The Rascal’s Guide to Real Estate: How to Make Big Profits from Property and Avoid the Traps! by Olly Newland, an outspoken professional property investor based in New Zealand who “aims his flame thrower at real estate agents, bankers, lawyers, financial planners, tenants of every kind, property syndicate promoters — not to mention the many unscrupulous con-artists he’s come across” during his 40 year career in property.Olly is well known in New Zealand, although pretty much unheard of over here in the UK and I doubt has much of a name in America either. This is a shame as he has a lot of really worthwhile advice to share, in his own inimitable style, which certainly pulls no punches.
Here’s just a flavour of Olly’s invaluable advice, on which he expands in the book:
- Doing nothing is the great secret of the property business.
- Know the difference between speculating and investing.
- If you are offered a profit, seriously consider taking it — whether you are an investor or speculator. Nobody has ever gone broke making a profit.
- When dealing with agents tell them nothing about yourself or your financial situation.
- Good deals are made, no advertised [in estate agent’s windows].
- Auction tactics.
- Get everything in writing. Everything.
- You must tattoo the word ‘patience’ on your forehead.
- Do not confuse increasing your portfolio with empire building. Each property must carry itself.
- Don’t get too friendly with your tenants.
- Don’t believe everything you see or hear.
I came across Olly’s books whilst I was travelling around Australia and New Zealand and I’m so pleased I did. For sure, a few things he writes are probably only geographically relevant in Australasia, but most advice is universal and would easily apply anywhere in the world.
Reading The Rascal’s Guide to Real Estate, it doesn’t take long to realise that Olly Newland has been there, seen it, done it and bought the property investment T-shirt. Why make the same mistakes yourself, when they’re all listed here with the corresponding corrective advice?
(NB: The Day the Bubble Bursts is another book by Olly Newland which has had great reviews. In fact I’ve just this moment ordered it from Amazon myself!)