Rod Pascoe Transcript

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Rod Pascoe:
Why would you sit on a property, for example for five years, to achieve a passive income of maybe fifty thousand dollars over that five years, when you could achieve fifty thousand dollars profit in the space of six months. Repeat the process a few times in that financial year and really leverage that money again and again to grow a lot faster.

Tyrone Shum:
This is Property Investory where we talk to successful property investors to find out more about their stories, mindset and strategies.

I’m Tyrone Shum and in this episode we’re speaking with property investor Rod Pascoe, who discusses the secrets behind his property renovations and joint venture successes, and shares the ups and downs of his career, and how it all started.

Originally from Sydney, Pascoe’s life was heavily involved in real estate investing within the family.

Rod Pascoe:
Grew up in Sydney and spent the first, I guess, part of my life really heavily surrounded by real estate and investing due to my father and family members investing and being involved in real estate so it was a good and natural start to my inevitable career now.

Tyrone Shum:
A typical day for Pascoe begins with meditation and a healthy breakfast.

Rod Pascoe:
I wake up relatively early. I like to do some meditation in the morning and focus on my day ahead and also my mid to long term goals for life and then I will have a nice healthy breakfast and most days I swim for an hour or two. I like to do laps in the morning; it really clears the head and sets you up for a good day. So my… I believe strongly that fitness and health is critical to this career and I guess anything in life that you’re trying to achieve.

Tyrone Shum:
Totally agree. I agree. I just wonder how you squeeze in one to two hours lapse like you do in a pool or you’re doing it out in open waters?

Rod Pascoe:
Yes I’m in a local pool and it’s good in the morning because it’s not too crowded or busy so it’s really good space to get my thoughts together for the day and yeah.

Tyrone Shum:
That’s awesome.

Rod Pascoe:
Normally after after the swim I’ll come back and check some emails to catch up on any any maintenance I need to do on current investments I’m holding and then normally I’ve got a list of things I want to achieve for that day, whether it be organising tradesmen or some town planners, surveyors, due to the subdivision or anything involved around the property side of things to keep things moving.

Tyrone Shum:
Pascoe grew up in Western Sydney, but by the age of 6, he was caravaning around Australia.

Rod Pascoe:
I grew up around the Fairfield Area, in a suburb called Bosley Park. And later we decided to, well my family decided to sell up and have a year on the road too to travel around Australia in a caravan. So as a young 6 year old, that was an experience that I’ll never forget. And it really entrenched some great memories in my mind for future life. We finished up in a small town in Queensland called Childers. I don’t know if you’ve heard of that but it’s very beautiful and rolling hills, green fields, sugarcane and that’s where I spent, I guess, the second half of my adolescence, going to school and playing sport and doing all the things that young teenagers do.

Tyrone Shum:
Does that mean then you actually lived up most of your childhood then in Queensland? I mean you grew up in parts of Sydney then you went on the trip and you went up to Queensland, is that what happened?

Rod Pascoe:
Yeah, yeah, basically. We did have a short period where we moved back to Sydney, but I think the lifestyle kept calling us back up here and the family couldn’t resist the weather and the lifestyle that south east Queensland offers. So that’s where I’ve been ever since.

Tyrone Shum:
He didn’t always have a clear image of what he wanted to be after high school.

Rod Pascoe:
I finished high school. I left school not really having a clear idea of where I wanted to go, but I had a passion for sport and real estate so, I knew it was either going to be one or the two – one of the two. So, I initially tried to pursue swimming and as you know, it’s it’s a tough career to pursue with the early hours of training in the morning and then late afternoon to get to the point where it’s going to be a career. So, I did my best. Took it as far as I could go and realised that it wasn’t going to be, so, real estate was the the next option that I saw fit.

Tyrone Shum:
Yep, yep, sounds amazing. And I think it’s interesting when I’ve spoken to a number of people who wanted to pursue swimming, i even had an Olympian not long ago, actually, talking about his story and he said at the end of day, it’s a great career and you get to meet a lot of great people, but financially, it can be a strain. So over all, you’ve probably done a pretty good job to move into the right direction because you still need to feed yourself.

Rod Pascoe:
You need to put food on the table. That’s right.

Tyrone Shum:
Despite some difficulties, Pascoe purchased his first house at the age of 21.

Rod Pascoe:
Yes, I um, I studied IT for a short period. That was another learning curve for me, realising that that wasn’t what I wanted to be doing; stuck in front of a computer all day. I loved being outdoors or out doing physical things. So, I tried a few other things, short term jobs, labouring for builders, night fill at a supermarket, a few random jobs just to get by in your life in your early twenties. You try a few different things to see what fits, but shortly after that, I think around the age of 21, I decided to purchase my own house and when all the friends were off buying fast cars and boats and all the toys that the early 20 year olds buy. Luckily, had some small amount of common sense. I wanted to say I had a lot back then but… and decided to buy my first property. And with a bit of help from my father and a push in the right direction, I ended up buying a little three bedroom brick house in Bundaberg, which is not far from Childers where I grew up, and yeah, it was very run down, but on the Affordable side of things and that was all all that mattered to me. I could get my foot in the door in the real estate market and go from there.

Tyrone Shum:
Excellent, excellent. Yeah it’s really interesting because, I think, when people were young, you know, they think, okay let’s travel, let’s buy all the things that we can when we are younger and don’t worry about the future, but the day will come when we realise “oh great we need to get our own home” and by then it’s what 10, 12, 15 years down the track when you…

Rod Pascoe:
Yeah.

Tyrone Shum:
Realise you should’ve started earlier. It’s great that you did start young, you know, and as you said, it was a bit of influence from your parents. You mentioned at the beginning, parents and family stuff, well, tell me a little bit more about that and yeah your growing up behind it.

Rod Pascoe:
Yeah, so, I guess, on the influence side of things for real estate, my my father was the one who suggested to me to renovate the house I bought and shortly after that, also I read ‘Rich Dad, Poor Dad’ and Steve McKnight’s ‘0 to 130’ and all the pieces of the puzzle seemed to come together finally, and it all made sense from a very young age, which was great. It lit a fire inside me, I think, for what could be achieved in life and and in wealth creation and really got me excited and passionate about about the future and what I wanted to do.

Tyrone Shum:
Fantastic. It’s really interesting and inspiring to hear that, because I think it’s just getting into the right frame, like a lot of children, unfortunately, grow up going to school, learning that, you know, go get good grades, go to university and just go out for a job. But if you’ve got a foundation where your parents are able to, sort of, have some interest in real estate or even just give you a book that would inspire you might teach them. I think it really helps them set up the future for a lot of great things to come, because it’s not been taught in school, unfortunately, these things.

Rod Pascoe:
That’s right, that’s right, and I really think the things around money and financial well-being should be taught in schools, but unfortunately it’s not.

Tyrone Shum:
Pascoe bought and renovated his first house with the help of his father and low doc loans.

Rod Pascoe:
Back then, I don’t know if you recall, but low doc loans were still around back when I purchased, so I didn’t have full time employment. I had a small amount of money saved up for a deposit and I didn’t need a large loan to buy the property due to the affordable price range that houses were back then, especially in Bundaberg. You know, it would be unheard of to be finding properties in a major regional centre now for those sort of prices. But… so yeah, I got the finance and basically from day one started to renovate the property. I still remember the day my father came in with a box of tiles and we pulled up the old carpet and he said this is how you lay a tile, put the first tile down and left me there with the tiles and the glue and and said take it away it’s all yours.

Tyrone Shum:
So, pretty much you’re pretty hands on from the first get go actually, you know.

Rod Pascoe:
And yeah, I think it was good to learn that way because it helped me understand how all the different trades worked and understood what was involved. So, you know, fast forward to today, where I use all tradesmen to do the work and I just project manage it, it has helped me to understand each trade and really get a good hold on how to renovate a property.

Tyrone Shum:
Yeah, definitely. It’s a skill that really can’t just be learnt from reading a textbook. You have to learn and actually be involved in the process too. And yeah, it’s a lot to do with project management. A lot of times you can’t manage something unless you’ve actually done it too, as well.

Rod Pascoe:
That’s right.

Tyrone Shum:
Coming up after the break we will delve into how Rod Pascoe and family grew their portfolio.

Rod Pascoe:
After selling that property I went out and purchased two investment properties which I still own today and I just hold them as long term buy and hold and they’re both positive cash flow properties.

Tyrone Shum:
Some of the challenges he faced along the way.

Rod Pascoe:
I purchased a property in Bundaberg to renovate and I don’t know if you know, but it kind of had some sort flooding in recent years.

Tyrone Shum:
His aha moment that led him into a path of joint venturing.

Rod Pascoe:
An aha moment for me and opened my mind up to the possibilities of joint venturing and doing the deals where you get in and out as quick as possible and take the profit.

Tyrone Shum:
And that’s next. I’m Tyrone Shum and you’re listening to Property Investory.

Pascoe kept the ball rolling by purchasing and selling properties.

Rod Pascoe:
A little bit of luck, and I guess, a lot of hard work and I turned a good profit from that. That property was a good launching pad to then take my career further. So, after selling that property, I went out and purchased two investment properties, which I still own today and I just hold them as long term buy and hold, and they’re both positive cash flow properties. And really, it was as a base to grow from there. I then got inspired by, as I mentioned, to Steve McKnight book ‘0 to 130’; positive cash flow properties was just a huge eye opener to me on real estate. I never thought that kind of thing was possible, so I became focused on just positive cash flow properties and I guess, increasing the value of the property to achieve more rent. But, fast forward today and i’ve flipped it all on its head. I really believe that the cash flow side of things comes later when your, I guess, ready to retire or to hang up the boots from the property side of things. So, now more active and instead of a passive investment, I’ll look to do active strategies like renovation, subdivision and look, if it is positive cash flow and it’s in a good area, I still look to hold it, but mainly focus on the value add and flip the property and move it on.

Tyrone Shum:
Definitely. So, getting cash out back quickly is all about reinvesting it into something else, which will keep generating – or not generating – but generating more cash for you. So that way, you can reinvest that quickly as well, too.

Rod Pascoe:
Exactly. I heard a good quote a while ago, that you know, why would you sit on a property for example, for five years, to achieve a passive income of maybe fifty thousand dollars over that five years, when you could achieve fifty thousand dollars profit in the space of six months. Repeat the process a few times in that financial year and really leverage that money again and again to grow a lot faster.

Tyrone Shum:
Yeah, I totally agree with you. That’s, I guess, the capital growth.. oh not capital growth… adding value. I don’t know what that word is. It’s not equity… just cash.

Rod Pascoe:
Increasing the capital value of the property. And it’s a no brainer for me now to get in and out of the deal as fast as possible. You know, it eliminates a lot of risk. And due to being – doing a lot of joint ventures with other people, most people want their money back as quick as possible. As you can imagine, so to be sitting in a deal for too long doesn’t doesn’t make sense when you when you’re doing joint ventures.

Tyrone Shum:
No, of course, and I think that’s the thing if you’re able to get money, that’s the good thing, but people want it back quickly, so that way they can be assured and be confident that the money hasn’t been sort of lost over 18 months instead of say six months.

Rod Pascoe:
That’s correct. And also, you leave a lot more up to chance the longer you sit in the market. You know, there’s a lot of uncertainties that could happen. The market could drop and the profit that was originally forecast to be there, isn’t going to be there in the end.

Tyrone Shum:
From the young age of 21 till now, he has managed to accomplish 20 deals.

Rod Pascoe:
Last time I sat down to work it out, I think it was it was close to 20 deals now that I’ve done. They are a mixture of renovations and subdivisions and I’m finding the subdivisions, if you include a renovation with that, that seems to be the ultimate strategy for me right now. So, you’ve got a lot a lot more exit strategies instead of just renovating a property and selling the house, you’ve got the option to to split a piece of land off the side of it, sell the land off, keep the house, possibly pay down the loan on the house and have a positive cash flow property or sell both.

Tyrone Shum:
And cash up.

Rod Pascoe:
And take the cash.

Tyrone Shum:
However, Pascoe’s journey hasn’t always been smooth sailing.

Rod Pascoe:
I purchased a property in Bundaberg to renovate and I don’t know if you know, but it kind of had some sort flooding in recent years. I think the last one was 2013, it was a one in 100 year flood. I did all the things right, checked the flood maps. They came back as flood floodwaters were nowhere near the property that I had under contract. I thought great, that’s good news. I was two months into the renovation, had a new kitchen put in, the bathroom tiles. So, it was well underway and the property was starting to look really good. And shortly after, around Christmas time, I was away enjoying time with my family and friends and I heard on the news Bundaberg having a one in 100 year flood and half the town has gone under water. So, I just remember seeing the news and feeling so helpless being so far away. I was down in New South Wales at the time. And they’ve shown some footage of the area where my house was and all you could see was a few house roofs, but you know, most of the city was underwater in that area. So, I mean yeah, I drove back up a few days later to see the damage and assess where I was at and I remember going over the bridge and it just looked like a war zone. You know there was a SES and fire brigade and roads blocked off and it was just mud covering everything. So, I slowly made my way down down the street where my property was and of either side of me I’ve seen houses washed away. I remember seeing a whole house washed away and all that was left was a toilet still bolted to the concrete slab. Just this image, it seemed planted in my mind now. So, lots of heartache. You know, like you really really feel for the locals that were in the area as well. But, luckily, I drove up to my property and it was standing there. There was, it was like a, I don’t know if you’d say a diamond in the rough, but it was just amazing to see this house standing there in the middle of you know, vacant lots where houses had been washed away so.

Tyrone Shum:
I know in that moment I’ll be thinking gosh, this is an opportunity! Not to make us how you know, harsh or anything like that, but yeah, you guys, if you’ve got any insight.

Rod Pascoe:
Right. It was definitely built well. The concrete footings that it was on, I think they really had those sunk deep into the ground on that property, but look, to cut a long story short, there was some minor damage. About a inch of water went through, so, I had to replace some flooring and some parts of the kitchen, but we got there in the end. The property came up really well. I managed to still turn a slight profit off that property which was very surprising and all in all, it was a good learning experience.

Tyrone Shum:
Luckily for Pascoe, his insurance covered the damages.

Rod Pascoe:
Yes, I had part insurance cover on that property. Obviously because it wasn’t fully damaged, the assessor came through and just covered the things that were damaged so it’s…

Tyrone Shum:
So out of that experience, yes, it’s very fortunate that the house was still standing and you could renovate and so forth, but were there more opportunities around there after the flood that you know, you could have picked up some more other type of properties there or did you just move on from that?

Rod Pascoe:
Well, that’s right. I mean, I saw it as a way to, I guess, help the local area out because business and trades were suffering up until that point. And you know, it’s a sad event but I think the the economy, the local economy did really well out of it due to the amount of work that was required to rebuild that part of the city. So, we did see a nice spike in prices around that time and I capitalized on the event so, turned a negative into a positive and ended up buying a number of properties. You know, over the, I think, the space of a year and a half, two years and renovating them.

Tyrone Shum:
His worst moments in property investment helped him gain experience for the future.

Rod Pascoe:
I purchased a property up in Macai right before the previous mining boom, so did really well, boarded at a great price. Did a renovation on the property and decided to rent the property out. The agent said look, the market is booming but rent is also going up due to the mining boom that was happening at the time. So I think, my initial rent on the property before renovation was 200 dollars a week and by the time I’d finished the renovation and the market had moved in my favour, I think I was getting close to 400 dollars a week. Almost doubling the rent on that particular property. So, I had the option to either sell the property for a profit as I intended to do initially or keep it for the cash flow and I chose the latter and decided to keep it as a positive cash flow property, which was another lesson learnt. The market shortly after that turned for the worse. And Macai, as a lot of your listeners might know, has been on the bottom of the market for a long time now. So, that also ingrained into me the point I made earlier about getting in and getting out and taking your profit. Because if I had chose to sell that property at that particular time I would have made a good profit and would have been able to move on and roll that that profit into other deals.

Tyrone Shum:
I gotcha. So do you think any of the rental has covered the amount of profit you could have potentially made or was it at the moment still just neutral?

Rod Pascoe:
Yeah look, at the moment it’s neutral, but back then it was obviously heavily positive cash flow. So yeah, that one’s going to be a buy and hold. I think, as a long term investment and why wait for the market to come back which, there are really good signs up there at the moment that the market the Macai market has turned for the better. So we’ll wait and see and then and I think it’s all positive up there at the moment.

Tyrone Shum:
Pascoe’s aha moment led him into a path of joint venturing.

Rod Pascoe:
About a year ago I went through, I don’t know if a lot of your listeners will know Matt Jones from property resource shop, I went through his joint venture workshop and course and I think just hearing a lot about the deals that were happening from within that community, really really was an aha moment for me and opened my mind up to the possibilities of joint venturing and doing the deals where you get in and out as quick as possible and take the profit. I was doing joint ventures before that but his program and his course really, I guess he’s put it together in a way that really makes it easy and calm and efficient for people to learn and benefit from, which you know I’m forever grateful that he involved me on that weekend and showed me what was possible.

Tyrone Shum:
That’s excellent. I think being part of great communities like this really help us sort of connect with people and you know the opportunity to come up to help you meet the right joint venture partners or even more of them on your journey to achieve what you want to achieve as well. And especially with your skill set, knowing how to renovate and also subdivide; It’s an amazing thing to know and have. So you mentioned the aha moment was to actually meet the people there, is that what you mean, or the joint ventures that you could do there?

Rod Pascoe:
I think the whole thing was an aha moment, where we’re just seeing the deals that were being done and the way they went into joint ventures and structured them. That was a big aha moment for me.

Rod Pascoe:
I really believe in financial freedom and prosperity and you know, I see what can be done through property and creating wealth and there’s amazing things can be done to help people, and that’s what it’s all about.

Tyrone Shum:
This is Property Investory where we talk to successful property investors to find out more about their stories, mindset and strategies.

I’m Tyrone Shum and in this episode we’re continuing the conversation with Rod Pascoe, who discusses his strategies for successful joint ventures, and how he’s been able to make over $150,000 in profit from deals regularly. Let’s jump straight in.

Pascoe reveals that the best strategy in terms of property investing, is networking.

Rod Pascoe:
I really believe in networking and having a good team around you to start with. And I guess the years of being in the game has given me some really good contacts with agents, and trade, and industry industry players that can they can yeah they can really fast track your progress. So, I think that’s a key.

So, I will most of the time get deals presented to me off market. So, before it goes to the market, the agent will call me, “Rod, we’ve found something that may be of interest”. I’ve basically learnt that you’ve got to move quick on these things because, you know at the price that they’re at there’s a lineup of people that will take that property off the market fairly quickly so, if the agents given you a call, he’s obviously giving you priority on something and I’d like to show them respect. You know I’m not going to muck them around and I’ll give them a quick yes or no answer, or “yes, look it’s possibly something I’ll look at and I’ll try to get it to check it out and do the fees on it as quick as possible.

Tyrone Shum:
He likes to work backwards. To ensure that he can make a profit out of an investment, he looks at properties that have been renovated and sold recently.

Rod Pascoe:
I’d like to work backwards. So, find properties that, for example, have been renovated and sold recently. So, you know, your end figure that you’re going to be working towards and then it’s just a simple matter of working backwards, so, I guess, the property is priced at this; “how much do I need to spend on it?” and “can I sell it for that for the price that I need to?” So, there’s a few little formulas that I’ll use as well; just back of the envelope type stuff to give me a quick yes or no answer on the property but then once things start to look good, you can delve deeper and see if the numbers really stack up and I like to be conservative, because you know, at the end of the day, you do want a good amount of profit to be there for any unforeseen things that will come up, which they do.

Tyrone Shum:
To ensure there is enough profit in the deal, Pascoe looks to get a minimum of 20% return on the investment.

Rod Pascoe:
If it’s going to be a subdivision/renovation project, I look to get a minimum of 20% return on investment. Most of my deals in recent time have been well above the 20% so, I guess what I’m saying is, if it stacks up and it’s around that 20% mark, that’s a good indication that there’s some profit in the deal and you can dig a little deeper and see if you can extract some more profit out of it. By the way of, I guess, getting things done cheaper or you know, if you’re in a moving market where it’s moving in your favour, you’re going to pick up some growth along the way as well. So, I try to target areas that also are achieving some good growth and sales. So, I guess it’s the icing on the cake, if you can pick up growth along the way.

Tyrone Shum:
Absolutely, absolutely. It’s really interesting because there’s a lot of different areas in the market that you can target; it’s just finding the right deal. So, do you have a particular focus area that you mainly work on or you know, spread across the state somewhere?

Rod Pascoe:
Yeah. So currently, I’m focused in the south east Queensland area and predominantly Sunshine Coast. As you may know, Sunshine Coast has had some really really good infrastructure projects on the go and also still to be completed over the next few years, so it really has given us some good growth and stability to the market. So that has worked in my favor. And having been working in that area now for quite a while, I guess I’m quite comfortable and know the area well, so it’s easy to to say yes or no on a deal and do the numbers quite quick.

Tyrone Shum:
His best deals have come to him without him trying to look for them.

Rod Pascoe:
I guess a really good deal that I’ve done recently was renovation on the Sunshine Coast. That one was purchased for $407,000 and it was in a very very tightly held area in Maroochydore, so very close to the river and the new CBD that’s getting developed there.

The story behind that one, It’s funny, I always say to people that the best deals sometimes come to you without even trying to look for them. So, I was driving – it was a rainy day – driving to my brothers on a Saturday morning to have a coffee, and I remember seeing an auction sign on the side of the road, pointing down a street showing a house that was up for auction that day and I called my brother and I said, “look I might be a bit late for coffee, I’m going to go check this auction out.” Something just compelled me to go look at this property and my brother said, “oh, look you know, I think you should just let it go. Come have coffee and you know, we’ll speak about some some property stuff later.”

Tyrone Shum:
He’s like “I want you come over have coffee with me first.”

Rod Pascoe:
That’s right. He wanted to go for a surf and anyway, something compelled me, I thought “you know what, I’ll just turn down this street and go check this auction out.” You know, I don’t know if it was because it was a rainy day or what the circumstances were, but this particular property didn’t have much interest on the day. So I sort of stood to the back and just waited to see what was happening and the property got passed in a really, really low price and I was just was baffled, I thought “you know, this is too good to be true.” So after, I think it took me two months of negotiations on that property due to the – It was a deceased estate. The owners were four siblings and they were I guess, going through the legalities of trying to organise a sale of the property. Yeah, yeah. So it took a little longer, but two months later, i got that property for $407,000. Did a renovation on it, which roughly took six months and during that time, the Maroochydore market just grew; had some really good growth, along with the renovation and ended up selling that property for $665, at the end of last year. So, that  equated to a 29% return on investment. So, that’s one of my better renovations that I’ve done today.

Tyrone Shum:
And was there any subdivision on that particular property?

Rod Pascoe:
No, that one was a straightforward renovation and it was a typical, you know, kitchen, bathroom, rented the bricks, did some painting, some tiling and turned it over.

Tyrone Shum:
Pascoe was able to make $152,000 in profit from one property.

Rod Pascoe:
From settlement to settlements, i’m going to say, it was roughly a year and a half right. Yeah, we did have rental income on the property so, we decided to rent it due to having a few deals happening at the time and no obligation on the property to really move that one on too quick. So, decided to rent that out for a while before we went in and renovated. So we do have some rental income to pay them the mortgage on the property and I think, that was even positive cash flow slightly as well, which was a benefit.

Tyrone Shum:
So, I mean that sounds like a really really good deal and you know, you guys both walked away with a nice chunk of profit as well.

And after doing that, how long do you usually take off in between to be able to move on to the next deal or you’re looking for deals on a regular basis?

Rod Pascoe:
Yeah, I’m looking for deals on a regular basis and they they’re coming across my desk regularly as well. So really, it’s a matter of how much I want to take on at any given time. I do like to have a certain period of the year where I really just have nothing on and go overseas and I highly recommend having some time off.

When you do do this because, you know, we burn out if we don’t take the time to enjoy it and look back and appreciate what we’ve just achieved so. But yeah, look I’m always looking to get from one deal to the next and you know I normally manage two to three deals at any one time, is a comfortable number for me to be working off.

Tyrone Shum:
That’s great. Well, what’s really interesting is I mean, the renovation and the deal hunting and so forth, is a skill that you’ve developed over time and especially when you’ve done like 20 of these type of deals, you’ve got a good sense of what to look out for and you know what your feasibility is. Has there been a time where you think that you just be focusing on so maybe subdivisions and then just doing those in future or have you thought about moving on to next bigger scale things from small to larger ones?

Rod Pascoe:
Yes, and I’m glad you brought that point up because I think the last two years for me, possibly even three, really have been focused on subdivisions due to, as I mentioned before, the multiple exit strategies and profits are just larger I think, especially for joint venturing, you’re obviously dividing money up between certain parties so, you want there to be enough profit in the deal to make it worthwhile and viable for whoever’s coming in on the deal. Whereas, I have found with the smaller renovations in the past that were suitable for me to do on my own, but as a joint venture there wasn’t enough profit by the time you split that up between one or two people. So, definitely the subdivisions, incorporating a renovation is where I’m focused at the moment.

Tyrone Shum:
Coming up after the break we will delve into Rod Pascoe’s mindset…

Rod Pascoe:
I really believe in financial freedom and prosperity and you know, I think I see what can be done through property and creating wealth and there’s amazing things can be done to help people.

Tyrone Shum:
His personal habits…

Rod Pascoe:
Healthy eating and exercise. It’s the basis of all of everything. You know if you’ve got a healthy mind and body, then everything else will flow from there.

Tyrone Shum:
And that’s next. I’m Tyrone Shum and you’re listening to Property Investory.

Pascoe admits that what motivated him to get into property investing is being able to give back and help people.

Rod Pascoe:
Initially it was, and it still is, you know, I guess it starts from a personal place close to your heart, which is family.

And my father being a single parent raising three children, I really, really saw what what he did for us growing up and I wanted to be able to give back. That was my biggest why that started me on this journey. I since have been able to give back and you know, you can never repay someone for doing what they’ve done in that regard, but you know, I’ll definitely try. You know, on a bigger scale I think it’s just, I really believe in financial freedom and prosperity and you know, I see what can be done through property and creating wealth and there’s amazing things can be done to help people, and that’s what it’s all about. You know, we’re all on this journey together, so why not all be prosperous together and live a happy life.

Tyrone Shum:
He shares some of the resources and mentors he worked with in the past.

Rod Pascoe:
Early on, this is a crucial part I’d recommend to anyone as well, as early on I didn’t really have any personal mentors to guide me through this and it’s amazing when you do get someone to mentor you, how fast you can move in and be steered in the right direction.

So I think, Matt Jones has mentioned it before, he started out as a lone soldier; trying to do everything himself. You know, you realise after a while, that you know, we work better as teams and with other people. A mentor that has been helping me in recent times, you actually had her on your show not long ago is Jill MacIntyre.

She’s a great help for me and not just on the property side of things, but mindset and I guess anything based around life and being prosperous.

Tyrone Shum:
Absolutely. When you think you’ve got out of say for example having a mentor like Deal for example that has helped you in your property journey.

Rod Pascoe:
Yeah, well look we’re all human and we have our ups and downs. And when I went to Jill, I was actually having a really, really tough time staying positive in the place I was at. And the thing was, I had done a lot of deals and achieved a lot, but my mental blockage, I guess you’d call, was for some reason, had come up, whereas in the past, I didn’t have that mentality. I was very positive and very confident and we all have our ups and downs and Jill helped me work through that, and still is on a regular basis and that’s why I highly recommend having a mentor in this gain, I guess.

Tyrone Shum:
Totally agree, totally agree. It’s part and parcel of I think growing, because we can’t always see our blind spots and that’s where having a mentor really does help with seeing those and helping us overcome those challenges that we face as well.

Rod Pascoe:
Yeah that’s correct. Yeah.

Tyrone Shum:
Pascoe’s dedication to reading books and love for growing his knowledge has enabled him to succeed.

Rod Pascoe:
I have, and this is,  I’m going to admit it, is a small addiction for me, is anything on the wealth creation and mindset side of things. I love reading and growing my knowledge and I guess, a few that stand out… I’ve read all the Steve McKnight books. I’ve read a lot of Robert Kiyosaki books. On the I guess, mindset side of things, there’s a few ones that I’m sure a lot of people have heard of and read is the secret and those those sort of things. That series of books, it really, it makes a lot of sense when they talk about what you think about, you become and what you believe in life, you end up becoming and that’s the basis of how your life, I guess, is where it’s at that point in time. So, if you’re thinking on a negative side of things and not focusing on where you want to go and what you want out of life, then those negative things will come into your life, whereas if you’re focusing on what you want out of life and the positive things in life, and sometimes, it’s the most simplest thing that can bring you joy in life. So I think that was a good book. There’s a lot… Let me think. There’s a recent one I’ve read, I think it’s an older book, Secrets of Super Achievers by Philip Baker. I think that was written… i’ve actually got it in my hand… 1997 that was written, so.

Tyrone Shum:
Ok, that’s the first time I’ve ever heard – I’ve never heard that one before. I’ll go check that out for myself.

Rod Pascoe:
Yeah, that was a book that I found in, I think, one of my family members had that stashed away somewhere. I took that overseas with me last year and it really resonated. You know, it’s one of those things where some things resonate with certain people but that was one that really resonated with me.

Tyrone Shum:
Excellent. Well, that’s really good and i’m glad you shared those books because I’m always picking up new books and gems from every interview i do. So that’s a great one. Thank you for sharing.

Rod Pascoe:
Yeah.

Tyrone Shum:
The best advice Pascoe has ever received was to be positive.

Rod Pascoe:
I think, to be positive and believe that anything is possible in life. So yeah, I really believe that it is what you make it and there’s two ways of thinking, you can think on a positive side or a negative side, so I guess you know, why not think my positive side of things on or look towards the positive out of any situation. I think that’s the one thing that has really stood out for me over the years.

Tyrone Shum:
His healthy eating and exercise has contributed greatly towards his success in life.

Rod Pascoe:
I think, healthy eating and exercise. It’s the basis of all of everything. You know, if you’ve got a healthy mind and body, then everything else will flow from there.

Tyrone Shum:
Pascoe shares that if he had met himself 10 years ago, he would tell himself to get a mentor.

Rod Pascoe:
I would say, “get a mentor or team up with like minded people and surround yourself with like minded people and don’t try and do it on your own.” I think that’s the few things I would tell myself because many years are wasted. You know, I have learnt and I have got somewhere by doing it, but I guess it could have been done a lot faster if I teamed up with other people earlier and surrounded myself with like minded people. But yeah look, just get in there and give it a go. That’s the one thing I’ll say. I meet so many people that talk about buying their first investment property, and a year later they still haven’t bought their first investment.

Two years later they’re still talking about it and they’re either worried about the market falling or not buying the right property or I think, just get educated and you know, jump in there and give it a go.

Tyrone Shum:
The most excited thing Pascoe is looking forward to is growing his career and moving up the property ladder.

Rod Pascoe:
I think that the possibility of working with some really really good people and and influential people, like just in the last two or three years I’ve really met some great people and I feel like there’s some good momentum with that at the moment. And yeah look, every deal I do seems to be getting bigger and better and I’m learning more and growing so I’m excited about growing my career and progressing through the real estate world I guess, or climbing the property ladder as they say.

Tyrone Shum:
Pascoe attributes his success to his skills and knowledge rather than intelligence.

Rod Pascoe:
Well, I’m definitely not intelligent so I will rule that on out. It doesn’t take a lot of intelligence to do this. I wasn’t the best at school. I had just achieved average grades. I think it’s more about your skill and knowledge. You know, just persisting learning what you need to know and just getting started. But yeah, I think persistence is a big one. You know, there’s so many roadblocks on this journey, but it’s about getting back up again and going again.

Yeah, the moment you stop and say “no that’s it. It’s all too hard. I give up.” That’s you know, that’s when you know it won’t happen, but you’ll find if you keep pushing and getting through those walls, you’ll get through that wall that, all of a sudden it just opens up to a world of possibilities and you sort of look back and go “wow, if I had stopped at that last hurdle and didn’t push through it, I wouldn’t be where I am today.”

Tyrone Shum:
So true. If listeners want to get in contact with you and find out more about what you do and you know, a potential hook up to doing JVC, what’s the best way they can connect with you?

Rod Pascoe:
So, my company name is BNM Property. So that’s B, N for Nelly, and M for Mary. I have to say that because most people get mixed up with the N and M, they sound alike when you say it fast. So BNM Property and my email address is rod@BNMproperty.com. And if they would like further details, I’m sure they can contact you as well.

Tyrone Shum:
Thank you to Rod Pascoe, our guest on this episode of Property Investory.

If you want to hear more about his journey, then visit our website at www.propertyinvestory.com.

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