In Episode 28 of the Property Investing Journey series Mike is joined once again by Ben Plohl, Principal Buyer’s Agent and Founder of BFP Property Buyers. Mike first chatted with Ben in Episode 79 of the Geared for Growth podcast where they covered Ben’s background in real estate spanning some 15 plus years, and how he bought his first property at the age of 18.
In this episode Mike and Ben look specifically at the different stages of growing your portfolio and using property to serve an investors’ actual end goal. Ben questions some traditional long term plans that may serve a passive investment strategy, and advocates for a more active role that is reviewed regularly.
Ben explains why he believes investors should take a genuine interest and diversify their portfolios depending on their financial situation and property strategy. As a qualified Chartered Accountant and with a background in land economics, Ben is perfectly positioned to break down the complexity of asset accumulation and discuss how reverse engineering from an investor’s ultimate end goal can simplify the process.
Ben and Mike wrap up the conversation by exploring the path to retirement (or even semi-retirement), considering the need to sell off properties or eliminate debt. No matter where you may be on the property journey, this episode will have you thinking about your overall strategy and considering how you’re tracking against your end goal. It’s one you won’t want to miss.
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Mike is joined once again by Ben Plohl, Principal Buyer’s Agent and Founder of BFP Property Buyers. In this episode Mike and Ben look specifically at the different stages of growing your portfolio and using property to serve an investors’ actual end goal. Ben questions some traditional long term plans that may serve a passive investment strategy, and advocates for a more active role that is reviewed regularly.
What we cover in this episode
- Starting with a clear strategy
- Unravelling the complexity of the accumulation phase
- Developing a property plan
- Reverse engineering your property roadmap
- Being an active investor
- Is it necessary to eliminate debt for retirement?
- How far ahead should you plan?
- Ben’s three top tips for the portfolio journey
“The accumulation phase can be quite complicated. It’s not just going out and buying properties, there needs to be some sort of tactics involved in doing that, so it’s about buying a mix of different assets“ Ben 2:40
“There’s a lot of things in the marketplace that are, I feel, people putting these very detailed 20 year plans together that may or may not work. My view is, being an investor, you need to be active, you need to be reviewing what you’re doing on an annual basis.“ Ben 7:08
“It’s like playing chess, what’s the next asset that we need to go and acquire to help you get along the journey. Do we need to getting rid of an underperforming asset?“ Ben 8:02
“It’s looking at the next one to two years, as opposed to twenty, or even forty year plans” Ben 14:32
“There’s nothing passive about being a property investor, much to what some people think. I think you need to take a genuine interest … and be mindful of your financial situation.“ Ben 14:51
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