Can my property be resumed?
3 March 2022
How much does conveyancing cost?
6 February 2023
What do you need to know?
This show features an interview with Scott Lachmund, a real estate agent based in Caboolture. Scott is also the founder of 4510TV, a community-run online TV station. Scott is a really interesting guy with a lot of great ideas about how to build a personal brand. He also some great advice about how to buy property as an investment.
If you prefer to listen or watch, you can see the interview here.
Scott was born and raised in Caboolture and started working in the family real estate company shortly after high school. His first investment property was the first home that he purchased at 25 for $112 thousand and sold it for $250 thousand just a few years later. His experience building a business has largely been about learning how to manage people. “Consumer behaviour has changed a lot over the last 25 years,” he says.
Scott decided to start 4510TV as a way to give back to the community. It started as a way to market the properties that his company was selling. Eventually, he started to help market and promote local charities and other community events. This has resulted in a site that has garnered millions of views in just a few short years.
Scott believes that property is a sound investment. He has never used other investment vehicles because he loves the solid feeling of bricks and mortar. Scott has a number of recommendations for people considering buying. Location is the first consideration. Good access to shopping, schools and transportation is really important. He also says the affordability and serviceability of a property have to be considered. “You don’t want to be pumping money into a property that you can’t recover in rent,” he says.
There are ways to mitigate other risks like non-payment from a renter by using landlord insurance. You can also counteract the risk of a vacant property by purchasing in a location that is sure to have a high demand for the foreseeable future. Much of this advice is applicable when purchasing your own home.
Scott says there are a number of people you need on your team before you purchase an investment property Getting good advice from an accountant is very important as well. They will be able to guide you through potential hazards like depreciation and taxable claims. The next person you need is a solicitor. Align yourself with someone that can guide you through the conveyance process. Navigating through title searches and other legal paperwork can be complicated so be sure to choose someone with lots of experience. A good real estate agent will have lots of information about a prospective property. From easements to flood reports, there are lots of questions that need to be answered by your agent before you make an offer. Too often people end up purchasing a property without getting good advice. Don’t try and do this on your own!
Scott ended the conversation with a few book recommendations. The first is Tribe of Mentors by Timothy Ferriss. “You can flip to any page and any paragraph in that book and find something relevant,” he says. Scott added that Stop Thinking, Start Living by Richard Carlson is a book that every business owner should read.
Are you ready to begin investing in property? Make sure you get the right legal advice from the start. Talk to us today!
At SMS Law, our team of solicitors have extensive legal experience. We know the legal system can feel overwhelming, and it is hard to feel confident when you don’t know how to move forward. That’s where we step in, to guide you through each step of the legal process.
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