Next on his list is fulfilling his dream of entering the property investment world. In this episode Jeloudev shares why he put it off for so long, and how putting himself in his clients’ shoes— along with one other big change— gave him the push he needed to get going. Despite some stumbles along the way, the path led him to a particular buyer’s agent who took him under his wing and helped him to fly high.

Timestamps:
00:01:12 | Caring Where It’s Needed Most
00:05:55 | Where To From Here?
00:07:35 | In a Nutshell
00:11:12 | Finding His Niche
00:13:55 | A Different Perspective
00:16:31 | Helping People Fight for Their Rights
00:19:38 | Picking Up Property
00:23:34 | There Goes My Hero

 |

00:00:01 | Ask Away
00:02:20 | Do Your Homework
00:08:57 | The Importance of Teamwork
00:15:13 | Filtering Through
00:16:51 | Take Two
00:20:56 | Shifting Focus
00:25:11 | Hey You, Get Going
00:30:21 | Going the Extra Mile

Resources and Links:

[00:24:36] And within that strategy meeting, Dragan made us feel comfortable, and really tried to understand what it [was] that we were trying to achieve. And the question that Dragan was asking was the 'why'. What is that you want out of it? Why are you looking into property? And what are your goals? 

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 Alex Jeloudev, the hard worker with a heart of gold who’s seting off on his investment journey. He shares how he got to where he is today both professionally and in property, and what keeps him so humble and grounded. Plus, he re-introduces us to the tall man who appeared to save him when he needed it most.

Jeloudev is the first to admit his surname often throws people for a loop, but luckily he’s just the type to roll with it and laugh it off. As a general manager at CatholicCare, his days are varied and busy with a lot going on, which is just the way he likes it. He’s dedicated to his rewarding role and recognises the privileges he has that simply aren’t offered to some.

Alex Jeloudev:   

[00:01:12] At the moment, we support quite vulnerable people with disability through our NDIS [National Disability Insurance Scheme] funded disability support. So I manage a team of staff that deliver day services and day programmes, individualised programmes, weekend supports, drop in home support, [and] we also provide [and] support independent living services. So full 24 hour, all of life care for people with disability in a group kind of setting. Support coordination within the NDIS base. 

 

[00:01:43] And also, from a seniors perspective, we deliver Commonwealth Home Support programmes known as CHSP over the Central Coast and Northern Sydney areas. That's a bit of a snapshot in terms of what CatholicCare does in that space. So I generally manage within that particular division.

 

[00:02:03] [I'm] relatively new. So March of this year, I moved across to Catholiccare. Prior to that, I was working with another disability service provider called Northcote. I was working there as an acting senior Operations Manager and service manager as well. So both in the disability sector.

Tyrone Shum:   

He was born and raised in western Sydney, growing up in the suburb of Abbotsbury. His childhood was a time full of outdoorsy adventures, but like any good child, it involved his fair share of computer games as well.

Alex Jeloudev:   

[00:03:14] I grew up and went to Patrician Brothers' High School in Fairfield. I got my secondary education there. And after that, I went to university at Western Sydney University and did a Bachelor of Social Work degree.

  

[00:03:39] I've grown up in a family of five kids. 

[00:03:51] [I] grew up in a big family [and] have [been] really lucky to have really loving parents. So they've always gone above and beyond to make sure that we kids had a awesome life and an awesome start to to our life here in Australia. 

  

[00:04:09] So always a busy household. We were very busy playing a lot of sports. My dad was very active when he was growing up, so very much involved in rugby league. So I played a lot of football through primary school and through high school. [I] played a lot of representative football for Patrician Brothers' College Fairfield as well, [I] played for lower grades and Paramatta Eagles as well. 

  

[00:04:39] Very, very active. Always going to a training session somewhere. Always kept busy. I think my dad did it on purpose to get us out of trouble. Always very busy as kids. We were either popping the boat on the towball and going down to the river and going waterskiing. So very, very active family. Very outdoors, loved getting out on boats, fishing, camping, hiking. So very, very active childhood.

  

[00:05:20] We had our LAN parties, don't worry. We used to play a bit of COD, a bit of this, bit of that. So it was all mixed in there. So, very outdoors, but we also liked the technology side of things as well.

Tyrone Shum:   

He played football all the way through high school, and planned to continue when he started university. However, a couple of injuries stood in his way.

Alex Jeloudev:   

[00:05:55] That then created a fork in the road for me, whether I decided to go down the path of sport, or go down the path of a profession. 

  

[00:06:04] And that's where I started looking around. And social work was a really good fit for myself, my upbringing, and my values as well. So that's kind of why I went to the track of social work.

Tyrone Shum:   

While many reach a crossroads when they approach the end of high school, Jeloudev wasn’t one of them.

Alex Jeloudev:   

[00:06:36] For some reason, I didn't have the desire to go and travel abroad. That never kind of was a major interest for me. For me, what I really wanted to do with the support of my parents was to get a good education. 

  

[00:06:51] So after high school, I didn't elect to go and take a year break or year off. So we went down the track of looking at what options suited my personality, what traits and general care factor, really, in life. So that kind of guided me to go down the track of giving social work and go and after the first couple of semesters, I was hooked.

Tyrone Shum:   

He gives an overview of the area of social work he’s in and why it appeals to him the way it does.

Alex Jeloudev:   

[00:07:35] Social work is pretty much a bridge between allied health therapy supports [and] psychology, and it really takes a high level view in terms of a person's situation. So it depends what kind of context you're looking at, if you're looking from a health perspective, working within a hospital setting, or community social work perspective, as well. 

  

[00:07:58] But it really looks at a global view of what's happening for a person in a particular situation. It doesn't focus on one particular impact, or one particular thing happening in a person's life, it looks at the holistic process of a person's situation. So it might look at the person may be discharged out of hospital, for example, it'll look at the whole social aspect of that person's life. Look at their support networks, and look, all that ties into all the allied health support and other professions. So it helps kind of bridge a lot of the gaps that you find in a lot of other sectors.

Tyrone Shum:   

[00:08:36] That's the beauty about social work is that you can actually look at a holistic point of view. Because I know you can easily just go to, like, maybe a physio or psychologist and individual services, but the problem is that if it doesn't fit into the overall big picture of things, then it can get a little bit skewed. 

Alex Jeloudev:   

[00:08:50] It's really a linking role. So you find a lot of the time, whether in a hospital discharge process or community social work, they're usually the ones that hit up those meetings. [They're] usually the ones that take charge and take lead, and it's a linking role between the different professions and looks at the person holistically.

Tyrone Shum:   

When most people say they went a bit silly after high school, it’s usually a less-than-family-friendly story involving alcohol, but his university silliness was a very different brand.

Alex Jeloudev:   

[00:09:18] I was a bit silly. So I pretty much worked full time while I was doing full time university. 

  

[00:09:26] I loved it. And I was working casual and part time for a disability service as well. Where I was working shift work within the disability sector, whilst I was studying at university as well. So again, your real life feel and example in terms of what's realistically out there. 

  

[00:09:50] And it just really lit my fire even more, working with people with a disability, looking at really vulnerable communities as well. So it really, really did inspire me on to give it my all in university. [In] hindsight, I probably would have gone part time and taken it a little bit easier myself. But I guess that's all part of the journey.

  

[00:10:35] It was a really good real world test.

Tyrone Shum:   

He did some placements in hospitals, which gave him a different perspective and ultimately helped him choose the community path he’s now on.

Alex Jeloudev:   

[00:11:12] I have the utmost respect for social workers in the health field, in hospitals. But I quickly found that that it wasn't for me. I found it very, very transactional and episodic. Where[as] in the field that I'm in now, in disabilities and in seniors, I have that continuity of support and continuity of care, and connection with our families and our customers as well. 

  

[00:11:37] So when someone's discharged from hospital, you don't know what the outcome was. There's a lot of unknown. Whereas in this space, working with a provider that supports people with all of life care, or more ongoing support, there's that continuity. 

 

[00:11:58] And that's where I gravitated towards that model of support versus being in mainstream social work, because I had that daily connection. [It] may not be with every particular client or family every single day. But over a period of time you maintain those connections, maintain those relationships, you can see progress, you can see when goals are achieved, outcomes are achieved. 

  

[00:12:21] So it's more rewarding, I find, to have that ongoing continuity and connection rather than going through hospital. It is a very busy environment. There's a lot of pressures going on. So I find it more rewarding [to] have that continuity of contact.

Tyrone Shum:   

He started working in the disability sector as a casual before he did his placement, and essentially just wanted to give it a go.

Alex Jeloudev:   

[00:13:03] In a few of my uni courses, uni units, there were discussions around people, disability, around the upcoming NDIS movement away from your general block funding model that was there at the time, and I was intrigued. I was like, 'Okay, interesting'. So I wanted to learn more about that. And that's why I jumped in to my first casual role, and started working with that vulnerable community.

Tyrone Shum:   

Jeloudev started working in the disability sector in 2008, his innate talent in the field allowing him to progress quickly in his roles. 

Alex Jeloudev:   

[00:13:55] In the first role I started in was supporting people with dual diagnosis. So it was working with people with both physical and psychosocial disabilities. So you may have someone with a physical disability, where they might have really struggled with their mental health. So that is a challenge in itself. So I worked in that environment for about four years [or] five years. 

 

[00:14:17] And then after that period, then I started. NDIS was it wasn't far away and [I] wanted to know more about the NDIS. So I started to look for other roles that might allow me to go into a non gov[ernment] role. So initially, it wasn't a government role. 

  

[00:14:35] Then I moved to an organisation called Cerebral Palsy Alliance. And they're based on the northern beaches. And they were also a fantastic organisation to work for. They had fantastic training, really, really fantastic cause that they were working for. So that gave me an opportunity to look and learn more about physical disability rather than the mental health side of things. 

  

[00:15:00] So we supported people predominantly with cerebral palsy. And a lot of those customers were either semi or non ambulant. So it was a very, very different cohort of clients to start to learn, to get to know their needs. So that in itself gave me a completely different appreciation to people with disability. 

[00:15:27] Whereas previously, I'd support clients that are very ambivalent, so able to mobilise independently, able to communicate reasonably well. Where on the other hand, now you're working with a cohort that's quite vulnerable. That's non ambulant. And oftentimes are non verbal. So that really helped me with a lot of humility, and really kind of helped me focus on all the positive things that were happening in my life that I took for granted.  

This helped to ground him and solidified his passion and desire to support people with disability.

Alex Jeloudev:  

[00:16:31] And also the teams of staff and managers providing supports, I think it really did help my career in understanding some of the challenges that staff do go and are forced with from day to day, in the best of times. 

  

[00:16:51] Although the NDIS funding has been an amazing step in the right direction, there's still an ongoing battle, unfortunately, for a lot of clients and families that are still unfortunately fighting to get the right level of funding. 

  

[00:17:06] So being there and understanding the process, being there for their plan reviews. The preparation just for a plan review is humongous in terms of getting all the participant's supportive documentation, [occupational therapy] reports, speech reports, physio reports. There's a lot that goes in to putting together funding for participant for a financial year or wherever the plan length may be. 

  

[00:17:32] So that's where I've got a lot of that exposure in preparing those annual plan reviews for clients, and with the families as well. So that was a really big eye opener into the NDIS. So I definitely had a greater appreciation for for people with disabilities and their families as well. So that really kind of opened me up to the NDIS and a different mindset for the world of disabilities for the better. 

  

[00:18:02] So that was kind of my journey into Cerebral Palsy Alliance, that's where I've really got my opportunities for leadership, which also, I'm very, very grateful for. [I] had some really good leaders that are still at Cerebral Palsy Alliance, and still doing fantastic work there. So I can't praise them enough.

Tyrone Shum:   

Jeloudev and his wife Cat always knew they wanted to do something within property, they just weren’t sure what would suit them best. However, their end goal has always been crystal clear.

Alex Jeloudev:   

[00:19:38] The key word that we're looking for is financial freedom. That's what we're really after. 

  

[00:19:45] And we wanted to make sure that we could continue working in the field that we love, and focus all of our attention on the areas that we love, rather than paying a mortgage. That's pretty much it. 

  

[00:20:00] And we saw getting into property investing as one of the main solutions for us that fit our profile and fit our exposure to risk. And we felt that that is, in our perspective, the safest option. The option where we got real growth, real opportunity, and really to just get back to what we love, rather than focusing on all the bills, all the funds coming out, cost of living has gone through the roof. So we wanted to kind of safeguard ourselves. That's kind of how we started to think that way. I've been thinking that way for a couple of years now.

Tyrone Shum:   

While they’ve purchased their principal place of residence, they had always been on the sidelines watching friends and family invest— until now.

Alex Jeloudev:   

[00:21:02] In terms of our place of residence, we ended up moving up from from the Shire. Which my wife would not forgive me for! Cat will giggle after this. But we were always very close to the water. So I've dragged her all the way up to Gosford. So that actually was purely for affordability. 

  

[00:21:28] So we were obviously in a rental situation. We just got married and wanted to make a decision. Do we continue renting ourselves? Or do we go and buy a property? 

  

[00:21:39] So we both agreed that we'd go and buy our own property, and we started looking around. It probably took us about six months. And look, definitely me, I was definitely a novice in looking for property. I wasn't really aware of what to look out for. But we landed into a property here in Kariong on the Central Coast. Good decision.

  

[00:22:06] And so we moved up here in 2017 [or] 2016, something like that. And so more recently, we wanted more information about investing in property. So we went to a recent property investment expo in Sydney, I think was the International Convention Centre. I think it was early this year.

 

[00:22:33] And we walked in there like goldfish. We didn't know what we were looking for. So we walk[ed] in, and I have to admit, we were so overwhelmed.

Tyrone Shum:   

[00:22:44] There's a lot of information out there.

Alex Jeloudev:   

[00:22:45] There's a lot of information out there. And again, I put myself in the shoes of a person with a disability. There are other expos that do occur a couple of times a year, both at ICC in Homebush and other areas, and I could really try to understand how they felt. 

[00:23:03] I was so overwhelmed with so many exhibitors, so much information being thrown at you. And I just said to Cat, I said, 'Look, this is just too much'. So we had to pace ourselves and walk through and, 'Yep, we'll take a brochure here, yeah, okay, right, right.' Very transactional. 

  

[00:23:23] And then we came across a very tall character standing in a stall. 

Tyrone Shum:   

[00:23:32] He's quite tall, yes.

Alex Jeloudev:   

[00:23:34] And I introduced myself and Dragan [Dimovski] introduced himself and I was like, 'Oh okay'. So we got talking. And Dragan was really approachable. He had a genuine conversation with us around what we wanted. And that conversation out of the whole day really helped us get a bit of an understanding into property investment. And some reassurance that we're heading in the right direction. 

  

[00:24:10] Dragan was at his stall, Buyer's Agency Australia. It was very well advertised, it was very sleek. I thought, 'This is worth a look'. And then after we got talking, Dragan gave us that assurance. And that got us to the point where we were happy to go for a follow up strategy meeting with Dragan. 

  

[00:24:36] And within that strategy meeting, Dragan made us feel comfortable, and really tried to understand what it [was] that we were trying to achieve. And the question that Dragan was asking was the 'why'. What is that you want out of it? Why are you looking into property? And what are your goals? 

  

[00:24:57] So we were able to have a real candid conversation. And we had laid out our goals to Dragan in terms of financial freedom, what passive income we'd like to see over a period of time, and being realistic about things as well. So Dragan was really, really good around listening, setting those goals out, and really just clarifying. And reflective listening to really both understand what our goals are to really make sure that both parties are really compatible. 

  

[00:25:32] Because not everyone's gonna fit with everyone. Everyone's got different personalities, different needs different goals. And that's something I really do respect [about] Dragan, he's taken the time to go and make that assessment to make sure we both are compatible and we both meet each other's needs. 

  

[00:25:52] It was really, really clear from the onset in terms of our goals. And from there, we started on the journey. And as Dragan has said, 'Your first property is always going to be most challenging'.

  

[00:26:07] He wasn't wrong. With Dragan's guidance we were able to be steered in the right direction, in terms of being linked up to really good quality brokers. We have an existing accountant. So from that perspective, that was all good. We've got a trusted accountant, so that that makes all the difference. 

  

[00:26:29] But from the other side of things, he did really help link up to the key people that you need to have, one of which is obviously a broker. And from there we looked at a property which we  just settled on recently in southeast Queensland.

Tyrone Shum:   

When it comes to their goals, the Jeloudevs see themselves as a little ambitious, whereas others may see them as a young couple with reasonable goals and an achievable dream.

Alex Jeloudev:   

[00:27:21] One of our first priorities and goals was to upgrade the family home. So being in Gosford, we love being on the water side. So one of our goals is to move to a waterfront property. That's one of our ultimate goals. And, obviously, that's not a cheap affair. So that was one of our primary goals. 

[00:28:23] In terms of the waterfront property that we're looking at, we're looking at about between five to seven years. That's the timeframe we've set for that, thinking, look, it'd be realistic enough to potentially look at that.

Ask Away

Tyrone Shum:   

Jeloudev and his wife quickly came to realise that property is a team sport. After setting their goals and getting comfortable with their new strategy, they agreed together to dip into their equity on their home. And while they hit the jackpot with Dragan Dimovski, that’s not to say they didn’t encounter others along their journey to find him.

Alex Jeloudev:   

[00:00:01] We did a little bit of research. And we did meet with other providers as well in the same space. 

  

[00:00:10] One provider we met with, and it was all nice, lovely, and glossy on the website, and all the promotional videos were fantastic. And we wanted to book a strategy session with them. And we booked— I'm not going to say the area, because it'll probably give away who it is. 

  

[00:00:28] But basically, we met with a gentleman, and we were there for probably about two hours or so. And we just didn't click. We didn't have a good vibe with him. And we just felt that we had to justify to that person why we were there and why should they pretty much bother working with us. It just didn't feel balanced. It should be really more an interview for them, not why they're the provider for us. 

  

[00:00:59] So it was a bit of arrogance, unfortunately. And my wife and I, we like to forward plan. We like to have clarity before walking into anything. And we just had a basic question around fees, we had a basic question of engagement, how that would look like. And we just felt that the conversation that we had with this individual was really salesy. 

[00:01:27] And we alluded to, 'Hey, before we get into the nuts and bolts of things, can we just understand, what's it going to cost us so that we can assess whether that particular service is worth investing our money into?' And it upset the guy. And I just felt that the conversations weren't genuine. And we just didn't feel comfortable with the approach. So we we had a few of those unfortunate experiences before we [came] across Dragan.

Tyrone Shum:   

They felt that these types of conversations didn’t have the authenticity they were looking for. They went through the process several times, proving how important due diligence is.

Alex Jeloudev:   

[00:02:20] We asked tonnes of questions. And we're glad that we did. And the alarm bells and red flags come up when you ask questions, the person gets more agitated, like, 'Okay, what's going on here?' And we just didn't feel quite right. 

 

[00:02:35] So we took our time, we probably took at least three to six months, at least, to find somebody that we were comfortable with. Once we found [or] bumped into Dragan at the expo, we felt an instant connection with him and felt really comfortable.

Tyrone Shum:    

As for his first investment, the strategy behind it focused on capital growth and having long-term prospects over the next one to two decades.

Alex Jeloudev:   

[00:03:48] We had a set budget, obviously, only being able to pull equity out of the property. So we started, we gave Dragan a brief in terms of our budget, in terms of what we could afford for our first investment property, based on those fundamentals of looking for a property that had that capital growth, that was an upcoming area where it had a good ratio between renters and owners in the property. 

  

[00:04:14] Dragan went through quite a few different suburbs with us, which was really fantastic to see, and gave us a detailed report and information on all those profiles and the reasoning behind, taking into consideration those particular areas. 

  

[00:04:29] So that's where it landed us into southeast Queensland. And probably about 25 [to] 30 minutes southeast of Brisbane, I'm sure you could probably draw the dots there. That's the area where we've bought our first property.

  

[00:05:02] The experience was, I'd say honestly, really, really positive. Obviously, coming into our first purchase, we were so anxious. We were about to spend a quite a substantial amount of money. And so we were really anxious but we we stuck to that principle of looking for that property with a good capital growth, but also with something that had options. 

  

[00:05:31] So not just a normal two or three bedder on a on a small piece of land. We went straight for a property. So we looked at a three bedder with the potential for a granny flat at the back. So we looked at something above 800 square metres, with dual access on both sides. So that was really the profile that we were looking for in the suburb. 

  

[00:05:56] So we passed up a lot of properties. Dragan pretty much just told [us] whatever met our criteria. And that was really, really good, because it was so emotional. So it really helped us stick to the brief for that particular property. 

  

[00:06:12] So we did go for a three bed, one bath, open plan, living, dining, and it does have quite a large shed in the back. So it does give us that extra little bit of rental income for having that bonus two car shed at the back at the moment. So at the moment, we're just about to finish our renovations on the property.

  

[00:06:39] We were able to get more value in this particular property and have a good value add, which was fantastic. 

Tyrone Shum:   

The property had been well-maintained by the previous owner who lived there for 30 years, but hadn’t done any renovations in that time. While it was dated, it wasn’t a dealbreaker.

Alex Jeloudev:   

[00:07:06] It had all the original kitchen, bathroom cabinetry, but Dragan was able to help us see past all that, which is really, really good. 

 

[00:07:16] So we were able to look at a bit of a budget in terms of redoing the kitchen. So we've stripped out the kitchen pretty much, new cabinets, benchtops, sinks, tapware, new rangehood, so basically really uplifting the kitchen. 

  

[00:07:36] We also did a fresh lick at paint through the whole house. So ceilings and walls, architraves, skirtings, such and such. [We] also did new flooring throughout, so new laminate timber flooring through the house, new carpets through all the bedrooms, and just resurfacing and re-spraying up and putting new cabinets in the bathrooms and laundry. So it's pretty much a full gut out.

Tyrone Shum:   

He’s thankful for the comprehensive service which involved sourcing quotes and coordinating directly with the builder. As a result, the Sydneysiders felt a lot of their anxiety dissipate and were able to build a trustworthy team.

Alex Jeloudev:   

[00:08:57] We've got a good team of mortgage brokers. They really, really help us get our house valued. They've coordinated all that for us, which has been amazing. And we've had a few sessions with them to start evaluating and looking at what lenders are going to give us the best deal at the end of the day, with interest rates rising through the roof at the moment. So that's been really stressful for us. But we've put some measures in place to really factor in those rises, which is a really smart thing to do at the moment. 

  

[00:09:36] So basically, they've helped us shop around and find the best deal that's going to give us the flexibility and the best interest rate. So that team has really helped. Dragan's also given some suggestions and points in the right direction, to to engage other areas that we needed to engage. So in terms of property managers, given us some options to consider in the area because for us, we've got no clue. 

[00:10:06] We're from Sydney. So it's really, really given us a good idea in terms of the opportunities out there, the different types of people that are out there, help us look at the ratings for these different agents and really kind of helped us guide us. 

  

[00:10:19] And at the end of the day, we've made the decision, but it really, really helped us and opened our eyes up to, 'Hey, there's actually quite a lot to do from a property manager perspective'. So it's helped us open our eyes up to that area as well.

Tyrone Shum:   

He’s equal parts excited and nervous for the renovations to be complete and all that will come after that.

Alex Jeloudev:   

[00:10:43] The renovations will probably finish within the next fortnight. And hopefully probably a fortnight after or so, we should have some tenants in there.

  

[00:10:54] I've got some nervous energy, to be honest. We're excited. I'm excited to see all the updates on renovations to the property. The before and after shots have been pretty amazing, so the transformation in itself has been really, really good. And not just for rent value, but for capital value as well. So it's [enabled] us to have a good value add to the property. So hopefully over the next, say, two to four weeks, we should have some some tenants in there. So it's just that nervous energy.

Tyrone Shum:   

[00:11:29] [Do you] mind if I ask you then, how much did you purchase this property for as well? 

Alex Jeloudev:   

[00:11:33] We purchased it at $500,000.

Tyrone Shum:   

[00:11:36] And how much do you think there would be in uplift, roughly? Because we don't know until you get a valuation. But what do you think? 

Alex Jeloudev:   

[00:11:43] It's hard to say. The uplift after the renos will be probably upwards of $50,000. 

 

[00:11:59] And I guess the bonus to that is using Buyer's Agency Australia, and using Dragan, we were able to get a really good deal. And we got [it for] well below the market value as well. And that's something that gave us the edge. 

  

[00:12:13] So comparative [properties] in this particular suburb were selling between $560,000 to $580,000. So we got a really good under market value purchase plus then the value add of the renovation on top of that. So I'm keen to get the valuation when it comes in. 

Tyrone Shum:   

In terms of properties and asset values, he doesn’t have a set number in mind as of yet and calls it a work in progress.

Alex Jeloudev:   

[00:13:07] It's going to be tricky one, because there'll be a period where we'll still have to sell off some assets to be able to purchase that waterfront property. So we're probably going to need anywhere between three to four properties, and give them some time for that capital growth to come in to be able to sell for this waterfront property. 

  

[00:13:29] But then from there, we'll then have the goal of that passive income as well. So once the property is purchased, and we go back to investing additional properties, we'll probably look... our strategy now is looking at a house and a granny flat kind of a combo, just to have the extra cash flow, the extra income coming through, just to help that protection, that cash flow. 

  

[00:13:53] So it could be anywhere between four to five properties in that particular category, where it's on an 800 plus square metre block with with a three to four bedder on the front, whether that's some capital works done or not, and also a granny flat at the back. So that's kind of probably where we'll be sitting pretty. 

  

[00:14:12] If you look at the market value at the moment, if you look at what [the] potential value will be in the next five to 10 years in terms of rent for those properties, and we're looking at the outright value of those rent, that that will be coming in. So if you look at it, probably about four to five properties paid off with a house and granny flat will probably get us there after we purchase this waterfront property.

Tyrone Shum:   

Jeloudev, with his buyers agent’s assistance, has come to realise that buying undervalued properties and adding his own value on top is the way to go. However, it’s not the only key.

Alex Jeloudev:   

[00:15:13] Part of Dragan's service as well is finding those key areas. So looking at areas with really, really low vacancy rates, really high demand. And that's some of the information that he and Buyer's Agency Australia have really, really pushed and really kind of opened our eyes up. 

  

[00:15:28] So it really has helped us sift through and identify those pockets to invest in so that there's always going to be a solid amount of rental properties that are scarce. And that value for that rental property is going to stay there. So we've been really strategic in terms of where we're buying for that reason. So that gives us that guarantee. Well, it's never guaranteed. But all the stats are kind of in your favour.

   

[00:16:23] There's only two guarantees in life, death and taxes. Only guarantee you've got.

Tyrone Shum:   

When it comes to his next step, Jeloudev has all the planning in place and is ready and raring to go again.

Alex Jeloudev:   

[00:16:51] We've just got in the process with our brokers, we're just getting pre approval now. So once we get pre approval, we'll go again. We'll probably go again, using the equity in our primary residence again. And then probably, within the next couple of months, we should probably be able to secure our second one before Christmas. That's what we're aiming for. 

  

[00:17:13] And then hopefully, in the new year, we can get our first one revalued and look at what equity gains we've got in there. And potentially pull the equity out of that property and go through it again.

Tyrone Shum:   

[00:17:32] From your perspective, have you learnt all this through this journey right now? Or did you know some of this knowledge beforehand?

Alex Jeloudev:   

[00:17:39] [My knowledge was] really patchy, to be honest. A lot of knowledge Dragan has really given us along the journey. And explained the strategies and explained from his 10 [or] 15 [or] 20 years of experience, you know, what he's experienced. We watched a few resources online again, but everyone's telling you different things. So different resources will tell you different strategies. And I guess it's looking at a strategy that you feel comfortable with, you feel safe with. And that's what we found with Dragan.

Tyrone Shum:   

As well as watching videos online, he found a classic book that helped to change his mindset significantly.

Alex Jeloudev:   

[00:18:29] I think a classic one that a lot of people probably would have heard of is Rich Dad, Poor Dad. I listened to the audio book at the start of this year, and it just clicked. Just the mentality and the approach to life, and to property, and to assets that really helped my wife and I really just click into gear and say, 'Right, we're gonna make it happen this year'. Because we [had been] putting it off due to the anxiety of the unknown. And that really helped us shift the way we think about property. Or any asset class, really.

 

[00:19:20] For many years, you listen to comments or feedback from your internal circles. So whether it's a family member at a family gathering or a catch up with friends, you always hear the negative side or the horror stories, but you don't hear the success. Which is sad, because you focus on the 99% of the negative. And there's just so much more success out there that people don't really communicate. 

  

[00:19:52] So, we've had friends that went out on their own. They were going blind, they didn't have any support of a buyer's agent, they didn't use some of the data or metrics that really used to find a fundamental property. And they went out and pretty much picked a spot on the map— 'Here you go, that'll do,'— and bought a couple of properties. And it didn't work out very well. 

  

[00:20:18] They had problematic tenants, they had really high vacancy rates, they just didn't do their research. And you're listening to people from those circles tell you their stories, when you find out they didn't actually do too much research themselves. They didn't look into it. They didn't do their due diligence that they should have before they got into the property market. 

Due to the experiences of people in his circles, he kept putting property off for one year after another. That is, until the year that changed everything for everybody came along.

Alex Jeloudev: 

[00:20:56] And then it got to a point where where COVID [came] by and hit. And we were working from home, and it gave us time to really reflect on life in terms of what are we actually doing? We're following our same routines, we're just really predictable. We're really bad creatures of habit. Drive to work, drive home, drive out to work, go home. And I just felt it was just really, you're stuck in a rat race, pretty much. 

  

[00:21:26] And that was something that COVID, although it was a very, very hard period for a lot of people, it actually gave us time to reflect in terms of us as people, reflect on what we want in life. We were isolated for months on end away from people, it really gave us that time to think. 

  

[00:21:47] From that point, we started reading books, and Rich Dad, Poor Dad was a book that we came across and was recommended on YouTube. [I] was like, 'Okay, I'll give it a go. People keep talking about this book. Alright. Let's have a read’. 

  

[00:22:02] And there were so many points in there that really struck home. Around the poor dad being highly educated, versus the rich dad, not having an education but had street smarts, had a good outlook in terms of assets. That really, really changed our viewpoint.

  

[00:22:26] And reading that book, and doing some research of our own and bumping into Dragan at the expo really kind of clicked us into gear and said, 'Right, we're gonna do it'. And with the property market as it was rolling at that point, we were like, 'This is the best time'. We were tossing up whether to sell our property and upgrade the family home. But we chose not to, and to pull the equity out of the house to to invest in other places. And that was a suitable strategy for us at the time.

Tyrone Shum:   

[00:22:58] And you never know, you might even hold on to this current property using this investment and then buy your dream home. 

Alex Jeloudev:   

[00:23:04] That's another option. And rent vesting, for example, is definitely an option we're looking at at the moment. And I dragged Cat from the Shire. So we've got to get back on the water soon. And look, I share that dream. I love being on the water and having that water view. There's just something about it when you come home from work, you've had a really crappy day. And you walk out the back and it just all melts away. So we love that connection to the seaside. So we've got that goal. 

  

[00:23:35] So we are actively looking at the moment to look at a rental property that's worth moving as a rent vest property for the next couple of years to at least start enjoying that lifestyle. Whilst this primary home turns into an investment for us. 

  

[00:23:55] One of our strategies for this home is to also look at dropping a granny flat in the back as well, and just really inject a bit more cash flow from this particular rental property. So that's kind of what we're looking at. We're getting quotes for for granny flats. I'll tell you what, COVID pricing on everything at the moment! With the inflation of prices of a granny flat I nearly fell off my chair.

  

[00:24:33] It's big money. So we're kind of tossing up whether we hold off for a bit, give it six months and see what the building industry does, whether inflation comes down, whether the pricing comes down. I don't know what will happen, but we're actively looking for property on the water here in Gosford. 

  

[00:24:51] So pretty much whenever a good property comes in that's comfortable, we'll probably look at that and move out and go into here and use it as an investment property to leverage off this a bit more.

Tyrone Shum:   

[00:25:11] If you could actually go back and meet yourself 10 years ago, what do you think you would have said to him?

Alex Jeloudev:   

[00:25:17] Oh, wow, that's [a] really tough question. Get into property quicker. I'll definitely look at that, and slap myself and just stop myself buying that stupid something. I wouldn't waste my money on the little things. If I would have just bought one or two properties 10 years ago, the position that you'd potentially be in today would be remarkably different to what we are now. 

  

[00:25:46] So by the forefront then, in terms of what we know now and the team that I've got around us with with Dragan from Buyer's Agency Australia, if we had that 10 years ago, we could have done some real serious damage. We'll do damage now, don't worry about that. But imagine if we had that 10 years ago. A completely different scenario.

Tyrone Shum:   

With his long-term goals set in stone, he can envision them clearly and keeps his eye on them at all times.

Alex Jeloudev:   

[00:26:26] I'm really looking forward to having that financial freedom. That's what we're really gearing up for. And it means different things to different people. For someone that might be completely getting out of the rat race, quitting work, and iving off your investment property income, that's fine for some people. 

  

[00:26:45] For me, I think I'd still get bored, I'd still want to keep busy. So I'd still love working in the disability space, there's so much meaning behind that, and there's so much reward. I probably look into more more volunteer roles, to provide support and expertise in different areas, I'd still want to be working. For me, that's what I'd love to do. 

  

[00:27:08] So I'd love to be in a position where I didn't have to worry about that bill coming through. I didn't have to worry about when am I going to pay the next rates [bill] or when am I going to pay the next water bill. I want to have that freedom to continue working in an area that I love working in without having to worry about those bills coming through. I want to be able to say, 'Hey, let's go on a holiday'. 

  

[00:27:28] I want to have that flexibility, freedom to pick up and say, 'Right, where should we go this year? Where should we go this time?' And not have to worry about what is it we can afford. It's actually having a life. We're working to live and flipping that around. 

 

[00:27:46] It's really about an individual's quality of life. What do they want out of life? And to me, I think I'd get bored. If I were completely retired early, I'd still want to be working, but at least it gives me options, I've got the option to do that. Whereas unfortunately, a lot of people don't have that ability to do that and make that decision.

Tyrone Shum:   

[00:28:28] How much of your success currently is due to skill, intelligence, and hard work? And how much do you think has been because of luck?

Alex Jeloudev:   

[00:28:37] In terms of skill and intelligence, from a skill perspective, I really didn't have too much of an insight into property investing, probably say, six [to] 12 months ago. And look, that's been a big journey with Dragan and Buyer's Agency Australia. He actually spent a lot of time with us, quite a few sessions getting us up to speed in terms of what that journey would look like. 

  

[00:28:59] So he did a lot of fundamental work with us prior to putting down any deposit. And that was the awesome thing with Dragan, he spent a lot of time before we committed, and so it was really a learning journey. 

  

[00:29:12] So a lot of what we know now has come directly from Dragan. So for us, that's been a massive godsend, and a massive reassur[ance] for us. 

  

[00:29:23] Luck? I'll tell you in five years. There's no luck. There's a lot of strategy in where we're purchasing. We've got the Brisbane Olympic Games coming up. There's so much infrastructure happening in the areas that we're buying. So there's a lot of strategy behind the recommendations from Dragan. And we're listening to him. And, again, we'll tell you in five years.

Tyrone Shum:   

He’s happy to recommend Dragan Dimovski from Buyers Agency Australia to anybody and everybody who asks. Thanks to the positive support he offers, his personal experiences have been nothing short of fantastic.

Alex Jeloudev:   

[00:30:21] I think it comes down to personal touch. And Dragan was someone that would take the time to sit with you both and really understand your goals, really understand what is it that you want to achieve. And he was really realistic. You know, is it realistic or not? 

  

[00:30:39] And that was something we really appreciated. We really appreciate the honesty. We went through a saga of sales-driven buyers agencies, and investment groups that promised the world, but when you asked the hard questions there was smoke and mirrors, so we didn't feel that we had a genuine kind of feel with those particular providers.

  

[00:31:03] Whereas with Dragan, what you can expect is, from what we've experienced, really, really transparent advice, really, really transparent feedback. He will take the time. We probably met at least half a dozen [or] eight times, and they will probably one to two hour blocks, at least, just to help us through the journey and help him understand the profile of what we were looking for and what our strategy is. 

  

[00:31:29] So from a strategy component, there was a lot of work done. And so that was something that Dragan committed to us when it came to identifying and shortlisting locations, areas, streets, properties. He really held our hand the whole way through, which were really amazing. 

  

[00:31:48] So that was something that we couldn't do ourselves, particularly being interstate. So that transparency and that genuineness was something that really, really attracted us to Dragan. 

 

[00:31:59] And like I said, we walked through the expo [and] there was just so much going on. It was so salesy, there was so many things going on. We had a lot of conversations with people, but Dragan really had that connectedness that we were all looking for. He got our position, he understood where we were coming from, and didn't try and shove something down our throat. So he didn't try to sell product in our throat. 

  

[00:32:23] It felt like he was really interested in terms of what our goals are, wanted to hear what we wanted to achieve, and how we could help us get there. So that's something we really did appreciate with Dragan.

Tyrone Shum:   

He’s dedicated to dedication in that he found the right person and is planning to stick with him. By laying this foundation together, Jeloudev has formed a tight team thanks to Dimovski.

Alex Jeloudev:   

[00:32:51] There may be some critics out there in terms of is a buyer's agency worth it or not. I absolutely can say it is. It is absolutely worth it. We would have no idea in terms of the metrics, in terms of how to locate a good investment property. 

  

[00:33:09] So, he took us on that journey, and helped us understand. We've learnt so much in the last six months. So I can definitely say it's well worth your money. Going with Dragan at Buyer's Agency Australia, we've got a property really significantly under market value in a good, good growing area, with good capital growth and good rental yield. So that one off fee for that particular property has paid itself off five times already.. 

  

[00:33:58] We're both busy in our full time roles. So we've got quite a few things on, we're really busy, we're in meetings all the time. We don't have the time to go and search, we don't have the time to conduct research, to talk to agents, to make things happen. Whereas Dragan's in the background, we're on the search, I'll get phone calls, I'll get updates, I'll get constant emails, so I'm always kept in the loop and all that. 

  

[00:34:22] So he's doing all the hard yards. He's running, working weekends. I'm even getting calls at 10 [or] 11 at night. Don't expect that all the time. But that's the commitment that we got from Dragan. Every time he found something worth really looking at [he was] straight on the phone, [saying], 'Hey, we've got this going'. Going through all the details, going through all the stats, using that data, using [those] metrics to locate that property. And that was something we really appreciated.

Thank you to Alex Jeloudev, our guest on this episode of Property Investory.