Been thinking property investing is only for those with a huge amount of money, high paying jobs or rich parents. Check out today’s interview with Kyron Gosse aka The Lifestyle Investor a New Zealand based property investor who went from a full time chef to now be a full time property investor. Kyron has invested with one goal in mind, to be financially free, time rich and location independent. He has achieved this recently and talks to the Youngpreneurs podcast today about his journey with some sound tips for anyone in business. Kyron is also an entrepreneur for social change and a real game changer for the future of how we run business. This episode is jam packed full of valuable information to implement yourself today!
Don’t forget to check out the previous property related episodes with Leon Weber and Jared Lichtin.
How did Kyron get started?
- With $20k saved and the promise of a job on the oil rigs Kyron got a mortgage and was in the property market (although he found after educating himself it wasn’t a great investment)
- He got a mentor called Steve McKnight who taught him the ropes of the property market
- After working nights on the rigs and finding it was stalling his progress another one of his mentors said if you want to invest in NZ why not live in NZ.
- Kyron took massive action and left a high paying job for an uncertain but exciting future of property investing.
How did he keep going?
- He had no serviceability to go to the bank so he had to get creative. Teaming up with someone with some cash and serviceability. They found a house did a quick reno to it rented it out and they got their money back out of the deal and it was creating them $3000 of income a year.
- He attributes a lot of his success to being so hungry to make it happen. He decided he would push himself into the crocodile infested water and make himself swim for survival (so to speak!)
How long has it all taken?
- Kyron’s goal was to create freedom and have passive income to travel the world and get paid for it.
- In the space of 2 years Kyron has created nearly 1 million in property profits and is reinvesting it into higher yielding investments which should generate 50k a year passively. This is allowing Kyron to travel to the Netherlands to live without the need to work.
- Finding a mentor in Roger Hamilton and doing his Wealth Dynamics profile helped Kyron find his flow and working at his strengths and allowed Kyron to build a team around his weaknesses to allow his skills to flourish.
- You can check out your Wealth Dynamics Profile here:
Whats Kyron Doing Now?
- Kyron has created a team that now finds deals, does the numbers then he signs the deals. He can do this from anywhere in the world. Having the clarity and vision of his future allowed him to plan this.
Kyron and the Media
- Putting himself out there and winning the Auckland property idol contest. He has leveraged this exposure to help grow. Put yourself out there use social media for a productive means.
Tips for Young Investors
- Find a middle market early on in the boom. Let the trend be your friend. There are 4 waves of people jumping on a property trend: The fourth one is the late adopters scared of missing out. They jump in late and that is usually when things start getting messy.
- Buy undervalue with room for improvement. Find an inefficiency it can be a reno,subdivision, development but add value then either sell of draw the money out.
- Connect up with other people. Don’t try and be a self made millionaire its a myth everyone has a team to help them grow.
- He has automated his money management. From his savings he gets automatic payments for his bills and a weekly allowance. Even though he has more money he sticks to his allowance. This has allowed him to continually grow his investments.
Technology and Apps
- Signeasy : to sign on his phone
- These apps allow Kyron to do everything off his phone.
- 4 Hour Work Week by Tim Ferriss
- 0-130 Properties in 3.5 years by Steve McKnight
- Kyron Ebook: