What should you buy? (Part 1) Plus the worst house in the best street and other real estate cliché’s with Veronica Morgan – BONUS SERIES Ep. 4

In this latest episode of the Property Investing Journey, Mike is joined once more by Veronica Morgan, Principal of Good Deeds Property Buyers and Co-Host of Real Estate podcast, The Elephant in the Room. Kicking off a four part series on “What should you buy”, Mike and Veronica chat about the multitude of property clichés and whether there’s any truth to them.

We’ve all grown up with popular advice such as “buy the worst house in the best street” and “a rising tide lifts all ships”. But how reliable are these pearls of wisdom, or are they in fact, empty rhetoric?

In this compelling episode, Mike and Veronica dispel the myths behind these clichés, noting that these sayings tend to oversimplify the property process in what is oftentimes a complex market.

Bringing years of experience in both buying and selling, Veronica is perfectly placed to offer insights into the purchasing process. Whether you’re in the market, or just curious about property, this is a podcast you won’t want to miss.

Here at MCG, we are passionate about creating a forum and education series for property owners and investors. We do depreciation differently, and offer a set rate for Replacement Cost Estimate reports. A first in the industry. Join our clients saving more on their tax today  https://www.mcgqs.com.au/

This episode of the Property Investing Journey, Mike is joined by Veronica Morgan, Principal of Good Deeds Property Buyers and Co-Host of Real Estate podcast, The Elephant in the Room. Kicking off a four part series on “What should you buy”, Mike and Veronica chat about the multitude of property clichés and whether there’s any truth to them. Mike and Veronica dispel the myths behind these clichés, noting that these sayings tend to oversimplify the property process in what is oftentimes a complex market.

• The facts behind property clichés
• Timing the market
• Understanding property risk
• Corelogic’s quarterly Pain & Gain report
• The right time to buy
• Veronica’s three takeaways

“Location is very, very, important… but if you don’t know how to pick a good asset in that location, then honestly, the location on its own is not enough to give you a good return on your investment“ Veronica 2:00

 

“If you buy a bad asset, the longer you hold that, the worse off you are. You know, the gap between you and good assets gets bigger over time. The wonderful nature of compounding works against you, in property investing if you manage to buy a dud“ Veronica 4:30

 

“Not enough property investors do compare the actual performance of their investment against what else they could have spent their money on“  Veronica 5:16

 

“The market is bigger than all of us. Not one of can control the market, or predict it” Veronica 5:52

 

“These clichés fail to understand the nuances, and it’s really understanding the nuances is where the great value is in property investing“  Veronica 10:20

 

“People are overlooking the basic due diligence that they would never in a million years overlook in a normal market”  Veronica 20:38

 

“Don’t pay a premium for garbage, because that’s what typifies a hot market. People are paying over for everything” Veronica 20:54

 

 

 

Links mentioned

 

https://gearedforgrowth.com.au/podcasts/episode-45-interview-with-veronica-morgan/

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