Forum Replies Created
Hey tails,
Hope you don’t feel like people are having a shot at you as everybody seems to be trying to share their opinion (which is only their opinion). Yes it is their opinion and may not be right for you. Your dad sounds like a very smart cookie and I wish I had a role model like that. You have such a great example to follow and I’m guessing years of experience and wealth to boot. You are fortunate and I am sure you are capitalising on that knowledge.
I’d suggest that Steve’s deal with $500 income would be a multiple dwelling such as units. There have been and still are some awesome buys out there for people to get into and if it works for them …great.
For me I believe that if I have bought well and the properties are cashflow positive then I will sit out the waves. I know that I am only young to this game but I have spoken to many older property investors who have over 20 years experience and sought their advice on what is going on.I bought a month ago a property for $54K that rented on Friday for $140/week. This is in a city of 150000 people. The deals are there just a little hard to find at times. This vendor had to sell for various reasons so I got a good deal. I figure if I get 6 of those kind of good deals every year I will be pretty right by age 39 much like your dad.
These are just my thought Tails and I hope they do not offend in any way but i am happy on my path and confident it will lead me to where I want to go. It sounds like your path will be equally prosperous and for that I am thankful.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkHey Spring,
Welcome to the Forum. Hope your stay is long. It is excellent to see new faces all the time who are keen to ask questions….. As a bit of an aside there is heaps of stuff tucked away here it just requires a bit of time to read back or search topics. I think there will be pieces you will enjoy.
As to the valuation take…. I would suggest getting three local agents to give you appraisals in writing of your property. Tell them you are considering selling (as we always are!) and you wanted to find out what the house is worth. They shouls also give you a orint out of comparative sales in the area usng RP Data or such information. Ask for such comparative data for you to make a balanced decision. The next step is then to go to your lender armed with such information and ask for a revaluation (as long as it is up) based on the data you know have. If you are lucky and it is the NAB or such like they are pretty easy to swing as an Ex- Bank manager comes around to do the appraisal. If you have the info and appraisals there it is rare they will argue.
Once you have equity available you then go hunting for your kind of property…..whether you are going to wrap, flip, reno, rent….so many options to choose from. If you are knew to property then you need to decide your path. That is always a tricky one but there are plenty of good books out there and also courses such as the one Steve is running in May. It may help give you an idea of direction.
For me I am a positive cashflow person. I buy propertes that add to my bottom dollar. I have set my goals this year (in an earlier post) and I will not do a deal if it does not take me closer to my goal. As a good getting started and organising your life read try John Burley’s book. It is in all bookshops and worth the ~$30.
Hope this has helped Spring and don’t worry about being 40ish at least you are starting now and that is the best time for you to start.Hope this helps.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkOne accountant who was at the Property Masters Seminars was Paul Harper. He seemed to be very good and a nice guy to boot (Melbourne based). I personally use Dale Gatherum-Goss (also Melbourne) he is excellent and writes for API Magazine. Nice guy too.
Hope this helpsEnjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkWhile not a strong believer in Mr Elliot’s wave….. or mr Gann for that matter….. I think there is a wave effect in property prices when a boom occurs…there is usually a common focal point as a learned friend once explained to me that always seems to be the starting point for the next boom. In sydney some feel it is the Eastern Suburbs. They are the first to see the rise. In Brisbane I would hazard a guess that it would eminate out of the inner City suburbs….haven’t really researched that one yet though. I figure I have another 5 yrears or so till the next signs may emerge and thats plenty of time for research….he he he.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkAwesome angie…..that is great news. The key though is to advertise the bonus and the rent just happens. Rmemebr to cover yourself cost wise as I think you will be pleasently surprised. Nice big sign in the front yard with the bonus…..Be interested to see how it goes.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkHey Angie,
Why don’t you offer free movie tickets (book of 10) or free gym membership. Maybe a voucher to the local bottle shop or video store…. Try adding some value that isn’t property related as a bonus move in gift. It may get people interested if you put a sign up in the front yard with your offer on it….I have no doubt that you will be flooded with calls. eg. Free DVD player ??? After all they only cost $150ish nowadays. If it means a few weeks rent then at least you have it rented. Also if you do value add try increasing your rent $5 a week to cover the cost of the appliance /offer. People love getting something for nothing even if it costs them more in the long run.
Hope this helps.Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkGotta listen to ZIZ Hui as he really knows his stuff. Many years in the market mkaes for sage advice. Thanks for reminding me of the cycle ZIZ. Now about the Wave effect……..
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkTo EnjoLady….this was my first reno but it was my 7th property. (number Eight settled today).
As to Ozchick I once asked similar questions of a friend whom I consider helped me enormously to get to where I am. He would not tell me the places only in Brisbane locale so that I would go out and look. I’ll say that I live in Brisbane and leave it at that. For those of you who think I am being secretive I am not aiming to be just that when that friend told me to keep on hunting for myself and showing me properties others had found around town that drove me higher and harder to find deals for myself. Hope you do not think badly of me I just feel that to put it on a platter is to easy and it doesn’t allow you to stretch your capabilities.By the Way thanks Steve for the encouragement and challenge in the early days.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkEdited by – [email protected] on 11/02/2003 5:02:58 PM
I have two good friends who are financial planners in their early 30’s and neither of them has any investments bar their own property (which they are not paying of actively). It brought home the point that they are just salesmen. These guys are great mates but they do not get it. I will have left the rat race long before them and yet they had all the training……..is the training a hinderance or a help……I think we know the answer.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkIt went unconditional today….woo hooo !!!
Must take my ever patient wife out to dinner with some of the profits.
Enjoy
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkRob I would suggest that you call the office of state revenue. They can tell you the most accurate answer….
Their number is 1300 300 118.
Hope this HelpsEnjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkAgreed….
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkHey Tamara,
Welcome to PI.com [
]….(thanks Bruce for the nifty name).Can I ask a few questions……
Where are you wanting to invest ?
What sort of investments are you wanting to make ?These may help people offer assistance.
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.I fully agree with Birdman on this one. Setting up an LOC also gives you some bargaining power too. If you can go in and offer a cash transaction and buy the property out of your LOC then refinance after. This enables you to move quickly and offer agressively.
Hope this helps.Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Hey Bruce……thanks for the compliment but I think you over exaggerate my input and under exaggerate your input. I thank you for how succinctly you are able to quantify a situation for all of us. your experience is invaluable for relative newbies like me. Will look forward to catching up in Melbourne if not before.
Enjoy
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.I will get those details tomorrow Bruce. I’ll post them tomorrow so you can grab them. Are you going to the next Property Masters Seminar ??
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Do you have any investmnent properties Sushi ??
If so would this not derive you an income….even if it is a loss ??
Enjoy
ADEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.So Lance how is the business plan going this year. Very ambitious but I am sure you can do it. Made me look twice at what I want to do and think I may be underachieving.
EnjoyEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Edited by – [email protected] on 07/02/2003 1:38:29 PM
Arnaldo,
I did the landscaping but had contractors do the work. As far as Reno’s go I have had our house renovated and I have seen a few things but the biggest motivation was listeneing to Geoff Doidge and Paul Eslick at the Sydney event (property masters that Steve organises) who motivated me to keep pressing on and take action. They are a funny pair.
I liked the weekend seminar because it gave bite size snippets of all types of RE investment. Enough to challenge you to determine your path.
EnjoyEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Thanks Kaza,
As to the help…..I’m just a bozzo who someone else helped so I always try and help others.
Enjoy
ADEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.
]….(thanks Bruce for the nifty name).
