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Theodor Collett Transcript

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Theodor Collett:
I just tried to save up money as much as I could. I worked two jobs.

I was just working like a dog like a machine. I had absolutely no social life whatsoever, and was just trying to you know yeah sort of begin my my life by getting some money in the bank.

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 entrepreneur and property developer Theodor Collett. Taking it back to the beginning of his investing journey, we’ll discover his accidental joint venture, how he started investing in the Australian property market and the interesting tips and tricks for success he’s learnt along the way!

Theodor Collett:
My name is Theodor Collett. I guess we can say that I’m an entrepreneur. And at the moment I run an Airbnb business and I also do property development.

Tyrone Shum:
Having to take care of his business while also dealing with his property clients, Collett’s day is quite packed…

Theodor Collett:
I wake up and get my exercise done in the morning because I just like to have that done and then a ritual that I do doing for a long time. I just think about 20 minutes without any phones or nothing at all and you sort of set the intention for the day. I like to focus on what I want to achieve and especially like how I would feel actually accomplishing it and then enjoying breakfast with my partner. And that’s pretty much straight to work. Contact clients make sure everything is like up to date make sure everyone knows what’s going on and just try to reach out to everyone and see if anything I can do to make their job go easier. 9 Yeah yeah and then in the evening I like to reflect on the day you know abroad over something to eat or a glass of wine to see what I can do better. See where there’s room for improvement and spend some quality time with my partner.

Tyrone Shum:
With such a structured day planned, Collet shares that much of his current schedule is dedicated to growing his business…

Theodor Collett:
At the moment I’m trying to expand the business and sort of make myself available at many different places many times at once. So building that whole team to make that work is what I’m trying to focus on at the moment mainly yes.

Tyrone Shum:
Born and raised in Sweden, Collet thinks back to the various experiences of his childhood…

Theodor Collett:
I grew up in Sweden which is far far away from Australia. I just went to a normal type of school nothing special nothing different really but I had like one of my like my dad for example. He was very well-off and my mum was not the same. She wasn’t very well lit up when I was born. I got to experience both sides of the coin and to say that that taught me a lot.

Tyrone Shum:
Raised by a single mother, Collett explains why he wouldn’t have his childhood experience any other way…

Theodor Collett:
It was me and my two older brothers my mom and my grandmother.

Tyrone Shum:
How did that make you feel?

Theodor Collett:
I didn’t think of it much at the time but you know you grow up you can reflect on a lot more and you can have conversations with your family and delve deeper into what happened why it happened and all that sort of stuff. And I’m really grateful for my mother. I’d say oh by the way I grew up here I wouldn’t want to have it any other way because it made me the person that I am today.

Tyrone Shum:
Explaining the similarities between school in Australia and Sweden, Collett shares the one aspect of his school experience that surprises people every time…

Theodor Collett:
It’s very similar. it’s very similar.

One thing that’s different is that we get paid to go to school.

Every time I tell that this go like you just wow really different but in general it’s very similar to Australia.

Tyrone Shum:
Why would they pay you to go to school?

Theodor Collett:
I guess the system and so we really encourage education. And I think that they think that more long term perhaps if you get a good education get a good job yourself and that way the government doesn’t have to take care of you in that sense.

Tyrone Shum:
He shares that this incentive to go to school has actually benefited Sweden’s economy…

Theodor Collett:
It’s pretty good. It’s pretty stable yeah. I mean we’ve had it pretty good. We didn’t get too much affected by the financial crisis. It’s been pretty good.

Tyrone Shum:
Sweden’s economy aside, Collett shares whether or not he went to University after high school…

Theodor Collett:
I actually never did. After high school I thought I was done with studying.

I had two other brothers who did you know, seven [to] nine years of studying. And I just said that that’s not the path that I want to go down.

Tyrone Shum:
So what did you do after school then?

Theodor Collett:
I just tried to save up money as much as I could. I worked two jobs. So in the morning I was at the H&M for eight hours and after that I went to I used to be a waiter at a restaurant for another like eight hours so I was just working like a dog like a machine. I had absolutely no social life whatsoever which was trying to you know yeah sort of begin my my life by getting some money in the bank.

Tyrone Shum:
Having juggled multiple jobs straight after high school, Collett explains the reasoning behind his dedication to save…

Theodor Collett:
I wanted to get into property to be honest. It requires a lot of money to get your first property you know as we all know. So I tried and I tried and a little more than a year you know you could say I got this much money in the bank now and it wasn’t nearly enough. What I needed so far looking towards underweight to make money or other ways to make things happen. So I knew my partner actually wanted to start to renovate apartments in the capital of Norway but found it a bit hard as you know not having enough money to do it on her own. Back then we were only about 19 20 years old. So I reached out to people trying to convince them it would be a good investment and there was an easy to gain trust.

Obviously I was just a kid with no experience but finally I got a builder who got on board. We agreed to get paid after the property happened so we got another couple of investors to help with capital.

So yeah I mean through through experience and so actually I actually met my first mentor and he took me under his wing and he taught me the property again and I helped him with anything I could. Then we built a pretty good relationship but I still know him to this day.

Tyrone Shum:
Coming up after the break we will delve into Theodor Collet’s journey about an accidental yet successful joint venture completed

Theodore Collett:
We just found another way to actually make money because it’s a different thing once you get paid for a vision that you’ve had for a while it becomes real.

Tyrone Shum:
The rookie mistake he almost made…

Theodore Collett:
We just thought like whatever works in Norway and Sweden it’s going to work in Australia.

That was a big mistake. That was a big mistake that we learned.

Tyrone Shum:
The secrets to success he discovered, and how he applies it in business and property….

Theodore Collett:
So it’s all about identifying a problem and coming up with a solution.

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

With a proven interest in property from a young age, Collett shares whether or not his parents influenced his jump into the property sector and why he chose to invest in it in the first place.

Theodor Collett:
Actually neither of my parents has ever been too much for property to be honest. But I identified like I could easily see that a lot of people who have made money, made through property. And property is easy to understand it’s practical. You know it’s not the same as for example shares or savings and investment. So it was easier to wrap my head around it, easy to find mentors, and to find people who have done it before. So it almost felt natural.

Tyrone Shum:
With that perspective in mind, and an accidental yet successful joint venture completed, Collett shared how his first brush with property turned out…

Theodor Collett:
It went really good was really good actually I was really happy about it. Both me and my partner were feeling a bit like this actually happening. We just make this happen. Like wow it was a completely different thing from you know having to go to work, come home completely exhausted and do the same thing the next day. We just found another way to actually make money because it’s a different thing once you get paid for a vision that you’ve had for a while it becomes real.

Tyrone Shum:
And the returns he made from that type of property…

Theodor Collett:
That was one bedroom apartment, in an up and coming suburb in Oslo, Norway.

And it was worthwhile. Definitely yeah it was worthwhile.

I learned a lot we can do a lot better today but I have to say it was a good start.

Tyrone Shum:
He also shares whether or not he has kept the six month renovation property in his portfolio…

Theodor Collett:
No, we had to sell that because we had to pay the builder. We had to pay everyone involved so we just went to a quick but it was a flip flip.

Tyrone Shum:
It was following that first renovation project and moving to Australia that Collett’s property journey propelled him and his partner, almost making some rookie mistakes on the way…

Theodor Collett:
We had a set time, me and my partner, we’re going to move to Australia on this date and no matter what that’s what we’re going to do. So I just felt like we should stay because things were going so good. But we made the agreement, moved to Australia and we just thought like whatever works in Norway and Sweden it’s going to work in Australia.

That was a big mistake. That was a big mistake that we learned.

Yeah we actually bought a couple apartments in Brisbane Australia and we found out that actually on the last day of the cooling off period I went to a seminar and I met one of my mentors that day and he told me just to get out. It’s not a good idea. You don’t want to get into the apartment market in Brisbane, it’s not the same as where you’re from. Yep. So thanks to him we managed to call the agent one day before the cooling off period was finished, then we just had to cut it.

Tyrone Shum:
On a more personal note, Collett shares why exactly he and his partner decided to move and continue their property investing journey in Australia…

Theodor Collett:
Basically my father was born here in Brisbane. So I have a lot of roots in Australia. So it’s always, I don’t know how to say it but it’s always been calling to me to come to Australia. And it’s sort of felt natural, it felt good. So like I belong here in a sense and plus the weather of course is not so bad compared to Sweden which is a

Different story.

Tyrone Shum:
While moving to Australia felt natural to him, Collett did discover that there were things he had to learn about the country, specifically in regards to property….

Theodor Collett:
I just realised that I had to get a lot more knowledge before doing anything I have to adapt to the market where it is. I have to learn a lot more about it so it just became like a massive learning curve trying to find people who have done what I want to do to get around that sort of circle and just be like a sponge just absorb everything you learn learn and.

Tyrone Shum:
Fortunate enough to have avoided purchasing the Brisbane apartment, Collett explains why that was his worst almost investing moment, and what attracted him to buy that property in the first place…

Theodor Collett:
The one I just touched on earlier about those apartments. I’m just glad I got out of that one because that would have set me back quite a bit.

I was actually thinking too they were pretty cheap compared to what was around and it was good quality, they were brand new. So I thought hey don’t just buy these ones and Airbnb them, that would give me a good return right? I thought it would be good short term. It would be good cash flow definitely, but you know five and 15 years down the track it wouldn’t be the best choice to do.

Tyrone Shum:
Learning the importance of proper research from that experience, Collett shares with us another moment in time that helped him realise the steps he had to take in order to achieve success, not only in property but in business…

Theodor Collett:
Actually a big aha moment was when I realised that business in any industry is actually pretty much the same once you break it down. So it’s all about identifying a problem and coming up with a solution. And good business is when you can do that at a competitive price while providing great value. So a lot of times in the past I used to overthink different situations, then that could just make things a bit cloudy and inefficient. Instead of having that laser focus every day you know what needs to be done in order to get where you want to go.

Tyrone Shum:
Concluding with a few tips from Collett on this laser focus method of his, Collett explains what exactly he does in order to stay focused and on track, not just on a day to day basis, but on a long term one too.

Theodor Collett:
There’s so many distractions today and it’s so easy to be led off the track. So it’s all about conditioning your mindset I think and just deciding that you need to take some time off for yourself. Because you’re never going to get where you want to get unless you know where you want to go. So you have to first define like what do you want to do in your life? What do you want to achieve? Because once you know that you get a lot easier to actually get that focus just becomes a byproduct of it.

Theodor Collett:
I want to be there for my family I want to be there for my kids and I don’t want to have that same limits that I saw my mum had when she was raised me my brothers. So I mean money doesn’t buy happiness of course, but it does give you freedom to choose what you want to do with your life.

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 property investor, developer and Airbnb business entrepreneur Theodor Collett. Stick around to learn more about the failproof mirroring strategies Collett has used, how he discovered the benefits of an Airbnb business, the importance of networking in the property world and much more!

Referring to his past experiences in trying to purchase apartments and use them for his airbnb business, Collett discusses how he moved along his journey to get to where he is now…

Theodor Collett:
I think basically I just got around the sort of people who had done what I want to do and learn from them. There’s always someone who’s done what you want to do, most of the time at least and just get around those people and learn from them. It’s not that hard to apply whatever steps they took to be able to reach where you want to go.

Tyrone Shum:
Having moved to Australia three years ago, Collett delves a little into the details about his property journey between then and now, sharing how he got further into investing and development…

Theodor Collett:
Getting involved in developments is my main focus now. Yeah but I actually bought a property last year in the suburbs of Brisbane as well.

In regards to strategy I think it’s different for obviously for everyone and what you want to achieve and their particular goals.

But I just found mirroring is a great strategy.

So you like step one is identify what you want to do, where you want to be and then step two is to find someone who’s done that already and then just reach out to those people and yeah just really study them and research them. Understand how they got there and why they got there and then use their experience in real life.

Tyrone Shum:
Talking more about his Airbnb business this time, Collett talks about the experiences that led him to turn the property sharing concept of airbnb into a profitable business…

Theodor Collett:
We were building a property and you know sometimes the builders say it’s going to be done by then but it usually isn’t done by that time.

So we got messed around a bit and actually last year, yeah we moved nine times. We moved a lot. It was a hectic year for me and my partner. So like having a dog as well, it makes it really hard to find somewhere you can rent.

It wasn’t easy. So we turned to Airbnb and you know after living at many multiple Airbnb’s, we thought hey this is a pretty good thing, you guys are going to make some pretty good money out of this. So that was I guess the thing that opened up my eyes to airbnb and what it can do for you.

Tyrone Shum:
And how exactly he discovered that he could make quite a bit of money from renting out short term Airbnb’s…

Theodor Collett:
Well I was just literally talking to the host, because many times the host would meet us with the key sometimes or the host would even be in the same property and you know, you just you get to know people around you and you talk to them, and ask a lot of questions yeah a lot of questions and I end up saying it’s sounds good, seems profitable, legit, easy to understand, so I thought to myself, why not?

Tyrone Shum:
With all these benefits in mind, Collett shares when exactly he decided to convert his property into Airbnb’s….

Theodor Collett:
Pretty much straight after. Same night, I was like okay how can we make some money? What can we do?

Tyrone Shum:
Thinking back to the strategy behind all of this, Collett talks about the process he underwent in order to find suitable airbnb properties to invest in….

Theodor Collett:
Basically again go back to the strategy where you find people who’ve done it before you and who’ve done it good yeah and just mirror their strategy and I found out that people were doing it you know people had like 50 units they were renting out on airbnb.

Yeah I was like oh I’m going to talk to this person. So I did and they showed me software where you could check out you know what suburb or what area is good, which types of units are good, and you know which sort of area was good and what time of the year was good and I just adapted that and yeah it got going.

Tyrone Shum:
While mirroring the strategies of other successful individual’s is easier said than done, Collett shares the interesting way he gets to network with people who seem to be teaching exactly what he wants to learn about….

Theodor Collett:
Actually it’s a bit scary but have you noticed that when you talk about something or you show interest in something and then your phone present you with an ad that’s relevant to you.

Some it’s there are a couple of guys actually like husband was doing it. No interest I mean I checked it out and I thought to myself Oh yeah that’s pretty good. Then I used, there’s this website called Udemy.com

Tyrone Shum:
Oh yes. Yeah.

Theodor Collett:
You can find heaps of courses on pretty much any topic that you like know more about.

So I purchased a few of them and read a few books and yet just get educated basically.

Tyrone Shum:
Delving into the why, rather than the how behind his portfolio building, Collett shares why his childhood played a big role in shaping his determination and drive to be successful…

Theodor Collett:
I’ve been thinking about this for quite a while and I think it stems back to at least making it through my childhood, how I was brought up and what I saw around me. So like I’m on one side I see my dad’s life where he has you a business owner and you know he can pretty much take a vacation when he wants to. He has the freedom that allows him to live the sort of life that he wants to. Compared to my mum, where you know it’s always struggling to make ends meet to pay the bills and vacation isn’t like in and can you talk about issues not existing. So I wanted to be able to when I have kids, when I’m older, I want to be able to spend time with them and don’t want to have to you know go to a job and be away for X amount of hours every day.

I want to be there for my family I want to be there for my kids and I don’t want to have that same limits that I saw my mum had when she was raised me my brothers. So I mean money doesn’t buy happiness of course, but it does give you freedom to choose what you want to do with your life.

Tyrone Shum:
Continuing to think about the past, Collett expands upon the first property he spoke about in his previous episode, sharing that it wasn’t just a lack of funds that held him back from purchasing…

Theodor Collett:
My father has never been very happy about anything that has to do with property because he lost a lot of money back in the early 90s from a property deal and you know and that was a very, very stressful situation for my parents. So.

Having him not being supportive of that or being very cautious about it obviously affected me but you know you can’t just rely sometimes only on your parents.

You also have to rely on other people for education and values and all that sort of stuff.

So it only initially held me back but yeah I got over that pretty quick.

Tyrone Shum:
Coming up after the break we will delve further into Theodor Collett’s property journey, talking about the tools he used to get ahead in the property game…

Theodor Collett:
I mean I wouldn’t be the same person I am today without the mentors that I’ve had. And I think the Internet is a great tool for this. I mean you can pretty much access anything online.

Tyrone Shum:
The personal habit that has helped him become successful…

Theodor Collett:
I think one of them is actually like a practical example of what we’re doing and right now I like to engage in conversations with someone who at the time might be a total stranger to me but nonetheless I get a good feeling from.

Tyrone Shum:
His forecasts for the future property market in other parts of Australia….

Theodor Collett:
I mean in terms of like it ticks the most boxes in terms of economic growth, job creation and population growth.

I think it’s a really good place and there’s a lot of things happening in the coming years.

Tyrone Shum:
And that’s next. I’m Tyrone Shum and you’re listening to Property Investory.
T
While mentors were certainly pivotal in helping him along his journey this far, Collett shares that there were also a number of tools he used along the way to get into contact with people or educate himself on the topic of property…

Theodor Collett:
I mean I wouldn’t be the same person I am today without the mentors that I’ve had. And I think the Internet is a great tool for this. I mean you can pretty much access anything online. I listen to people like Tony Robbins let’s say people like on a daily basis and I mean you could pretty much use whatever area you want to get better at in your life you can type it into YouTube and type it into Google and you know to find someone that you think like this person what he has to say and you grow from there, definitely.

Tyrone Shum:
And the books he learnt a lot from as well….

Theodor Collett:
There’s so many great books out there. One book that I would recommend is Think and grow rich by Napoleon Hill, I don’t know if you’ve heard about it.

Tyrone Shum:
That’s a classic.

Theodor Collett:
Yeah. It’s a very it’s a it’s a classic that’s right and it’s basically I know you guys don’t know this book was maybe 80 90 years ago and it basically consisted of 13 principles. If you if you follow these principles you’ll pretty much reach your goal no matter what. It’s a great book.

Tyrone Shum:
Speaking of principles and advice to follow, Collett shares the phenomenal piece of advice he’s ever received and tells us why we should follow it too…

Theodor Collett:
The best advice I’ve ever received is also the most simple advice I’ve ever heard. It’s turn your shoulds into musts and raise your standards. Because I think we all know what we should do in order to be more successful be it in business, relationships or health. For example we all know we should exercise and eat healthy, we should save more and spend less. But not all of us do. But if we raise our standards and turn every single should into a must, we will make an inner shift and take control of the quality of our lives.

Tyrone Shum:
He also goes into detail about a simple yet personal habit he has, that he believes contributes to his property success…

Theodor Collett:
I think one of them is actually like a practical example of what we’re doing and right now I like to engage in conversations with someone who at the time might be a total stranger to me but nonetheless I get a good feeling from. So I guess I follow my gut when it helps me to strike up a conversation with a particular person. And I mean this has opened up a lot of doors to me and it’s changed my life drastically throughout the years.

Tyrone Shum:
He shares an example of why this has proven to be a good habit…

Theodor Collett:
For example like back in when I was 19 years old I was at a bar having a couple of drinks during the day and a Sada’s guy look it was maybe 50 or 60 years old and he was, he looked very wealthy and I just went up to him and I went oh I got this project going on I would need this much money. This is the sort of its own. Can you picture yourself being a part of it.

And he just looked at me like I was crazy you know.

But you know that turned into something and I learned to love my experience and we ended up working together.

You know many times you sort of have like a conversation with yourself in your head when you’re about to make a decision, “Oh don’t, don’t do that or don’t do this, because this and that”.  Whereas if you just shut that off and just do it, you never know what’s going to come out of it.

Tyrone Shum:
Despite being so courageous to do such a thing at the age of 19, Collett shares that there is some advice that he like to give his younger self…

Theodor Collett:
I think I would tell myself to just keep pushing forward. Don’t overthink stuff. Don’t don’t spend too much time thinking what could happen, what if. And all that sort of things. Just do it you know it’s a lot better to spend the time doing something than actually thinking about it.

You learn a lot more.

Tyrone Shum:
With that in mind, and knowing what he knows now, Collett tells us what he’s most excited for in his future journey…

Theodor Collett:
I’m really excited about the future of Brisbane’s property market. I believe there’s a lot of potential in Brisbane.

I think Melbourne and Sydney, most parts of it has seen its glory days and I think it’s Brisbane’s time to shine in a couple of years.

Tyrone Shum:
And what do you think attracts Brisbane now in this particular cycle that makes it attractive for people to invest in to?

Theodor Collett:
Well I think first of all it’s affordable compared to Sydney and Melbourne. You know also of course the weather is always me sunshine over here. Yes but I mean in terms of like it ticks the most boxes in terms of economic growth, job creation and population growth. Yeah so yeah I think it’s a really good place and there’s a lot of things happening in the coming years.

Tyrone Shum:
With so much to look forward to and a whole lot more to come in his property journey, Collette delves into whether he thinks his success this far has come from skill and hard work, or from luck….

Theodor Collett:
I find that someone else said this. But the harder I work the more luck I get.

It’s a combination of both.

Like you can you can work your ass off, you can work all the time, but you also have to work smart. Otherwise you just you know you don’t really get anywhere.

Tyrone Shum:
And what he thinks people need to do to not only work smart and work hard, but to stay focused to achieve the things they want to achieve…

Theodor Collett:
It depends on what you want to do,  but your network is really important. Who you know, it’s so important and you have to put yourself out there to get to know different people, you have to put yourself out of your comfort zone. Otherwise you’re just going to keep experiencing the same results that you’ve obviously expected.

Tyrone Shum:
Thank you to Theodor Collett, our amazing 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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