Dear Friends,
What are your financial goals? I would like us to share our financial goals for 2014 and take stock midyear 2014 to see if we have accomplished some of it.
My list
1)Buy IP next year by Sep 2014,
2)Replenish my online savings to $30k, by saving extra $$ from my pay to my savings account,
3)Seek a financial advisor about planning for retirement,
4)Read at least 2 books in planning for retirement, all the chapters!
Just finished my development in Pymble so need to offload that and move onto the next development – I have eyed a few places but need to make the time to act rather than procrastinate.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Christine
Thanks for sharing yours. My goal for 2014 are:
1. Depend on the property market. If the market is good I am planing to buy #4 and #5 IP.
2. Research and improve knowledge on commodity investing. Probably invest some money in this asset class.
3. Increase my offset account to $400K.
4. Learning on commercial property investing.
Depend on the circumstance. These goal could be achievable (at the moment). I determine to try my best to achieve it.
Lsreng
thanks for sharing
great to see you have some goals in place . as earl nightingale says people with out goals dont succeced its as simple as that!!!!!
my 2014 goals
- start to take more action to my investing by spending more hours then ever befoure studying on what is a great investment strategry
- find a group with like mind investors and start to share my goals with them and can help each other
- invest in a new car as mine is satrting to fall to bits as i noticed that i was screwing the door trims to hold the car together
- buy another ip by the year is out – i have had a bad run with another deal over the last year and hoping the next year will bring alot more light on that
- go on a boat cruise with my partner
- find some new contacts to do some ofmy own work to create more chunks of oney with less work
My goal for 2014
- Buy my first IP
- Save more money
- Then buy a 2nd IP
Cheers
Gayle
Hi All,
Thank you all for the sharing. I look forward to more.
Richard-I'm looking forward to what you're going to say due to your experience. Any learning points for 2013?
Lsreng: Can you share how you plan to structure the finance for the 4th & 5th IP? The finance bit does my head in, I really want to understand as its important. I'm hoping to get my finance strategy right. This should be another goal for me!
Daniel – interesting goals, I like the part abt meeting with like-minded investors, this forum is a godsend. Abt the part on studying, you mean property investment education? I would be interested to know if you have any in mind? I did Jane Slack Smith online property course, it was useful. But I learn better when its like a classroom teaching rather than online. I really want to educate myself on the finance, I was thinking of Cert 4 Mortgage Broker. Not to practice as a broker but to learn the finance bit. Do you think that's a good idea?
Christine
I am sorry to ask, but what exactly do you mean by online savings?
Hi pal
Iam doing Steve's property apprenticeship
some very great things yo be learnt in there that will help me in the real life stuf
1. Continue growing the business and recruit additional staff
2. Purchase another couple of IPs
3. Complete renos on PPOR (almost there)
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Christine
I already have available finance in place. I have $340k available as LOC (equity draw out of PPOR) and $320k cash sitting in my offset account ( as My PPOR paid off this account is offset to #1 IP). I am planning to buy 2 $500k properties and use $340k to fund 20% purchase. The $320k will be use to renovate or add value to both property to make them positive gear or natural gear. I do not have any problem to service the loan all properties are positive gear. I already get pre approval from NAB. Just the matter of finding the right property. I will be fine.
Lsreng
Hi Christine
I hate to say doing a Cert 4 in MB will be of no benefit to you as an investor as the finance market changes on a daily basis and you will learn nothing that is of use.
It is upto you but i think i would put my energies into forging a team of Professionals to work with rather than trying to do everything yourself.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:It is upto you but i think i would put my energies into forging a team of Professionals to work with rather than trying to do everything yourself.
Agreed. I'm not about to go off and get a medical degree so I can treat myself every time I get sick – it's impossible to be good at everything. For that reason, you need to make use of those that excel in their fields. This goes for all industries.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Happy to share mine and am fairly new to the site and look forward to being a solid contributor to the forum in the next year
1. Grow the business (Redwood Advisory) two-fold and bring people with me, employ an additional 2 staff full time in next 12 months. This will be a challenge as I will be in China quarterly (at least) and have two property tours booked for the US. Looking to separate the business into SMSF Admin/ Property and SMSF Audit and negotiating currently with a prospective partner.
2. Move offices to a fantastic location (currently seeking the commercial property over the new year)
3. Purchase an additional IP and challenge the status quo (majority of my IP are in Melbourne, will look outside the box)
4. Undertake and complete our apartment development in Melbourne. Plans and permits for 16 issued and all green to go. Developed many properties over the years however our first apartment development
5 Finish painting the beach house, completed 95% 6 months ago, need to complete the last 5%! Undertook a major DIY improvement in 2013 (7x7m balcony!)
Most importantly, continue loving life. All the best to all of you in the next 12 months!
Cheers, Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
Hiya,
CheckDavid- Online: i meant my online savings account (e.g. Ubank, Rabo)- gives me better interest rate than most banks.
LSreng: What an enviable position you're in! A good start to 2014. I need to boost my cash before attempting to buy IP4.
Richard/Jamie: Thanks for the advice, always appreciated. Currently reading Yardney's book on finance law.
Redwood: challenging but interesting goals…I like No 3. Any interest in South Australia? Im from SA, not as exciting as NSW but lots of new properties being built.
Happy New Year everyone.
I would like to renovate and sell my ppor, make $50k profit then source a second ppor with similar potential and move in well before next Christmas.
1. Absorb as much knowledge as I can on all facets of property.
2. Purchase a second IP by the end of the year.
3. Set my self up in my new role in Sales for Belle Property Toowong (QLD).
I wish everyone the best for their goals. It's going to be a great year!
Scott
Hi Scott
Good luck with Belle. You are working in a good suburb there and one i have owned IP's in for 15 years +.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Awesome thread ! Happy new years everyone.
My goals are:
1) Complete 4 buy-reno-sells using other peoples money
2) Further grow the young property investors brisbane group with blogs,vlogs,twitter, meetups, social meetups
3) Begin development of a rehab course that can be taught to health professionals around the world.
4) Increase my knowledge around subdivisions ( for later in the year in conjunction with the new BCC plan) and developments to increase my sophistication around this for the following years investing.
5) Reproduce enough of my income from property so that I can take some drawings (while still increasing my investing captial) to decrease my working hours to 20 hours a week by the end of the year.
I hope everyone has a successful new year!
Great thread everyone! Some awesome goals here! After being a lurker for 4 years, it's time to contribute.
My goal is to sell my entire portfolio (5 properties) and start again from scratch. I'll be walking away with the same money I invested 3 years ago. From this I'd like to purchase 2 properties in the USA for cash flow, as well as renovate and flip 2 properties here in Australia.
Escal8 wrote:Great thread everyone! Some awesome goals here! After being a lurker for 4 years, it's time to contribute.My goal is to sell my entire portfolio (5 properties) and start again from scratch. I'll be walking away with the same money I invested 3 years ago. From this I'd like to purchase 2 properties in the USA for cash flow, as well as renovate and flip 2 properties here in Australia.
What went wrong?
Good luck with your next investments.
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