Forum Replies Created
Well done Leigh you obviously have met Dale Gatherum-Goss. He is a good bloke and knows his stuff.
Violeta if your accountant questions you again I wuold walk and find a more competent advisor. Even if they are slightly iffy. One of the most important parts of your success is your team. If you are not all pulling together in the one direction then you are at odds.Spend the time and energy now to find someone who is good at what they do.
As Kiyosaki once said ….he is not the smartest man in tax or law, etc. but he loves to employ the smartest people in those areas. Doesn’t that make you the smartest by default as you know how to get the best out of other people and therefore your business.Hoe this helps.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey 4,
I am definitiely using a property manager. My time is valuable and the 6.5% is cheap for the next deal I can be finding. I do regularly check up on them and randomly drop in with a cahke to say gooday but I feel they are reasonably competent and they do free me up.
Imagine 20 properties with $150/week rent = $3000/week.
Management costs me $3000*6.5% = 195/week
So over a year it will cost me $10000. Now if I find three good deals a year I make $100,000 (minimum).
I believe this far outweighs the fun of property management (tongue in cheek).Everything I do I look at an hourly rate and work backwards. Over the last year we have made a reasonable return oon our property and I work out the hourly rate for that year and if someone can do it cheaper then it is their work. Usually people can do it for cheaper than I can myself(and a whole lot better).
Hope this helps.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinNot that I agree with this deal but what is the real down side ?
Is it really $150K or more likely the land flounders and you have to sell it for $125K and take a hit.
I guess my point is what is the real loss. It is possibly not the whole amount rather the potential resale point.To lose the Whole $150K would be very extreme….not impossible but extreme.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinWell done Brett. I am sure it will work wonders on your investing and family life.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Fun . Check out the search function. I think you will find a bit on these guys.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert Einsteinbump
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Anthony.
It is also worth getting Dale Gatehrum-Goss book on trusts.
Check out his website http://www.gatherumgoss.com/shopping.htmHope this helps.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinLove to see your creation…. [email protected]
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinScott,
Is your house the kind of house you want to have as an investment ? Does it suit your investing end goal ? If you want to move would you be better off just selling it taking Cap gains for free and reinvesting ?Some questions for you.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert Einsteinyep if you go to the site then Contact us it is there….
http://www.prosolution.com.au/contact_us/contact_us.phpEnjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinWell done Edgewise…welcome to PI.com[
] Now what about you other lurkers ??? Say gooday and make ourself known. Take that first step.Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinMight be worth looking at http://www.prosolution.com.au Stuart seems like a good guy and knows his stuff.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinIt is a good idea to catch up with Stu he is a great fellow. Gatton is a nice town check with the bank what lending ratio you need to buy there. Happy hunting.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Fastainvesta,
Drop me an Email [email protected] and I will elt you know what some of us discussed.Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinRegina…. yet another person I didn’t get to meet. doh!
As to the hurdle one of mine is paperwork. I hate it. So for me we are building a new office setup and Fiona will step up her involvement in the small stuff and we also will hire a book keeper for 4-5 hours per month. I love talking to people and doing deals but I hate the small stuff that makes it tick.
As to my greatest fear…..well that is being worked on at the moment.
As bizzare as it sounds my fear is one of mediocrity. I would not like to look back on my life and think I had just been existing. I want to be able to look back on my life and smile knowing I accomplished things I would not have dreamed of. Met people and helped change their lives both. Last but not least loved my family and friends as best as I could. I fear having to look back and thinking of all I could have been and yet having been none of it.
One of the reasons I offer my feeble assistance on this site is so I can help others achieve their best also. I firmly believe that your success is a reflection of the success of those around you.
Wouldn’t it be awesome if PI.com could set up a benevolent fund because of how successful we have all become because of each other.
Wouldn’t it be awesome to go into schools and be able to help kids who are struggling by challenging them and helping them along their way. Also teaching them truly useful thing….the education of money and how to control and use it.
These are just two of my dreams and I could prattle on all day with such thoughts but work must be done…..Action must be taken.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinTo be honest R it is good to see the tigers up there. They have had a few average seasons when they should have had a lot better ones. Still they won’t beat the Lions….
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinMate I am impressed with your reply time. You must be sitting here as I do. As part of my plan I have allotted 30-45 minutes per day to spend on the forum seeing if I can help others. (Time is nearly up for today….so much to do).
To your questions…..
Let me ask you a question.
How much do you want to live off ?
When do you want to start living off it ?
What would you do to get there ?
What kind of properties do you want to own from here to the goal date ?
At what level do you want to deal with people ?
(remember property is all abour people).These are some of the questions I ask myself everyday. Give it some thought and let us know what you think. If you could also (for yourself) quantify these points don’t just make them rough. Put amounts, put dates, etc.
Once you have done that then you can work toward your goal. It makes it easier to buy or not as one question gets asked.
Will this deal get me closer to my goal or further from it ??
Hope this helps.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey sooshie,
I’ll take a slightly different stance (I usually do). I think you will find some of those people on the weekend have never dealt with people in such a personal way. You are right that some people did an average job but that could have been because of money/time pressures also you are very right that some people should not be the front person as it is a gift and/or skill. The lesson for me was to deal with people fairly regardless of MY situation. The game creates a flurry which some of you will agree really happens to you during deals. It is the level headed people who pull out of the problem and turn it to a success. (eg. Steve and Dave’s Unit complex).It was interesting to hear the questions that people asked me as a tenant and I hope the way they approached me was a little different to real life due to game pressures. The thing though that captured me most was how many clues I dropped as to having other options or alternatives in accomodation that people didn’t pick up on. The difference between successful people and amazingly successful people is that the amazing amongst us listen to everything and try to mould the deal to suit the situation. Think of Stu O’Neill and his unstoppable radar. We can all be successful but must practice to become amazingly successful.
Think outside the square and see where it takes you. I was encouraged to find people who did this on the weekend and they should feel good about their ability to think laterally.
Onto Kathleen. To be honest I would have to think long and hard about this deal Soosh. In the end I would probably walk. It may be dicriminatory but I have a business to operate and while I do enjoy helping people, I also have to go through a series of questions that would allow me to proceed with the deal. If I made risky deals then I probably wouldn’t be here in a few years operating. To be fair though I don’t have enough information to work with so it’s a face value call. I would have to find out about a lot more about if she works, rental history, etc.
For me to wrap I seek a payout in 1-7 years so my clients have to have a job and be in a reasonably sound financial condition. So probably Kathleen would not fit. That is only my angle and it will not fit all of us but I always come back to the fact that it is a business that enables me to help people not a charity. My aim is to build my business so I can become a charity but that comes by me making sound financial calls on the way there.
One other Question Soosh is she a friend prior to the deal ?
I personally never deal in a transcation with family or friends.Let us know how the deal goes though Soosh if you go ahead.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinOK. What sort of propert are you looking at buying? What is your goal with property investing? Do you want Positive cashflow properties or Negative cashflow properties ?
As to where to go specifically….Brisbane does offer some good buying but it still has to match your desired outcome. I bet I could go into any state and purchase houses that meet my requirements. I know what I want and I know how to narrow down the field to find those deals.
Let us know your aims Maximus and see what happens.
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey R,
It certainly was the whole gamut. It started with buy and holds, then renos, then Lease Options, then negotiations (cap gains) and then wraps. It was a great weekend so next time (if there is a next time) you gotta be there.Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert Einstein
] Now what about you other lurkers ??? Say gooday and make ourself known. Take that first step.
