The Property Professor’s Memoirs – Part 3: The inspiring journey from family home to investor to developer to helping the kids enter the market (Ep. 199)

This is arguably one of the trio’s favourite set of episodes. Taking a trip down memory lane was not only a thrilling chat for Pete, but a wonderful way to share some very important learnings with our listeners. Following on from last week’s episode 1 where Pete got started on his property journey in 1984, this week’s episode introduces listeners to Pete’s learnings as he embarked on value-adding to his investments.

Episode 1 – Getting Started. It starts back in 1984 when Pete and his wife purchased their first home in High Street, Ardrossan (SA) and spans the the purchase of their first upgrader home, as well as some early value adds and long-term investments that Pete embarked on.

Episode 2 – Property Speculation. Pete branched into purchasing value add properties and wised up to other ways that investors can value add, other than gaining a DA.

Episode 3 – Property Development and Construction. Pete started building and retaining properties in this particular investment phase.

In the last of these three special episodes, Cate hosts this episode and looks into the various ways that Pete’s skillset and experience have enabled him to achieve success and to have choice as he approaches semi-retirement. Episode Three hinges on Pete’s growing expertise in relation to subdivision and building.

“Two equilateral triangles make a square”… Listen in to find out how Pete optimised two sites for development.

Pete also touches on his experience post-GFC with his NRAS scheme properties, and the implication of the benefits that have spanned ten years of his investing journey.

Cate reflected with Pete about his growing national brand and his achievements over the years.

Pete appeared in almost every API magazine, contributed to journalist articles, authored two books; firstly in 2008 and then in 2013, he’s continued his studies, maintained his passion in property as an active investor, and in 2013 Pete had what he describes as a ‘landmark year’. His Masters of Urban Regional Planning study commenced, he was teaching full time, he managed authoring his book and he was training for a marathon. No small feat indeed.

“Knowledge is power in many different fields, and it’s no different when it’s in property.”

Pete emphasises the need for investors to take action, because time is only a wonderful thing once you’re investing. He considers some of the students he’s taught and the people who have asked him for help over the years, and he touches on the sad reality that many didn’t take action to actualise their goals.

Pete’s saga about his daughter bidding for him while he was holidaying in Melbourne. While sitting outside a fashion shop waiting for his wife, he trawled the internet on his phone. Recognising a poor listing on the internet that had previously been incorrectly uploaded, Pete set himself the challenge and geared up for an auction (with his daughter’s help) in a tiny space of time. It’s a wonderful story! Tune in to hear why this particular property caught Pete’s eye.

Another great project that Pete shares with our listeners relates to a quadrilateral shaped block that one of his students identified, and in fact it’s one of his favourite developments. Pete built the townhouses and holds them to this day, retaining them as a key piece of his retirement plan.

“You don’t need to be a genius to do well in property. You just need to know a bit more than the last person”.

The trio ponder the properties they’ve sold, the losses they’ve averted and the reasons why they sold at the time. Pete’s sensible words of wisdom shine through as he reminds listeners that sometimes we make decisions that were the right decisions to make *at the time*.

To sign off the episode, Pete happily sits in the hot seat and answers Cate and Dave’s questions. From his best performer, to his tips for success, this episode can’t be missed.

Gold Nuggets

Pete Koulizos, the Property Professor’s Gold Nugget: “Surround yourself with like-minded people to help you on your property journey.”

David Johnston, the Property Planner’s Gold Nugget: Dave asked Pete a fantastic, burning question that he wanted to bring to light for the listeners; was Pete’s property journey the right journey for *him*?

Cate Bakos, the Property Buyer’s Gold Nugget: Pete’s success can be attributed to his passion, continuous learning and his willingness to take action, but a significant ingredient that Pete had on his side was all about time. He got started early.

Resources

Pete’s plans and details here

Ep 11: Small time development – how it can work for you, but is it a risk worth taking?

Ep 14: How to choose a location for investment – what to look for and what to avoid

Ep 67: Subdividing – fundamental for success

Ep 68: Renovating – tips and mistakes to avoid

Ep 102: How to determine property market values by using comparable sales