Interview with Dom Nesci from Wealthi

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This episode was originally published on our Youtube channel, dated October 7, 2021

Link: https://youtu.be/89imXqPTcTo

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Transcript:

Chris Booth
Welcome. This is Chris Booth from Lydian. And today we've got the privilege of speaking to Dominic Nescie or Dom Nesci from Wealthi. Hi there, how you do, mate?

Dominic
Hi Chris, it's a pleasure to be on your show. And I call this song and dance for your audience today.

Chris Booth
Okay, Well, well, that's the first question I've got. What's on your playlist today from a music perspective, I think people want to know, Oh.

Dominic
You know, I was listening to this morning, I woke up to a song by I was an Italian song called Village Guitar, and it's about Albano. And effectively it's this guy singing about how life is good and that we're blessed. And one specific line, he says, All I need is a cup of wine and a bit of bread in hand, and then life is good.

Dominic
So I listen to that and I work up basically singing a bit of opera, and Charlotte wasn't that impressed.

Chris Booth
Bellissimo. Okay. Okay. Well, anyway, on on a serious note, look, I mean, you and I have been friends for a long time, and I've watched the, you know, the rise of Wealthi and you're doing some great things out there. Can you can you just give me a little bit of an insight about Wealthi and you know what you're doing right that mate.

Dominic
Wealthi makes real estate investing easy. So what we do is we canvass the whole Australian market but primarily work on the eastern seaboard. So Sydney, Brisbane, Melbourne, Canberra and we canvass for the best quality real estate that we can find. We specialize in brand new and like you, we basically work with clients to figure out what their needs are and then we match them to the right investment.

Dominic
We don't charge them any fees, we get paid by the developer as any deal has an agency in there. We've just pushed McGraw or Elders out of the deal and then we get that transaction fee similar to what you get if we say.

Chris Booth
Perfect, okay, cool. And so, I mean, look, I mean, there's a lot of noise out there in the you know, in investing in property and, you know, use this person. Use this person. Can you tell me why with why someone would would choose Dom Nishi and the Wealthi team. What's the sort of the, the things that you bring to the table and the experience and the knowledge about property as well?

Dominic
Well, the first thing that our clients will notice is that we genuinely care. I mean, it sounds really dumb and, you know, simple, but everyone in the team is very passionate about real estate. We invest in the deals that we're buying and we're with the client for the life of the investment. When something and the thing about real estate and any investment things go astray, I think problems happen and it's about being there.

Dominic
When problems happen is about being there to set out the plan. To be very clear about how things are going to work. There's a lot of moving pieces and we pride ourselves in having a number of people committed to the transactions and making sure that it does happen and again, with real estate, you're buying an asset. So it's not just purchasing it.

Dominic
You got to buy. Well, certainly, but then it's about maintaining it, making sure you get the right rental manager on board, partnering with the right mortgage broker and getting all the right bits and pieces together to make sure that it works well over time. We keep on double checking to see that things are still working, make constant contact with all of our clients.

Dominic
As soon as we see that we've got equity back in that investment, we work with the broker then released it and keep on investing.

Chris Booth
Excellent. Okay, that really resonates for me. I think. You know, knowing yourselves personally, Tom, I mean, you invested in property from an early age. I think it's important to find people who are really willing to sort of, you know, dip their toe into property and they've got experiences like me, just their own home, but also investing in property and seeing that growth and realizing that growth as well.

Chris Booth
I mean, you know, so what was some of the tell me a little about some of your feelings when you first thought about investing in property. And it's probably the wrong place to ask, actually, because you were just going to buy a property, whatever it took. So but I mean, tell me what your thought process was when you first took that that step.

Dominic
So some of the things that I had noticed when I was buying that first investment is one, I was super excited and I wanted to go and do it. But I was also terrified of making the wrong, wrong move because are so many pieces is there is organizing to finance, making sure the structure is correct, making sure that the investment was going to be right and it wasn't going to blow up or there's going to be any issues with it, making sure that the contract was being read correctly.

Dominic
And I wasn't just finding my way, my life and being committed to effectively a lemon or a dud, You know, there's so many bits and pieces along the transaction that you do need professional help and care. And I was very, very lucky because I had you I had Terry Oates, I had the property management team. There was all of these people that I could rely upon and trust.

Dominic
That gave me a lot of confidence. But at the end of the day, you still have to follow your nose, follow your gut, and just kind of jump in and take that leap of faith. Because even to this day when I'm buying real estate or buying an investment, there's always that element of have I screwed up here or what thing aren't I saying and what elements am I missing?

Chris Booth
But I think the great thing about that is, is that you had all of those professionals around to help you as well. And, and but also that, you know, we're Wealthi today. You realize that in your in your world, you've got all these professionals still helping with the clients in a similar sort of way. But you can be the sort of client centric and the relationship for that client as well.

Chris Booth
Yeah, well, the thing.

Dominic
Is, Chris, you and I, we've worked on many deals together and we're not naive. You know, we've seen when things go wrong and everyone likes to say that, you know, pull the wool over client's eyes and say everything will be perfect. You know, everything's going to work exactly to plan. But there's no one deal that ever works 100% to plan.

Dominic
There's always something. Yeah, there's always one thing or the other. And it's important to build in those failsafe. So to understand if this happens, what's, what's our fallback? You know, if a valuation doesn't come in on the money, it doesn't necessarily mean a deal is bad, but maybe the lender doesn't want that type of investment. Maybe their credit policy doesn't fit or, you know, maybe we're not getting as much rent for that investment because it wasn't marketed the correct way or we didn't get the right manager or, you know, perhaps something has happened along the way on the delivery.

Dominic
You know, something hasn't the material hasn't arrived. Who's going to go talk to the builder, who's going to talk to the developer and have that hard conversation? I know that, you know, your voice gets heard when you've got a bit more power in that relationship. So, for instance, you know, if we're doing ten or 15 deals with one particular person, they're going to listen to us a lot more than if it's just one individual investor by themselves trying to battle them by themselves.

Dominic
So having the weight of, you know, a team of people behind you that are working towards that end goal, that aren't naive, that have seen pain, that have seen where things can go wrong, can save you lots and lots of money, lots and lots of time. And also just that emotional heartache that comes along with investing.

Chris Booth
Yeah, perfect. And you know, for me, working with trusted partners is very important. So, you know, Lydia's got lots of clients now and we, you know, we were all actively looking to invest in property or talk about property. So if, if a client came through Lydian and we were introducing them to your team, you know, what are the services you provide and what would the kind of the client journey in the experience look like from your perspective?

Dominic
We start with firstly talking to the leading partner because it's your relationship, it's your client, you know them well and we want to know who they are, what they're about, what things have you discussed and what's the relationship that we're walking into. The other thing that's important is in talking with the client. So we immediately call those clients.

Dominic
As soon as we get the details, we find out when we can. We reach out as soon as possible. We arrange for a phone call or a meeting via Zoom, and we do a discovery session. So we want to find out who the client is, what their needs are, what they goals, what their fees are. And then after that we arrange a subsequent meeting to then go through different property choices.

Dominic
Now we're very clear about showing them the whole of the map and showing them that there is a broad selection of property and we're not just trying to funnel the into to the one deal of the month, but then we also want to save their time and say based on what your needs are, your goals, your aspirations and your fees, these are the top one or two that we believe are going to suit you the best.

Dominic
And sometimes it's an iterative process and we understand that we're very, very patient, work with clients over time and sometimes it just clicks and a deal happens and they know what they want. They buy the property that suits them best.

Chris Booth
For us at Lydian, we really appreciate the, you know, having valued partners like Wealthi in the team that I know you guys do a great job and now we've got good relationships with the whole of the team there. I love the marketing, I love the podcast. So, you know, if the client wants to get in touch with the domestic and the Wealthi team, how would they best follow you and catch you this big?

Dominic
A Wealthi ale, I swear on YouTube or on LinkedIn or on Instagram. I think there's a tip top page. You go to our website, you know, give me a phone call. You know, Chris, you've got my details. I won't just say it on here because I've been getting a heap of pranks recently from, you know, Darwin or something recently.

Dominic
But yeah, just for reach out, you know, send me an email. Dominic - [email protected].

Chris Booth
Perfect. I'm well thanks for sharing a bit about Wealthi today and yeah look forward to our next catch up on the Italian song I'll be googling now or looking on Spotify to see what it's like. But again, I.

Dominic
It's spelled F-E-L-I-C-I-T-A, Felicita by Albano.

Chris Booth
Beautiful, beautiful. Thanks. Dump and pay me if you need to catch up with Dom anyway. But you have a great day. See you.

Dominic
See ya.