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Hosted By Tyrone Shum

How Calculating Equity in Property Generates New Opportunities

Updated 14/09/2018

Jeremy Allen’s confidence took a huge blow after losing all his profits accumulated over three years to a mere investment mistake. However, after learning from his mistakes and picking himself back up, Allen bounced back more knowledgeable than ever and started his own consulting business that helps in dealing and calculating investment equity.

Listen to this episode of Property Investory to find out how Jeremy Allen was able to regain his confidence after losing $470 000, his new and effective rules to determining a worthy investment property, and the lessons he has learned so far on his property journey.

"You know what you should be doing, but you just don’t do it, right. And it's amazing how you feel when you do do it."
-Jeremy Allen

Building on his own experience as a property investor, Allen makes sure to cater to his individual clients’ needs when helping them make profitable investment deals.

I have a company called Equity Creators. We basically, we make money dealing property and we do that through various methods. We don’t have one particular strategy, it all depends on what the clients can do with their time and where they want to end up in their investing career.

We see people that want a quick fix and want to make a quick buck for the next couple of years or they will set up a retirement fund, it depends on really what they want to do. We get all sorts of requests as you can imagine. And because we don't actually have any property to sell per se, we look at client’s situation and depending on what they want to do, what they want to get out of the property transaction we go and find and put together the deal, the project to suit their outcome. 

On any given day, Allen spends his time talking to agents and researching for each of his clients.

We're talking to agents and looking for sites in the country where we can add value to them in one-way shape or form. It could be a house, it could be a block of land and we're running numbers constantly, running formulas and trying to see what we could extract out of a property in the way of cash flow or the way of profit. And they’re weighed up against the clients to see if that helps them go into a better situation next year or the year after or five years time. 

He never imagined that property investment would become his main income stream, having simply started in the sales and real estate industry.

I was born in Fremantle WA and I went to a whole lot of different schools but I was in Fremantle until I was 13, moved to Sydney, finished my schooling over there. Then went back to WA for a couple of years and then my mother passed away and then when she passed away I moved back to Sydney and my dad had started a new company. He was an insurance broker, sold out his old insurance brokerage firm and he started his new company in Sydney NSW and I moved over to work with him till about the age of 24, 25 and then I was in sales ever since I was 16 years old and selling for hotels and pubs and cafes and so I went into a real estate after working with my dad for a short stint realising that working with your old man, we both being quite big-headed about where to take the business. So I decided it was best to leave and I then went into real estate. Into general real estate and worked for a Ray White agency.

In real estate, Allen learned valuable sales and communication skills.

I just jumped in and Ray White had an interesting induction period I suppose you call it. They had an external company that trained new agents and gave them a head start. And I’d never forget I was on pretty much, back then, there was no… all the phone numbers you could get on RP data at the time. So I was given territory, given a phone and a computer with RP data and was told right, get some listings. That was my introduction to real estate.

Yeah well I was just going to say, when I worked with my dad, it  was cold calling and back then, when I worked with my dad, there was hardly internet around, it was yellow pages back then and my introduction to his business was to start from Z and work backwards because everyone starts at A and works forwards. 

Allen was first introduced to property investment via an ex-colleague, where he received the opportunity to work on the IT systems and within the sales department for a consultant company.

I had employed a telemarketer to work with me and she was a property manager from years back and she was doing my cold calls for me and what she wanted to get back into property management. So she left and went to work for another company. I know the company at the time, turned out to be real estate in the end but she went work with them. She gave me a call one day and said look we’re looking for someone to come in and work with the sales team and work with the other office in Queensland. It’s slowly up and going and I was pretty good at systems. On the side of my real estate business, I had a voice over IP business as well as installing phone systems into real estate agencies. So I kind of had this going on at the same time. And I had actually at that time I was considering IT services at the time and so I went and met with the owner of Positive Real Estate at the time, Sam Saggers and he told me all about this property industry, the numbers that were happening and I didn't actually believe him at first.

But when I left that meeting in about four weeks later, my old telemarketer called me again, Jodi. She said look I really want someone come in here for real but we had another chat. And what they were offering at the time, they said look we're just looking for someone for three months just to sort out some systems with the sales team thing and so during that three months I could leave real estate and start my IT business. So I thought okay I'll jump on board. I went to work with them and I think within two weeks of me pulling that company apart and going through it bit by bit I was quite amazed at what was happening with the number of properties and how easily people were buying property.

That was really my first awareness of property investment in the industry. So of course I was like a deer in headlights. I was like I went back to them and said look I want to stay here for good. It's amazing I want in on this. And they said well that’s great, we don’t have a clue, we need someone to keep running it. 

His experience at the consultant company would form the basis of all his knowledge on property investment today.

From there I spent the next four years with Positive Real Estate in various roles and that really was my, that first couple of years was my training ground. Everything I do today and the concepts I take into my property investing or strategies today have all come from what Sam has taught me over those years and he taught me about negotiating, he taught me about everything I do today. And then from positive real estate, I went and worked with a couple of other companies as my family situation was starting to get a bit full-on and I needed some more time at home. So I went and worked for a couple of companies and one day, I have always been doing I suppose where this segway into what I'm doing now, I was never doing at value top property, I was never doing subdivisions or the type of things that we're doing now. I was doing all of the plan type like selling current stock or selling off-plan units or large packages that type of thing. Brand new and hadn't really gone into the subdivision or the add value type property investing before.

Allen’s first time using a strategy like subdivision on an investment property was assisted by an expert conveyancer who showed him the benefits of subdivision.

I bought a property, I remember buying property in a place called Hoppers Crossing in Victoria and it was near a new state that was being built there called Tony. It was just coming at a time. I bought a property there for $165000, I remember. And I bought it purely for the reason that it was near an upcoming area and I was going to capitalize on the growth. And I bought the property and signed a contract with me...

I wish could remember his name for life for me cause I'll tell you what. He took this contract and said well Jeremy I think you might be able to subdivide this property. I said What does that mean. He said well what you do is this and this and hopefully you make some money. I said okay, well how can I work that out. So I talked to an agent to find out how much each of the bits of property would be worth afterwards and go from there. So I go sure.

He said look it's going to cost you around 30 grand to do, go work it out. So like I said I was pretty good numbers. That as my strong point school, went and hunted down the agent, worked out how much the bits of property would be worth afterwards. Yeah and on paper I was looking like making about 80 grand and I thought oh well we’ll give this a go, if it costs 30 grand we'll give it a go and see what happens. So between him, there was a guy at the council and a surveyor that he pointed me to and between the three of them, sure to this day I've never had that experience again but they pretty much did the whole thing for me.

After watching the success of his first subdivision project, Allen realised how gaining profits in property investment is comparable to winning the lottery.

I’m sure they used me, like I don’t know they were having some fun with me but they took me under their wing and went Oh this is what's going on in. But in about 10 months time, I had made what most people I'd seen come through the plan.. I made my cash back and then some in that ten-month period, people were struggling to do that in two years. So I've been around enough and I've been on you know we've been on stage and done seminars and that type of thing and I'd never done, always the strategy was to buy a property a year in growth suburbs, capital growth. After 10 years you'll have enough cash to invest that you live on it whatever it was you want to live on for the rest of your life. 

Although it was happening, it was a struggle to make it happen. So what are those areas like I see with that type of investing it’s like winning a lottery kind of thing. You know you got to pick the best areas, research goes into it but I find that you’re kind of out of control. So with this sort of new development I'd done, it was only a one to  two lot subdivision. I'd done that for 10 months and I could see it happening, I was actually able to calculate it. So that gave me an idea and I did it again. So I did again, made some more, did it again made some more. 

And by that stage, I was in my early thirties and I had not had a loss in property. So, of course, I thought it was 10 foot tall bulletproof so I thought I could do this anywhere. The following year taught me a massive lesson. I lost all the equity I'd made in those first three and half years, I'd lost all that in one year and that then taught me a very big lesson in following your process.

Currently, Allen has a set of rules he must follow when choosing a property to invest in. The rules were made after his biggest investment blunder to date.

Jeremy Allen calculating equity in property

I've got a file bank of rules that I take into any deal I do. It's got to be able to return my cash in 12 months and maintain the asset as well. So what I mean by that is whatever deal we go in to, whatever cash is put into the deal, I don't look at what's leverage or what’s borrowed. I look at the cash and if I can go to a deal, have it produce cash flow, be able to pull out after pulling out my cash, pulling the equity out of the deal, afterwards replacing the cash spent and then the asset maintaining itself still, that’s kind of rule number one. And then rule number two is to do the market. If the market does take a turn I'd like to keep a minimum two, three probably is safe, three assets in a particular market. That way if a market does take a turn I could sell one down, two down and then maintain my place in the market still.

And also it doesn't need be within 20ks from the CBD or something like that but there needs to be, if it’s going to be in a country town, there’s got to be some sort of major economic turn happening in the town like a Bunnings or a McDonald's going up.

His worst investment moment occurred when he grew overconfident in his money-making skills.

Now those three things I did not even look at when I bought this property and I had, I remember having a contract in front of me one night from a computer. I had a couple of beers and just signed off on it went for it I thought oh look you know, it's hard to explain. But I hadn't experienced a failure in property investment before. So I didn’t know what it felt like and I wasn't really worried about it at the time because I was making money. 

Anyways, the other thing is, if the market does take a turn, you bail out straight away. When you go and illiquidate assets don't think about it, just do it right and when you're going to do it, drop the price below the market just to get rid of it.

Allen’s biggest mistake was forgetting to calculate the exact development costs before buying the property.

What happened from here onward. I ended up, the cash I had set aside, I hadn't done my numbers upfront. So there's another rule I go with. You always need to know to the cent what the whole development cost before you go and condition on the property they go in. So I need to know the fixed price quotes of everybody and everything fixed price before I’ve even bought the property so I need to know all that.

I hadn't done that right, the cash I had set aside, I thought oh yeah there'll be enough, hadn’t gone up to get my quote. And this is the fourth one I've done in Victoria so I thought I know what’s going up there and what I thought was going to be 80000 dollars end up being 150000. So I had to take a personal loan of $70000 to make up for the rest. There was no way this thing was going to return a $150000. Anyway by the time it finished developing the land, I remember the agent called me and said Jeremy look, he must have been quite concerned. He actually phoned me which means that I'm not going to make money out of this. I was like shit. So what. He said to just stop there, hang on to this thing for a while. I said no. Let's put it on the market, let's get rid of it. I was starting to worry then. 

Adding on to the disaster, Allen failed to sell the property off as quickly as possible and ended up losing more money.

So we went to the market, he said, he gave me, I can't exactly remember what the price was, he gave me a price that thing would sell for. And instead of going below that price, I went above it and three months after that, the market had dropped further and I dropped the price again but still above market price. Again, next three months went down again. This happened another three times right and I still it didn't occur to me what my rules were before this. It's like just dump it. And if I had dumped, if I had dropped the price below market price when he first said to me put it on the market I would have been out of there within three months and the next, it took me a year and two months to get rid of that property and I had lost around about $470000 in that 12 month period.

"There's a relationship between all those numbers and it could be followed. So I now while I don't well, I don't completely rely on formulas, they're a great guide."
-Jeremy Allen

He claims that it was not so much the money that made this experience his worst investing moment, but the dent it made in his confidence.

It wasn’t the money so much, it was a dent it made in my confidence. And that affects everything. I mean the money you can make back. It's not hard to make it back. The thing is but to make it back you gotta have the mindset. I was beaten at the time.

It was a tough two years I should say and I went and worked for a couple of people, it was just a tough couple of years.

After such an experience, Allen vowed to never repeat his mistakes for his clients when he started his own consultant company.

When I started a business I spent a lot of time because of that time of my life, I hadn't actually done anything for anyone else was before, it was all for myself. 

And I remember my first client back then came to me from a friend who knew I was doing what I was doing and had a little more faith in me than what I did at the time and she referred me over to one of her friends and they, I always remember I thought well, she had at the time eighty thousand dollars in equity and she was like okay, I really want to do something with it. It wasn’t really hard sellers like she was more like doing her a favour and  I didn't charge him for it but I thought I’d use this to kind of get myself back in the game. So I took my time, I’d never forgotten it. It took me around three weeks to find something that I was confident enough to put somebody into it. I went through every number on that property every number I could think of and I have these formulas down. I just made sure that, I just did not want to lose a cent for this woman with everything she had left and I wasn't going to lose a dollar for her and I took my time went through step by step and retraced my steps as I did when I was making money. And when we focused on things like an aha moment, I think I have them every year. Every year I learn something about the relationship between finance and property and cash flow and like all these sorts of KPI that we look at when we are going through property investment. Every year I learn something. 

Allen believes that his biggest a-ha moment was starting his own company.

An a-ha moment would have been when I finally stepped out and went right I’m going to do this and I started my business and relied on fees to keep myself alive and the aha moment probably came from that. It's not so much from the property. When you focus on something like that when you really drill down and work out the numbers and every cent that goes in, every cent that comes out and why it goes in and why it comes out you find an amazing number of relationships between what you spend and what you get. If you give me an average yield of a market in right now anywhere in Australia, I can tell you how much cash you need to put into a property how much it will return in rent how much profit you'll make and what it'll be worth afterwards. I know that because there's a relationship between all those numbers and it could be followed. So I now while I don't well, I don't completely rely on formulas, they're a great guide.

I suppose the biggest thing I've learnt is that property investment is not a lot to do with property it's very little property. It's about how you work your numbers, work your finance.

Be Patient & Nurse Your Opportunities with Jeremy Allen

calculating equity in property

While Allen admits that fear is a huge factor in stopping people from investing in property, he claims that it all boils down to taking a leap of faith. Allen did the same when he started his own subdivision business.

Look I can't put it down to anything but taking a leap of faith. I had four clients at the time and when I say clients, I mean these were a couple of years after I started charging people for all I did on the side that type of thing and they said to me at the time, I took a leap of faith, I was an idiot at the time, at I should declare and they said at that time, I'd done a couple deals for them over about a three year period and they're making their portfolio out of it and making a bit of a living out of it. I didn't realise what I was doing at that time but I was actually setting these people's portfolios up and they were making good money, in the end, I actually realised, came to me, they rang me one day and actually one of them had got in touch with another one of my clients.

They didn't know each other but somehow, I'd probably talked about them or they got the number from somebody else but two of my clients got together and then came to me and said “look, Jeremy, we want you to do this full time because we want more property”, at the time, I was actually working as a sales manager.

Having people who really believed in him to succeed in property investing gave the push Allen needed to delve into business full time.

I really wasn't putting a lot of time on the subdivision side of things and they said look we've got this much money, we'll give that to you in advance if you leave your job and do this full time. And when a point is that clear, it wasn't the money that did it, in the end, it was like shit. These people believe to me that much and they're going to give me this much money upfront if I leave my job and go and do this full time for them. And that was then the beginning of my business because I couldn't morally say no to that but for someone to have that much faith in me, it gave me goosebumps. I thought to myself look, did some numbers, okay we can do this. That's when I went into my business. But what makes me do it? What was the catalyst? I knew I could deliver to the market, I could deliver to property investors what they were trying to achieve in buying in other top strategies. So these people that were going and buying in growth markets this type of thing.

I won't go into the negative either but I know why there’s articles in magazines and leaflets which tell people what the market is going to right now and that's not necessarily all true and it's not exactly false either. But so I knew I could go and give somebody, if somebody wanted to buy property, they wanted to make their money back, get enough cash get the cashback, then repeat the process the next year and the year after year after year after then going through a debt reduction strategy, I could do that, I could do that.

With these clients backing him up, Allen hopes to build an investment model independent of the market’s actions.

I want to bring to the market a model that actually works and that you could actually control so you can, cause when we do our numbers, we don't use the market at all. We don’t use market growth numbers at all because you can't tell what they are. Yeah, we work in growth markets but I don't read the magazines and find out where they are. I go do my own research and what I do know is that the model we use, if the market were to do nothing over the next eight years, the client would still be able to retire on what they want to retire on, Because we use profits, it is an add-value strategy rather than market. So I want to bring that, I want to make it a real true model to the market and that’s what made me go and start my business cause I was sick of going and selling something I didn't believe in if that makes sense.

For his most memorable mentor, Allen still appreciates the advice he’d received from the people he met working at Ray White.

It was amazing. We’re still talking today if I was stuck for an answer. He's fantastic you know. He’s one of those guys. I've met a lot of people in the industry. Met a lot of people at the time with pulse property…

 He's one guy that anyone can go to, doesn’t matter where you're from, doesn’t matter where you are, can go to him and he will give you time each week, he’s a great guy. He taught me how to negotiate.

The best advice Allen’s ever received comes from his late mother, who taught him how to be patient when it comes to the business side of things.

"Set things up, just nurse them along and it'll happen when it's ready to happen."
-Jeremy Allen

It would have to be about patience and it would be from my mother I think before she passed away but she was a businesswoman herself.

But I think dad was more “go get it now”. So that's where mine actually came from like the go get it now kind of attitude. Mum was more look she was aggressive but in a passive sense if that made sense. She was very much looking, set things up, just nurse them along and it'll happen when it's ready to happen. And I didn't really take that attitude into business till probably about five years ago and I learnt how much more powerful that is.

If going to need help for something or you’re really after something you can actually fuck it up quite quickly too and rather than say Okay onto the next opportunity, if you nurse an opportunity into place and just lightly make sure it's still going ahead, when it happens and you have these relationships with other people in a business type situation, in these relationships with other people, it's a lot more enjoyable.

Allen has also learned to work on his business relationships with his team and form a healthy work environment within his company.

When I go to a new state around Australia. We’re in a new state in Australia every two and a half years the market changes. So you go and set up a new team I sort of set up new builder, surveyor, solicitor… all these people involved in the transaction. 

Now when I first started this, if I didn’t get what I wanted the first call round, I would burn them and start on the next one right and it's amazing what you find when you kind of take yourself out of your own zone and understand business from their perspective, the reality of the situation if someone is not operating at the level I need, the reality of the situation is often very different to what I would envisage. So I suppose that's the best advice that I've ever received because my relationships now in business are fact right. We really worked together for years and it's really smooth. I don't put things out with tens of builders, I work with one group people and that's my team and we have great time. We enjoy doing it you know it's fun.

Allen always prefers to hire team members with good work ethic, even if their rates are more expensive than others.

Rather than go for cheapest just go for best and that's what we do. So we would pay more than the average person but we get great - I can count on one hand, I can't say how many sites I've done over the years but I can count on one hand the number of sites I’ve actually visited and seen so I don't like to see sites and I don’t like to visit them. Because when I see a site, it becomes about them, not the numbers.

And I have far more success when I just work on numbers. But by doing that, I need some good people on the ground that they feed me data and to do that you've got to pay more than the asking price but I tell you I've done cheap and I've done average and I've done good right. And I would go for good every time because it’s not about the money, it’s time. I think time is underrated as an investment. Time will cost you far more than you could ever imagine far more. If you don't set your timing correctly, money is nothing. When it comes down to it and you work out why something didn't go according to plan, I guarantee you can blame it on time.

Allen’s property investing strategy is heavily based around time and being able to hold an independent property with the most favourable circumstances any period of time.

It comes down to timing, as what I said before.

What I look for in a deal is, you can make anything work or anything can work. When I say work, it will make you money. I suppose what I do on a daily basis - if you look at a piece of property and you say to yourself right say it’s an average site you go and you’ve exchanged contracts, you’ve done the additional and then you settle in six weeks or whatever, you develop it, hold it, sell it, refine it, whatever you want to do. Now if you take that process and let's say we are talking about a property that’s $500 000. Now the agent will accept a six settlement. Yes or no, maybe. I throw ten-fifteen thousand dollars at them but okay for now what we've done, we've delayed settlement during that. Now we've got to set up builder and our surveyor and all the guys that are going to get involved in developing that property. We've got permission off those people to be able to do the property in the meantime and their contract.

What I'm looking for is, I'm looking for people that are happy to accept a bit more at the back end if they can carry the weight all the way through. So I'm trying to avoid finance for starters and I'm trying to avoid owning that property for a long time. When you talking big sites it's like options are things like that, it’s very hard to use for Mr or Mrs Smith's house three bedroom red brick house at the road right. So what I’m trying to do is, I’m trying to look at what the properties, even if it’s something, being able to buy property develop it sell it or keep it or whatever you want to do with no money down is a pretty good deal. But that's just one thing if we go back to the stock standard why people buy things let's say you’re the type of person who hasn’t got the time to go and put that sort of team together. Well, I’m always always always always making sure I can hold that property. Each site if we turn it into three or two that lot of three or two is maintaining itself. It's its own entity. So you can't use one property to pay for another or prop things up that way. Every property, and that’s why I keep going back to numbers.

Allen makes sure that each of his property investments are self-sufficient by constantly crunching the numbers and evaluating the market conditions.

Each site has to be its own self-sufficient entity if that makes sense. And I set portfolios up that way. No two sites are funded by the same fund, no two sites are securitized they're not paying for another site. I don't use people's incomes to prop up cash flow so everything needs to be self-sufficient and the goal of all that is so that when we get to a period where the gross cash flow is equalling what they want to retire on, going to debt reduction strategies.

We use five different spreadsheets for each site we go into. And each spreadsheet’s got about five or six or seven different tabs on it so they're all cross looking at each other and making sure the numbers are going to prop up at the end. We’re constantly taking down data about market prices. We're looking at volumes of sales in the area and we do all that on a daily basis. We're just crunching numbers in the area. Because when the market but gets too hot, the profit comes out of the market. So the most amount of profit you'll ever make is when the market's at its worst and then once the market starts to heat up that's when the profit starts to track.

So we want to be out of that market before that starts to happen or into the next market I should say. So I suppose what we're looking at, we're keeping an eye on the current market, we're looking at the next one as well.

Allen advises young and aspiring investors to be more confident in their investing strategies and not be afraid to use their strategies on bigger deals as the concepts remain the same.

I’d probably say to myself, the size of the deal doesn't determine the risk of the deal, doesn't determine the amount of risk. It's like if you go do a ten million dollar site you can go to a hundred million dollar site. The principle was that everything is the same. I've done my biggest deals I've ever done in the past year and a half and I'm going through the same process I went through when I bought my very first property 16, 18 years ago whenever it was. So I find myself doing the same, not the same numbers they’re different numbers but the same concept. Cash in, cash out, maintain itself. That's the main advice I’d give to myself. It’s not a complicated strategy that I do. It's not new, it's no different. Everyone knows how to do it. Everyone does their own home household budget it’s just that, a household budget for the property.

But 10 years ago, my limit was probably around 300 000 dollars on sites. Whereas now there is no limit really. But if I had done it ten years ago, it would be far different.

In the next few years, Allen is hoping to work more on his individual property portfolio and even has plans to open up coaching centres for less privileged children and provide a future for them.

We're doing a lot of our own stuff at the moment too now because before I wasn't doing anything of own stuff. I was doing other people's profiles for them and I kind of started really ramping up my own but now more than worrying about the property or portfolio side of things, I'm looking at more those people who don’t want to get a portfolio together but just want to want to return on their money. We have a vision here of creating a model where, I'm just about there actually, where it doesn't matter how much you earn or what you're on or want to do and I want to gear it towards, my passion is kids right so there's number of homeless kids out there what I'd love to do, I want to create coaching centres where we take train people who are disadvantaged or haven't had the luxury of having a good childhood. Coach them back into getting confidence back into themselves and being able to go out there and live back in a community or society and be happy and have their own family one day and that sort of thing.

So I want to create those sorts of centres and we have a plan to place one in Sydney but that's kind of very very early stages yet and really, I’d like to have one of those in every capital city around Australia. That’s where we’re heading.

Allen recommends a few older and more uncommon books for listeners to read, both of which have taught him incredibly valuable life lessons.

Look I suppose there's an old one that I read years and years and years ago, it’s called Eat That Frog by Brian Tracy. So Eat That Frog was probably the one I've remembered the most throughout my years because you can take that lesson into anything you do , starting a business, going and jumping into your first property, whatever it is.

It teaches you to just get it done. You know what you should be doing, but you just don’t do it, right. And it's amazing how you feel when you do do it. So rather than focussing on what you're feeling doing it, focus on the feeling you're going to get after you do it right. And that's kind of the I suppose the concept behind it but that is a good one. Another one is You Inc by John McGrath. I do remember that book and I haven't read many books but the ones I've read must have been really interesting. You Inc taught me that a lot of people don't like getting stuck into a routine or process. I was certainly one of those people right, I’m a crave type missionary that type of thing so systems aren't my strong point. But when I went and read that book, it taught me that you allow yourself a lot more creativity and time with your mind if you are in a process.

The “You Inc” book taught Allen that having one simplified goal to work towards is always better than setting too many.

It has habit-forming and it's I suppose taught me that you don't need to have, people set goals there's a lot of goals. And I think that's one of the biggest mistakes that people make is setting too many goals, too many targets and one hit. It's amazing what you'll find if you're setting personal goals and create, you only need to change one of those habits of yours in a year. But that habit you change will flow on to other areas and you'll find your goals get achieved and I suppose all it takes is just when people become immobilized from expecting too much or worst case maybe it's what they put themselves. And I think what You Inc taught me was that you don't need to do all this stuff right. Simplify it and just have one goal you work on each day and the others will come. That’s what You Inc taught me, it was good.

For his most contributing personal habit to his success, Allen refers to his photo board in which he keeps track of is daily goals.

I got the photo board that I go through each day looking at what I want to do next year. And I look at that but I don't look too far in advance. The long term goals I put at the start to work backwards to what I should be doing each day. So I've got a saying I like to say, don't think about what can happen in a month, don’t think about what can happen in a year, just the next 24 hours and do what you need to do in the next 24 hours to get to where you need to be. If you start looking at long term stuff too much it becomes about that and you miss the daily things you should be doing which then, in turn, screw up the long term goals. So each day, I'm refocusing on the day and what I need to do now, cause it's really hard for me to focus on what I should be doing now.

For any listener interested in getting to know more about Allen, his business and his investing strategy, feel free to contact him via email.

So email is always best. So that's just [email protected]

This episode was produced by Andrew Faleafaga with narrations and interviews conducted by Tyrone Shum.

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