Property investment can be a daunting prospect, particularly if you’re new to the game. Having a plan in place – and the right advice to formulate that plan – is essential for success. Your Investment Property spoke to the man behind The Property Bloke name, Wayne Jessup, to find out more about how investors can make smarter decisions around their purchases.
YIP: How did you become The Property Bloke?
Property Bloke: I started reading about investment property at a fairly young age – about 16 – and decided that was what I wanted to do with myself. I went on to buy my first investment property at 18 and started working in the industry in a more formal capacity a couple of years after that. Ever since then, my goal has been to help people invest in property to secure their financial future, which led me to strike out on my own as The Property Bloke in 2003.
YIP: What services does The Property Bloke offer clients?
PB: My ultimate goal is to educate everyday Australians on how they can invest in property, and what they can do with it once they’re in the property market. I’m very geared towards helping mum-and-dad-style investors, rather than trust-fund types. We provide communication and motivation to show people what’s possible.
We educate and mentor people one-on-one through the process of property investment and all the factors that involves. It’s an individualised process; among other things, we assess their suitability for investment, their goals and their attitudes to risk. Some investors might suit a brand-new property; others who are a bit more hands-on might suit a fixer-upper. More experienced investors might suit something more in-depth and complex, like subdivision. After that we draw up a plan to that effect. It’s a very tailored approach.
Importantly, we reassess the larger plan once a year. We look at what the investor has achieved, where they might be falling short, and what they can do to improve over the coming 12 months.
YIP: What are the key things prospective investors need to know before they get started?
PB: If you’re looking to invest, you need to have a rough idea of what your financial goals are. Do you want to achieve capital growth? Do you want an income stream? People often say “retirement” as a bit of a blanket statement, but it can be much more complex when you start to break it down. Is it cash for holidays? Is it to provide an inheritance for the kids? Or do you want to actively create and build new properties? We can help with this, of course. But if you have an active understanding of what you want, you’re starting from a better position.
YIP: How can investors better empower themselves, once they’re in the game?
PB: One of the most common errors that I see is when an investor has bought their first property but not updated their own goals accordingly – they get nervous about the costs involved and don’t think about the long term. So I think the most important things are having a larger plan to work towards, as well as regular mentorship. There are a lot of surrounding factors which undergo regular change, like tax benefits, zoning laws and government subsidies. Having someone alongside you to help stay on top of these changes and strategies, and adapt your long-term plan as necessary, is crucial.
YIP: How do you see The Property Bloke growing and changing into the future?
PB: We’re going through a massive growth phase at the moment. Traditionally, we’ve been focused on Newcastle and the Hunter region, but we’re beginning to branch out Australia-wide. We aim to be one of the top investment property education providers in the country.
“Having someone alongside you to help you, and adapt your long-term plan as necessary, is crucial”
Wayne Jessup purchases his first property at the age of 18
He starts working in the property investment industry, aiming to educate other potential investors
Jessup officially becomes The Property Bloke
Future expansion is planned beyond NSW and across Australia
ABOUT THE EXPERT
To find out more about how The Property Bloke can help you navigate the maze of property investment, visit http://thepropertybloke.com.au/
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