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🎧 Real deals, real strategies, real results. Learn how to find, fund, and operate profitable property plays from someone who’s actually done it.
Hosted by Andrew Wright, principal of Professionals Southport and a commercial investor who rebuilt after losing a ~$15M portfolio during the GFC, this podcast gives you a straight-talking look at what it really takes to build wealth through property.
Each episode delivers practical frameworks, real deal breakdowns, and honest conversations with high-performing investors and operators across residential and commercial.
But it’s bigger than the episodes. The goal is to build a community of like-minded investors who share stories, swap insights, help each other grow and maybe even do deals together.
🔗 Join the community & learn more - leave your email at: www.andrewwrightproperty.com.au
📍 Connect with Andrew: hello@andrewwrightproperty.com.au
Just analyze one deal a day Well, hang on. Make an offer every week. That will be scaring the out of a lot of people. Yeah,
that's right, yeah.
Two years later, you'll see- Make an offer every week. What was the very first commercial one you bought?
Are you trying to torture me? Now, there's so many types of property, but you've gotta just find one- Yeah
that you're comfortable with buying.
Why is education the first step?
If you're not confident in pulling the trigger to buy something, you, you'll just never do it, so.
There's so many people who study but don't do.
I ended up selling those two, uh, $55,000 buildings for 10 grand each.
What mistakes do investors make when they don't have the right strategy in place?
The number one biggest risk is
Hi, I'm Andrew Wright, Principal of Professional Southport, and this is the Andrew Wright Property Podcast. I've built a multimillion-dollar property portfolio, delivering a seven-figure annual rental income, and led my real estate team through thousands of sale and lease transactions. In each episode, I share real deals and strategies that will help you find, fund, and operate profitable property deals.
The aim of this show is to provide education and build a community of like-minded investors who can collaborate, share insights, and help each other in each other's journeys. You can make excuses or you can make money, but you can't do both. So come and join us
Hello, and welcome back to the Andrew Wright Property Podcast. Today, we're breaking down the five steps to buying your first commercial property. If you've been following this show, you know that Andrew has a passion for investing in commercial property, and if maybe only ever dealt with residential, this is gonna be your five-step plan into getting into your first commercial property.
Commercial property can seem intimidating when you're starting out. There are different asset classes, different finance requirements, leases, zoning considerations, and valuation methods. But the reality is that buying your first commercial property becomes much easier when you follow a proven framework.
Andrew, you've purchased industrial sites, development sites, retail properties, and value add opportunities across Queensland, so let's walk listeners through exactly how they should approach their first commercial purchase.
Sounds great to me, Adam.
Perfect. Let's do it. What was your first commercial property before we start?
What was the very first commercial one you bought?
Are you trying to torture me?
We did do an episode on it.
Yeah. No, the first, uh, commercial property I bought were two little industrial sheds that looked like a lockup garage with a, you know, the, uh, the, um, garage door that just slides up and down, and it was, uh, a new, brand-new arts and crafts market at Hope Island, which was, um...
The developer was selling that we'd have a 15% rental return by selling these little, like, garages, um, to people who wanted to set up an arts and crafts business on a, you know, like the Carrara markets. He's saying, you know, "You should be able to get 150 to $200 a week rent. You buy these things for 50 or 55 grand a year.
What an awesome return." And unfortunately, um, I, um, didn't understand, uh, replacement value, for example. Like, that, that land and those little sheds would've cost, cost the developer probably 10 grand to, to build, and I paid $55,000 for the things. And the whole, uh, concept was a great idea, but it was out in a rural Hope Island area.
Before all of that development was ever done, there was just cows and open pastures at that time, and the whole development failed, and I ended up selling those two, uh, $55,000 buildings for 10 grand each- Wow ... after losing money for three or four years paying body corporate and rates on it. Wow.
Look, look at episode- Thanks for
asking, Adam.
Yeah. Good start to this podcast. Look back, there is an episode about that and a few other mistakes- ... that you've made along the way, but today is about the five steps about getting it, getting it right. Mm-hmm. But before we get to that, look, I think a lot of our listeners probably have only ever done residential- Yeah
um, and hopefully we've sparked a bit of interest through our, our earlier episodes in commercial. Why did you move from residential to commercial in the first place?
Well, after that transaction, um, I decided that after paying 120 to $130,000 a year rent, uh, for an office premises in the corporate center at Bundle, that that money would be better off in my pocket.
So, um, if you do the numbers, 130 grand a year rent at even 6.5% interest, uh, I could borrow $2 million, which is, um, what I ended up doing to buy an office for myself. And instead of paying that 130 grand a year to another landlord, that was my interest on buying my own facility. So that strategy I call the owner, owner-occupier commercial strategy, and I think, um, we'll cover that shortly as one of the strategies.
But for self-employed people, it's certainly, I think, the lowest risk way for you to buy your first commercial property and transition from residential to commercial development.
Yep, perfect. All right, so let's go through them. So step one, educate yourself and define your niche. Why is education the first step?
If you're not confident in pulling the trigger to buy something, you, you'll just never do it. So you've got to educate yourself on, uh, the, the financials around buying commercial property. And, um, if you are confident in a particular asset type, you're more likely to get the ball rolling and buy your first commercial property.
Now, for me, um, my, uh, decision number one and the first step is to define your niche, both by asset type and geography. So for me, because I was-- I'd already signed a couple of leases for three and four-year terms paying someone else rent, and my business operated for, from an office premises, I was comfortable purchasing an office because I, I've signed leases before.
I was paying someone else rent before. My business needed an office, and I knew nothing about retail, property or hospitality assets or industrial sheds. For me, my comfort zone and my initial niche became an office property because that's what my business needed. I was familiar with it and that led me to buying my first major commercial asset.
So defining your niche will be different for everyone. Yep. Now, a blue-collar worker who's probably working out of a little shed or a mechanic, I, I'd high- highly suggest that that might be their initial niche because that's where their comfort zone lies and they're more likely to pull the trigger on buying their first commercial property.
For a doctor who's paying rent somewhere, he's probably more likely to pick his first asset being a medical facility. And this is where it's so important that don't try and... Look, there's lots of different commercial property I still have no expertise in at all. You've got to define your niche so that you've got the confidence in your ability to pull the trigger and start buying assets.
Now, there's so many types of property, but you've got to just find one-
Yep ...
that you're comfortable with buying and probably geographically in the early stages for your first one, it might want to be close to home.
Yep. To give you that security and you can check it out and, yeah, and-
So, yeah, so once, once you become an expert on your little niche asset type, go around and have a look at the last five or 10 sales of that particular asset type- Yep
in the suburb where you wanna work from-
Yep ...
or where you want to invest in and become an expert in that little asset type-
Yep ...
niche and that geographic location. So you know you're not gonna pay too much because you're an expert in that particular niche.
Absolutely. And just for those listeners and viewers out there, we're th- we're talking here industrial, retail, office, medical, large format retail, mixed use and development sites.
There's got to be one of those that you've got some level of knowledge around, some level of experience around. Pick that, do some more research on it and, and start with that, and then look in your local area. All right, so step number two Define your strategy. How does someone go about doing that?
Well, everyone has a different risk profile and, um, tolerance to risk and tolerance to return, so you really need to define what you're hoping to get out of an investment.
So when I think of different strategies, the f- the most obvious one, and boring one, is land banking, just buying a property and waiting for it to go up in value. A very passive type of in- investment strategy. Option two is become a developer and actually build commercial property on it, which might not be suitable for your first type of investment, I wouldn't suggest in the majority of cases.
Option three might be to fix and flip something. So buy a commercial property, do it up, and then sell it at a profit.
Mm-hmm.
Um, generally, um, I don't prefer that strategy because you end up paying stamp duty and a whole heap of tax when you sell and you start from scratch- Again. Mm-hmm ... again once you've sold it.
It's basically just a job, flip, flipping. Yep. In some cases it might be a good strategy for a first investor. The next step or opportunity might be the BRRRR strategy, which we've done a podcast on, where you buy it, renovate it, rent it out at a higher rent because you've improved the property, revalue it by paying for a valuation refinance it with a bank, get all your money out or as much of your money as you can get out that you put into the deal, and then you can just go and expand your portfolio by buying another property Do-
doing it again
That's probably my preferred strategy if someone's looking to get into their first commercial property.
If you're not self-employed, I would say the BRRRR strategy would probably be my preferred one. Yep. If you're self-employed, the owner-occupier strategy would be my recommended strategy where instead of paying rent to someone else for 100 grand a year for 5 or 10 years, why don't you think of, of using that 100 grand cash flow to service a loan for yourself and go and buy your own property for your business?
You've got no vacancy risk. You're the tenant. You're not gonna move out of your own property- Mm-hmm ... like some other tenants can do. You eliminate the tenancy risk and, by the way, from a financing point of view-
Yep ...
one of the downsides of commercial property versus resi is resi you can get in on a 5, 10% deposit, but for commercial property usually you need a 30 or 40% deposit.
But if you're an owner-occupier, there are big banks out there that will lend you 80%. If you're using the property for your own business, you actually get a higher loan percentage. Really? Yeah. Okay. So owner-occupier can be a great strategy for a self-employed person. If you're not self-employed, I'd probably recommend the BRRRR for your first- Yep
commercial property- Yep ... investment.
And there's no reason I wouldn't suspect that you can't combine those two. If you're an owner-occupier, you'd go follow that and th- use the BRRRR strategy then on your- Absolutely ... on your own, on your own property. Yeah, great pick up, Adam. On your own... Yeah.
100%.
Fantastic.
And of course, you've, you've got those others as well, but starting out, they're your, they're your two. So we've got, just to run through them again, buy and hold, owner-occupier, your number one pick for a first-timer, the, the BRRRR strategy, buy, renovate, revalue, refinance, um, develop a property, create equity, manufacture value, land banking, and fix and flip.
Yep.
Okay. Um- What mistakes do investors make when they don't have the right strategy in place?
Commercial property can be a minefield. I mean, have a look at that f- that... You just tortured me before on the first two that I bought where I didn't know what I was doing. I'd bought a house before at that stage, which I lost money on over 10 years, uh, from 1993 to the year 2000.
But, um, there's so many minefields in commercial property, and I'd have to say the number one biggest risk is vacancy risk. Yep. So we manage about 400 properties in my business, uh, mainly residential, and we know, uh, after doing this for 20 years that our average vacancy on a residential property is about two weeks.
Now, a commercial property can very often be 12 months.
Mm.
And that's the biggest risk that you've got to overcome. So if your strategy, um, doesn't meet your risk profile with commercial property, if you make a mistake, you could be really hurting. And if you have that bad experience in day one, like I did with those sheds, uh, most people will probably never buy another commercial property in their lifetime, and that's my concern, is you wanna get the right education- Yep
get the right mentor in place because you don't want your first one to be a disaster- Yep ... like I did.
Yep. And look, I wanna make this point now, 'cause I normally do this towards the end of a podcast, but the whole reason for this podcast is for Andrew to help you and, and give you knowledge and, uh, and even support around, um, property investing and particularly commercial.
In fact, probably only commercial, to be, be honest. Mm. That's his niche. That's what he understands. And, um, if you are listening to this because you do wanna buy your first commercial property, do reach out. Andrew's always there ready to, um, to give some advice and potentially even look at JV ventures. So I did wanna put that in right now.
If you're scared about doing, um, you know, a, a commercial deal, uh, 'cause you don't have the experience, please do reach out. All right, step number three Explain this one to me. Learn how to underwrite commercial property
Yeah. Look, um, every single day for the last three or four years, I look at every single new listing on the internet on realcommercial.com.au and commercialrealestate.com.au.
And in milliseconds, um, I quickly have a look at those properties and work out if there's any interest from me in spending 10 minutes looking into that opportunity. So underwriting a deal is basically going to give you the comfort to go full on with some due diligence and find out more about that property or just walk away.
And the faster you can get at underwriting deals means you don't waste time looking at investments that you're, you're not gonna pursue or they're just not worthwhile doing. So it's so important with commercial property that you learn how to underwrite. And rather than pull out a script from, um, uh, some book, I'd rather just talk about what I actually do.
Sure. So when I pull up a listing, the first thing I'll do as a, as an investor is I'll pull up RP data. I'll have a look at what the land's worth, what, what is the land, the council valuation of that land-
Mm-hmm ...
what is the square meterage of the site, what is the, the likely replacement value of that site.
Then I'll have a look for comparable sales in the area. I'll pull up a map, and I can click the button that says, "Show me all the sales on this map in the last two years." And if there's five of them there, I'll click on them and see what the other property sold for Then with my underwriting, I'll go through all of the information memorandum that's sent to me at that, at some short time later from the agent, and I'll very, very analytically go through all of the lines in the cash flows and see what's missing.
Because what you'll find is that most commercial agents will overestimate, uh, the net income of a property. Most of the time, I'd say 50% of the time, you can do your own numbers, they don't even include land tax calculations in the outgoings. There'll be zero figures there for maintenance, and in most leases that you read, uh, it's the landlord who pays for capital improvements or, or maintenance there.
Um, even with net leases where tenants pay for outgoings, there are a lot of items there with, of a capital nature that the landlord has to pay. I see. So it's very, very important that you become familiar with what outgoings are on a property, and you underwrite it properly. And, and why it's so important, like if you, if you just even add $10,000, uh, of extra outgoings in land tax or something on a property, if a property's got a cap rate of, uh, 5%, um, and, and, and land tax is, uh, $10,000 a year, that's $200,000 difference on a valuation.
Mm.
If you lose 10 grand of net income at a 5% cap rate, you're overpaying $200,000 for a property.
Mm.
So you've got to learn how to underwrite.
Un- understand. How i- how important, um, or how much emphasis should be placed on zoning?
Zoning is, uh, is, is critical. Um, it depends on the asset class you're buying, but you, you actually need to make sure that the property you're buying is zoned correctly.
Mm. Now, if, if it's a development site, it may well be that your intended highest and best use of that site, it's not approv- approved for at this point in time, but your strategy is to get a DA uplift, and it might be a, uh, a change of zoning from rural to resi or rural to industrial. As long as you know that, that's fine, but I nearly made an off- in fact, I did make an offer on a site last year on the Warrego Highway that was marketed as a truck depot with hardstand After I made that offer, fortunately I had a bit of a due diligence clause in there, I found out that it was zoned rural and it was illegally being used as a truck parking depot.
Wow. Now, the difference in rates per square meter for a rural property versus an, a DA-approved industrial truck parking depot is vastly different, and someone else may have been caught out by that because the agent marketed it as a legal truck parking depot. It wasn't.
Yep.
It was being used for that by the current owner, but it wasn't, it didn't have the right zoning for that.
Okay. So due diligence is another big part of underwriting.
Absolutely.
Okay. So what I'll-
That's all it is. Due diligence is, is
underwriting. Is underwriting. Yeah, that's- That's, that's e- exactly it. Yep. And, uh, but knowing, you know, everywhere you need to do your due diligence- Yeah ... and, and, uh-
And, and, and f- and o- overlays like flooding.
Like, the other thing I do whenever I look at a site, one of the first things I do, I l- I look at all the comparable sales nearby by clicking a button. I also tick a thing called flood overlay, and it will all come up blue if it's, goes to flood there. And guess what? I would estimate 90% of commercial properties listed for sale on the internet that are flood affected, it's not disclosed in the marketing 90% of the time Wow.
That's just a guess. Wow. I haven't, I haven't actually audited that, but y- you really need to be very, very careful. B- and if you don't pick that up, you'll be overpaying for the site.
Now, if you want Andrew's due diligence checklist, you need to go to his, uh, website, andrewwrightproperty.com.au, and, uh, put in your email address there, join the community, and we will send you out Andrew's due diligence checklist, so covering all of the, what we've just covered there and more.
So, uh, number three is learn how to underwrite a property, and guess what? We've got the checklist to show you just how to do it. 'Cause I really believe in, in what all y- y- you know, what you're actually saying there is, and this is a key thing as it can be with, with residential as well, as a professional investor, you buy on facts and figures, not emotions, and you need to know your facts and figures
Absolutely, and over a period of time, you'll end up getting a little spreadsheet together of deals that you've looked at, and your underwriting process will get so much better over time if you do this every day.
Just analyze one deal every day that comes up on the internet, and you'll develop a, uh, a competence, I guess, that will allow you to do it very quickly. You'll see the land value of site, what cap rate they sold for. Um, you- you'll study the leases on them, the different tenancy profiles, and all the rest of it.
So if you just analyze one deal a day, just spend 10 or 15- Yeah ... minutes every night when you get home from work, analyze one deal a day or underwrite one deal a day, and over a period of six months or a year, you'll actually build your own confidence- Yep ... in your ability to find a good deal. What
a great idea, even when you're not planning on actually going ahead.
Cost you nothing.
Yeah. Cost you nothing. Yep. And just decide at the, at the end of it- Mm. Mm ... would it, would... Is it a good deal or is it not? You know, whether you're in a position to do it or not, um, the practice in just doing that alone, um-
And, and the beauty- ... great skill to learn ... and then the fun about that, Adam, is two years later, you'll see, uh, those same properties come up for sale from someone else who actually bought it and developed it or improved it, and you can see how much money they made, and you'll actually go back, "Wow, I could have bought that site, but I decided not to.
What can I learn? What did I miss? What did that other investor pick up?" Yeah. "What opportunity did he see that I didn't see when I actually did that underwriting two years ago?"
Yep, yep.
How much money has he made that I've missed out on? Yep. And that's where you learn.
That's it. That's it. And learn from others, others too.
If you haven't caught the, the, the most recent episode, you, um, you had a guest in here who'd done some amazing deals. Absolutely. Um, they're out there, and, um, but again, uh, do your due diligence, learn how to underwrite. Okay, step four, build your team. Who's your team? Yeah. Who we
gotta get? Yeah, look, it, it, it, it changes over time, but initially, like, it's so important to structure your deals correctly in the right entity, and it's so important to finance it correctly.
So if you're firsting, f- first starting out looking to buy your first property, the most obvious chat you need to have is with your accountant to work out... If you just tell them, "Look, I'm looking to purchase commercial property. What entity would you recommend?" I'm not gonna give that advice here. You should get it from your accountant.
Your lawyer, you need a lawyer on your team. You need either a buyer's agent or a mentor, someone who's actually bought, successfully, commercial properties that can teach you along the way. I don't recommend doing this yourself without having either a buyer's agent or some other investor who's got some runs on the board to assist you.
Yep.
And-
Do you know anyone?
I, I've got a few people in mind And, and also a finance broker. Now, a finance broker is someone that you should have early discussions with about h- commercial lending is very different to residential, so I would recommend you find a commercial broker who specializes in commercial property, um, who can educate you on what lease doc loans are, what full doc loans are, the different and higher deposit amounts required for commercial property, typically 30, 40, or 50% instead of 5 or 20 in residential.
Mm-hmm.
And that's the team you need to get started.
Right.
Lawyers? Lawyers, absolutely. Um, residential property is typically about pe- about houses and dealing with people, but when you start working in commercial property, it's all about contracts, lease contracts, um, uh, outgoings with, uh, you know, people that might service buildings and all the rest of it.
It's very, very important that you have a lawyer, uh, on your side to do your due diligence when dealing with commercial property, and I can tell you now, my lawyers- pointed out so many things even recently that I just would not have thought through. Going through leases and, um, uh, looking at contaminated land registers and, and all those types of things that a lawyer can do that you just can't do.
No matter how experienced you are- Mm ... you'll need a good lawyer on your team.
Okay. How important or is there any importance on your team knowing each other? I.e., can you, uh, could you have a, a, a separate relationship with your lawyer, accountant, your finance broker, and your mentor and buyer's agent without them having to deal together?
Well, I think, uh, it's inevitable if you build a portfolio that you will have teams that don't know each other. And wh- when, when I say that, um, from my experience, when you start investing out of town in different geogra- geographic areas, for example, I'm employing different town planners, different engineers.
My accountant and the lawyer I always keep the same. That's just my preference. I mean, I have one lawyer who I have extreme faith in- Mm-hmm ... and my accountant I've had for 30 or 40 years, I'm not changing. So my accountant and lawyer are fixed. Town planners, engineers, uh, commercial property managers will change.
Mm-hmm. You know, you probably want them to be located in the geographic area where you buy.
Mm. All right. Fantastic. So let's move on to step number five, making offers and negotiating deals. How do you, how do you gain knowledge and experience and skills in that space?
Yeah, look, if you've got a buyer's agent, they'll walk you through that process, but if not, you should have a mentor that will help you go through your first deals.
Now, if you're talking to a selling agent, they're probably not gonna be necessarily working in your best interest, so you probably need a mentor to help you through that. But the most important thing here in step five is make the offers. So many people go through all these courses, read all these books, and, um, they just never pull the trigger.
And initially, if you're looking to buy your first property- Set yourself a guideline of making one offer every single week until you buy your first property. If you've been through the process, you've educated yourself, you've defined your niche, you've got your borrowing capacity sorted with your broker, your accountant's recommended the right str- structure, you've got to pull the trigger and force yourself, make an offer every single week.
Now, if there's no good deals out there, what you need to do is make your offer 5 or 10% less than what you were going to offer, because every property will have a price at which it's a good deal for you and it works. So make an offer every week. As you progress and your portfolio gets bigger, it may well be that you only make an offer once every month because you've got enough on your plate.
But if you're looking to buy your first property, don't let it drag out for three or four more years. Make one offer every week until you get your first deal.
Okay, now this is an interesting point I wanna, I wanna, um, drag a little bit more- Mm ... out of you. So a lot of people will be thinking, "Well, hang on, make an offer every week?
I- I've got to find the right deal. I've got to find, you know, the deal of a lifetime." But what you're actually saying is, no, if the deal doesn't stack up- Mm ... on what they're actually asking- Mm ... make an offer for where it does. Look, I- And go through the process and you'll, you'll, you know, you're, you're probably gonna get a, a hell of a lot of nos, but you'll learn so much through going through the process and you might just get a yes.
That's such a good point, Adam. I'm glad you said that, and there's a number of things there. Number, number one, even if you don't get a yes, you're starting to build relationships with commercial property agents who may bring you other deals, or might come back to you in one or two years if that property goes off the market and the seller becomes more motivated to sell.
You're starting to build relationships. You're starting to learn. And the other thing is, I'll give you a real-life example. In Gatton, we did a... I did a podcast on a property I bought in Gatton, where I didn't particularly wanna pay anywhere near what they were asking. They were wanting $1.3 million. I bought a property there for $1 million, simply because I promised myself I would make one offer every single month, and I hadn't made one this month, and I thought, "Oh, that's way too expensive.
I'm gonna make an offer anyway." And I offered them, I think it was, like, 955 or something. They said no, but a, a few weeks later, I ended up buying that property for $1 million. The only reason I made that offer is because I wrote down a goal, I will make an offer of at least one offer every month, and I hadn't made one that month.
So putting that discipline on yourself got me that deal that would never have been a deal, because online at $1.3 million, I wasn't interested in that deal.
And I think there's a, there's actually even a, a, a bigger, uh, key principle at play here, Andrew, that people can learn from you, and that is that you set yourself goals and you hold them to.
You walked in here today with two podcasts that we needed to record because we need to get them done. You've promised you'll, for your listeners, you'll have, you'll have one out every week.
And as at last night, I didn't know what we were gonna talk about today.
Yep. And, um, and here we are, and what a cracking, you know, what a cracking episode it actually, actually is.
So there you go. There's your challenge. If you've ticked all the boxes, you've gone, you've gotten your team, um, you know, you've underwritten, you know, your, y- the deals that you're looking at. Mm. You've practiced, you've got everything ready to go, make an offer every week.
Yes, and look-
That will be scaring the shit out of a lot of people.
Yeah, and that's where your team comes in. Seek their advice, but pull the trigger. And you know what? We're not doing this podcast to make money or sell courses or anything like that. So if someone in six months' time sends me a message to say, "Thanks for that podcast, Andrew. I just bought my first commercial property," that would be all the satisfaction I need to make this podcast worthwhile.
Fantastic. Fantastic. All right. I'm gonna give you, uh, uh, I've got five or six really quick-fire questions to finish off with. Best commercial property for a beginner?
If you're self-employed, one that you can lease for your own business, regardless of the asset type. If you're not self-employed, one that you can add value to using the BIR strategy.
Perfect. Biggest commercial investing mistake?
Buying something that is vacant and underestimating the vacancy risk.
Okay. Industrial or retail?
Industrial for me.
Best negotiation tip.
Purchasing with a long settlement so you can add value to the site before you even pay for it.
Love it. Love it. Most underrated commercial strategy?
The BIR strategy once again.
It's just, it's, it's simple, isn't it?
Yeah. Yep. And you don't pay tax at the end 'cause you're not selling. You can just keep buying one project every single year for the rest of your life by redrawing equity out of something that you've built.
The one thing every investor should understand before buying a commercial property.
Know your niche.
Perfect. Okay. Well look, if someone is listening and wants to buy their first sh- first commercial property out there within the next 12 months, what's the most important thing they should focus on right now?
Look, I, I say education, but my intent there is don't spend three years educating yourself.
Get, get in there for three or four months, define your niche quickly, start building your team so you can pull the trigger. Don't come back in five years' time and continue down the education path without pulling the trigger.
Yeah. It's, it's a thing in all areas of life, isn't it? Mm-hmm. There's so many people who study but don't do.
That's right, yeah.
So you can study forever, but at some point you gotta pull the trigger. Yeah,
exactly.
So there you go. Start making an offer every week. All right, so today we've covered the five steps to buying your first commercial property. One, educate yourself and define your niche. Two, define your strategy.
Three, learn how to underwrite commercial property, and do sign up on Andrew's website, we'll send you the checklist. That's done for you. Number four, build your team. Number five, make offers, pull the trigger, have a crack. If it's not the perfect deal, or lowball. It- it's not, probably not the right term, but- It is the right term
it is the right term. Lowball, and just see what happens. Yeah. And learn from the process. Mm-hmm. And, um, you know, you, you might just crack one. Mm-hmm. And eventually you could do this, you will come to the right deal, and you will- Mm ... make the right offer, um, um, even if it's asking price, because you've- Mm
found the, the, the right one. So commercial property is not as nearly as complicated once you do understand the process. Follow the framework, focus on the fundamentals, and keep learning. Thanks for listening. Thanks, Andrew, once again, and, uh, we look forward to catching you on the next episode.
Yeah. Thanks, Adam.
I just think, um, with people not getting negative gearing on residential property going forward, um, more people are gonna listen to this podcast and hopefully go down this track.
Absolutely. I mean, with the budget we've just had- Mm ... and these changes, um, I think it's, uh, it's, it's pretty clear that, um, commercial- It's a big move
now more than ever-
Absolutely ...
is, um, is the path a lot of people should be going down. Thanks, Adam. Thanks so much.
Thanks for listening to the Andrew Wright Property Podcast. This is all about building a community of like-minded investors who can share real-life stories, experiences, and collaborate, with a view to helping each other.
Join us. Get in touch through the link in the show notes. I look forward to you joining me on the next episode.