Strategic Market Finances: $650 Million Worth of Property Investments
Duncan Yelds grew up in Sydney’s north and spent the early years of his career working as a nurse in Bankstown hospital, before a drastic career change. Now, 30 years later with more than 25 properties has completed over 50 personal property transactions spanning across Australia.
In this episode of Property Investory Yelds tells his story from being the director of nursing to owning and growing his business to service over 900 clients and $650million of property investment deals, and his strategic market plan in the property market . and the lessons he learnt along the way.
Before becoming a coach and mentor, Yelds had a very dramatically different career.
I have a background in nursing, believe it or not, I left school way back in 1983 and jumped straight into nursing and did my nursing the old hospital system very much learning the ins and outs of needing to do everything as it was designed to be done. You couldn’t let go of a path so very much a process in everything that you do.
After getting some good advice and education, Yelds and his wife were able to get their portfolio off the ground.
It wasn’t until really 2002 when we’d we’d done some significant travelling and go overseas with my wife and we came back to Australia and met a mentor and a coach and a financial advisor and mentor and coach as well and they took us down this whole path of education and explaining to us how to actually invest in property properly now without trying to be funny about this myself, my wife had already put a together over 15 years a portfolio five properties are all the right properties but there are five properties and taking a mentoring we very quickly went from 5 to 25 properties literally very quickly I mean in 18 months we secured another 20 properties in our portfolio.
Yelds believes his newfound expertise and his background made the transition into helping others invest, seamless.
It took us from this nursing, coming back from overseas and travelling and what are we going to do next in our lives. My wife was a hairdresser and worked in hairdressing salons and very quickly we went from this well, we don’t need to work anymore. Portfolios was negative to neutral and then the positive cash flow. As the portfolio grew on it did what it was designed to do with our coaching mentoring.
For the last 14 years, Yelds has been able to successfully grow his business and aid in the purchase of hundreds of millions of dollars worth of property investments.
Since 2004, about 900 clients now that’s probably what partners in the team around us have coached and mentors and worked with. The numbers as they stand end of last year about three and a half thousand property transactions so those 900 clients have all bought somewhere around 3 if not more properties each hitting some more and a better value of that 650 million dollars worth of properties.
His daily routine revolves as much around his family as it does his clients, and he prioritises his quality of service over his quantity of clients.
I don’t wake up too early but I do have a 16-year-old son and an also a six-year-old boy and nine-year-old girl. And so there’s the school routine. But look it’s really nice you got to get up and have breakfast then take to school or get him off to school and also get him home from school in the afternoon to do sports. So my life is very much orientated around family now and being able to work with clients in-between those times really my day is very much about assisting clients. I think on average I would say maybe half a dozen clients a week. I that’s not trying to be funny I work for clients that want to work with me and that we can help.
Yelds grew up in a rather large family in the northside of Sydney.
I grew up in Sydney on the northside of Sydney. I was very fortunate, my dad was an electrical engineer.
Mum was a teacher and dad and mum put five of us through private schools on the northside of Sydney so we’re very very fortunate with that scenario. I grew up with the whole idea of every school holiday. We all piled in the car and drove up to Queensland or nobody even did the Nullarbor or a couple of times. Dad always took on either holidays either the beaches or the snow that sort of thing and yeah pretty cool pretty fortunate bringing it where you don’t I don’t think we really need it or request diplomat ship was always there a moment that took care of us very well.
Being a middle child, he felt he had a very particular role in the family structure, that aided him in his work as he got older.
I was always the kid that was sort of between the older and younger obviously but it was for some reason just my role within the family was very much the problem solver and it and it flowed across into my work. I was always the help that supported I was. I was not naturally a funny one but I was always the one that would be okay. How do we move past these guys? How do we get past that? So it really came.
It came through to my nursing it came through to who I am as a person and a little bit of a side on the nursing later years was that if there’s many different types of nursing and when I did my trainee I fell in the area of rehabilitation nursing a geriatric nurse so very much for your patients. Your clients were long term people there were in that had some sort of physical or mental or some sort of injury that would mean that for them to return home that they were going to need some education some support and some team around them to actually get them there. There wasn’t just an I feel sick in hospital back and everything’s fine. Something significantly changed. And that rehabilitation nursing was really three frames and set me up very much for the role I do now as a strategist and handholding for our clients.
He explains the comparison between a team of medical professionals verses property professionals.
My role as a nurse within that team of rehabilitation specialists to bring in the physio bringing the occupational therapist to bring in the hydrous therapists or the psychologist or someone that was going to give them physical therapy or psychological therapy to support them. And it was very much that we on a regular basis we had these things called case conferences we would actually sit down and the whole team literally 17 to 18 people in most cases would sit down and talk about that. Clients that client’s position in good condition their mental state and we would then work as a team holistic team and actually okay what is our plan for this person how are we going to help them move forward to get the best results and the metaphor is there.
The notion of working with a holistic team is paramount to Yelds.
That’s exactly what people need and quite often are looking for in building their own portfolio. Dumb luck can get people so far in property investing they go out and buy one maybe even buy two and they’re lucky in a lot of cases but then 10 years down the track a struth, I wish I bought here or done this or not bought that one at that.
If they could have actually done even better and the idea of having a holistic team and that’s you.
I believe in having partners around you in supporting any will I. I rely on my accountant on a monthly quarterly basis. I rely on my financial adviser my my my broker my legal my must list I rely on all these people in my team on a regular basis. What should I do? What should I do there now? Yes, I’ve done literally thousands of transactions by default. I still talk to my team and get them to check what I’m doing.
Nursing wasn’t the initial path Yelds was supposed to go down, but an experience in a hospital gave him the insight to change his field of study.
Much to my parent’s dismay. I was actually meant to do medicine. I was lining up to do medicine and I came to Sydney.
I was actually spent a couple of years up in Bathurst at a boarding school up in the last couple of years and Mum needed me to Mum and Dad needed me to concentrate all that’s what they sent me there. But I will leave that. When I came down to do work experience and was met just like some doctors at Royal North Shore Hospital and I got there and after two days or psych he stopped just bawling.
They sit down and they do this Shipley long hours I always look like their eyes are hanging out of their heads. Drinking coffee like it’s going out of fashion and then not having any fun over there all the nurses were just fine all the time they were laughing and having fun it was I would do what they do and the rest is history. I came back and no longer didn’t it did focused on medicine I focused on nursing and got into nursing.
Yelds spent over a decade working his way up the hospital system and improving his qualifications.
That was three years in the hospital system so that only end up with a certificate and then I did my midwifery another year and geriatrics another year rehab another year and then got out of the hospital system.
So all those qualifications started working as a registered nurse and was in the public system for a couple of years when I was actually headhunted asked to help set up my first rehab hospital at the hospital called Dal crossed at the north side of Sydney on GA hence my journey came to management and becoming a-c and a director of nursing and running various private hospitals around Sydney between 1990 and 2000.
However, working his way up the ladder in such a serious industry came with intense consequences too.
When you talk about burnout. It was one of those things I, I loved the nursing and loved the patient contact and it may sound a bit corny but just sitting down with the patient and actually helping them get an outcome and for them to actually say thank you was really powerful and you know you listen every day. When I stepped up and actually became director of nurse Insua like in charge and then up to the director of nursing. Now all of a sudden you had 150 staff take that you are now responsible for and as the in-charge nurse the hospital the responsibility of anything that went on in that hospital good and challenging her rested on your shoulders.
So once upon a time as a nurse you go to work at seven and finish at three and wouldn’t having to worry about the go home or start to finish at 11 or do a night shift and that was your shift and that was he in and out. As a director of nursing,
I often got there at 6:00 in the morning and were still there at 10:00 at night only to drive home to get a phone call to say there’s been a problem at the hospital or there’s a death to turn around and go back in to manage that process so the hours were extraordinary and the pressure and the stress was much much higher.
Unfortunately at the time, even despite these crazy working hours, Yelds wasn’t even being rewarded financially.
Some of your listeners may appreciate this, in the lead up to 2000 the year 2000 there was a whole movement where people were getting paid if you could write it program or do some data entry almost you were earning not just our entry tech computer program you’re earning 100,000 to 150,000 dollars without even thinking about was stupid money being thrown at people.
As a director of nursing in charge of 150 teams with 60 – 70 patients.
Oh was yes I was response for the lives of with them with a massive budget reporting to the health department of health reporting to all the health funds and keeping compliant with all the rules and regulations around all of that.
I was getting a whole seventy thousand dollars a year and truly on an average week I put in 80 to 90 hours.
And yet, he is constantly grateful for his past career and experiences and recognises how they shaped his work today.
So was it financially rewarding? No. Was it fun to set-up and a challenge to go and set up a rehabilitative rehabilitation hospital and take it from you know being closed or not being approved by the health funds to fully-fledged functioning unit with patients coming in and out every day and a full-time team working.
Yeah, it was awesome. That was amazing the skill that I had to put together of building a team and actually meeting that team and working with that team and getting the best out of that team. Yeah, it was that amazing. Of course, it was. Can you pay for that experience? No.
So you know but and you’re looking at it. If I hadn’t had those experiences I wouldn’t necessarily be able to do what I do now.
As effectively and passionately as I do.
Yelds started his investment journey with his wife in the mid 1980s, making a great return after selling only a few years later.
I met my wife, I was still in my nurse’s training. I was over at Bankstown hospital, I was a nurser she was a hairdresser and she. She was cutting my hair every sort of four to six weeks. It’s very short weird flat tops at those times and all sorts of things so the court it cost me a lot of money because I was in there all the time. But we eventually started going out and we weren’t even married but we ended up buying our first house from her brother who needed to sell because he needed some money and we bought it in on Mattel Road in Toongabbie in Sydney and it was a three-bedroom fibro corrugated iron House is on Mattel road.
We bought it for forty-one thousand dollars and that was so that was 1986 and then, of course, we had the recession we had to have an on going that under Ah good old Paul Keating and interest rates for at the time were at 17 1/2 percent. But that was all or we didn’t understand any of that and we ended up selling it to my brother in 1989 for 110,000 dollars.
Yelds explains how the marketplace allowed for this great return to happen.
The market had totally shifted everyone to move that money out of the share market into the property market. And yes we had bought it quite cheaply but we also sold it to my brother for firm resale market value for that 110,000.
So you know as a story goes buy something in 86 sell in 89 three years later and more than double your money. That’s a pretty good story and it was also renting at nearly 200 dollars a week.
So that was a bet you can’t make yet try duplicating that in Sydney.
Yeah you know but so that was first and then our accountant said you’re earning too much money you need to go and buy an investment property so you can negatively gear. The first thing we did was drive down the road and buy one at Baulkham Hills.
Then we bought another one in the city and so the portfolio was put together very very incorrectly. We bought them all based on negative gearing and needed to support the portfolio.
He reflects on the solely negatively geared investment model that was pitched to him initially by his accountant.
It was a catch cry I mean in Australia there’s one point seven million investors and currently out of that one point seven million investors one point one million of run their portfolios at a loss.
Now if you said there are one point seven million businesses in Australia and one point one million of those businesses run their business at a loss. Ongoingly they’d be out of business because the whole logic of why would you want to go to work and not get paid and actually put more money in your pocket to support that business and recurring.
That’s right that’s what people do with the property on a week to week month to month year to year basis and the amount of money that you know that that is put into that portfolio is the amount of money we were putting into our portfolio to support it was a crazy idea. It was an illogical nonsustainable scenario.
So what would happen if so for example, unfortunately, you lost your job? How would you be able to manage that situation with a portfolio negatively geared?
This is exactly the point I’m literally spent time this morning who’s who is in his mid-50s and he’s got six properties all coming off interest only in the next 12 months and they’re all going to P&I and this guy is already putting in twenty thousand dollars in interest-only writes his store on these properties and he syndicate Duncan you know you can help and strike like I don’t even know where to start and he’s going to have to sell some. But what he’s going to have to sell some to pay down debt and he’s got this massively against his own principal place of residence and for us to make it for me. Chris, it was very much we used to sky our friends look at us.
We’re so clever we’ve got five properties and we get the low-income rebate of the government. We actually thought we were clever because we’re actually getting the government giving us money because running low-income rebates because our portfolio was so negative. Now you know this is how black people go about their portfolio. Sometimes they don’t even realise that if they actually lost their job or couldn’t have you didn’t have income coming in the French but they’d be up shit creek without a paddle. They’re going to have to sell and and and and quite often a lot of investors don’t have a big cash pool of money sitting there that they can survive for six and 12 months without getting very stressed financially. And yeah we would have been if we’d lost jobs lost the income we would have it would have been stuffed. And yes so many investors are like it.
It’s part of building a portfolio and this is one of the very first things that our mentor and finance guys told us was you know we had five properties we only had a net or the Rs 40 percent. So we had a lot of ownership within them. It was all of the one banks. It was how to structure finance properly and then the first seven properties that we bought like up from going from 5 to 12. They were all positively geared properties at 10 and 12 percent just to get our portfolio back to neutral when we actually release the money. So that was what it took us to get to 12 properties just to be cash flow neutral. And then after that, we started going positive.
Yelds shares his worst investing experience, and the lessons he learnt from a bad investment.
It’s a lesson to be learned but it was actually our fifth property and I remember sitting down with our accountant and again he said you’re earning too much money had a hairdressing and yet and yet a new nursing jobs you need to buy another property to take it to take effect of a negative gearing and this time it turned rancid. And by the way, I’ve got a guy that can tell you. He’s a client he’s got some good properties and go and talk to you about that. So why did he end up buying a one-bedroom unit in the monument complex in Oxford Street in the city? And that was in 2000 it was going to be wasn’t off the plan totally because the building was already there. It was an old office building that was being rebuilt like being decked out multiplexers was the developer and bought it for six hundred and seventy thousand dollars.
Now one veteran anyone just does a Google search right now one-bedroom unit in Oxford Street in the city six hundred and seventy thousand dollars, not even worth that now. But let’s get down the pass. Yep bought it secured it paid thirty thousand dollar stamp duty it completed in 2002 just about the time we started to get out coaching mentoring. We went back to our bank, Phil full of holes in George and sat down and he goes yeah you can afford this. Not a problem. He went and valued it. And they’ve five hundred and fifty thousand dollars, not 670000 dogs. And they said further that we’re not going to give you an 80 percent 90 percent loan that you got on you you could get were only going to give you a 50 percent loan because it’s under 50 squares in size. So okay great. Well, we can settle on it now at the time. In hindsight, if that had been one of my clients I actually want to time as a walk away from the contract and lose the sixty-seven thousand dollars deposit. Yes because here’s the rest of the story. So we completed it. Yes, everything went fine it was all cost collateralize of other properties.
At this point, things only got worse and worse for Yelds and this Oxford Street Sydney property.
We had been told by our accountant’s mate developer that it was going to rent for around seven hundred dollars so we rented for 450 dollars a week told him into it. We owned it and we had a letter from the star the managers and the strata said we need to draw a special lady on top of the normal strata fees that were being drawn and each owner needs to put in twenty thousand dollars. Now the guys that shave if you’ve ever cut yourself shaving it just don’t stop bleeding. That’s what this property was already bleeding off. And then to top it off when this twenty thousand dollars it was like we cut the jugular vein on the stroke we just were gushing blood. 20,000 bucks because when multiplexer did redone the buildings they hadn’t bothered redoing all the lift shaft so the building was already 30 years old and told sill shafts needed replacing. Hence all the owners paid for it instead of multiplex pipestem. Long story cut short that this was Sydney that could get one grown up in Sydney and was here when the Olympics was on. Sydney was the winner Sydney Sydney Sydney Sydney Sydney we’d gone through this huge upswing in the market.
2001 2002 were still on this upswing in the market Sydney Sydney Sydney everything was Turchin and Sydney thanks Schipper price for the property.
He completed and then my belief being the Sydneysider come back. It’s going to come back just fine at 50, not a problem will keep the values going to come back the value is going to come back. The rents are going to go up it never did. We ended up settling into that 2004 and we sold it for $492,000
All up in that four years from time we secured it to time selling. We’d lost just over a quarter-million dollars in cash.
So now I don’t know about you but for me and possibly some of your listeners can get the visual on this. Can you imagine someone rolled up in a fetal position in the corner rocking backward and forwards? Lucky you. Yeah, I was a nurse. I was lucky to earn seventy thousand dollars a year even in the best paying job you could get and I’d literally just lost over a quarter-million dollars.
Now that’s after-tax money that’s not pre-tax though that’s after-tax money. Quarter million bucks.
He describes all the lessons he learnt from this unfortunate investment.
So bad story learnings massive learnings you know to listen here can it. No, he doesn’t give you real estate advice he doesn’t give you investment advice you can talk about instruction in tax effectiveness but he’s not the guy to listen to about property. The guy that we listened to that song tells us he was getting pay sixty thousand dollar commission that’s nearly 10 percent of the value of the property back in that market 10 percent commission has to convince us to buy the property. They were unbelievably ridiculous. So that’s where transparency integrity really comes into us.
They got his commission and they and their camp got a little a backhander as law firm helping us buy the property. The long story cut short out of all of that. We sold the property. We did release equity out of it and over the next six months, this was in that period of time when we were buying all this property in that next bit time we actually went and bought a number of of the planned properties with an option to actually trade the properties when they were settling. Now we did that in any way we could do that in W.A. at the time still can tweak it and so we end up in this situation where you actually bought 4 investment properties off the plan at 230 215 thousand dollars each and end up selling them nearly 250000 dollars each just before the fit just they settled.
So between that and other deals in six months after losing column in dollars we actually made a quarter-million dollars out of doing property correctly and understanding the market and understand the dynamics of the market and how to actually secure the right property for the right party or your strategy. So a huge learning you know we could actually be 500 ahead. We’re only 250 I could go back to zero if that makes sense.
There’s a learning in all of that and it’s why I get so passionate when I sit down to clients there last week flights in they’re going to have pay this Buyers agency a fee you know and they’re not doing their job and I’m going to go back and I’m going to fight them in court and I’m going to fight them. You know it doesn’t matter how much money it costs. I’d put him in a property that wasn’t of good value etc.
I won’t go into the details but it’s you know if you get the right team on board and they support you and you allow them to coach you and work with you. And they’ve got your best interests at heart.
Everyone’s going to win out of that.
I think by default I met many mentors along the way. My clients are my mentors my clients are my best coaches.
The Three Phases of a Successful Portfolio and his Strategic Market Plan with Duncan Yelds
He believes different investment strategies can and should be used at different times, and education is vital.
There are so many different people out there and you’ve spoken you’ve been very fortunate to interview so many property specialists over your time and you know whether it be a renovation add value, whether it be subdividing a block and doing a place selling off the block or doing a development or doing a duplex or doing positive cash flow or doing buy and holds or units or townhouses. Property options there are so many different ways of doing property they’re all right there all of them are right. You apply it to exactly and that’s it. And for me, we were negatively geared. We couldn’t have been more negative key to start with than I see some declines a couple of years or negative. And I see elections to take a look at these. I’ve got 15 properties I’ve got 20 properties and I’m pulling 150000 dollars a year positive cash flow.
Great. Are you paying down the debt? Now I know we’re having a fantastic time. The property is going up in value.
No, they’re the same price they were 10 years ago. Okay so why wait when is this scenario going to change what happens if you lose. What if you lose an industry out of that cash flow town which has happened in Port Hedland Karratha. Gladstone, Strawn down in Tasmania I’ve seen clients over and over again build unbalanced portfolios buy property to renovate and add value to at the wrong end of the market.
And as a result, they get their portfolios upside down. So every strategy has its place and every strategy should be looked at and you should learn a better strategy because when you have those learnings you can act most effectively. If that makes sense it’s very much if you understand that the opportunities in front of you you can grasp the opportunity if it’s right that if you so many people there are brilliant opportunities.
Most recently house and land, our clients buying in Geelong down to Victoria in 2016 15 16 and everyone was saying Why the hell would you want to buy Geelong this on the x country town and the people were wise enough and actually were trained to listen have seen in 16 17 18 saw a 20 percent growth per annum on their properties. Yeah it’s it’s understanding of the dynamics and what’s going on in the marketplace and the time the property cycle that you’re buying and the strategy you’re using in that marketplace in that part of the property cycle that makes all the difference.
Yelds explains the phases that investors need their portfolio to flow through.
There are though three phases of a property any property investors life and doesn’t matter whether you’re starting a 20 or 50 it’s that consolidates it’s that growth phase where you’re going out you’re buying property that is going to give you the results you need whether it be yield or whether it be capital growth they’re both or just different sorts of growth or tax benefits or and tax benefits then you’re going to stage once you build that portfolio up and that was at 25 we built the product portfolio 25 properties then you consolidate and you sell off the things you bought to sell. You develop the ones you bought to develop whatever the strategy was. The reason we bought in the first place and you can sort of lay down just your blue-chip properties and you keep your bluechip ones all the way through that process.
Now bluechip something in a better suburb for example of a blue in a built-up area where the area has already been developed it’s got a number of industries around it see generally talking CBD or coastal locations.
Then they’re going to continue to give you that growth over that period of time either over the extended period, not just a short time.
So it’s very much an acquisition phase, a consolidation phase and then really gets to a point and this is where I was just talking this gentleman last night where he’s coming off all these interest-only loans. Well, the strategy there will be to sell to pay down the debt especially against principal place the residents keep the ones as the couple that are still development opportunities and potential there. Keep those cause these good upside in that and then in the next five to seven years with him almost free then just consolidate and then obviously once those development blocks are done well. Double down just to the two or three properties there’s a lot of logic.
He focuses on portfolio outcomes rather than gaining a specific number of properties.
You know if you type in how many properties do you need then everyone gets out.
The answer is you need 25 men. Man, there’s one buyer’s agent out there that’s got you know 250 properties.
Man, I had 25 and truth it was a full-time job just managing the managers and the problems and the loans and everything else and it just the accounting that was it was crazy. You don’t need 25 properties. You know you don’t need five you need three to one. It totally depends on the lifestyle you want and what you want to add to your properties at the end of the day. That’s how many properties you need and every property how many if they’re worth a million dollars each or a hundred thousand dollars each.
There are two significant differences in the outcomes you’re going to get in each of those properties.
Yelds constantly talks about the importance of having a team of trustworthy and educated people to work with, and explains how he met the strategists that helped him grow his portfolio.
The way I met my property strategist and finance guys his brother in law had gone to an Anthony Robbins event. and Anthony Robbins one of his seminars he runs is a wealth creation strategy seminar and talks about all different sorts of wealth creation and out of that. One of the speakers was in his two-day workshop on property investing and we play this game called the property game and he invited me to come along to that and that’s where I met my strategist.
Now at the time, he acted as a buyer’s agent this mentor I was introduced to and every property that I bought cost me five thousand dollars a buyer’s agency now that’s good and that’s bad given a real estate agent buyer’s agent real estate agent is aiming to get the highest price seller a buyer’s agent is aiming to get the lowest price for the buyer. They charge a fee for that but that’s the difference.
Yelds has some reservations about the use of a buyer’s agents.
The problem with the buyer’s agent and please this is not nothing against the buyer’s. The problem with the buyer’s agent is that they don’t necessarily look past that role of securing the best price for the property for you and they will very much go off your set of buying wills.
You give them.
Unfortunately most to can’t even get out of their own way because they have their own beliefs their own stories about what they need in their portfolio and what they should buy based on what their brother and more of their additional told what a barbecue or the bad experience someone had by an off the planning and how many people are going to tell me off the plant story for the monument.
Now I don’t have to pay off the plan you can lead to fifty thousand dollars and if you just took that forward arm you’d be so wrong about engro off the plant because literally I also may turn a fifty thousand dollars and six months out of off the plant properties. So it is and I tell that story because at that exact point is that everything has got its good points and everything that’s got it’s bad. Quite often people just don’t know what they need and it’s on to have a team that actually supports them.
He believes performance-based payment is a more fair and successful way to employ a buyer’s agent.
The whole point behind that buyer’s agent was what I got out of that was that as a strategist if people are saying pay me lots of money upfront and then I’ll make a performance for you.
Why they’re doing what they’re doing.
If you went to a surgeon and the surgeon said look I’ll fix your heart but tell me what pain me before we have the operation or you went here or can you can and said look I think it’s going to cost me a thousand dollars you can’t pay me before I do any work. Then he’s been paid for it. Where’s the store where’s the store. The interest is the wrong way round. So to me any time you can sit down and say okay I’ll work with you I’m going to get paid on my performance and as an outcome of my performance in order to form and get a result, I don’t get paid. That’s right. Do you think that person is a little hungrier to actually get a result here and get a good result to you? And did you get the commitment then lies on them getting that result?
I believe very strongly in probably Australia just like some of the other professions that don’t get paid when they get a result.
Well it’s the same.
Yelds shares with us some compelling reasons why he started on his investment journey and continues to grow and manage his portfolio.
As a nurse. I could have about any industry gone back to the industry after travelling and continue to make 67,000 a year. I loved helping people and yes I was paid for and you know if I went back to straight nursing you know in a hospital ward you go to work at seven and three there is no stress done.
So it’s a lifestyle that would have been pretty easy. Yeah, I think though for since literally, you know in the early 2000s I’ve been self-employed. You know I’ve been fortunate enough to travel to you know 80 plus countries around the world. I’ve had my son I’ve taken on some significant new journeys around the world. I look at that ability of me to have a lifestyle where I can be at home when I want.
So when I want to do it. Rather than work that gets up at seven and goes to work at seven and get home at three to 40 hours a week 38 hours a week whatever it is and not have the choices. So I think the wise very much around lifestyle managing I do what I want to do when I want to do it. That’s my driver. I mean my other side of that driver I’m very passionate about being able to support kids.
I work very strongly with an organisation called magic moments. They run a youth summit each year and support teenagers who had some challenges in their life. I also work a lot with the Robbins organisation is one of their team helping facilitate his programs around the world. So having that ability to attend support and assist others to grow. That’s why that’s my driver.
Yelds has found new mentors all throughout his property journey and believes learning from others is hugely important.
I think by default I met many mentors along the way. My clients are my mentors my clients are my best coaches. You know if I’m doing the right thing by them I’m getting that coaching from doing the wrong thing by them. I’m also a teacher so I’d be by default.
You meet many coaches and people come to your life for a reason or a season. I’ve also been fortunate enough to be part of that Robbins organization where yeah there’s very many successful people involved in the organization that support his habits as well.
Having access to them and having them in a year only you don’t need hours of coaching sometimes just that five-minute observation of something I’ve done or seen I’ve talked about that they’re giving you the feedback on is worth thousands and so from a presentation skill, I literally was at a seminar last year Robbins and this trainer James pulled me aside and said you know if you did this and this and this and this and this with your presentation it would totally change the way it was received. And he came in on that one. So I must in about 20 minutes coaching on that one and then watch me and then me some more feedback and yeah, as a result, I’ve significantly changed the way I present content to my audience and yeah it’s things like that that you continually are looking for and are open to it. I think that’s the other side of it is it always be ready to receive feedback for any feedback is good feedback and you learn from it.
Good or bad good or challenging.
He gives some advice on the types of mentors to look out for.
For people looking for mentors, they need to look for people that have done what they want to do or if they haven’t done it are on their way to doing it.
So that makes sense so people that are switched on and LinkedIn connect with other people like going into a situation that they’re familiar with networking groups are a fantastic environment. Well, I like what he’s saying hours sedan and what has he done differently like this interview announced like what have I done differently to what else someone else has done differently.
There’s always those little nuances those one degrees you know what I say to many many clients it’s like have you been to a property seminar. Have you been?
I have heard about this kite seminar worker go go go to it what it costs forty-nine dollars go pay it to do and why but don’t you know I want you to learn from someone else because if you walk away from there which is one thing that you’ve learnt it’s all one thing you it that kettlebell can’t be taken away. So continue learning.
He suggests some books that he’s used to helping him on his investment and business journey.
The classics think and grow rich.
– Duncan Yelds
You know that’s a no brainer. I remember reading Kate’s psyche’s books. I enjoyed reading a lot of that content over the years which they taught and books. Believe it or not I even Trump wrote some pretty good books and went and saw it and taught a couple of times in the States. He had some good message he had some good content for the people.
So I think The Richest Man in Babylon where I wasn’t ready for this question.
Matt Malcolm McDowell and I can’t I’m sticking to the books and I’m just talking about it. He talks about people being becoming really good at their at what they do after 10000 hours. You know you learn how to do something within you know a few hours and can learn the principle that until you actually have done it for many many many many hours that you actually.
Start to understand it and then get 10000 hours then okay then you actually know how you talking about outliers by Malcolm Gladwell.
Here is some of the best advice Yelds has ever received.
Stay true to your word and only act with total integrity.
He explains why integrity is important, being in this industry.
This industry is littered with people wanting to make a deal.
People wanting to you wanting to make a buck. Yeah unfortunately you know making a buck in this industry comes at a cost and it’s, unfortunately, it’s generally the client that gets hit with it. Hence my story the 60,000 dollars I’ve seen that too many times over sixty thousand dollars in commerce for 60,0000 that’s profit crazy.
If people act only with integrity because you can’t have partial integrity you’ve got to try to have integrity haven’t been there and you treat every client the same way with that integrity as he would yourself or your family. You know you may win some you may lose some but I know that I can sleep a night in bed with my life flat knowing that I’ve always done my best for my clients.
He also shares some personal habits he believes contribute to his success.
Don’t sweat the small stuff. That whole logic of the society I start to talk about a lot of our clients and they get really stressed about.
He doesn’t feel he’s been done right by a person who takes a business-like he wants to take taken to court fight.
It’s yeah the amount of energy and stress that he’s putting into that and the cost if he actually just moves on and I can get him to move on and just do another real estate transaction or just focus on what he’s doing he’s going to make much more money.
If Duncan Yelds could speak to himself 10 years ago, he’d have this to say:
Hang on you’re in for a while.
Yeah, it’s a decade. It’s amazing what can change in 10 years.
Even 20 years.
I mean if I look back to you know 2000 2000 so it’s 19 years. I’d just look at that period from where I stopped. I quit my last director nursing role in 1999 and we sold our last hairdressing salon in 1999 and went travelling for two years. And yeah we had no idea of coming back to when we came back from that trip and even as we started getting mentoring coaching to think that I’d be travelling the world I think that I’d be talking to thousands of people think that I would have helped out literally hundreds and hundreds and hundreds of people build their portfolios and coach and mentor so many people would never have guessed it would never have would never read that could not have seen any of that on the cards.
But it’s been one hell of a ride I think and a really fun ride and I think I’d look at the next 20 years. Man, I hope I’m still doing this in 20 years’ time. I’ve got no reason to slow down I love seeing people the light come on and people actually get it and they go out. I can actually take control of what I’m doing and now understand the importance of having the team around you. I think that’s massive that’s to me that’s my nursing that’s the thank you that’s why I look at them succeed. That’s the simple thank you that I talked about right at the start. So that right now it’s only going to continue to get better.
Over the next 5 years, Yelds is excited to take advantage of the new buying conditions in Australia, as well as perhaps writing a second book.
Wow look I’m actually on we’re actually in the process of building a really think some fantastic opportunities in the property space right now I think that we’ve got a royal commission that’s just handed down its findings we’ve got some of the best lending conditions the safest conditions in the world right now within Australia.
And we’ve also got a market that is actually quite depressed.
So you from a purchase point of view churning so my property selling and buying some new some good blue chips that we’re talking about the lifestyle phase consolidation phase I’ve already gone through the acquisition consolidation I’m actually now going through a process of re-consolidate in ordering trading some more properties to get some better and better opportunities in the portfolio which is what I see and the next sort of five years I would like to think that in the next five years I’d like to have another book be written co-written with a book called millionaire mentors.
Wow, this is six-seven years ago now so write another book lore about the journey more about clients and more almost case studies chapters or a case study for each client because I think you know that the knowledge that I’ve had that I’ve attained over the years isn’t a secret and shouldn’t be a secret and anyone that wants to sell you into a program to buy the secrets to properly investing in wealth in property you know.
Look I think there’s a place for it and I think there’s ripe opportunity to do that sort of thing. I. For me personally.
You can give people information you can write the story. I still think it comes down to working with them and people always seem more. If you actually go on the journey with them and I think that’s why the title book.
Yelds hasn’t relied on luck in his journey, but on seizing opportunities.
I don’t think there’s anything to do with luck. I think the key to the average person walked past seven opportunities money-making opportunities every day in their lives. They miss those opportunities and don’t take any action on those opportunities because they don’t even know there’s an opportunity in front of them. You know well that’s just a fact that’s just the way it is. So people literally miss them and you know you how many times have people said I’m sure listeners said I thought I had that idea five years ago.
Oh yeah, they look at that.
That was my idea what it is it was but she didn’t take action because she didn’t know how to use it. At the tamer reinjured in the support, he didn’t have the knowledge. So I think that you know it’s not like it’s learning a constant can I consider never-ending improvement in your process and learning what you can do to get it done.
How much hard work had to do with it.
I wouldn’t even say I’d work. I think it’s just it’s that 10000-hour principle it just continues doing the same thing over and over and over again. Sometimes you win sometimes you learn and sometimes you lose.
But overall if you keep doing the same thing over and over and you get better at it each time you’re going to get better and better results.
If you’re interested in learning more from Duncan Yelds and would like his strategic advice, then register for his free webinar that will show you how to set up your personalised ‘5 Power Properties Plan’ to create astonishing wealth. Register at: https://www.propertyinvestory.com/power
This episode was produced by Ashlyne Ocampo with narrations and interviews conducted by Tyrone Shum.