Ilse Wolfe: How to make the most out of your investment property

This week, property investment expert Ilse Wolfe joined Tim Beveridge to explain how to make the most out of your investment property.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks,
A Bay.

Speaker 2 (02:02):
Active and a very good afternoon to you. I'm Tim Beverage.

Speaker 3 (02:20):
Welcome to the Weekend Collective the Saturday, the nineteenth of April,
looking forward to your You can text your feedback anytime
in nineteen nine too. If you're not in a hurry,
you can always email me. I say not in hurry,
because sometimes I check it. Sometimes I don't just be
honest to be at newstalks'd beat at go dot m Z.
Coming up in today's show and just a moment, I'll
be introducing our esteemed panelists in a moment.

Speaker 4 (02:40):
But looking a little bit further forward where.

Speaker 3 (02:42):
We will be taking your calls on O eight one
hundred and eighty ten eighty and also text nineteen nine
two for the one Roof radio show. Ilse Wolfe joins
us for just the second time. She's a property investment
coach and she's she's quite an expert on adding value
to properties rather than just buying them and sitting on
them for a while. So we're going to ask where
what are the money pits? But when can renovating add

(03:03):
the greatest value to your investment? How do you avoid
over capitalizing And we're gonna have a chat with Ulster
about that after four o'clock and taking your cause and
your reckons on that as well, and after five for
the parents squad, Catherine Burkett joins us the difficult question
about how much should you should try to manage, if
at all, your children's friendships or dare I say relationships?

(03:25):
Got the bad boyfriend, the bad girlfriend? Is it time
to move down? Time to shift schools? I don't know
it's happened. I think it might have even happened with
my mom a while back. Actually, now I think of it.
Thanks to that I'm around, which is good. Anyway, we're
going to talk about that, how much should we interfere
with our child's our children's friendships? And before sex will
rat sport with Superman Christopher Reeve, who is going to

(03:46):
talk about the upcoming Auckland def see with a lot
of lot happening on the sports front, the Warriors, super Rugby.
So yeah, it's all happening here on the Weekend Collective.
It is coming up to nine minutes past.

Speaker 1 (03:57):
Three, debating all the issues and more. It's the panel
on the Weekend Collective on news talk, sedb.

Speaker 4 (04:06):
Yes, and well.

Speaker 3 (04:07):
A couple of season journalists would join us for the panel,
some perhaps more seasoned the than the others. They're looking
at each other in shock, as if there's going to
be some argument about who's the most season. Season just
means you've been around more than six months in this
business anyway. So first things first, I'm trying to think

(04:28):
why I'm going with ladies. First, shall we say, Wilhelmina Shrimpton, Hello, Willemina.

Speaker 5 (04:32):
Hello, how are you good?

Speaker 4 (04:33):
Nice to see you?

Speaker 5 (04:34):
Well season well, seasoned, salted Clifford whatever you know, sounds an.

Speaker 3 (04:39):
Interesting date night.

Speaker 5 (04:43):
Here we go.

Speaker 3 (04:46):
It's just the reason I joke about that with Wilhelmina
is because she's just joyously in love with her. And
who's running touch today? Actually on he's not reafing today. Yeah,
good stuff, which is more work. I imagine Reffing's.

Speaker 6 (05:00):
Hardly reefing, defilly reefing.

Speaker 4 (05:02):
And the silver Fox himself. There's a you know, it's
I don't know how to put it. That's smart price
you're away. You've always find a way away with basted
I think than suits, oh.

Speaker 5 (05:16):
Well, salted pepper and yeah, yeah.

Speaker 4 (05:18):
Sultn pepper. Where should well beyond the salt and pepper,
it's more salt.

Speaker 5 (05:21):
Now, distinguished, gentleman, distinguished, not quite yet.

Speaker 3 (05:28):
By the way, have you have you how long have
you have you been silver for? Because there's some people
go silver or gray quite early, but it suits no.

Speaker 4 (05:34):
I was early. My granddad was completely gray at the
age of eighteen, and I think yeah, And I started
seeing mine going gray during gray hairs during my twenties.
But a number of my fellow former TV people, especially
the front ones, died there here for a long time.
But you can always tell with the guy.

Speaker 7 (05:54):
You can.

Speaker 4 (05:55):
You can always don't know why that is, but you can.

Speaker 5 (05:57):
And you've got to make sure your eyebrows match as well.
You get your eyebrows tinted and readed.

Speaker 4 (06:01):
And what do they call it?

Speaker 5 (06:05):
Escaping?

Speaker 7 (06:05):
Man?

Speaker 4 (06:06):
Escaping? Something else, isn't it? Actually, let's move on. Actually
have you ever? Have you ever sort of escaped? I
feel like just at the time, I really must go,
But thanks for having me. It's been great. It was
Mark cries or ladies and gentlemen closed.

Speaker 5 (06:25):
The door on the well, basted it on his way out.

Speaker 4 (06:28):
Wasted, I'd say, basted it does it does? Sound like
February the fourteenth activity, doesn't it anyway?

Speaker 3 (06:36):
Look, actually, I've got a confession. I was going to say, yes,
it's not as exciting as you might think. So while
we're getting ready for the show, we got the yeah
did you.

Speaker 4 (06:49):
Get and you know what I did?

Speaker 3 (06:51):
I immediately just went, oh, shut up and okay, And
I realized I didn't even read that.

Speaker 4 (06:55):
I didn't bother I.

Speaker 3 (06:56):
Think probably because I was in a newsroom and I thought,
if there's anything I need to know, i'll hear it.
Apart from that, and and I did notice it said
that there's been storm worn and it said by two
fifteen question mark, and then they released and said by
three o'clock. But I can tell everyone by the way
that the storm thunderstorm warning has been lifted.

Speaker 4 (07:14):
But did you guys read it? Did you get? Yes?
And it was extended to three o'clock. It had very
COVID like vibes. Remember that we used to get those
stressed me out a case in the community, that kind
of thing. It feels a little bit like an overreaction
to me, because I think a lot of people were

(07:35):
angry that they weren't tipped off about the damn downpour
we got in Auckland and the thunderstorms last night. So
I feel like they're going, Okay, now we think something's
going to happen, We're going to let you know as
quick as possible.

Speaker 3 (07:46):
Yeah, I mean, it's the weather. It's not totally predictable.
It's not like to a point. I mean, that's their job.
But in terms of localization, whether the thunderstorm is going
to be just off the coast or a few hundred meters,
it can make a big difference to where to where
it impacts.

Speaker 5 (08:01):
I feel like they get a bit of a bad
rap reckon. They do a pretty good all things considered.
I think they're pretty good at predicting the worst weather.
But like you say, it's mother nature. That sister changes
her mind often, you know, and all of a sudden
it will completely change. And I feel like when it's happening,
to then keep updating people as it's happening, then that's great,

(08:23):
pick it up. But I think they get a really
bad rap. It's changeable.

Speaker 4 (08:26):
Yeah, and they've got a bad rap over last night,
and I think this is what they've reacted to. I
think they've put that out. I mean, I was so
worried about it that I hopped on a pushbike and
rode into the studio.

Speaker 5 (08:36):
I saw you with your helmet. I was like, you're brave.

Speaker 4 (08:38):
I'm still wearing that though, just in case. Actually do
you I mean, are you all weather cyclist? Pretty much? Yeah,
that's yeah. But that's the thing I like about it,
that you're out in the open and all kind of weathers.
If it's there are very few days I won't ride
my bike.

Speaker 5 (08:58):
But yeah, you're very brave. I feel like this is
the case with anything though that happens. If there's a
big news event or a big situation or incident, all
of a sudden, we overcompensate for the fact that there
may or may not have been enough notifications ahead of
the time. And I meant, the one thing that always
sticks out in my mind, and this would have been
years and years ago actually, when I was still at
TV and Z and working on the assignment's desk and

(09:20):
there was a big fatal gas explosion out in South Auckland.

Speaker 6 (09:25):
I can't remember it was.

Speaker 5 (09:26):
It was Salter Cartridge or some kind of welding business
that was happening, and it was as a result of
a gas leak and I remember before that there were
notifications about gas leaks all the time. There are you know,
fifty sixty of them per day. And then as soon
as that happened, every single gas leak, we would send
a camera crew out to just in case.

Speaker 8 (09:45):
You know.

Speaker 5 (09:45):
It was that overreaction after it happens.

Speaker 4 (09:47):
Yeah, and weather events, we love them, did We love weather?
And a reporter standing out in the windy, rainy day in.

Speaker 3 (09:54):
The piece to camera, real huge and the big you know,
is it sort of like a passage for generally.

Speaker 4 (10:01):
Go on sky reel for sure? Hey, but last night
was insane crazy, Oh my god. I actually our house
shook from the force of that thunder and lightning. It
was my eyes closed, you know, the curtains open. It
was like there was somebody who was welding in front
of me. It was insane.

Speaker 3 (10:20):
Yeah, I slept through it.

Speaker 7 (10:22):
What do you know?

Speaker 9 (10:23):
I was.

Speaker 5 (10:24):
I was up last night going there won't be a
single person in Auckland who's asleep right now.

Speaker 3 (10:30):
I did wake up at some stage. I don't know
if it's of course of thunderment. Maybe in St. Hell
Is it didn't quite wasn't quite as localized as were
you guys are my very climate?

Speaker 4 (10:37):
Maybe is where about you?

Speaker 5 (10:38):
Well, I'm I'm in Milford on the North Shore.

Speaker 3 (10:41):
Okay, yeah, I got the feeling it was slightly away
from us. But I was I do the thing of
when I see a flash of lightning out the window,
I go one year two. No, it's three hundred meters.

Speaker 5 (10:54):
There's one second for one killing me.

Speaker 3 (10:56):
No, A speed of sound is three hundred meters a second, So.

Speaker 5 (11:00):
Very fact off.

Speaker 3 (11:03):
Isn't it great that that you can come here and
learn something?

Speaker 5 (11:07):
It doesn't happen often. Let me tell you, right, I.

Speaker 3 (11:16):
Would say the same to Mark if if he said
the same thing, I would be you know, Actually, the
thing is, let's get back to that alerts. Much as
it's fun to point out the science of sound waves
and the speed they're traveling on the medium, if you're
underwater and you heard the lightning, it would be different
because sound travels something serious.

Speaker 5 (11:35):
But just wait, there's more.

Speaker 3 (11:38):
I mean, should are you expecting to get alerts?

Speaker 4 (11:42):
Because it would be annoying.

Speaker 3 (11:45):
It's a no win situation for them. They get damned
if they do. I just think, look, if there's a thunderstorm,
surely if it's going to be.

Speaker 4 (11:52):
In your area.

Speaker 3 (11:53):
You should make sure that the hatches are batten down
and that anythings that things are tied up.

Speaker 4 (11:58):
Do we need a warning for a I mean, I guess.
I mean you can argue it either way, can't you.
I mean, there's been like all the tsunami warnings that
people actually go to the beach to look at it,
Oh my god, and nothing ever happens, you know, So
I mean, you're damned if you do, damned if you don't.
And I think one of the things is they felt

(12:18):
that the emergency services weren't properly prepared last night for
what happened. We had some serious flooding around the place.

Speaker 5 (12:23):
We were lucky it wasn't worse than it was, which
is which is good news. But there was a saying
that my mum always says, She's like, it's better to
have it and not need it, then need it and
not have it. So it's better to have that warning
and then not need it, then not have the warning
and not have it. Full wondersful armed, Right, I got lost?

Speaker 3 (12:42):
There there were so many knots. I'm not sure if
we were saying it was a positive. You know, when
you say that a knot on a knot it not
And I'm like, is that a positive to have.

Speaker 5 (12:50):
It and not need it? They need it?

Speaker 4 (12:53):
Are you women?

Speaker 3 (12:53):
Explaining to me?

Speaker 5 (12:54):
I am, And Will's plating.

Speaker 4 (12:56):
Will's plaining.

Speaker 7 (12:57):
I like that.

Speaker 4 (12:58):
On the other hand, my sister says, it's a beautiful
dan Wellington today.

Speaker 5 (13:01):
And you can't beat Wellington on a good day, really can't.

Speaker 3 (13:04):
Indeed, what a lovely way to finish that one off.
I think we flogged that one to death. Now now
this look I have, I'm not sure what I think
about this two by two stories. So the police have
confirmed several new investigations into alleged sexual abuse within the church.
Now there is and originally made the news because there

(13:25):
is there's a national MP, Hamish Campbell, who is involved
with the church, and before more information came out, it
seemed to be that he was just being he was
sort of being made the story for being a member
of a church when people had misbehaved. And I'm like, well,
you should interview every Catholic and say you member the

(13:46):
Catholic Church. And I guess it's the question about when
is someone being a member of a little sect like
Gloria Veil relevant to their job, and when do you
pull them into the story, even though there's no question
of whether he's involved in that at all. But I
think the mistake he made was he didn't quite dislow
how connected he was with the community, sort of played

(14:07):
it down a bit. But I sort of think it
brings so many questions up. Do we do we should
we all know what people's wacky views are.

Speaker 4 (14:14):
Well, if they're MPs, I think it's probably a good
thing that we know what their wacky views are, so
you know what they're voting for. That's the thing though.

Speaker 3 (14:21):
But religion, I mean, somebody who's an atheist might say
that anyone who believes in religious and is barking mad.
But but we but we trust that people put their
religions then you can make a choice.

Speaker 4 (14:33):
Right. So if it's not out there and it's hidden,
and this is described as a secretive, you know, well
tri secretive.

Speaker 5 (14:41):
I don't know if you're going to just have to
disclose what your religious alignment is or beliefs are. I
think that you should disclose every single thing that you're
aligned with. That could be your your hobbies, it could
be a social group, it could be you know, you know,
you know, like sports, group of hobbies.

Speaker 4 (14:57):
Don't go to beliefs as much. You know, like somebody
who is Catholic for example. You know, we're not picking
on Catholics today, but someone who's a Catholics scientologists or scientologists,
so old Mormons or anyway. But if someone's a Catholic
may have very strong views on abortion, right. So if
you know that about them and you have opposite views,

(15:18):
then you you can make an informed decision on whether
you vote for that person or not. I think it's
important that we know more about the backgrounds, and we
know with what's happened in the Green Party recently, you know,
those sorts of things that if they are kept out
of the public eye and they come out, then it
can come out in a distorted way.

Speaker 5 (15:37):
And people are shocked when they do come out.

Speaker 4 (15:39):
That's right.

Speaker 3 (15:39):
I think that the reservation I had was and earlier
in the days when there was a question of some
there's allegations of sexual abuse. The immediately you go knocking
on the door of the MP saying you're a member
of this church, and it was sort of like tying
him into sexual abuse when when there's no evidence whatsoever.
And I guess I don't know. Maybe it was just
the way it was reported.

Speaker 4 (15:55):
I thought it's it's just a one news story we're
talking about.

Speaker 5 (15:58):
Yeah, it's like any organization though, if there's an organization
where there is something controversial that goes on and that
organization is under the microscope and oh you work for
that organization, or well you must know something and you
must they must be involved this kind of Yeah, there's
that that awkwardness, right that by association you seem to
have known something or have something to do with it,
and that's not necessarily fair, but it's what the conclusion

(16:19):
that everyone jumps to, and.

Speaker 4 (16:20):
Guilt by association is never a good thing. But he
is also probably the highest profile member of this church.

Speaker 3 (16:27):
I've never heard of him sick.

Speaker 5 (16:29):
Come on, he's got the notable role. So therefore that
it brings in the headlight.

Speaker 3 (16:37):
One does get the feeling forgetting Hamish Campbell, but one
does get the feeling that this particular organization has got
a little bit of heat coming its way because I
see that there are more more investigations.

Speaker 4 (16:49):
And not just in New Zealand, around the world as well.
So yeah, I mean, you know, who knows there's not
always smoke with his fire or is that fire with
his smoked I'd love.

Speaker 3 (17:00):
To see when Christopher Luxon in church what his church
is actually like.

Speaker 5 (17:04):
I know, I think it's a home church.

Speaker 3 (17:06):
No, no, I just want to see if he stands
there waving his hands in the air, taping side.

Speaker 4 (17:09):
So I think it's Pentecostal. So it's one of the
New York they'll be full on. It's full on. It's
like a rock concert.

Speaker 3 (17:15):
Really, yeah, yeah, we actually I'm surprised that we actually
haven't been allowed that church.

Speaker 5 (17:22):
Yeah.

Speaker 4 (17:24):
In that point, I mean, I think he was unfairly
targeted a little bit because of his religious beliefs in
the beginning. And I think people tried to go after
him because he was a Christian. And I think, you know,
unlike America, you can get elected in New Zealand if
you say you don't believe in God. But on the
other hand, of people have a very strong faith, then

(17:46):
they're often looked upon, and I don't know if that's fair.
It's interesting someone who's an atheist as well.

Speaker 3 (17:51):
So yeah, I'm an atheist. Yeah, but and yet I
was raised and I think we're a country that's founded
on Christian, Christian valleyes and all that sort of stuff.
So it seems less controversial for people to be a
member of some churches rather than than others.

Speaker 5 (18:03):
I feel like there's lots of people as well who
who family had a religious kind of alignment and they
were baptized and then all of a sudden that they
don't have any connection to Trilogian what I was never
at times?

Speaker 3 (18:14):
Do you think do you think that we could America
will ever elect to president that's not a Christian, that
is actually that is an avowed non Christian. There we go,
because I mean, you can't tell me that Donald Trump's
you know, really game.

Speaker 4 (18:27):
Can we get through this without talking about him? No,
let's not. Let's not. Okay, I'll tell you what. We're
going to move on.

Speaker 3 (18:34):
In fact, I think the next topic is a fairly
weighty one before we move on to some slightly brighter,
sort of happier topics.

Speaker 4 (18:40):
So we might take the break.

Speaker 10 (18:41):
Now.

Speaker 4 (18:41):
This is news Talk sai'd be.

Speaker 3 (18:42):
This is the weekend collective of my panelists Mark Kreisel
and Wilhelmina Shrimpton, and we'll be back in just a moment.

Speaker 4 (18:48):
It's twenty three and a half past.

Speaker 7 (18:50):
Three USA.

Speaker 9 (21:07):
US.

Speaker 3 (22:42):
Yes, welcome back to the Weekend Collective. This is the panel.
My guests Wilhelmina Shrimpton and Mark Kreisel. Now, guys, this
the story about the serial sex offender Luca Fairgray.

Speaker 4 (22:52):
He had a battle.

Speaker 3 (22:54):
Basically years long battle to keep his name secret and
apparently it costs one hundred and twenty thousand dollars in
legal aid bills just for the name suppression applications, and
of course the victims of one of his victims says
that the bill is like an offensive joke, described it
as a raught, and he's admitted he admitted his crime
of sentences to home detention. Anyway, it's the question around

(23:17):
I guess the process and what There's two things. It's
the amount that was spent on an application for name suppression.
But there seems to be this also objection that legal
aid money was spent on this application, which is an
interesting one. So before I add my opinion, and I'm
going to go to Wilhelmina on this.

Speaker 5 (23:35):
One, Oh wow, engaged like a drum roll, please, I.

Speaker 4 (23:41):
Know I think if you ever did at Manu, by
the way, it wouldn't make much of a record.

Speaker 5 (23:48):
Thank you. I feel so fit, thank you. Yeah, this
is a difficult one, right, because every single person is
entitled to access legal aid. It's their legal right, it's
it's it's something that every person should be able to access,
regardless of you know how. Yeah, it's so difficult. It

(24:08):
doesn't necessarily make it right, right, but I think perhaps
there should be a line drawn at the amount spent,
or maybe it's only allocated to actually funding their defense
as opposed to funding their name suppression. And equally at
the same point, if you're going through the whole name
supression process, you're going from district court to High Court
to Supreme Court, that the same level of support should

(24:29):
be given well, and monetary support to victims well at
the same time.

Speaker 3 (24:33):
The difficult thing is that then you get just the
rich who can apply for names SUSSI and I'm doing
talkback on that for five hours.

Speaker 4 (24:38):
Yeah, and you have to everybody has to have a
fair go at this, you know, and you're innocent to
your proven guilty. Get The danger is that by the
nature of this, some of these crimes are pretty horrendous,
and you're thinking, if anybody's getting public money to support
themselves or particularly a rapist. You're thinking, this isn't okay.

Speaker 5 (24:56):
He was convicted before the name suppression went through court though, right,
so if you were he was arguing for name supression
after the conviction, or was it I thought that the
name suppression went on for all Peel went on after
he was actually convicted.

Speaker 4 (25:13):
He had previous convictions, was the one.

Speaker 3 (25:15):
I think these things are easy headlines when in fact
everyone needs to be able to avail themselves to the
process of law. Otherwise you end up getting people sent
to that prisoner Ol Salvador because of people's reckons that
someone's a bad person. But the thing is for me
as I just think that legal aid fees one hundred
and twenty thousand dollars. I mean, you think how much
you can do in terms of renovating your house. I

(25:36):
just think, But this is the thing.

Speaker 4 (25:40):
I think.

Speaker 3 (25:40):
It's just I think some of the legal aid, especially
if you've got a QC and stuff, it seems to
me to be just a pardon my friends, a giant pistake.

Speaker 4 (25:50):
But then again, can you make the point that they
should be have the same access to good representation as
everybody else who can afford it. I mean, I know
there are a lot of people I know from the
commission that was set up by the government to look
at unsafe convictions that what they found I can't remember
the name of it, sorry, but what they have found

(26:12):
are there an awful lot of people locked up because
of how poor their representation was. And those are people
locked up now doing time because they just had terrible lawyers.
So I mean, Okay, this guy's a dirt bag, he's
going away. That's good. Cost one hundred and twenty grand,
that's not so good, but he still is innocent.

Speaker 3 (26:29):
Cost one hundred and twenty grand just for that aspect.
Let's wait till we find out what the legal bill
was to defend them.

Speaker 4 (26:35):
Well, it'll be high as well.

Speaker 3 (26:36):
But that's how it works.

Speaker 5 (26:38):
Even if you had a legal bill and say it
wasn't for name to prision, it was one hundred and
twenty thousand dollars for his overall defense right, and so
hypothetically this was someone who got through and they were
found innocent. That one hundred and twenty grand is a
damn site cheaper than say, if they were serving six
years in prison. I think it cost one hundred and
ten thousand dollars a year to actually put a prisoner up.
So good point if you look at it comparatively, even

(26:59):
though it's expensive and eyewateringly expensive, it's it could prevent
you know, half a million dollars or six or seven
hundred dollars being spent on someone actually housing them in prison.
So it's yeah, it's a tricky argument, it is.

Speaker 4 (27:11):
Well, it's one we need to be careful and sensible
about it though, because it's easy to say, waste the money,
but you have to look at the underlying thing of
the law, which is you are innocent until proven guilty,
and so we should all have the same opportunity for
proper representation.

Speaker 5 (27:28):
And financi shouldn't be a barrier to the strength of
your case. But I also think.

Speaker 3 (27:33):
You mind as as we're going along, aren't you. I
think we think we're evolving.

Speaker 5 (27:38):
But I also think I want to bring it back
to the victims as well, because I feel like a
lot of the victims and all of this get left
out and the support that's offered to them is minimal.
If that and if they could be equally offered one
hundred and twenty thousand dollars worth of support and therapy
and whatever they need to compensate for being retraumatized every
single time this appears in court. Then I think it's fair.

Speaker 3 (28:00):
I think, I mean, let's not get into that side.
I guess, because but none that there's the there's acc
I guess, but I think this The fact is, Look,
we don't like what he's done. We don't like the
fact that he's spent one hundred and twenty thousand dollars
trying to keep his name secret. But we either have
a legal system which does cost something, and we can
look at ourselves and go and we can be comfortable
with the processes that have been undertaken and the decisions

(28:22):
that have made, and we got to suck it up.
I mean, stuff costs, I guess. But I'd love to
see a copy of that bill opening the lines on
this one. No, not today, we might some other time.
I think possibly on Monday when I do breakfast, we
might have a chat about this one.

Speaker 4 (28:40):
By Hey, which of you guys?

Speaker 3 (28:41):
Would any of you guys say yes if you were
invited to go up into one of those trips space trips.

Speaker 5 (28:48):
Of course you would. It's an incredible experience.

Speaker 4 (28:50):
Yeah'd be amazing.

Speaker 5 (28:51):
It doesn't make it not he would pay for it.

Speaker 3 (28:54):
Yeah, there is no way in hell I would ever
jump in one of those space ships.

Speaker 5 (28:59):
You don't want to bomb around and zero.

Speaker 3 (29:03):
No, because I can still remember the colub be a
space shuttle bursting into flames and one one and how many.

Speaker 5 (29:10):
Do you hop into a plane? Do you fly in planes?

Speaker 4 (29:13):
Yes?

Speaker 5 (29:13):
What about the.

Speaker 3 (29:16):
Safer than driving? The stats on space travel, I don't
think are as safe as as hopping and hopping in
your local Boeing seven three seven from Auckland to Queenstown.

Speaker 5 (29:25):
Because get the statistics. There's not that many space excursions, right,
so if one or two end up badly for the others,
it's the minority.

Speaker 4 (29:39):
That's just the safety question.

Speaker 3 (29:40):
But the safety question that the question that's come up
because there is a research scientist I can't pronounce the
last name, and Amanda and Guyan, singer Katie Perry, film
producer Kirey and Flynn. So there's been a bit of
talk about whether this is the sort of thing people
should be doing anyway when there's you know, money should
be spent on other things and it's an obscene amount

(30:02):
of money, and should we be doing then things like
this when there are other bigger challenges we've been trying
to get on top of. I think that that's a churlish.
You might as well just say no one should go
first class either. What do you reckon, will Amina?

Speaker 5 (30:17):
I mean, we can talk about that part as well,
but I also wanted to talk about the whole lake
all being female, what it looked like, what Katie Perry
was just an absolute weirdo.

Speaker 4 (30:28):
What the ship looks like like?

Speaker 3 (30:30):
Oh god, what looks like a giant male phallus.

Speaker 5 (30:34):
Okay, now I get the memes that I was seeing.
You've seen Austin Powers and there's the rocket ship and
the radar.

Speaker 11 (30:43):
That's it.

Speaker 5 (30:43):
It's like I've seeing a lot of those around social media.

Speaker 3 (30:45):
It's like a spoof sort of rocket ship design, isn't
it When you look at you go, it looks like
a giant It.

Speaker 11 (30:50):
Looks like that.

Speaker 4 (30:51):
We noticed. This is Jeff Bezos's thing, isn't it? And
I know and from what I understand, Jeff Bezos is
another big tech bro who's sucking up to Trump, and
he is in particular in the race with Elon Musk
to get government contracts for this space stuff. So anything

(31:11):
he can do around creating attention and making this thing
look good. He'll do. I mean, I think we're all
being sucked into it and the.

Speaker 5 (31:19):
Whole women only thing, you know. I just feel like
it was this giant marketing well market it was a
giant marketing campaign. I think they could have picked much
better representatives if they were going to do an all
female excursion. I think Katie Perry is a weird choice,
and obviously Jeff Bezos's girlfriend. I mean, come on, really,
I think there were probably some really amazing women leadership

(31:40):
figures with a NASA or you know, within the space industry.

Speaker 3 (31:45):
The criticisms have actually come from women. Olivian One, who's
an actress. She questioned it, I'm sort of look to
be honest, you know, do what you want, Jeff Bezos
and put take where you want in your rocket. But
I go along with her sentiences where she goes. What's
the point Is it historic that you guys are going
on a ride? I think it's a bit gluttonous. Yeah,
is space exploration was to further our knowledge and to
help mankind. What are they going to do up there

(32:06):
that's going to make it better for us down here?

Speaker 5 (32:08):
The eleven minute excursion, Like, what on earth are they
doing to make a difference. Also, I think it was
Emily Redokowski as well. I was having a rant about
it on social media and she was saying, Oh, Katie
Pierry is going along and talking about like this is
about love and it's the mother Earth, and it's like
Amazon is one of the biggest contributing companies to actually,
like you know, affecting our sustainability and destroying Mother Earth.

(32:32):
So it's kind of quite a contradictory marketing campaign.

Speaker 4 (32:35):
I actually think we've talked about it longer than they
were up in space.

Speaker 3 (32:40):
Yeah, possible, chess Stain said the Blue Origin flight showcase
the utter defeat of American feminism. Oh, a bit of
a reach. That feels like a bird of a reach.
But anyway, you guys would do it, would you?

Speaker 5 (32:52):
It was the Katie pierriyh Yeah, differently.

Speaker 3 (32:54):
I can just see your Instagram. You'd be floating around,
jumping around in your blue suit.

Speaker 5 (33:00):
It's usually making those sounds. I wouldn't kiss the ground
when I got out like Katie, period, But I loved everyone.
What do you name that whose song? I kissed a
girl and I liked it? And I was like, I
kiss the ground.

Speaker 3 (33:10):
And I liked it. She's an interesting character.

Speaker 5 (33:15):
She is a bit of a weird.

Speaker 3 (33:16):
Let's take a moment, come back. I'll have a cup
of t in a lie down and we'll come back
with these two. Here will Manu Shrimpton, Mark Krayssel. I'm
ten Beverage. This is the panel News Talks he bes
twenty two to four.

Speaker 9 (35:06):
Us.

Speaker 3 (36:51):
Let's welcome back to the Weekend Collective. I'm Tim Beverage,
my guess the Wilhelm and A Shrimpton and Mark Kreisel rolling.
By the way, if you miss any of this hour
and you think, gosh, that sounds like that might have
been fun, and you want to go and check it out,
just go back and listen to the whole hour once
we've finished on the News Talks at b dot co
dot n z uh.

Speaker 4 (37:08):
What's going on with these two In the background, there's
all sorts.

Speaker 5 (37:10):
Of upselling us years.

Speaker 3 (37:13):
I'm well, I'm quite fond of you too, as we're
fond of you too.

Speaker 4 (37:18):
I mean you are That feels like a trap.

Speaker 3 (37:20):
No, No, you're some of the best available.

Speaker 5 (37:24):
Some we're the only ones available this week in aren't we.

Speaker 4 (37:28):
By faint well. Speaking of available.

Speaker 3 (37:32):
Look, I don't get to too sort of irritated by
Easter closing hours and things.

Speaker 4 (37:36):
Although I did.

Speaker 3 (37:38):
I just got back from christ Chitch yesterday but late,
and I wanted to go and get some something to eat,
and I realized that all the supermarkets were closed, and
I was like, oh damn that good Friday trading laws.

Speaker 4 (37:47):
But doesn't particularly bother me though. I like the fact
that three days a.

Speaker 5 (37:53):
Year Christmas, yeah, three days a year.

Speaker 4 (37:56):
East good Friday in Eastern Sunday ocloss. I think it's fine.
I think we can handle it. Although try going to
the Supermerican on Thursday's clipse. Do you really need all
that toilet paper?

Speaker 5 (38:09):
I mean, you can't expeck to COVID time.

Speaker 4 (38:12):
It's nuts. So people just freak out. Man, It's like
twenty four hours. You still go to a dairy. You
can still go to a service station if you could
have gone into a sausage roll.

Speaker 3 (38:21):
Actually, you know what I'm just it's pathetic. It's new
world problems.

Speaker 4 (38:25):
But I was not new world. I wasn't talking about Superma.

Speaker 5 (38:32):
I was thinking about it from here.

Speaker 4 (38:33):
I first world problems just paid for that.

Speaker 5 (38:35):
No, not new ten fifteen for a what code tim fifteen?

Speaker 3 (38:42):
You said something else, I heard something else.

Speaker 4 (38:46):
You will only hear what I don't think.

Speaker 3 (38:49):
I'll say what I thought I heard anyway, because I
might have mis heard that, and that would be a
betrayal of my own state of mind.

Speaker 5 (38:54):
Now Easter hours, No, I was just gutted.

Speaker 3 (38:56):
Because I because my family is still away and I'm
at home on my own. I thought it would be
nice to go and get a butterfly leg of lamb
and stick on the barbie and I can red meat
until the cows come home or the sheep come home.

Speaker 4 (39:08):
And I couldn't find anything.

Speaker 3 (39:10):
It was like because I went to my butcher, and
of course my butcher, as I would do, has decided
that he she they has taken the whole weekend off,
and so the shop was shut on Saturday, and I
was scandalized. The supermarket couldn't find one other.

Speaker 4 (39:24):
Butcher's was open this weekend.

Speaker 5 (39:26):
Butchers see, I have no problem with that at all.
The thing that I get confused about is literally how
confusing it is for everybody. There's just no one set
of rules. There's obviously different regions. I think Parnell is
randomly able to open on Easter Sunday and Auckland, but
the rest of the city is in.

Speaker 4 (39:43):
It's really surprised the cafes and restaurants when I went along,
Hang on, what are the rules around the cafes and everything?

Speaker 5 (39:51):
On good I can pay more surcharges. And then also
if you're ordering bows, you have to order food, so
you have to and you can't. I can't just order
like a bowl of fries or a little snack. It
has to be a full, substantial meal for each person.
But the other thing, I I think it's the only
thing that annoys me, is just the retailers that take
advantage of the surcharge and try to surcharge you on

(40:11):
a Saturday or when is it all the Monday which
are the Monday is a public holiday?

Speaker 3 (40:16):
But it's all to do with when they have to
pay double rates for their staff.

Speaker 5 (40:20):
Yeah, so technically they don't they shouldn't be they shouldn't
be charging a surcharge today, but some of them try
to get away with it because it's a long weekend.
Oh yeah, just sneaky from them. So yeah, but I
don't mind the shop's being closed, but it's thing.

Speaker 4 (40:33):
We can handle it. Come on New Zealand.

Speaker 3 (40:36):
It's actually nowhere near at controversial. I remember what there
was used to redominate the talkways for about.

Speaker 4 (40:40):
People are like this is well.

Speaker 3 (40:42):
Actually, to be honest, that was the one year garden
centers and look, Cardi Peren. One of the things you
want to do though on a long weekend is get
into the garden and you can't. And that did seem
if you want to open your garden store, you should
be able to read.

Speaker 5 (40:55):
Something though about central services that are allowed to be open.
So like petrol stations. I think pharmacies are allowed to
be open. But then I'm going, well, then.

Speaker 3 (41:05):
Garland is an essential activity.

Speaker 5 (41:08):
A supermarket being opened. They were open to COVID, that
was an essential It's just it's very inconsistent and confusing
and discombobulating, and I just think that there needs to
be one set of rules and we decide what that
is and we're done with it because it comes up
every year, doesn't it. Yeah, Okay, that's done and that's that.

Speaker 3 (41:25):
That that is that. But the interesting of the work
rob Home debate that it extends that we're moving along
what it was this well, pay attention to talking in
the background it's very off putting look.

Speaker 4 (41:39):
Working from home, do you guys?

Speaker 3 (41:41):
I mean, I never worked from home, but unless it
was lockdown, oh my god. I think that alert at
the start of the day triggered me into all these
COVID memories. But did you see those findings that people
they reckon that if you were in office attendance it
significantly increases your chance of advancement. So if you're not
in the office working for home a lot and there's
promotion opportunities, you're less likely to be promoted. To be honest,

(42:05):
it that sort of seems to make sense because it's
a bit like out of sight, out of mind, doesn't it.

Speaker 5 (42:09):
Well, I mean, oh, one hundred percent. I'm a big
fan of working from home, and I've only just sort
of realized how beautiful it is after working for myself.
So for a long time I was in newsrooms and
I would go in every single day Monday, well not
Monday to Friday, you know, sometimes even days a week,
and there was no way that I could work from
home because you can't do a broadcast from home. And
then I started working for myself, and I love working

(42:30):
from home. I do think though, if you are working
within a team, and I work for myself, so I
am the team, right, So there's for team, well, team
tripped it. But I do have contracts where I am
part of a team and I will go into that
office and I work with the team. Because there's nothing
quite like sitting across from your colleague and going, oh,
I'm confused about this, or I've got a really great idea,
and not having to pick up the phone and get

(42:51):
on the blow at ars and you can just yell
across your desk.

Speaker 3 (42:53):
I'd hate to do my show, to be honest, I'd
hate to do this remotely where I wasn't coming in
and chatting to the journalists and people around the place.
I like to be here, and I think even though
technically you could probably work it so you get a
home studio and away you go.

Speaker 5 (43:06):
But you absorb the energy from those around you, and
that's what's really special and great about it. But yeah,
I think it would be hard to make an impression
on someone for a promotion, especially because I feel like
a promotion has a lot to do with the way
you interact with your colleagues and the way you are
and the way you oversee other staff members or offer
support or mental other people or get along with the

(43:26):
rest of the tation, and you can't see that at
home when you're in your home office. What from that?
I love it.

Speaker 3 (43:31):
What energy have you absorbed today from being with me
and Wilhemina listening to you guys.

Speaker 4 (43:37):
I'm finally very informative.

Speaker 5 (43:38):
Oh, thank you.

Speaker 4 (43:40):
Illuminating. No, it's something I've got better at since I
started working by my own south. But I do miss
I do miss the interaction. Yeah, TV is particularly television
is such a team thing and everything that goes with
that and the relationships that you forge through that are

(44:00):
far no like, so I missed that. But I'm actually
kind of enjoying working from home. I can be a
better dad working from home. I can be there for
my daughter when she gets home from school and things
like that, and that's I think that's very worthwhile.

Speaker 5 (44:13):
But re activity as well, because for me, I would
spend don't once at this, but probably an hour getting
ready in the morning and then probably thirty minutes to
forty five minutes in the car driving into work. And
that's an hour forty five When I'm balancing nine different
clients at once, that's an hour forty.

Speaker 4 (44:29):
Five sounds so flash? Will you sound really flash?

Speaker 3 (44:33):
And I'm balancing nine clients at once. You sound like
do you know what?

Speaker 5 (44:35):
I saw a video online the other day about how
the word client just makes you feel so much more
sassin and crisible. Yeah, make clients, but they also do.

Speaker 4 (44:44):
Say like the people that you know that the four
day work week, the people that do that get is
five days work done in the four days. They're just
not sitting around bitching about their colleagues. And are you
two playing attention to me? New Zealand you're listening to me?
We had a little mind going on there. Hey, lo,
just get your heads, both of you back in the game.

(45:05):
I'm not with this. I've already walked out one.

Speaker 5 (45:07):
I could have went from home next time.

Speaker 3 (45:09):
By the way, I do have to just have to
read one text from you know how We talked about
the alerts that came went off and it caused a
little kerfuffle on the news room because everyone's like a
sue said, you should have been in the supermarket today,
one of you guys, You guys should have been the
super crowded supermarket today when two sets of alerts went off.
Oh no, it would have been like you'd be taking

(45:31):
a bunch of eggs off the shelf and.

Speaker 5 (45:34):
It's that PTSD right. It's like when you hear someone's
ring tone is actually your alarm.

Speaker 4 (45:39):
I've changed my.

Speaker 3 (45:40):
Ring's a nice little boss and over now you know it.
Time We're going to take a little moment and come
back and with these two Mark Krasl and Willem and
a Shrimpton nut and beverages. Is the weekend collective back an.

Speaker 12 (45:53):
Attack us.

Speaker 8 (47:23):
USA.

Speaker 3 (49:04):
That's welcome, mister said, be the final throws of this
afternoon's panel, which I tell you what, I don't think
we could do two hours of this because to be exhausted.
But anyway, WILLELMINISTRMPT and Mark Kreisel, Hey, this is an
interesting piece of well information, I guess. But keywas have
been advised to research the work culture before migrating to
Australia that people might be shocked that, you know, when

(49:26):
it comes to the corporate culture across the Tasman and
there are a little less friendly perhaps when it comes
to race, gender and sexual orientation and job security.

Speaker 4 (49:34):
I think people just look at the money and go,
I'm off, what do you reckon? Will I mean it.

Speaker 3 (49:37):
Would you be would these cultural considerations can concern you?
Greater alliteration from me there by the way, it's beautiful,
but would these cultural considerations concern you?

Speaker 5 (49:47):
Definitely? I mean, I feel like that always comes into
play when you're going into a workplace. You want to
work in a great team. You want to feel not
anxious before every shift and before going into work. I've
been there, and it's not fun to feel anxious before
going into work. And you've got to take into consideration. Yeah,
it is a different country, right, it's going to be different,
and to hear so, I don't Yeah, you couldn't pay

(50:09):
me any amount of money to work in a place
where I was miserable.

Speaker 3 (50:11):
I think that it's it's a broader reflection that when
it crames to questions around U race and some issues,
Australia is quite different to its attitude towards things. It's
a bit more.

Speaker 4 (50:20):
I don't know.

Speaker 3 (50:20):
I think we're a little bit more I'd.

Speaker 4 (50:21):
Hate to use the word progressive, but I think New.

Speaker 3 (50:23):
Zealand is a bit more progressive. What's a lot of
the stuff. We're a lot chrys.

Speaker 4 (50:26):
I think we're a bit kinder to any You have
to be robust to work in Australia. I've worked there
before and they spent a lot of time taking the
piss out of me. But as a journalistore a resilient.

Speaker 3 (50:38):
What job were you doing?

Speaker 11 (50:40):
Uh?

Speaker 4 (50:41):
I was prospecting for gas and oil in the West
Australian desert and I was also drilling for gold and diamonds.

Speaker 5 (50:48):
How much are you joking? Wow?

Speaker 4 (50:51):
I did it for two years. Yeah, wow, yeah, that's what?
Are you incredible? Sorry?

Speaker 3 (50:58):
I'm will a man was searching for something under the disk.
I think checking.

Speaker 4 (51:03):
I think we have to be slightly careful. I mean,
it's easy to look at the Aussies and think, you know,
there are a bunch of Neanderthals, But there was an
interesting survey out by the Helen Clark Foundation recently that
showed their attitudes towards immigrants and diversity in their communities
were far better than ours.

Speaker 3 (51:22):
Really, that does surprise me. I'd love to dig deeper
into this about your background and the drilling for golden
diamonds and everything, but don't have any time.

Speaker 4 (51:33):
Willemina and Mark, what a pleasure.

Speaker 3 (51:35):
Great to have you in the squid Giant Square We've
got time to talk about.

Speaker 5 (51:39):
Giants lamp and that's all I have to say.

Speaker 11 (51:44):
It does.

Speaker 4 (51:46):
Do you have Marvel laps at home?

Speaker 5 (51:47):
I used to. I had a purple and orange one
when I was a kids nineteen seventies.

Speaker 3 (51:51):
Look, I've got to go because we've got the one
with radio show Elsa Wolf's talking about renovations, how not
to overcapitalize that.

Speaker 11 (51:57):
Next us.

Speaker 8 (53:10):
USA na us Una, Yes, us Usa us, the one

(01:01:48):
ruth propity of the week on the weekend, the one
ruth property of the week on the Weekend Collective.

Speaker 13 (01:02:03):
Having no to the're gowead to keep you.

Speaker 3 (01:02:29):
Satday Mondays and welcome back to the Weekend Collective. I
thought we just let that music want run a little
bit longer, just because I need to just have a
few more moments just to calm down out after that
raucous panel with Wilhelmina Shrimpton and Mark Kreisel. So if
you want to check out in any of the hours
you missed this afternoon and you can't catch it live,

(01:02:51):
go and check out our podcast for the Weekend Collective.
You can go to the News Talk Sippy website or
iHeartRadio and it's all It'll all be there for you.
But right now this is the one roof radio show
where we talk about all sorts of issues regarding property
and property investing and ownership and all sorts of things.
And what we're going to talk about this afternoon firstly
is about renovating and as an investment exercise, or of

(01:03:16):
course people will renovate it, of course if it's just
your own home. But where how you can avoid basically
over capitalizing. What have you poured your money into never
to see it to return? And you know where is?
What are the rooms of the house, What are the
parts of the property which are worth actually spending more
money on? And what should you just leave?

Speaker 4 (01:03:38):
Avoid it like the plague?

Speaker 3 (01:03:39):
And we want your cause on this on eight hundred
and eighty ten eighty text nine nine two and joining
us to discuss it. She is well, she's an expert
in this area. She's a property investment coach with Wolf
Property Coaching and it's pretty much her modus operandi. And
it's else Wolf kiday Elso how are you going?

Speaker 6 (01:03:57):
Great? Thanks for having me back to I'm very excited.

Speaker 3 (01:04:00):
Yeah, yeah, because this is your This is totally your deal,
isn't It is not just a question of buying properties,
sitting on it and waiting for it to appreciate, but
doing something.

Speaker 10 (01:04:11):
With it more grabbing the bill by the horns and
being in control six or seven week rarely fast renovations
with a very specific methodology geared towards adding value to
that property immediately, as well as adding bedrooms basically in
an easy way, slightly reconfiguring the house, getting the rent
return up. I think investors are moving swiftly from caring

(01:04:33):
about wealth and equity, which I can't actually control right
the growth of and caring about if they're paying the
bank or getting cash into pocket. So it's moving towards
increasing cash flow through rent.

Speaker 5 (01:04:44):
How long have you been doing it for nineteen years?

Speaker 4 (01:04:47):
Wow?

Speaker 3 (01:04:49):
Did you were your first investments? Is this something you've
grown into as you've thought, I need to do more
with this investment, so I'm going to add value. What
was your Did you do it all that that way
all along?

Speaker 11 (01:05:01):
Oh?

Speaker 6 (01:05:01):
No, so many mistakes earlier.

Speaker 8 (01:05:04):
Yeah.

Speaker 10 (01:05:04):
I started a part time quite a privileged position. I
worked for a main bank as a corporate analyst, and
my clients, a partner in an accounting firm, kind of
showed me, you know, all the benefits and the profit
and loss and why that should be on top of
my nine to five work.

Speaker 6 (01:05:20):
And that was the penny drop.

Speaker 10 (01:05:21):
So I was invested part time, trialing all sorts of things,
made some money, lost a ton of money, worked out
a lot of you know, finess the method, and then
for ten years I've invested full time and for the
last five I've coached others to copy basically copy and
paste what I do.

Speaker 3 (01:05:37):
Yeah, so when did you sort of work out this
sound I don't mean this sound as cheeky as it sounds.

Speaker 5 (01:05:43):
When did you?

Speaker 3 (01:05:44):
But when did you work out that you knew what
you were doing? Or do you do you always feel
that there's an element of the unknown or you're pretty
set that this is a good.

Speaker 4 (01:05:51):
Way to go.

Speaker 10 (01:05:52):
Now it's very methodical, very predictable in the sense of
its process driven and how I coach my clients what
to look for, what the visual cues are of one
property over another. And we're talking existing belts, not new built.
But the first say seven or eight years were a
learning process part time and then full time, and it

(01:06:13):
was through losing a lot of cash flow by renovating
and not doing it well. So you know, literally you know,
two thousand and sixteen seventeen eighteen actually where interest rates
were increasing, the Auckland market I was focusing on then
was flat to decline. And not only was I not
making capital growth, I was also losing cash flow having

(01:06:36):
to top up, you know, paying the bank every month.

Speaker 6 (01:06:38):
So I worked out in that moment.

Speaker 10 (01:06:40):
And that trough of ultimate pain to go, I'm not
making wealth, I'm losing cash flow. Those are the two
things you want out of a property, and so basically
ended up with a process that I've now trademarked. It's
called cash flow hacking. So best way to illustrators. If
you have two three bedroom, one bath houses side by side,

(01:07:01):
I helped my clients identify the one of those two
that you can convert into a four bedroom, say without
needing structural change. Building consents that kind of thing, So
that means my investor can quickly in six or seven
weeks turn it to look like a new building side
get the top rent.

Speaker 6 (01:07:16):
For that location. But it's severely added value by increasing
it to.

Speaker 3 (01:07:22):
Is it just when it comes to adding an extra bedroom?
Is it just under Is it just rules around square
square meterage and how big, how much? How many rooms
you can put in a certain area.

Speaker 10 (01:07:31):
I'd say there are three rules of thumb. So number one,
which is actually regulatory, is the building code. So a
bunch of technical aspects. Always lean on your license builder
for those decisions, but effectively it's quite surprising. Actually an
adult bedroom only needs to be six square meters, but
if you're in that, it feels like a COVID office.

Speaker 4 (01:07:48):
Bloody hell. Six square meters. That's I'm just thinking.

Speaker 6 (01:07:55):
It would be the mean's bathroom. Maybe small.

Speaker 3 (01:07:59):
What's three by two? That's three by two meters, so
that's literally what is that a queen sized bed with
no room with about a few inches each side.

Speaker 10 (01:08:09):
If that, you get a single child's bed with addresser
see that.

Speaker 3 (01:08:15):
Although I think I once lived in a house where
there was a spare bedroom which wasn't very big, but
it was a single room and it was meant for
just a kid or something.

Speaker 6 (01:08:24):
Yes, well, child's is five square meters.

Speaker 3 (01:08:27):
So oh my goodness. Oh so hang on, so there's
a difference between legal So you can say this is
a child's bedroom and you can do five square meters.

Speaker 4 (01:08:36):
You just can't caught it an.

Speaker 10 (01:08:37):
Adults really, yes, yeah, And then there are a couple
of other compliance aspects, such as ten percent of the
floor area must be the minimum window size and fifty
percent of that window must open. So it's all kind
of geared around escape and things like that.

Speaker 3 (01:08:52):
So when you're doing it, do you talk to an
architect or just your license builder?

Speaker 10 (01:08:56):
With the license builder, check with the local council and
the code always. But when we're looking at an existing property,
so classically we're the board house one hundred square meters,
there are lots of cues like that that we know
when we're walking in to look for.

Speaker 3 (01:09:10):
Okay, so is it simply the there's a legal minimum,
But what do you what approach do you take when
it comes to I mean, it's one thing, well that's
what I mean. Is one thing if you have a
bunch of tenants walking and go, oh my god, didn't
looked at that place? The bedrooms the size of a
postage stamp.

Speaker 10 (01:09:27):
So later, yeah, so those other two points rules of thumb.
First one would be what is what fits in with
that area? So to the suburb level, you know, so
are we talking are we talking South Auckland, north Shore
on the beach, you know, these very different expectations so
the conversion, if we're trying to claim some space, maybe

(01:09:47):
it's an older formal dining room that won't be used
that way when you also update the kitchen and reconfigure
that to make it open plan with the lounge. So
if we repurpose a space, I'll look for Usually seven
point five square meters would be my absolute minimum for
a client. Ideally we get towards eight for a bedroom,
eight eight point something would be ideal. That's more more

(01:10:08):
towards a double bedroom or a bit more uses. And
the second thing is to make sure the most likely
tenant coming into the area is going to view it
as acceptable.

Speaker 3 (01:10:16):
Are you usually pinching space from the living room?

Speaker 6 (01:10:19):
Different? All sorts of difference unless.

Speaker 3 (01:10:20):
It's unless it's a massive well actually, how bigs If
there's a bedroom that's fifteen square meters, so that would
mean you could have two.

Speaker 4 (01:10:27):
So I'm just wondering.

Speaker 10 (01:10:29):
How we're trying to not have to read JAG where
windows are although it's there, are you know, there are
a whole bunch of things within the code you can do. Typically,
like a classic conversion would be a spare formal dining
room that's from a nineteen fifties belt, depending on if
that suits what a tenant would expect. Yeah, so you

(01:10:49):
know in you know, in remu Era, a bedroom off
the lounge is probably slightly frowned upon compared to in
another place where hey, we just want that space can
come off the lounge.

Speaker 6 (01:10:59):
So is it expected? Is it accepted?

Speaker 3 (01:11:02):
What about what's the worst place to I mean, okay,
we can think of ridiculous examples, but what's the most surprise,
the most surprising worst space you can spend money? Because
the reason and I'm thinking bathrooms, kitchens where you have
to spend a bit of money. But are those are

(01:11:25):
they potential money pits which you should avoid doing too
much too or what totally could be?

Speaker 10 (01:11:31):
So I always find it interesting when I say, look,
my clients will complete a completely brand new custom kitchen
for about six thousand dollars, you know, stone top bench,
custom cabinetry. We can achieve that, you know, But you
could also spend sixty you know, so there's a real
sliding scale. Does it fit to the is it in

(01:11:52):
proportion to the value of the property or what your
end result will be? Is it necessary to spend that?
I would argue on a family home you'd likely spend
two three x the budget for the investment property. But
you can complete bathrooms and kitchens actually quite cost effectively,
especially with the way retailers on fittings are having so
many sales that the fittings are quite cheap these days.

Speaker 3 (01:12:15):
With a kitchen refurbishment, for instance, would you generally try
and just replace the would you just try and replace
the componentrey so it looks up to date rather than
actually rejig the whole thing.

Speaker 10 (01:12:29):
Well, if we find that, for example, if we are
claiming an old dining space to become a bedroom now,
and if the kitchen is really original, that actually gives
you this extra opportunity of well, okay, Well, if we're
upgrading the kitchen completely, so new cabinet, try new bench,
new appliances, because it's original, then we could ask the question, well,

(01:12:51):
hang on, okay, should we open that up to the lounge,
reconfigure that into sort of a U shape or sea shape,
join that to the lounge, which, if we're doing this,
we need a large lounge to start with, because that
now needs to become lounge slashed. So therefore, if we're
upgrading the kitchen, let's actually ask the question how should
we reconfigure or orientate.

Speaker 3 (01:13:12):
That is, it's not necessarily the worst thing to change
where things sit, basically because you're.

Speaker 6 (01:13:18):
Allowed to within this space.

Speaker 10 (01:13:20):
And also the other goal if it's a rental property
is you want it to compete with new builds in
the rental market. So we're buying an old shell that
we're making it a peer. You know, the result of
the renovation will be an extra bedroom and look fresh inside,
so you can charge the same rent as a new
build when you execute well, but you've paid usually two

(01:13:40):
thirds of the price, and you have a backyard.

Speaker 3 (01:13:43):
So this, well, that ties into the whole question about
renovating or buying a new build, which we'll get on too.

Speaker 11 (01:13:48):
Well.

Speaker 3 (01:13:48):
Look, we'd love your calls on this as well. If
you've got have you ever over capitalized and where did
you waste your money when it came to renovating something,
give us a call on eight hundred and eighty ten eighty.
And if you've got rules or any questions for ELSA
on property investing, especially when it comes to buying something
with an idea to do it up, is that the
simple question for that as well, is that really the

(01:14:09):
future of property investing for the time being, because well,
we're going to dig into that actually and find out
whether that is actually the way to go from now
it's nineteen past four. You can give us a call
on eight hundred and eighty ten eighty. My guest is
else A Wolf. This is the one roof radio show
back in a tack.

Speaker 6 (01:14:28):
I go through the exfest.

Speaker 11 (01:15:07):
U u.

Speaker 9 (01:15:52):
U u u u.

Speaker 3 (01:17:36):
Yes, welcome back to the Weekend Collective. My guest is
Elsa Wolf. She's a property investment coach with Wolf Property
in Coaching, and we're talking about what is the best
way to well, you know what. We're sort of talking
about the best way to make money effectively and add
value and not see yourself waste money, but to buy
property make it worth something more without over capitalizing it.

(01:17:58):
And actually, I want to ask Elsa, what is the
what's the biggest what are the big mistakes you made?

Speaker 10 (01:18:06):
Okay, the very first when I jumped in full time
to renovate full time, I thought this will be my
main gig.

Speaker 6 (01:18:13):
Turned this into the nine to five.

Speaker 10 (01:18:15):
So I had a little bit of mentoring from actually
Martin Dunn from City Sales and sort of got some
words of wisdom from him. I was agonizing over a
property so based in Oakland. I thought I was looking
for somewhere affordable but still with in Aokland so I
could physically do the rento myself alongside the builder. And
I was agonizing over this five hundred thousand dollars price

(01:18:36):
point and to win it, I needed to get to
five hundred and twenty five k. And he said, hey, look,
and this is a really important point buying to hold
the rental, so not to flip, will sell it. It
is about your wealth. You should expect that wealth to
be created over time. And he said, oh, don't worry
about whether you spent five hundred or five two five.
You won't care when it's worth a million, you know.

Speaker 6 (01:18:56):
So that's the first thing.

Speaker 10 (01:18:59):
My intent was to try and really push the value
quickly through adding value. In that case, I didn't at
a room. This is the first time I just threw
myself out.

Speaker 4 (01:19:08):
I just bought a property hoping to hold.

Speaker 5 (01:19:09):
It, hoping it would make money, which.

Speaker 3 (01:19:11):
To be honest, it has been a very successful, very
successful method of making money for many many people, especially
when the market was going gang bus to some people
bar and they flip and all that.

Speaker 4 (01:19:23):
Sort of stuff.

Speaker 10 (01:19:24):
Yes, yeah, And I kind of went and blindly and
just made my own decisions without any sort of insight
or talking to anyone really, And I thought it would
be cost effective regardless because I did the work.

Speaker 6 (01:19:34):
But I was just so wrong.

Speaker 10 (01:19:36):
And when I look at spending back then on that project,
it was your classic weather board house, three bedroom, one bath.
I double glazed the windows, you know, like I don't
know why, but looking back.

Speaker 4 (01:19:47):
Of course, you thought what would I like to live in?

Speaker 6 (01:19:50):
Probably probably probably projected myself.

Speaker 10 (01:19:53):
This was in manga day in Manekow, and I thought,
I'll make this the best rental. You know, I'll replace
all this timber joinery with double glaze joinery.

Speaker 6 (01:20:03):
I replaced the roof.

Speaker 4 (01:20:05):
Oh my god, I went full. Did you need to
replace the room?

Speaker 11 (01:20:09):
No?

Speaker 6 (01:20:09):
I think looking back, it could have had a repaint.

Speaker 7 (01:20:11):
You know.

Speaker 10 (01:20:11):
I bought myself five years with three thousand dollars instead
of fifteen thousand dollars.

Speaker 6 (01:20:16):
The joinery was affordable.

Speaker 10 (01:20:17):
I did do intense research, but even then, when the
valuer came back round at the end, I had spent
one hundred and fifteen thousand dollars. And when I reflect,
that's that's what I would spend sixty five on these days,
so you know, and the valuer came to a praise it.
I thought, no brainer, get a revaluation. I'm sure I've
made tens of thousands.

Speaker 6 (01:20:36):
And he actually laughed. He said, you have the fanciest.

Speaker 10 (01:20:39):
He's like, You've got the fanciest and the only house
that has double glazing in this entire summer.

Speaker 6 (01:20:42):
And what have you done?

Speaker 3 (01:20:44):
Well, I guess you know someone's going to be very
have you still got the house?

Speaker 10 (01:20:47):
By the ways, it's undergone a couple more iterations to
improve the returns based on what I've learned in between.

Speaker 6 (01:20:54):
So that was twenty fifteen.

Speaker 4 (01:20:56):
So you double glazed it, you replace the roof.

Speaker 6 (01:20:58):
Added a large deck.

Speaker 4 (01:21:01):
Well, it sounds great.

Speaker 5 (01:21:02):
It was good.

Speaker 4 (01:21:04):
I mean, do you think you'll get that money back eventually?

Speaker 7 (01:21:07):
Will you?

Speaker 4 (01:21:08):
I guess? Or will you always feel that it's been
amazing for you?

Speaker 1 (01:21:11):
No?

Speaker 10 (01:21:11):
I mean enough years have gone by that cash flows,
so after outgoings, I still make cash flow and actually
ended up there's another great hack actually for you listening
is there's a thirty square meter rule where if you
comply with a few bullet points, go to the building code,
you can put an up to thirty square meter building
to be part of that same tendency. So to that

(01:21:32):
house we put a double room sleepout, so two bedrooms
turning into a five.

Speaker 3 (01:21:37):
Of course that's now changed now with the announcements. Oh
they talked about with Chris Bishop's announcement with the separate
granny flats. Actually is it well, I mean what he
thinks it might. It hasn't come in yet, that's right,
but he thinks it might even be up to seventy.

Speaker 6 (01:21:53):
Yes, which is huge. That's sort of you know your
mind a dwellings that you'd see.

Speaker 10 (01:21:57):
You know, you have a main house and then quite
often you can come across these home and income situations,
so live in the house, have a.

Speaker 6 (01:22:03):
Two bedroom out of the back.

Speaker 10 (01:22:05):
Usually it's a like a Keith Hay two bedroom sort
of house. You know, the sleep out I mentioned is
just bedrooms. So it's part of being able to add
bedrooms to a current rental as long as you space
it far enough from boundaries and the house no plumbing
so no bathroom, no kitchen. You can just prop that
up within the code.

Speaker 3 (01:22:23):
And you still can these new dwellings that they're talking
about are they going to have to.

Speaker 10 (01:22:28):
Separate rental whole, separate another dwelling or another rental to
add to add to an existing property, So then you
would have two separate tenants in that case.

Speaker 3 (01:22:37):
So we still we still actually don't know what the
We still don't know what the rules is going to
be quite with these new dwellings, but except we know
they're going to be massive.

Speaker 6 (01:22:44):
Which does because it's it democratizes.

Speaker 10 (01:22:47):
It's up to you know, the builder says has the
final say, rather than involve the council like we once
would with resource consent building consent. So if you comply
with whatever these ultimate rules are, the builder and you
design it.

Speaker 3 (01:22:59):
So this dog of a house, I'm just kidding, it's
not a dog house. In fact, we know it's not house.
We know it's spectacular because it's a double blaze with
a new roof.

Speaker 4 (01:23:08):
What did you do that?

Speaker 3 (01:23:09):
Actually, where did you most cleverly spend your money on
that place? Once you learned a bit more, because you've
said you've still got it and you've done some other things.

Speaker 4 (01:23:18):
What did you do?

Speaker 10 (01:23:20):
So it was quite hard worn by one tenant that
did stay on for a long time. But then when
the opportunity came up to add that thirty square. When
the tenant gave notice, we decided to quickly bring a
transportable beld onto the back of additional two bedrooms, so
they then come with that same rental. So the three

(01:23:41):
bedroom became a five. So, you know, with everything I
learned since that one, I bought a three bedroom, I
could always convert to a four. But in that case
it just wasn't possible. I hadn't bought the right property.
So we added two bedrooms externally with an easy walk
path back, and we did add a second bathroom.

Speaker 6 (01:23:58):
So by refreshing the well.

Speaker 3 (01:24:01):
It's adding a second bathroom that.

Speaker 6 (01:24:03):
Didn't need consent may consent.

Speaker 10 (01:24:05):
Yeah, And the catalyst for that was actually the tenant
moved out and we discovered leaks under the original tiled floor.
So in the first iteration I had replaced the bathroom fixtures,
but actually I was on still a budget. I left
the original tiles, and eventually when that tenant left, we
found a leak from the toilet.

Speaker 3 (01:24:23):
How long did it take on when you have to
get consent for something you have, is that along something
that's smaller.

Speaker 10 (01:24:29):
Like a small plumbing concent Usually I mean council by council.
Auckland's slower, but five or six weeks as long as
you only have a couple of back and.

Speaker 3 (01:24:37):
Forth with did you have tenants centered already? Because this
was a later thing you did, isn't it.

Speaker 10 (01:24:43):
The tenants previous tenants moved out again, we moved into that. Yeah,
but that definitely does require because you're adding to the
plumbing infrastructure.

Speaker 3 (01:24:53):
Okay, because I've got a suspicion that because one of
the questions I wanted to explore. I've just got back
from christ Church and you see new build after new
build after new build. This, I mean, christ Church architects
have had an absolute ball because it's really there's some
really beautiful looking builds and someone in the business district gosh,

(01:25:15):
I mean, I just felt sort of sorry for Auckland.

Speaker 4 (01:25:18):
A bit that could do with a you know, a
bit of a bit of a flashing up.

Speaker 3 (01:25:22):
But absolutely, I guess the question the question I had
was are those new builds.

Speaker 4 (01:25:29):
Are they really just.

Speaker 3 (01:25:30):
Good for people if you're looking for a house, or
are they a good investment as opposed to what you
are talking about, which is buying a house that's got
potential to make some changes. Have you would you ever
buy a new build as an investment?

Speaker 5 (01:25:45):
No?

Speaker 10 (01:25:45):
Okay, so I mean, don't get me wrong, depending on
your goals. So someone who wants low maintenance, build a
warranties turn key, someone else put a tenant in for you,
no proper professional management management, Sit and forget. But the
risk I see is that there's so much opportunity you're
just leaving on the table that you're not taking for yourself.

(01:26:07):
You can't add value until it dates. Is that ten, fifteen,
twenty years, the rent and the value are identical to
your immediate neighbors, and what's their situation. If they're stressed
or destressed and they sell, they reset your value, same
with the rent. You know, there are beautiful designs and
really it's helped gentrify christ Church as an example, really
has aided the supply and that city is going ballistic.

Speaker 6 (01:26:30):
Now.

Speaker 10 (01:26:30):
You know, the population growth is great, but two bedroom,
one bath walk ups they're everywhere there and identical. So
if you're looking at affordable housing, that lack of differentiation
for those investors buying them, they'll be waiting a lot
longer to create wealth and buy their next one. Than
if they did create value.

Speaker 3 (01:26:51):
Do you think the face of property investment in vesting
is going to change a lot to along the lines
of what you're talking about. I mean, I don't know
what other investors you chat with or talk to, because
there'll still be those people who want to buy, subsidize
the rent for and then hopefully make some money.

Speaker 9 (01:27:06):
Yeah.

Speaker 10 (01:27:07):
I've had two conversations with two different economists in the
last few weeks. And the expectational sort of I guess
looking at the data and this post COVID world where
kiwis are moving all around the country, we're just not
they're not and we're not expecting to see those runaway
growth rates seven, eight, nine, ten percent. You know, the

(01:27:30):
numbers I hear are four or five. So you know, effectively,
if you don't add value, you'll get left behind because
four or five percent.

Speaker 3 (01:27:37):
And when you look at is what's rent returning these days?
What are the rental returns on?

Speaker 10 (01:27:43):
Yeah, so say the interest rate is now finally four
point nine nine thereabouts, the average new build is still
around that four or five percent return. When my client's
cashlow hacker at a bedroom, we're at minimum eight. So
the actual rent coming in minus two expenses. My investors
are cash flowing, so they're making cash. A new build
won't be.

Speaker 4 (01:28:03):
So it's basically the model. As you buy it.

Speaker 3 (01:28:04):
You have some you have some budget to add extra
value and you can. Basically the added income you get
from that extra bedroom is the way you make.

Speaker 6 (01:28:13):
It exactly, exactly on the cash flow. Yeah, exactly.

Speaker 10 (01:28:16):
And actually, my oh boss, he's probably listening, actually loves
your show. He's in christ Church and meet with architects today.
So if you're building new builds, taken the feedback from
what's happening on the streets and the suburb around you.
Talk to real estate agents what they have or haven't
been able to sell. Or if you're building to rent,
you can look at what's in demand and then work
to that. Don't just go and copy what else is there?

Speaker 4 (01:28:37):
Well, how do you find? How do you find property?

Speaker 3 (01:28:39):
I mean, obviously you're in you have relationships with people
throughout the industry because you've been doing it for so long.
How would a first time investor decide I need to
find a property I can do something with.

Speaker 10 (01:28:51):
Yeah, how do they find? I mean, trade me you
and online sources are the most common. I would definitely
recommend if you're looking to learn a specific market and focus,
don't scatter gun across the country.

Speaker 6 (01:29:03):
You'll just get so confused.

Speaker 10 (01:29:05):
Really, put all of those results in ascending order so
that you can get a sense of that market, relative value,
relative pricing. I think that younger investors I have sort
of two lots of clients. Generally, they're either around thirty
years old, late twenties to early thirties, about to have
or have just had children. And then there's a second
set here in about fifty five to sixty years old,

(01:29:27):
and they go, oh, I need to do something now.
Those term deposits and stocks are not looking so.

Speaker 3 (01:29:31):
Great and with thought, sorry a microphone wasn't on.

Speaker 4 (01:29:36):
So in terms of the area, though, because you could.

Speaker 3 (01:29:39):
Spend a lot of time rehearsing a bunch of areas
where they're just not the places to invest.

Speaker 4 (01:29:44):
How would you go about.

Speaker 3 (01:29:47):
Not how would you go about narrowing down where you
want to educate yourself which which parts of the country,
Because you'll know yourself, You'll go, I know this area
is for me.

Speaker 4 (01:29:56):
In this area, that's a dog this is great. Where
how does.

Speaker 6 (01:29:59):
That that's a really great? So basically you need to.

Speaker 10 (01:30:02):
I would say, look at a platform where you can
look at sale prices and then also jump on the
government rental stats base. Okay, So if you standardize and
go hit what's a three bedroom one bath house to
purchase in Hamilton versus New Plymouth, you can buy the
same physical house with roughly the same size section, but
the value to purchase those is incredibly different because the

(01:30:23):
cost of land in Hamilton is in higher demand, it's higher,
so you won't get the same return.

Speaker 6 (01:30:28):
So look at the relativity.

Speaker 10 (01:30:29):
You can look at what's a three bed one bath
rent times fifty two? Okay, I'm looking at that per year,
divide that by the purchase.

Speaker 4 (01:30:37):
You need to slow that up for me. Sorry, say
it again.

Speaker 10 (01:30:39):
So whatever the So one way you could do it
is standardize, like look at one type of property. So
say that's your common three bed, one bath.

Speaker 3 (01:30:46):
Three bedroom, which I'm thinking I could add it for
another bedroom.

Speaker 10 (01:30:49):
Jump onto tenancy dot gov dot m Z. That is
all of the tenancy agreement bonds data. Really yeah, every
suburb in the whole country. It's a great data source.

Speaker 3 (01:31:02):
Yeah, that's probably that's probably one of the chunky but
it's of information. I don't think I've ever heard on them.
The show actually as a way.

Speaker 4 (01:31:08):
Of researching what sort of rent you're going to get
in that area.

Speaker 6 (01:31:11):
It's the first port of call.

Speaker 10 (01:31:12):
Ultimately, get your word of truth from a professional property manager.
The government data is usually about three or four months backdated,
but that means if you work on those conservative numbers,
you should overshoot in practice, so three bedroom, one bath
the new Plymouth and this suburb versus this one in Hamilton.
Then you can say what's the annual rent, divide that

(01:31:33):
by your purchase price and get a yield, and then
you can start to look at cash flows or how
that compares to the interest rate that you're paying. You
get a sense of whether you're massively in the negative
or you've got potential to cash flow.

Speaker 3 (01:31:46):
It's a big decision, isn't it for people making those
in the early days of property when the people who
look at doing this. I mean, obviously anyone can get
into proper investing if you just got to have the courage,
I guess and the conviction to do it. But do
you find a lot of people who are getting into
the way you're doing it, of people who have invested
in property before, who are now thinking I'm not.

Speaker 4 (01:32:04):
Just to buy and wait.

Speaker 10 (01:32:07):
So interesting, it's usually my clients are often who really
means a client sounds ru fanc So basically usually someone
who's bought one or two New Belts and they go
back to the broker. They've got this ambition to buy
and accumulate more and they're broker or bank says you
can't because your servicing's too low. They usually then come
to me and say, hey, I want to buy or

(01:32:28):
I need to sell something. I want to replace that
with one of what you do, because the returner is
you know, it's cash flowing versus the other. So they've
usually started and then had a bit of a course correction.

Speaker 3 (01:32:39):
Okay, So when people are buying something, are they buying
with the idea that they will do it up and
then sell it, or are they buying to do it
up get a better rental return so they can hold
it for ages and get that capital gain.

Speaker 10 (01:32:52):
Get the game, get the cash flow, and if we
set it up with positive cash flow, which is basically
where we're.

Speaker 3 (01:32:57):
At now, that's basically what you is that the goal
of what you're doing. Yeah, back in the old days,
buy house, rent, was great. You just use that to
offset the mortgage to be fine, and then just let
it grow. But those days are over. Yeah, yeah, So
this is what you propose is that Yeah, okay, you
can make that work for you, but you're going to
have to do something first.

Speaker 10 (01:33:17):
Exactly, be a bit proactive, but selective. Get the cash
flow because at least you know you've got that the
other benefit you want. You can't control capital growth, but
if you follow this sort of model, you're still boosting
the value and making some net equity in that wall.

Speaker 4 (01:33:28):
Well, you're not reliant on capital growth, so urgently are Yeah?

Speaker 10 (01:33:31):
And exactly, So after you complete that reno, you revalue
that house and then immediately leverage. You have a good
at least a part deposit to get you closer to
buying the next one. So then you're accumulating a little faster.

Speaker 4 (01:33:42):
Do you can? You do you ever do it without
adding a room? You do you ever go into a.

Speaker 3 (01:33:47):
House and go, okay this, No one's going to rent
this because the living room.

Speaker 4 (01:33:53):
And the kitchen are dreadful.

Speaker 3 (01:33:55):
So therefore I'm going to do it up. And that's
the way I'm doing.

Speaker 10 (01:33:57):
Oh you can if you buy, well, if you buy
really low because you know, maybe they're the part of
the floors.

Speaker 3 (01:34:02):
Okay, the wallpapers peeling off, it needs relining. The kitchen
is nineteen sixty nine. Is there's no room for an
extra bedroom?

Speaker 4 (01:34:14):
But is it is? Can that ever work?

Speaker 3 (01:34:16):
Because to most see most New Zealand investors who don't
know much about the market would think, I just want
to be able to look at something that's that's really
it's got good bones. And I just replaced the walls
and fixed the kitchen in the.

Speaker 4 (01:34:30):
Bathroom and away we go totally.

Speaker 10 (01:34:31):
And even then do we have to reline or can
we paint over the wallpaper? Is it a hearing still? Well,
you know we won't leave.

Speaker 3 (01:34:40):
No, I was thinking something pretty tragic actually, the old question.

Speaker 4 (01:34:45):
Anyway, Look, we need to take a break. We'll be
back in just a moment. We'd love to hear from you.

Speaker 3 (01:34:48):
If you've got any questions or any the benefit of
your experience where you've overcapitalized or something, give us a call.
Eight one hundred eighty ten eighty Text nine to my
guest is elsa Wolf from what is it?

Speaker 4 (01:35:00):
From Wolf Property Coaching? It is twenty to five.

Speaker 9 (01:35:06):
US USA, USA, USA.

Speaker 14 (01:38:53):
Guys, Welcome back to the Weekend Collective.

Speaker 3 (01:38:54):
This is the one Riffredia show. My guest is Elsa
Wolf from Wilf Wolf Property Coaching. If people want to
find out the way to get hold of you, is
it they just google Wolf Property Wolf with a knee. Whoops,
I'll turn your microphone on.

Speaker 4 (01:39:06):
There we go.

Speaker 10 (01:39:06):
Yes, Wolf Property dot co DOINZT or through Instagram you
can find Wolf Property Coaching.

Speaker 3 (01:39:12):
Now, when it comes to do you reckon that? I
think we've got to Just before the break, was that
the do you think the model of property investing is
now changing? That the idea that investors will just buy
to sit on it is you know.

Speaker 10 (01:39:27):
It is more speculative than it once was, you know
sort of you hear this word speculation when when markets
increase and you know, critics are saying this is speculative.
You know that growth we you know, as individual buyers,
we have no control over that.

Speaker 6 (01:39:39):
We don't know what's coming. And look what's happening internationally.

Speaker 10 (01:39:42):
There are so many influencers that now actually control our market.
There's a lot more regulation locally, so we can't control
We have to control the things we can. So if
we can choose a property to get the outcomes we want.
We can control returns through certain methods and at least
determine the cash flow is the clash. Cash flow is
what keeps you covering your bills.

Speaker 3 (01:40:04):
I've got a end of mine who's he's quite keen
to get into property with. He's got a young family
and hasn't got his first house yet, can't afford to buy.

Speaker 4 (01:40:13):
Where he wants to live.

Speaker 3 (01:40:14):
Really is.

Speaker 4 (01:40:17):
What I mean?

Speaker 3 (01:40:18):
Would your advice, I'm guessing I can imagine you say, well,
he should probably buy a property that's an investment and
just rent where he is able or wants to reinvesting.

Speaker 10 (01:40:30):
It's really becoming more popular. I am myself about to
move my family to go rent.

Speaker 6 (01:40:35):
Yes, yeah, yeah, it's.

Speaker 10 (01:40:37):
Basically live where you want to live. It is probably
a more desirable location than you can afford to have
a mortgage because generally the you know, the basically the
nicer the place, the more the mortgage costs, but the
rents can't keep up. So the place we're moving to
is four times the value, and the mortgage would be

(01:40:57):
five times what our mortgage is where we are.

Speaker 6 (01:41:00):
But you know, the rent isn't that you know, really.

Speaker 3 (01:41:02):
So the mortgage would just be horrendous, and yet they
can only get a certain amount for it.

Speaker 6 (01:41:06):
Exactly.

Speaker 10 (01:41:06):
Yeah, yeah, because the market and the demand drops off
when you're looking for the nicer suburbs, the poll of
tenants drops and so the demand drops of the return drops.
So if you're looking to buy an investment property, you
want to stay in that lower to medium price and
rental location where there'll be forever demand. More people want
that lower to medium If you want to live in
a fancy or bougier place, it's cheaper to rent almost

(01:41:27):
hands down everywhere.

Speaker 5 (01:41:29):
Yeah, what does that mean for?

Speaker 4 (01:41:33):
What does that mean for the property market?

Speaker 3 (01:41:35):
You see, because if people are not necessarily in a
position where they can buy an investment, that sounds like
not good news for the property market, and just in
terms of its increase in value.

Speaker 10 (01:41:46):
Yeah, there exactly. So there is a softening in the
rental market. There's a lot of supply coming on, more
so than we've had in a long time and years.
So you can really even upgrade if you're renting or ready,
you could upgrade.

Speaker 6 (01:41:59):
To likely a nicer home. If you go and look online,
you can.

Speaker 10 (01:42:01):
Probably upgrade, buy a bedroom or you know, to something
more more and for the same dollars you are paying
per week. Right now, there's a lot of supply, so
it's a good time to shift if your a tenant,
there's a lot of choice, and you know, we're basically
maintaining a similar cash flow. Like the rent we will
pay is roughly the same as our principle and interest

(01:42:23):
mortgage on our home. So we're going to rent that
out and ultimately sell it when the growth cor.

Speaker 3 (01:42:27):
So basically, oh, of course you've still got the rent,
You've still got the mortgage on that other one.

Speaker 10 (01:42:32):
The idea of our tenants will roughly cover that when
we move out, but the intent is to sell. And
then the debt that's currently sitting in that owner occupied
house we have, we're going to pop that into rentals.
So for your friend who is thinking, hey, I can't
quite afford or service you know, in the bank size
can't service this owner occupied if that's what they want,

(01:42:53):
it will be likely stronger for them to just go
put that same you know, go buy a rental property
and the investment property because that comes with income. It's
not relying on their incomes, you know, their personal incomes
to service it. So go rent somewhere nicer for cheaper,
and then go put that money into a property cash
flow hacket, you know, get income off that, and so

(01:43:15):
that actually should be from a cash flow point of view,
neutral to making money.

Speaker 3 (01:43:18):
How many people are how many people actually buy properties
and do them up while they're living? You know, you're
talking about rentvesting, which is renting somewhere else and just
investing in properties.

Speaker 4 (01:43:29):
What about pete is it?

Speaker 3 (01:43:33):
I mean, it's difficult to live in the house when
you're renovating it, of course, which is sort of what
we're going to be doing in our place.

Speaker 10 (01:43:39):
But yeah, that's different again. And I used to be
more on the tools, but very much off the tools now,
but I have I have a twenty seven year old couple.

Speaker 3 (01:43:46):
How on you used to be on the tools?

Speaker 10 (01:43:47):
What do you mean, well, the unskilled the plastering painting
with plasterings.

Speaker 4 (01:43:53):
Plastering is not unskilled. Do you do your own plastering?

Speaker 6 (01:43:55):
I mean I did it. I don't know if it
did it well, but yeah, one of them. I was
very lucky. I had a builder who would just.

Speaker 10 (01:44:02):
Help me every day on that Monoday example, every day
he would give me instructions my brother helped as well.
So we were on this house every day seven till
seven for three months. So it took really long, a
long time. And at the end of each day he
would say, cool, tomorrow we're doing this, go to my
to ten by blah blah blah, and then that would
be the next day.

Speaker 6 (01:44:20):
So he guided. I was very lucky. Otherwise I would
have no clue how to plaster.

Speaker 4 (01:44:24):
Of course, they're well.

Speaker 3 (01:44:25):
I mean, the YouTube's quite useful. I taught my I
taught myself out of plaster by watching. When we did
our downstairs, we added a couple of rooms. I mean,
we actually probably did exactly what we're talking about now
I think of it. We added a couple of rooms,
and I watched the plasterers doing their thing. I watched
how they worked, what they worked with, and then I
watched YouTube video after YouTube video, and then I did

(01:44:46):
my first couple of joins. And I mean, I'm not
sure I'm that good, but.

Speaker 5 (01:44:51):
Actually that there's a skill.

Speaker 6 (01:44:52):
There's quite an art to that.

Speaker 3 (01:44:53):
But there are certain skills which can save your fortune.
I would suggest that if you can do your own plastering,
you can save yourself. As long as you've got the
time you save yourself a fortune, can't you totally?

Speaker 5 (01:45:03):
Yeah?

Speaker 10 (01:45:03):
Yeah, I mean you know, plus so jib stopping plastering.
If you're newly lining a bathroom, you'd pay sixteen hundred
two thousand dollars for that, a kitchen probably three thousand,
any new walls similar and then paint the best bang
for buck to throw yourself in if you're on the
tools is by far painting, painting, painting, gardening, landscaping.

Speaker 3 (01:45:23):
Oh that's the one thing I'm thinking of getting paying
someone for one job. But anyway, hey, look we've got
to come back with the Property of the Week is next,
and of if you've been enjoying this hour, it is
the sort of property that Elsa has been talking about
where you might actually be on Barton add a bit
of value, and it is I think it might even
be new Plymothal check that, yes it is. We'll be
back in just a minute. The one roof Property of

(01:45:45):
the Week is next. It's nine and a half minutes
to five.

Speaker 1 (01:46:30):
For more from the Weekend Collective, listen live to news
Talk zed B weekends from three pm, or follow the
podcast on iHeartRadio.