Home Buying: Protecting Your Investment



you we had great memories just making this house a home first time we got home owners insurance actually didn't necessarily know entirely what we were covered for we needed to learn and really get our bearings you might think that you're you know covered for some kind of a natural disaster that you're not covered for so we definitely thought it was very important to ensure the house properly because we want to be looking at it as an investment we want to keep its house in rented you want to feel safe in your home financially and in every aspect one thing that's really beautiful to me about this being our home is that we put work into it I feel like it's ours the renovated bathroom and everything in that room I picked out which is incredible like I look around not someone elses choices my choices and that feels amazing I feel like owning a home is invested in yourself and your future after this like I really have an asset that's mine and it feels great feels completely different than renting I know the importance of home ownership I just feel very lucky if not left to own such a beautiful home and to be able to share it with you know I'm a person that I love you know that just makes it worse right and when you finally land and you are where you're supposed to be it makes everything all the struggles all the missed opportunities it makes it all worthwhile because this is where women to be you

Beginners' guide to mortgages – MoneyWeek investment tutorials



one of the most important financial decisions you'll ever take is getting a mortgage it's one of the biggest financial commitments most people make alongside private school fees to their children if they're lucky enough to be able to afford them so what is a mortgage that's what we'll cover in this video and what do some of the key bits of jargon plus little over the newspapers actually mean right a mortgage is a secured loan that makes it different from a loan that you might take out for example unsecured to buy a car or just simply by racking up credit card debt or using a store card those are unsecured all right now the difference is very simple a secured loan a mortgage here's the deal you go to a bank say I want to borrow a hundred thousand pounds for argument's sake the bank says that's fine Tim but we want the loan secured on an asset an asset being the house you plan to buy a deal is simple and it's a two-sided Deal in return for that security the bank will offer you a low interest rate much lower than on say a car loan or a credit card or a store car loan all right you can pick up mortgage rates for around 4 percent for 5 percent at the moment depending on the period you go for where the unsecured store card loans could cost you up to 30 all right so that's the upside the interest rate is low but that's because the load is secured and that means if you fail to repay it or keep up with repayments the bank reserves the right to seize your property and sell it and use the proceeds to repay the loan right so a mortgage has one benefit upfront the interest rate tends to be a lot lower you can get other loans and that's because the bank has a lot of security in the form of your property all right now property prices can go down as well as up all right which is why banks don't always lend or certainly not anymore the full value of the property to somebody who wants a mortgage okay the heady days the ridiculous days before the financial crisis are now long gone so that brings me on to my first piece of jargon relate two mortgages loan to value LTV now if you see that what does that mean and what practical consequence does it have for you trying to get a mortgage well here's how it works people you've seen my videos before when other graphics our particular Forte of mine so there's a house all right let's say that the value of the house on the open market is 100,000 pounds all right and you plan to put down a 30,000 pound deposit lucky you and that means you need a 70 thousand pound alone or mortgage all right now how do I know you put down a xxx half and deposit well maybe you can't afford a 30,000 pound deposit the deposit is down to what you can manage to scrimp and save together okay persuade parents or friends to give you whatever happens to be so you've got a deposit from somewhere all right and the rest is the mortgage so a combination of what's called equity that's your bit and a loan from bank secured on the property makes up the funding for the hundred thousand pound property all right now here the LTV as you'll sometimes see it quoting the press put a jargon there the loan to value ratio is simply that compared to that as a percentage all right so here the LTV 70,000 as a proportion of the value of the property literally our loan to value ratio is 70% all right and in simple terms basically the higher that is the harder it is to get the loan all right now back in the ridiculous days pre-financial crisis there are banks around that would say no problem you can have LTVs of more than one hundred percent one hundred and twenty five percent you can actually borrow more or than the value of the property from a bank I'd even give you hints and tips as to what to do with the extra alright so on a hundred thousand pound property this may sound a little mad but it was happening you could borrow one hundred and twenty five thousand pounds I'm not kidding your bank website saying things like well book yourself a holiday buy a car with the extra now that is madness I've got a lot of people into big trouble which is why LTVs tend to be a lot lower Nell okay because of something called negative equity she's the third bit of jargon I'll cover just now but here's my take away ok the higher the loan-to-value ratio naturally the higher the interest rate and the heart of the mortgage will be to come across so if you can scrimp together as much of the deposit as you can get hold of bring down the loan-to-value ratio but tend to find that better deals and become available why are we no longer seeing loans in excess four hundred percent the value the property while unfortunately if you allow someone to borrow a huge amount of money and the value of the property then drop so imagine for example if I take out the deposit altogether alright and I make the loan one hundred percent alright so imagine that the whole thing still following my scribblings here it's funded by a mortgage the danger is this if the value of the property then drops which it could do to ninety thousand you are now in something called negative equity it's the danger taking out loans that are a high proportion of the value of the property negative equity means the property is not enough to pay back the loan ninety thousand if you sold the property tomorrow won't pay back a loan of a hundred thousand pounds that's a problem again can leave you unable to move for example so that's a trap that quite a few people unfortunately knowing the other or otherwise probably unknowingly hell into it's probably price decided to come off okay once we hit the financial crisis in 2007 and that's why unfortunately banks are now being very very conservative unfortunally because it makes it harder for other people to get onto the property ladder at all okay so that's a negative equity what the Americans call being underwater okay now once you decided how much you're going to borrow seventy thousand in my previous example you've got a couple of choices you can either go interest only or you can go a repayment style mortgage okay what does that mean basic choice all mortgage products all loans fall into one of those two camps essentially no matter how they're written up in the advertising literature there are interest only or repayment as worth bearing in mind interests only is tempting with interest only you borrow let's say a 100,000 pounds and you commit to just pay the bank the interest on the loan okay at whatever rate that happens to be 4% for argument's sake so the 100,000 pounds you're not paying back all right now how's that how's that work you've got to pay back at some point the idea is you just write a check if you like you pay the bank the interest every month on the loan and then you set up another vehicle that will eventually pay off the capital you've got to still pay off 100,000 pounds as well as the interest all right and that could be some sort of equity based product all right they used to be known as it endowment mortgages now upside to interest only loans the payment every month the bank is lower than it would be if you were paying the back interest and some of the original capital of hundred thousand pounds okay that's the upside the downside is you'll be pretty damn sure that whatever you're going to use to repay the capital after 20 or 25 years for argument's sake is enough to do the job and the problem a lot of people found or have found in the past is they set up these kind of little investment funds on the side saying well after 20 years this will have grown footsie 100 fund to 100,000 pounds or more so I've got to clear my mortgage have a party all right problem is if the equity market plummets your little savings vehicle isn't enough to repay the original loan then you got a problem okay so interest only mortgages attractive because the initial payment the bank will be relatively low but you've got to have some way to pay off the capital that you've borrowed in the future the alternative is a repayment mortgage as the name suggests there every month your repayment the bank is interest on the loan four percent private let's say plus a little bit of the original capital you borrowed the idea being that of 25 years for example you will have cleared all of the 100 thousand pounds if that's the amount you borrowed that you owe the bank okay now downside to that one is you will find your monthly payments the bank are a little bit higher because they include interest and some capital course the upside is you know provided you keep your job and keep up the repayments you will clear your mortgage after 20 or 25 years I no doubt about it because you are chipping away at the capital every month okay now that means that normally I would recommend if you could afford it you do a repayment mortgage of some sort but watch out again there are a couple of traps which I want to finish this video on this is a beginners introductory guide there are a few traps to watch out for with mortgages so decision tree so far is how much do I want to borrow how much do I need to borrow how much of a deposit have I got this is the amount required to buy the property I'm after okay that will affect the deal you can get from a bank but then you need to decide on the amount you're borrowing am I going to go down the interest only or the repayment style route okay and I've already highlighted a couple of criteria to think about and making that decision now well let's say for a moment I've picked a repayment style mortgage there are one or two other things to look out for number one when you're looking up mortgage rates again you can look up on sites like money fax and money supermarket and so on you can you can look up these rates on a number of different sites when you're looking at mortgage rates just watch out because you might see how juicy low rate aha brilliant you know frogman's a 3% anything well that's a really low interest rate I'm having some of that watch out number one is there an arrangement for you on top some borrow on some lenders will charge you quite a meaty arrangement fee we could be talking you know a thousand pounds 1,400 pounds two grand just to set up the mortgage all right all of a sudden that 3% is not looking quite so good so you need to compare apples with pears you know it's 3% within the arrangement fee the same as five percent with no arrangement fee for argument sake all right there's one little trap to watch I will always check the arrangement fee number to watch out for lowball initial deals the ones where the bank says are come to us borrow from us both of us because what we can do is set you up for a few years on a really low rate then watch out because once that low rate period ends you might be kicked into what's called the standard variable rate svr that may be first of all not a fixed rate secondly a lot higher all right thirdly redemption penalties if you take out a deal and it commits you to a minimum number of repayment their numbers be a number of years watch out you're not stung okay if you need to sort of switch product or kick out of there early okay you know as something goes wrong you may be stung for a big Redemption penalty simply to get out of the mortgage earlier or move it or change it okay so there's a few traps to watch out for when you're shopping around for a mortgage all right so just to recap there a mortgage is a secured loan the good news is that means you can borrow lower than you would on other types of loan okay first decision to make how much do I need to borrow or less you need to borrow that that's the deal you'll get okay third thing just to bear in mind is that you've got to make a decision between interest only and repayment okay and you've also got to make a decision between paying a fixed rate and paying a variable rate of interest lots of things to think about here fixed rates certainty variable rates well the opportunity may be if your mortgage payments to go down and interest rates fall as well as up if they rise okay so the another decision to make there do watch out for little stings in the tail including arrangement fees low initial rates to grab you in and redemption of these to download this free video to your favorite mobile device find us on iTunes by searching for money week and the entire video archive is also available free just visit money week com

Investment Fundamentals #1 – Take personal responsibility



well it is my pleasure to welcome you along to a new themed week here on property tribes it's called investment fundamentals week and who better to join me than Graham Rowan investment consultant and Graham so great to have your input for this week you're going to be here the whole week and actually I have to thank you for coming up with our topics and I think you know a good place to start is to say that to build a solid investment portfolio whichever entity you're building that in whether it be property or shares and you've got to get the fundamentals in place and that's really what this week is all about isn't it yeah so I'm delighted to be here Vanessa and yeah I think it's it's one of the reasons I run you know the investor code myself is to try and help people to put some kind of plan and structure together for how they're gonna build that wealth and how they're gonna protect their wealth because let's be honest you don't learn this stuff in school or university they don't teach it in the workplace and despite loads and loads of new regulations all the time you never hear anyone from government or the FCA saying hey let's do something about financial education so yeah you've got to do it yourself absolutely now the starting point for this week is actually your story because that's really going to guide the week of how you became I guess financially aware and you know worked yourself towards your own financial freedom so perhaps if we could start off by saying you know give us your backstory and how it triggered that desire to start taking responsibility for your financial future yes certainly I guess you know people just need to get a box of Kleenex ready so that when I get to the appropriate point you know that they're prepared but for me I had a great job in the corporate sector I I was a director of a big American company called Texas Instruments and we were selling multimillion-dollar billing systems to telecoms companies all around the world so I'd be jetting off all over the place and you know the good news is I was making a lot of money but I really didn't have that at the time or frankly the inclination to manage it from a sort of investment viewpoint so one of my colleagues said why don't you get yourself a professional wealth manager like I have southern seems like good idea so when met them they came up with this fancy plan that said my freedom figure was 2.4 million pounds and this is how they were gonna get me there and they put my life savings into something called a Nasdaq which I have to say at the time seemed like a great idea because every morning I would wake up two or three thousand dollars richer than when I went to bed the night before and every June I'd go along for my annual valuation with these guys and the figures just went up and up and up then we got to June 2004 at the sky and computer systems didn't crash but you know the Nasdaq had gone down about 10 percent so I said hey guys you know should we take some money off the table and do something else and they said don't be such a wimp can't you recognize a minor correction in a raging bull market when you see one we're staying in ok you know best I went away to my busy lifestyle again came back in June of 2001 and it had crashed and burned and they'd lost me a hundred and fifty one thousand six hundred pounds in 18 months ouch and then they take me into a little side room and say unfortunately mr. Rowan these losses take your net worth below the level at which we look after clients so I'm afraid we're gonna have to let you go so I was fired by my own wealth manager because of the losses they had made on my portfolio so you know I was angry I was confused I was embarrassed had to go and tell my wife Daphne that we'd lost a huge chunk of our life savings and when I kind of reflected and processed a bit I thought you know it's easy to be angry with those guys but in truth it was my fault because I haven't just delegated my wealth management to these guys had abdicated it and just gone off on my merry way and at the lesson I learned expensively and painfully was that nobody else cares about your financial future you are not top of their agenda I don't care smart they are how many advisers you've got accountants IFAs none of them have got you at the top of their agenda the only person that has you at the top of their agenda is staring back at you in the bathroom mirror each day the biggest message I need to get across to people is that no one else cares you've got to take ownership even if you have a team around you you've got to be the orchestra leader absolutely as we always say on property tribes similar to yourself the best person to look after your money is the person that you see in the mirror every morning as you said and I guess what this week you're all about then miss cryptogram is that you had to go through that horrendous financial pain to have this wake-up call and really we're now giving the wake-up call using I guess your hindsight for other people's foresight well I hope so I think the hard part is that you know for me I'd gone through the pain then it became an emotional decision not just a logical when I was angry with myself and I think what I want to try and convey to people is that you know if you're not where you want to be at this stage in your life don't look for other scapegoats don't look don't blame the government don't blame the weather or the economy you know it's down to you you've got to take ownership and if you can do that without incurring that sort of losses and the pain I had to because you're watching this on properly tribe that's great you know you're so far ahead of where I was and you can avoid the pain and the grief and the cost that I had to go through absolutely and the sooner that people start to take responsibility for their own financial situation than this you know they've got a longer time to actually enjoy the benefits well that's right I mean what we're going to go through and the rest of this week is the specifics of how you go about this but I think it's important to just emphasize that there has to be this decision you know it's a little bit like you hear people saying about wanting to lose weight or something that's all well there are also full of good intentions but unless you really really really feel it and you're one that and you've got a strong reason why you want to make this happen you're gonna just let it all slide and life gets in the way you'll be too busy doing a B and C so my plea to people watching us is is to really sort of look in the mirror make an emotional decision that you're gonna take ownership and then you will take action on the stuff we'll cover in the rest of the week I think it's really about making a commitment to yourself and to becoming educated which indeed is the topic of our next video and then you know just taking sustained and intelligent action on a regular basis and that's really how people are going to build a kind of solid foundation for their future wealth no absolutely it puts me in mind of in one of my favourites of mentors was the the late Jim Rohn and yeah one of the things he used to say was that you know the difference between success and failure is small decisions you know repeated each day and if you make the right decisions over a period of time you'll see a phenomenal result if you make the wrong decisions over a period of time you get a very different outcome so it's really all about just those little things you do every day that are furthering your your whole process towards financial independence and once you take that decision and you start doing these little steps day-in day-out for weeks months and years you'll be amazed at how you can transform your financial circumstances and indeed people do have to take a long-term view and there's not really any get-rich-quick unless you win the lottery or something of that nature so people have to have a very long event horizon yeah I think unless you're gonna marry it divorce it or inherit it then you've got to go about creating and it's gonna take a long time but I tell you what you know what once you start the process you know you'll see some results quite quickly and I always tell people to celebrate those little results you it might it might be the first thousand pounds that you save or something but just you know celebrate those baby steps along the way and it they become habits and once they become habits you know then you're on the road you're on the journey and the rest will start to happen and even if you make the occasional mistake within that context of owning your financial future and taking steps every day it doesn't matter you know you will get there it really is a case of kind of like almost like a switch being flicked where somebody just has to have that realization that they now to take responsibility and just you know start moving forward and almost that kind of switch flicking on is the most important part and then you're away that's right and then that just gets reinforced with all the other actions and all the other topics we're going to cover for the rest of the week well I hope that has whet your appetite for the upcoming week of content that we are hosting in association with Graham Rowan of elite investor club I've got lots more really great stuff to come it's going to delve deeper and deeper into this topic of investment fundamentals and I guess Graham it doesn't matter what level of knowledge people have already there's good whether they're an absolute beginner or somebody very experienced we hope there's going to be something for them within the week no absolutely and I think you know that the fundamentals as the name implies are always true and so it doesn't matter where you are on the journey it really helps and it really pays to take a fresh look and yeah we all have our biases that some people are only in the property some are only into the stock market I want to try and broaden people's thinking a bit because if you want real firm foundations for your wealth you've got to understand the whole marketplace all the opportunities are open to you and you've got to understand you know how you're going to build wealth across a whole range of different assets absolutely so that's what we're going to be looking at for the rest of the week if you're watching this video on YouTube I invite you to hit the subscribe button and if you want to join our conversation and also where Graham will be interacting please click across to property tribes comm but stay tuned as investment fundamental week continues

Investment Fundamentals #2 – Get educated!



but welcome along to day two of investment fundamentals week here on property tribes where my guests for the entire week is elite investor chairman Graham Rowan and Graham and we're moving on to day two of our content and today we're going to talk about the importance of education and of course this is a topic very close to our heart here at property tribes because we believe that you can never learn less and actually the way to success is to actually make a lifelong commitment to get educated and that's something you subscribe to isn't it oh totally I mean my whole sort of mission has become to try and end financial illiteracy you know this is something that I I see everywhere and it's it's a mission that's taken me to the UN in New York to Harvard Business School in Boston houses of parliament you know Singapore yeah I just really want to get on my on my soapbox and talk about this because yeah we briefly touched on this in the first day's episode but you know you you you just don't learn this stuff in school or university or the workplace so you know once you've made that fundamental decision that you're in charge of your financial future you've got to start looking for where you can learn a bit more and it's it's a double-edged sword because there's so much out there now with the internet you know I mean when I was growing up you know you just had books in the library and whatever you know these days you've got you're bombarded with it so as much as anything it becomes a process of narrowing down and selecting what you're going to look at but really you've got to start with a fairly broad view of what's going on in the financial market so I I subscribe to a magazine like money week which is a nice succinct way of seeing what's going on the financial times especially the weekend edition I think is particularly helpful so just just starting to read those will put you ahead of ninety percent of the population in terms of having an awareness of the economy of stocks and shares of property of bonds what's going on in the marketplace then you can start selectively reading some books by people who are obviously in those fields and then you can start looking at content obviously you know property tribes is one platform where you can learn a lot there are similar platforms from stock market type investments you know for us we have specialized more an alternative investment so you start to learn about those through through elite but the idea is that you can go to some seminars read some books regularly read magazines the sort of thing I would avoid frankly is the kind of 24/7 CNBC kind of TV stuff where the stickers going across the screen and it's real time yeah nanosecond you know none of that matters that's just noise and distraction but if you can just have a perhaps a couple of hours a week of just dedicate that time plus occasional seminars that you go to I mean I I mean obviously been around this world for quite a while now but I I still probably spend ten thousand pounds a year going to seminars in in Britain and America to keep myself sharp you know and to see what the latest thinking is now I'm not saying everyone has to start at that sort of level you think a lot of these events are much much cheaper than that but you know go along to a few see what you learn see who you meet because another benefit of this and you know because those of us who are real into staff and onto a future we are weird you know I mean our friends and our family don't understand us sometimes your spouse doesn't understand you know so it's really nice to go somewhere where you've got like-minded people one of the best bits of feedback we get is the events we run I love to meet other investors who think like me because you know no one else in my circle does so so you'll find that it all becomes kind of reinforcing because you're starting to learn a bit more you're meeting other people who want to learn a bit more and you kind of help each other along that process and you know the main thing I would say is to start but don't get too many sources of knowledge or else you'll just feel overloaded and pressured by it so you only need a handful of things you know two or three books and magazines couple of seminars and a platform like like the property tribes that's enough you know but just regularly consume it and start growing your knowledge week by week indeed and I think you know when you're choosing a source of advice I think it's important to understand if there's any kind of agenda behind it and one of the great things about property tribes it's a hive mind of knowledge it's not a singular opinion it is a mass of opinions that people reading can take in and take away from it what they like Mull it over form their own opinion and that's a very very healthy way to learn but unfortunately a lot of people tend to get sucked into what I call the wealth creation industry which is where they're told they can be a millionaire in a year I can see the look on your face already and they don't need any money and you know once they get into those kind of marketing funnels they can actually end up paying thousands and thousands on education and maybe even end up with nothing to show for it and what what's your view on on those kind of property gurus that say you can be a millionaire in a year oh it really it really pains me to be honest I mean you know one of the places I at a couple of times a year is the property investor show I think it's where we met actually and it does pain me there I see gurus there peddling the same strategies that may have worked ten years ago and we know today from all the recent changes that they're not going to work and there's an awful lot of gullible people go to those events thinking they can get rich quick in real estate and they sign up for these programs and some of them are thousands and thousands of pounds deposit on a house actually indeed you know so so you know please so yeah be very very careful you have to have a bit of discipline about what you're doing you have to you know just by all means gather information but but don't be too quick with your credit card or your checkbook I mean I had a member in here the other day who's in this kind of education phase he went along to his first property auction the other day as part of that and he bought the property and I said really wouldn't have done that you know you were there to learn and you couldn't resist you got emotional and you bid on something and now you own this property that's 300 miles from where you live what exactly you're gonna do with that you know so you've got to be careful not to get then but the the idea that you can get rich in real estate or anything else I see the same in kryptos I see the same with financial trading of the stock markets oh yeah I'll remind people of the the nineteen ninety ninety rule on financial trading which is at ninety percent of people lose ninety percent of their money in the first 90 days when they get involved in this sort of day trading and so on so be careful this is the education of phase yes shouldn't be spending too much money at this point maybe a you're buying some boots you're subscribing to some papers or magazines and you're going to the odd seminar that doesn't mean you're signing up for the top-end mastermind program here whiz-bang whatever and and remember that you know a lot of people go for the things where they think they'll get rich quick back where I come from in Georgie land we have an expression which is fur coat and no knickers you know which really means you're going for that sort of top-end yeah Shoei high risky stuff but you haven't got any other fundamentals underneath you haven't laid the foundations this week's all about foundations and that stuff ain't foundation laying so don't come at this with a get-rich-quick attitude in fact I often say I reverse it and say look get rich slow that's the way that will last no I agree 100% and I do get very concerned when I hear these property gurus recommending that people go straight into HMOs for instance and I've been to those kind of seminars and was very concerned that they never once mentioned the word tenant and that's the person that's going to be paying your rent and servicing your mortgage and they they don't even mention them so you know I totally subscribe to what you say and you've mentioned quite a few sources that are free like property tribes or you know a few few pounds a week for a magazine or a subscription and maybe a couple of hundred pounds for a good day out at a seminar or indeed the landlord investment shows are free to attend as is the property investor show so there's lots of good sources of information out there but then do you also you know we need to talk about paid advice as well because paid advice is insured advice is this at the stage that you start thinking about working with a broker finding your tax advisor and starting to build those relationships well the thing I think that really should start you off depending where you are in the journey I appreciate we've got people at every different level that will be watching us but in the very earliest stages I always encourage people to open a bank account that's separate to their main bank account often with a different bank and call it your name wealth account so the John Smith wealth account and then get into the habit every time you get paid whether that's a salary or dividends from your company or whatever go and put a percentage of that money into your wealth account once you get into that and I say don't do this online do it have it as a physical branch in the high street so you've got to walk there and the only reason you're going there is to make a deposit in your wealth account you're not doing this for convenience you're doing this with a psychology of it the habit-forming side of it so then you've got money that's accumulating first that gets you into the habit of saving and frankly I don't care what you earn if you can't save on 20,000 a year you won't save on 200,000 a year it's a mental discipline and all the wealthy people I know we're saving money when they're on 20,000 a year so so you've got to get into that discipline first so once you start accumulating the wealth that sort of takes the pressure off your urge to sort do something quickly because that you know that's going on in the background so that just keep the saving going whilst you're educating yourself when you come into the point where you know I'm gonna pay that veiss I think certainly it's worth looking at perhaps getting referrals or recommendations to people from people that you know have been successful with them and you know obviously there are good and bad mortgage brokers good and bad tax advisers so the more you can find the right people who have already achieved success and see who their advisors are that's a great way into that and also you need to really get start to get some clarity on your strategy you know I mean this may be be heresy on on a property platform but you know that there are other investments out there apart from property that people should educate themselves on as well and the whole point about this it's a bit like you know whenever I meet somebody who's got all their money and buy to let or all their money in the stock market I I say well you know basically you're riding a unicycle you know you are kind of wobbling around on a single whee here and all your wealth depends on that one asset class if you start investing across multiple asset classes you've got a bike quality a trike quad bike or multiple legs on your table you know so so you need to learn about the whole market and real good long-term investment strategies are well diversified so there'll be property in there but the loss would be stocks and shares there'll be precious metals that commodities you know there'll be currencies and all the rest of it so we'll go through this later but you know you've gotta have a breadth of investments and then start looking at where you might source them from including advisors including sourcing deals and all the rest of it so you're building your network at the same time as you're building your knowledge and your education well fantastic so that is part 2 of our investment fundamentals week and we've been talking about the importance of education and Graham I think this week's just going to get better and better as we go on I'm so really just find the way you explain everything it makes it really really easy to understand and it's very engaging so thank you very much for that tomorrow we're going to be looking at your income engine and why you need to turbocharge it so we've got another exciting day tomorrow haven't we go to it so if you're watching this on a youtube I invite you to click the subscribe button and if you want to join our conversation we're gray and will also be interacting with property tribes members please do click across to property tribes comm that is where the conversation is hosted and if you pop over there you'll see that we've got over 45,000 members who contribute to our discussions and you can tap in to all their knowledge experience contacts and as we like set prosti tribes none of us is as smart as all of us so stay tuned and we'll be back tomorrow you