What I am focused on: Splitter Blocks. I recently discovered that 26% of properties in Australia are sitting on splitter blocks! How good is that? A splitter block is property gold – one title but two lots. This means that there is no need to obtain subdivision approval from council – the land is already subdivided. You can separate the titles as a simple legal transaction – no need to go to council. Splitter blocks are great in a moving market like this one because you can hedge your bets – often doing a renovation and flip on the existing home – for short term profits and cash flow – and you are then left with a second block of land to develop or sell off as a house and land package. Multiple options and flexibility are everything in a fast changing and uncertain market. We just released a podcast discussing exactly this. You can listen to it wherever you find your podcasts, just search ‘Property Lovers Podcast’ or visit our website here.
What I Have Been Reading – ”Managing In A Downturn”– I bought this Harvard Business Review book back in 2019 – I must have had a crystal ball. I didn’t ever read it but I couldn’t sleep the other night and saw it on my bookshelf. It is 15 articles from old Harvard Business Reviews and gives great insights and tips on how to be resilient when a market or industry suddenly turns and you find the rug pulled out from under you with moving goalposts and an economy in a nosedive. Some great gold nuggets in there.
What I Have Been Watching – “Headhunters” – I went to a Scandinavian film festival last weekend. This movie was based on the novel by Jo Nesbo (one of my favourite authors). A really clever plot with lots of twists and turns. I love my Scandi crime thrillers.
What I have Been Studying – I know it sounds twee but I have been researching my family tree. In recent months I have had two uncles pass away. This has brought me closer to all my cousins (we have a large extended family). It’s truly the end of an era and a whole generation which has made us all nostalgic. My father was one of four boys but there was 13 years between him and My Uncle Richard. His older brothers, Bob, John and Richard were children of the Depression. My grandfather Courtney Claude Septimus Fitzsimons was the seventh son of Charles Augustus Fitzsimons (nee Charles Augustus Fitzroy). He was the illegitimate child of Governor Fitzroy who stopped at an inn in Berrima one night in 1850 and apparently 9 months later the Innkeeper’s 18 year old daughter gave birth to baby Charles. The Innkeeper then travelled to Sydney to speak to the Governor about the matter. Somehow young Charles (my great grandfather) was then adopted by a freed convict, John Fitzsimons, who then started an engraving business in York Street Sydney. I always knew I was special – the great grand- daughter of a bastard adopted son of a convict Sometimes, I long for simpler times …
Photo 1 = John, Bob, Richard and my father, Chris in their backyard at Tempe (right behind the old Tempe tip)
Photo 2 = Bob, Grandpa Claude, Richard, Grandma Ella and John on a big day out in the city
What’s coming up: Our free Distressed Property Masterclass, we will teach you the exact types of properties you need to look for, how to negotiate a win-win deal with homeowners, and how to flip those homes efficiently so that you can walk away with potentially tens or even hundreds of thousands of dollars in profit. Join now here.
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Till next week,
PS: We caught up with Property Lover Ross recently to discuss his inspirational journey, you can check out the full conversation here.