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Viewing 16 posts - 1 through 16 (of 16 total)
  • Profile photo of AdisKayAdisKay
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    @adiskay
    Join Date: 2011
    Post Count: 23
    August 30, 2012 - 7:23 am

    xdrew, just one thing i forgot to mention in regards to your comment about "a path top a particular achievement is long gone" – PLUS to steve's moto of "doing things differently". I have to disagree with those statements. 

    I believe you’re life is too short to try to reinvent the wheel or to learn it all by yourself, So the smartest thing that you can do is what is called ‘Creative imitation’ Which is to go out and find what other people have done that works. And do what they do until you get to the point where you really know it well and then improve upon it. Thats my theory. 

    If anyone is still willing to answer my question, Maybe even tell me what i can expect to achieve in my current situation with $140,000 in terms of buying two regional properties & adding value through renos ? Or 1 property? Unit or house?  instead people are just telling me i can't do this or can't do that. 

    Anyways thanks again to those who commented

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    August 29, 2012 - 8:23 am

    xdrew my friend :) I am sincerely grateful for the time you took to share some advice & thoughts with me. I especially liked the metaphor with the Ferrari crash; It hits a spot for me to be honest.

    In regards to television, I don’t really know what’s even happening in the world due to the lack of interest I have in the tube. I rarely set eyes on it. Typical week for me consists of 46hrs of work, 24hrs of study, 10 hrs of physical exercise & training, 12hrs travelling to and from work (on a train which I use to read & summarize in relation to my studies) and 13hrs time with my family, 48hrs sleep. And the rest of the time is used for preparing & eating meals, etc.

    I just wanted to point that out incise you see me as someone who sits back & says to the fireplace “Give me heat & I’ll give you wood” <- I’m sure you’re heard that before

    I have been studying & researching my future field of work. Now I have some available study slots within my schedule and I would like to summarize 8 to 12 books a year. And I will without the slightest doubt be investing in this course available here in the online shop “Certificate IV – Business” if I remember correctly. A question regarding this course – How many hours a week are required for completion within 12 months?

    By all means, my education has only started shifting towards property. I am considering taking up a Masters degree in UWS in business & commerce (Property investment & development) once eligible & of course this requires a passive income as well to allow full time study.

    I’m having some trouble organising and setting my goals, the more specific with the more realistic outcomes the better. I like to set deadlines. So this is why I asked in the first place what is really possible with $140,000. And don’t rule out high risk investing please. Mind you I wasn’t expecting an answer from anyone to tell me how to get this income overnight. But rather how long? How many years would it take to duplicate your money STARTING with $140,000 and ENDING with $1500 income per week net. The gap in between in terms of years is my real question which everybody seems to have missed,

    Cheers.

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    August 29, 2012 - 6:31 am

    Well yes, My living expenses are $514,20 weekly on a strict budget  to be exact, I have a 12 month old girl and my partner can’t work as she has to take care of the child.

    Why did i choose $1500? Because that’s my income at the moment and i would like to replace it in order to maintain the steady climb in savings. Working part time is just going to lag my savings. I’ve ruled this out. Studying part time will take 6 years. Now this might be my only option + it gives me time to add a substantial amount to my savings.

    I’m basically asking a simple question here – Is there any examples out there of someone reaching $1500 per week net income who started off with $140,000 saved up? Of course there would be. But what did they do? How long did it take to reach this/similar income? How much did they spend on their first few investment properties? Did they use certain strategies initially to increase their savings quicker with lump sum profits with renovations ?

    Any tried and true examples is all I’m asking. I don’t goals. At the same time I don’t want to waste my time not investing

    Thanks to everyone who offered opinions and comments, its much appreciated!

    Profile photo of AdisKayAdisKay
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    @adiskay
    Join Date: 2011
    Post Count: 23
    August 28, 2012 - 12:10 pm

    Sorry for leaving out the details, Thats net income pet week

     Cheers :)

    Profile photo of AdisKayAdisKay
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    @adiskay
    Join Date: 2011
    Post Count: 23
    March 30, 2012 - 2:52 pm

    Some Great info there xdrew!, Thanks for that I feel bit more educated already lol
    Its awesome i can find brokers right here ?!?! that blew me away! top stuff

    Cheers Guys :)

    Profile photo of AdisKayAdisKay
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    @adiskay
    Join Date: 2011
    Post Count: 23
    March 30, 2012 - 12:38 am

    Woah!! Thanks for sharing everyone :)

    I like that idea Jamie, I’m leaning towards the reno for that extra, quick equity. Seems safe & simple.Perfect IMO. Someone mentioned pro/cons with this V renting. I’m not feeling too confident with renting, Does income alone determine which of the two are more suitable or is there other factors to look at ?

    Yes i’m in NSW Hank, I’m not 100% familiar with this strategy you talked about, seems interesting though I’l do some research

    So..How do i go about finding a good broker? I’ll need to get started right away.
    and NHG my aim is indeed to have a place of my own

    Big Thanks to all !

    Profile photo of AdisKayAdisKay
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    @adiskay
    Join Date: 2011
    Post Count: 23
    February 9, 2012 - 12:45 am
    JacM wrote:
    Another smart thing for you to do if you are a first time renovator is; spend some time understanding how much things cost.

    Spend time in Bunnings understanding the cost of plants.  The cost of paint.  How much you need to buy to cover the area you are dealing with.  1 litre of paint covers 1 coat of 12 square metres (eg an area of wall that is 4m x 3m = 12m).  The cost of a new shower base.  A DIY bathroom vanity or laundry trough.  New doorhandles.  Go to tiling stores and understand the cost of tiles.  Mirror and screendoor companies to understand what it costs to replace a shower screen.  Carpet stores.  Cabinet makers for the kitchen cabinetry (if you stick with a basic one it'll work out about the same as attempting to do a Bunnings DIY kitchen but look much better as it is precisely to the size you need – and they'll install it for you too.  Spend time in Spotlight understanding the cost of cheapy blinds and curtains.  You get the idea.  Try to leave all your plumbing connections where they are.  It's costly to move them around.

    This is a good point, Best thing about it is, I can begin right away :)

    Profile photo of AdisKayAdisKay
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    @adiskay
    Join Date: 2011
    Post Count: 23
    February 8, 2012 - 12:57 pm
    Jamie M wrote:
    AdisKay wrote:
    Thanks guys, i found everything said highly useful. Its good to have an idea of what im aiming for. Beautiful. It'l take some time to save this cash so i might aswell dig into this reno course. Seems promising :) Cheers !!

    Hi adiskay

    Have you considered paying some mortgage insurance and taking out a loan that requires a smaller deposit? That way, you don't have to spend as much time saving and could potentially kick start your investing sooner. I wrote an article for API on utlising mortgage insurance to get ahead – here's the link

    Cheers

    Jamie

    I LOVE this idea :) Thanks champ!

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    February 8, 2012 - 9:28 am

    Thanks guys, i found everything said highly useful. Its good to have an idea of what im aiming for. Beautiful. It’l take some time to save this cash so i might aswell dig into this reno course. Seems promising :)

    Cheers !!

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    December 22, 2011 - 1:11 am

    I’m ready to start the Cert IV course as soon as the paperwork arrives. It being an online is perfect for me though as i have little time to attend a class with work 40hrs of work & 10+ hours of training each week. So thats great im excited to start with. Lucky i mentioned real estate agents as i did consider starting a tafe course next year in that area but i wont be. I think two great investment for me NOW would be the Cert IV and the other one i seen round here on renovations.. the full guide with books & DVD’s. that would be some awesome knowledge to have.. should stop one from overspending on uselessness :P

    Thanks for the comments guys, Didn’t expect forums to be this useful lol. Awesome :D

    Merry Xmas

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    December 18, 2011 - 7:59 pm
    quickchick wrote:
    The Results course is not Steve's course, and is not covered by any government subsidies (I'm pretty sure.)
    Its a great way to build up your knowledge.
    If you have enough of a deposit to act on the knowledge you gather, (ie buy a property) it would be a great idea.

    If you don't have any equity or a deposit for investing, maybe start saving in earnest first.

    Thanks :) i’ll look it in the near future

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    December 16, 2011 - 8:12 am

    quickchick, this Results mentoring programme, sounds like something i need but would it be suitable for someone like me, With very little knowledge at the moment?

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    December 16, 2011 - 8:02 am
    quickchick wrote:
    Go to the top of the page, click on "contact us" and ask.

    DONE :) Thx for the input guys!

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    December 16, 2011 - 6:17 am
    munmun5 wrote:
    Adiskay. I’m 25 and in a similar situation as you. I have just started the cert 4 property investment course ( done at home) designed by Steve. So far it is great I am about 18/66 sections into it although I haven’t done any of the assignments yet. At this stage I would encourage you to get into this as I think it gives you a great basis to see if property is for you.
    Good luck!

    Where can i get hold of this product?

    Profile photo of AdisKayAdisKay
    Participant
    @adiskay
    Join Date: 2011
    Post Count: 23
    December 13, 2011 - 4:42 am

    Thanks guys!

    This blog made my eyes water, couldn’t stop reading thanks for that link :)
    Just today i read the chapter regarding renovations in Steve’s book.. turns out DIY isn’t such a great idea.. hmm understood

    Profile photo of AdisKayAdisKay
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    @adiskay
    Join Date: 2011
    Post Count: 23
    December 11, 2011 - 10:20 am

    Cheers, And another question i have. might sound stupid. But i’m willing to move from my old folks place out as soon as possible. Whats the best option for me considering i’ll need money to investing in the near future? To rent or to buy ? If i buy i probably wont be able to get anymore loans right?

    my apologies in advance if im asking something silly, Thanks

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