kind of covers itself, I just thought, "Oh this is pretty good." And then I thought, like I knew there was people out there that owned property and that retire on property and things but I was like, one property's not gonna do it.

            But that was about all I sort of thought about. I didn't know how to refinance or pull equity out of properties and all that sort of stuff. But as far as myths go, I think the piece of the trusted advisor's really important, and it's not as simple as going and handing over all responsibility to someone. It's about nearly making the decision yourself but having those people come in and compliment what you're doing. I haven't like, I don't think I've debunked any major, probably, it is, can be quite simple. The property piece.

Phil Tarrant: It's not supposed to be hard.

Matt Abood:  No.

Phil Tarrant: A lot of people over complicate.

Matt Abood:  Yeah.

Phil Tarrant: You know.

Matt Abood:  Yeah and when I was looking myself, and the reason why, this is probably the reason why I ended up at a buyers agent. I would look a lot myself, I would spend a lot of time looking around different parts of Australia and reading different pieces in the media on the domains and the realestate.com.au and blogs and podcasts and things like that. And I would get pretty close to finding a place that I though was good to buy but I didn't have the conviction to act on it. And whether that was because just I wasn't 100 percent sure about a couple of other bits and pieces in the area or the property itself or what was planned for the future and those sorts of things. So that's when I sort of went out and started really seeking some professional input around that asset selection piece. I was close in what I was doing and where I was looking but I wasn't sort of where these guys are at.

Phil Tarrant: Yeah. And you use the guys over at the Right Property group?

Matt Abood:  Yeah. Yes, I'm lucky enough to work with Big Steve.

Phil Tarrant: Okay. Yeah, he knows what he's doing.

Matt Abood:  Yeah.

Phil Tarrant: If you tune into the show regularly, you know that I use those guys as my buyers agents, so they do a good job. How many different buyers agents did you see before you chose those guys?

Matt Abood:  Four.

Phil Tarrant: Oh really?

Matt Abood:  Yeah. So I really wanted to make sure that I was making a decision that I was comfortable with. And I met with Steve probably half way through and I, I really like, we got along well and I really liked the way they set things out and plan things and obviously, no pressure environment and that sort of stuff. But I still went and followed through on the other ones that I wanted to, I guess just check in on. But ended up going with the guys at Right Property.

Phil Tarrant: It's interesting that you shopped around I guess, like that. So four different buyers agents. By and large, were they all good? Did you think?

Matt Abood:  Yeah.

Phil Tarrant: Yeah.

Matt Abood:  Yeah. They were all pretty close.

Phil Tarrant: Yeah.

Matt Abood:  There was one that I, looking back, it was interesting, there was like the shiny brochures and there was the chat and it was off the plan stuff. And I wasn't sort of too aware of what was happening early on in that meeting, and then about halfway through the meeting a fellow sort of came in the door, he was the big boss who gave me his business card and shook my hand and said "If there's anything you need, just get in touch with me." And that was when I sort of, I was like "What's going on here?"

Phil Tarrant: I’ll ask you off air who that is…

Matt Abood:  But yeah, so, and but that was about making like the best decision possible at that point in time for me and I think it's important to get, if you're starting out on something, it's important to get those very like, foundational aspects correct. And then you can, you've got a good platform to leverage off. It's the same in sport. Like you can get lucky some times. If you're not doing the basic things right, your basic sort of fitness, basic skills, and basic strength stuff-

Phil Tarrant: Or eating the right food.

Matt Abood:  Yeah.

Phil Tarrant: Yeah.

Matt Abood:  Yeah. At some point, and you're not getting enough sleep at night. At some point in time that will come back to bite you.

Phil Tarrant: Yeah. And what sort of questions did you ask? 'Cause I get the question a lot, people going "How do you work out which buyers agent is right for you?" And you've obviously chose the guys over at Right Property Group 'cause they probably suited your style or, you know, you get on with them or whatever it is. But, what sort of questions did you ask these guys to work out whether or not they'd be right for you?

Matt Abood:  Yeah, short of asking them where they're buying. 'Cause not many of them will sort of-

Phil Tarrant: They’re a bit cagey. Right.

Matt Abood:  Yeah, yeah. It was more or less just having an open and honest chat about where I was and what I wanted to do. And then seeing how they responded to that. The reason I liked the way that Steve responded was they sort of, they planned out in pretty realistic terms what it would look like and what we'd need to do to get to we'd want to be.

Phil Tarrant: Yeah.

Matt Abood:  And it was just very clear. And I'm like a big fan of being clear and having clarity on what you're moving forward on. So that was probably what, not to mention just the relationship that was there, but just the clarity of the plan and what we're moving towards.

Phil Tarrant: Which is, obviously something that you had it in your sporting life, right? "What's my goal?" Go to Rio. "What do I wanna do at Rio?" I wanna win, right?

Matt Abood:  Yeah.

Phil Tarrant: You know, you. Which is a good goal to have.

Matt Abood:  Yeah.

Phil Tarrant: So with property now, before and after you had used a buyers agent or even your accountant, do you actually know what you wanted to achieve outside of just buying properties? Is that now crystallised? Like what is that goal for you?

Matt Abood:  Yeah. It's just choice.

Phil Tarrant: Yeah.

Matt Abood:  Yeah. So, I want the choice to continue working or not. A period, not when I'm 65, but maybe in 15 years, I don't know. But to have that choice, I think, is key. And I think like, if you can choose what you're doing each day, and some of us are lucky enough to own our own businesses, like yourself, which is fantastic, but you know, it's just a choice thing for me. Like I want to be able to build something that would support our lifestyle. Down the track and for me, property was like probably the thing that I understood that was able to get me there.

Phil Tarrant: And you have a lot of control over it, right? You know, rather than, you can stock  pick and hopefully-

Matt Abood:  Yeah.

Phil Tarrant: Some smart guy in a business does something good to make sure shares go up. But with property, I fell as if you've got a lot more control.

Matt Abood:  Yeah.

Phil Tarrant: Of your own destiny.

Matt Abood:  It's a lot more tangible. I'm a fan of property anyway of architecture. I studied drafting for a short period of time. I love grand designs and all that sort of stuff. So like, that's kind of the emotional side of property I guess, which is important to disconnect from that at a point when you're doing the property investment thing. But I like the property investment. Like, I like the economics of it, the way certain areas are growing and different parts of Australia are moving and being shaped and where future demand lies in different cities and regions around the country. I think it's pretty interesting.

Phil Tarrant: And this idea of choice as a goal, and I think it's 'cause we all see the world the same way, right? I get a choice at a point in time to go "I don't wanna do what I do anymore, I wanna slow down. I've got a property investment portfolio that will pay me good income, but I don't actually have this number of what I want to retire on."

Matt Abood:  Yeah.

Phil Tarrant: I just know that it'll sort itself out. And, speak to my accountant, he'll probably say "No, no. You need to know how much money you wanna retire on." Oh I don't know, probably gonna change today, what it is tomorrow. Have you got this magical number of what you want to be receiving as income at a point in time when you choose not to work?

Matt Abood:  I did. But it's hard for us because my wife and I have only been earning full time salaries for like about eighteen months.

Phil Tarrant: Okay

Matt Abood:  So it was like very early stages when all this sort of all started coming together. And I don't know. I enjoy this building phase of buying and researching and-

Phil Tarrant: So you actually enjoy the process.

Matt Abood:  Yeah.

Phil Tarrant: Yeah. Okay.

Matt Abood:  Yeah. And I like, I just like seeing results in, on the spreadsheet is nice as well, but just building something that it'll be there for a very long time. So I think it would be cool to get to a point where you could effectively choose what you wanted to do but keep doing it anyway because you want to. Whether that's just little renovations or some more developments, or whatever it is. I think that would be a pretty cool place to be.

Phil Tarrant: Yeah. So outside of the fact that you bought a place up in your home town quite some time ago, you're relatively new to this property investing journey?

Matt Abood:  Yeah. We made, sort of after that purchase in 2010, we made our subsequent purchase last year.

Phil Tarrant: Okay. Yeah. And are you, do you think you're a good property investor or you got a lot to learn?

Matt Abood:  I think I'm good, I understand it but there's always tonnes to learn. And I think you never, like it was the same with swimming, you never, you haven't learned everything. You can never learn everything and that's why I'm always really keen to meet people like yourself and others that've been in the industry longer and sort of walked that path. To learn what they're doing, why, how, different, if it's different structures or areas or lenders or what phase they're at. You know, it's always, I think it's always good and if I take myself way back to when I was a young kid and I talk about those Olympians that were in the pool and I was just like a 10 year old kid looking up to them. It's the same thing. If you can sort of see what people have done before you and see how they're going about it, you can learn a lot. And you can even bench mark yourself against those people to strive to where, to get to where they are.

Phil Tarrant: And what's the best bit of advice you've got so far in terms of property investment, do you reckon?

Matt Abood:  It would be the patience piece.

Phil Tarrant: Okay.

Matt Abood:  I think. Yeah.

Phil Tarrant: Yeah.

Matt Abood:  I think once you sort of start looking for something again and you're in that phase of maybe making another purchase soon, it gets quite exciting and you want it to all to happen quite quickly. But I just think sort of having your eye on the long game and being patient with that, good things will happen. And just doing things right the first time, and the second time, and doing right as you go. Taking your time, making the right decisions. It's just like if you look at, it's a different industry, Warren Buffet, he's made like 90 percent of his wealth in the last 10 years or something ridiculous like that.

Phil Tarrant: Yeah.

Matt Abood:  So that compounding effect starts to accelerate pretty quickly. And it's just sort of riding out that time until it starts to take hold.

Phil Tarrant: Yeah. And for you, is it like, are you gonna keep the pedal down are you gonna go as hard as you possibly can for this period of time? Because you know, you listen to pod casts or the media or whatever, they'll tell you that prices are declining in Sydney, the market's come off, all this sort of stuff, my view is that it's always the invest in the right time and property if you're investing in the right place, right? So, you're still young, you're hungry-

Matt Abood:  Yeah, like I wanna keep going along this path, I think. And having the ability to do like other projects down the track. Like at the moment we're at very basic stages and just starting out. But having the ability to build down the track and still we need, would like to have our own place to live in at one point in time. So working towards that-

Phil Tarrant: Okay.

Matt Abood:  I think is important.

Phil Tarrant: It's cool. Alright, Matt, it's good story.

Matt Abood:  Thank you.

Phil Tarrant: You sort of, you're on your way now, so and knowing other people who've excelled at like high levels of sport, you can keep that passion alive mate, you'll make those right educated decisions. You've got the right mindset as well by actually leaning on people to help you go through this and make it happen. If I was listening to this, that probably be the key point I'd take out of this. If you try and do this alone, even the best performing people doing anything, whether its swimming or sport or business or whatever, they've surrounded themselves with quality people and if you can take that away and work at how you can build your own A-team to get you where you need to go. I think that's really good counsel from Matt.

            Final question, mate. What do you need to do to be a better property investor? Is just more research, more education, or is there anything else?

Matt Abood:  Yeah, I think there's always more research you can do.  I think it would be good for me to understand the idiosyncrasies of different cities and areas around the country a little bit better. And that's predominately why I use a buyers agent to sort of outsource that piece of that hard research that takes time. But I think the patience is the biggest key for me 'cause I just get a little bit impatient at times and you wanna start running too early, which is good. It's good to be ambitious on lots of this stuff-

Phil Tarrant: Oh I'm sure. I'm sure. And I know he'll be listening to this, I'm sure Steve Waters hold you back there. He's a, you'll be just relax, take it easy.

Matt Abood:  Yeah.

Phil Tarrant: He know good things'll happen. That's good mate. Well you give me plenty headlines. We'll write up couple stories off this as well. This link between sport and property investment. And I think there's a lot there. A lot of it's mindset, right? And probably being quite self aware as well. You're very conscience that, you know, you gotta keep your patience in check to make sure, you know don't, can't always go, go, go, go, go, you need to understand-

Matt Abood:  Yeah.

Phil Tarrant: What the end game is and goal setting and all that sort of stuff so, all really, really valid stuff. But let's get you back in when you get next couple purchase under your belt and you know, reflect and see whether or not your mindset's changed.

Matt Abood:  Yeah. That'd be good.

Phil Tarrant: But like today, it's good man.

Matt Abood:  Put a line in the sand and come back.

Phil Tarrant: I really appreciate your time. Thanks for coming in. Thanks for sharing your story Matt.

Matt Abood:  No problem.

Phil Tarrant: It's really good.

            Remember to check out smartpropertyinvestment.com.au. If you're not subscribing to our daily morning market intelligence so you're the first to know what's going on in property investment in Australia. Smartpropertyinvestment.com.au/subscribe If you'd rather get info from social media, just search smart property hq.

            Any questions about this pod cast or for Matt, I'm happy to flick 'em over. I'm sure he'll get back to you. Editor at smartpropertyinvestment.com.au We'll be back again next time. Until then bye-bye.

Announcer:    The information featured in this pod cast is general in nature and does not take into consideration your financial situation or individual needs. And should not be relied upon before making any investment, insurance, tax, property or financial planning decision. You should consult a licenced professional who can advise whether your decision is appropriate for you. Guests appearing on this pod cast may have a commercial relationship with the companies mentioned.

 

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Olympian Matt Abood — A freestyle approach to investing
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