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You are right there Rod. I for one still have a full-time job as do many others I know.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey all.
thanks for the posts but for those of you who have replied here read the original post again. It will make life a lot easier if you send me an email. Thanks.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
As long as you have deposits and the properties are above 12% gross yeild (roughly) you should be able to borrow infinitely (in theory). Before you get there though the bank will more than likely say you are to rent reliant and then you go to another bank. At your end of the scale it is good to hook up with a good mortgage broker so when you grow they grow with you. This post is more one for Stuart or one of our other resident mortgage brokers.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Del,
I usually pay cash for costs and use LOC for loans. I have also sold down a few properties to free myself up for some more deals with higher returns. The velocity of money is the key for me.Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Richo.
I am still buying at the moment. Talking with an agent at present about another handful.It is getting harder as wilandel said but the deals are out there you just gotta think outside the box (but you know this). I know there will be a time where I may slow down some but at present I am having too much fun on the rollercoaster…..
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Go the lions….Kick the pussycats butt this weekend……
As to investing Good call on the silence Westan.
I also don’t say much not for any secret reasons but I don’t ever want to feel that I have lead anyone into an area that I am comfortable with but might not be good for them. People have to learn and find for themselves as the journey is as important as the destination.Good to know though that we finally found the other Richmond supporter….hehehehehe. (Sorry lads).
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey arglyle,
What is the aim of buying this property ? I affirm what my aim is before I buy a property to make it clear in my head and to make sure the numbers work for whatever I have in mind.What is your aim for this one and what is your overall goal in investing ?
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey all.
Brian don’t be to disheartened as Steve and Dave’s mix is not a majority of Wraps, rather of buy and holds.It is an interesting discusion though and I just couldn’t hold back. Haven’t been on much lately as I have been busy but this one caught my eye.
As I was reading I was thinking that the numbers and the structure are somewhat irrelevant. For Steve and Dave it has been Wraps and Rentals but for me it has been rentals and renos (not that I am in Steve and Daves league). Over the last year and a bit we have bought/buying 25 properties. We have sold 5 of these as well. Could I have bought a lot more along the way….too right but I allowed my self doubt to win in the early days.
Numbers and approach/style are irrelevant but they are good to show you it can be done.
You have to find your own niche and comfort levels and invest there. Don’t try to be another Steve or Dave as you are a very special person yourself and you will know your own levels of need and comfort in investing.On this site we have heaps of great people all with different approaches and different ideas…
Crashy does shares, Steve rentals by the dozen and Mini in NZ to name a few.It is good to see discussion as Argyle said and lets take it as a gee up and get active in what investing is right for me…..or is that you????
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Good call Aussie Rogue.
Done..
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
I always think that a mistake only occurs when you repeat something you have already learned to be incorrect. The first go I call a lesson in life. If you don’t learn from these lessons then it is a mistake.
The upside is we all have the lessons regularly. That is what makes us stronger and wiser ….(hopefully).Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
I like your way of thinking here Westan. Good points made. All I can say is ditto.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Blue,
Don’t just limit yourself to Brisbane people. I use a broker in melbourne and have found that more than amicable. Guys on the site like Stuart seem very knowledgable. Dig through posts to see who appears. If these guys are involved in this sort of community it goes a along way toward their helpfulness.Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Argyle,
I usually just use google and type the towns name in and see hwat it brings me. Apart from that the local council is often a good source or the Bureau of Stats may also help.Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Right back at you Dave.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey Ben.
Hope you don’t mnid but I will jump in here as Steve is very busy (as you might guess).
Yes you can use your property as a “deposit bank” to purchase other properties. Two way to do it.1. LOC – use available equity and draw down as much as is needed per buy.
2. Cross-collateralise. If you don’t know what that means it is tying properties together to provide the neccessary LVR (Loan to Value Ratio) that the bank needs.
Personally I hate cross collateralisation so I will do what I can to get away from it. Using residence one means access to funds easily but remember to inclde hem in your calculations. You will be in effect borrowing 100%. Hope this helps nd don’t hesitate to ask more questions.
AS to the 10….I am sure there are more than just you who would love to be in there. It will be exciting to see how the crew go. I can’t wait to see it get started.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Matty,
Drop me a line and tell me what you want to achieve and why you need a mentor. [email protected]Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Interesting point Crashy and one I agree on. When the numbers don’t work….walk away. I haven’t bought anything in Brisbane for the last 3 months and that to me is a long time. I cannot find anything worth buying and I have a few contacts that feed me good property. Such is life. I won’t buy for the sake of buying but only if it makes me money. As I always say…..crunch the numbers and if they don’t work neither does the deal.
The good and bad fact about the current frenzy is that there will be some great deals over the coming years for those who have overcommitted or found landlording to be a dirty word. I can wait.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hey all.
Not usually one to let numbers seem important and I am still not but thought it would be encouraging to see that you can grow property as Slumy has shown.Bought my first property last May/June (2002) and we Own/under Contract 19 properties to date. Last year we also reno’d and sold five properties (on top of the 19).
Hope this encourages you.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
NAB and stupid decisions seem to be common lately……Promises, promises then problems, problems….. Part of the fun of property.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Something for you to think about but 50% of something is better than 100% of nothing. If you can grow the equity then you might be able to do it solo.
Enjoy
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(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
