Forum Replies Created
At the moment these new crypto-currencies such as Bitcoin seem to be in shambles and extremely insecure.
A week ago a major Bitcoin exchange located in Japan, the Mt. Gox Exchange went bankrupt after losing over half a Billion dollars.
Now we have Flexcoin, a site that described itself as the “world’s first bitcoin bank,” that has closed after being hacked. The company will shut down immediately because it does not have the resources or assets to recuperate from the loss.
Article here = http://www.reuters.com/article/2014/03/04/us-bitcoin-flexcoin-idUSBREA2329B20140304
Also smaller amount stolen here at the Poloniex Exchange = https://bitcointalk.org/index.php?topic=499580
Maybe these new crypto-currencies, just like the regular banks do need to be regulated by governments, Interpol and be taxed.
This could be a major setback for bitcoin and other virtual currency companies …..
ONE of the world’s largest bitcoin exchanges has seemingly disappeared, delivering a severe blow to the virtual currency as it struggles to gain legitimacy.
A coalition of virtual currency companies said on Tuesday that Tokyo-based Mt. Gox went under after secretly racking up catastrophic losses.
Since its creation in 2009, bitcoin has become popular among tech enthusiasts, libertarians and adventurous investors because it allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties. Criminals like bitcoin for the same reasons.
Rest of story link below …..
Norwegian man buys apartment with forgotten $27 bitcoin investment.
A Norwegian man who purchased $27 worth of bitcoins and then promptly forgot about it for four years, was able to buy an apartment in central Oslo thanks to the massive appreciation of the virtual currency.
In 2009, Kristoffer Koch was doing research on encryption and on a whim decided to invest 150 Norwegian kroner ($27) in the recently created bitcoins, a means of payment over the internet.
Koch, now 29 and working as an engineer, only remembered the investment in April this year when he read an article about the soaring value of bitcoins.
His 5000 bitcoins were suddenly worth about €500,000 ($725,600).
After spending a full day trying to remember his password, Koch cashed in 1.1 million kroner ($197,000), by selling a fifth of his newly acquired fortune.
After deducting 28 per cent in taxes, the money was enough for the down payment and restoration of a flat worth 2.6 million Norweigan kroner in central Oslo, one of the world's most expensive cities.
Bitcoins can be exchanged for real money or used to purchase goods and services online.
The virtual currency is increasingly used for internet transactions and its value is extremely volatile, subject to speculation.
Rest of story in link below …..
I like the new layout but ….. get rid of this glaring white background as its a strain on the eyes.
Though wearing sunglasses does seem to help a bit.
Maybe make the background a light grey, or blue colour.
To quote Warren Buffett: America's Best Days Lie Ahead
Anyway why would you need a franchise to sell coffee, tea or sandwiches?
I was told that typically the net margin in these types of businesses is about 5% to 10%, once you deduct the franchise fees from revenue and pay the inflated prices for supplies from your franchisor, the profits are slim.
An example – here in Perth we have a cafe strip in Oxford St. Leederville, here the smaller privately owned cafes started up without the usual $250K to $300K franchise fees … yet they are all thriving.
Whilst on the same strip, two of the franchise cafes 'Gloria Jean's Coffee' and 'Cino To Go' closed their doors after a few years of operation.
Jpcashflow wrote:- Are you able to work 7 days a week? If you get sick are you able to afford to hire some one else to work for you?
- RISKS: We live in very interesting times and as Terry mentioned RISK is really big for small business.
- Also they try and sell you the idea that you are your own boss, but in reality your landlord, customers and banks become your boss.
So true, especially the last point about the landlord, customers and banks becoming your new boss.
Most of the franchisees that I've met seem to work ridiculously long hours and at best earn an average wage. Whilst some manage to lose a small fortune …
I know of one guy who about six years ago chucked-in his teaching job, so he could start a new chapter in his life and "be his own boss".
It cost him $330k to get into a franchise selling ice cream, coffee, cakes. Cost included fitting out a shop in one of Perth's major shopping centers.
He is now working about 10-11 hours a day, 7 days a week …
After paying a share of the spoils to the franchisor, the remainder goes on his lease, rates, staff wages, insurance etc. at best he is working for a minimum wage.
I was told that on top of the initial $330K, he ended up borrowing a further $80K from the bank to cover some of his running costs and new machinery.
He has been trying to sell the "business" in the last 18 months, but has had only one offer of $150K.
I wonder how many people ruin themselves financially with these failed franchises?
Jpcashflow wrote:After reading Richard Taylor API article (100 times) it has motivated me to become finically free to have more "options" and it also has pushed me to do some thing I love for a living.I'm in dire need of some motivation! Is Richard Taylor's article in the latest API magazine? Any links available for this article?
Article by the Cancer Council of Western Australia….
http://www.cancerwa.asn.au/resources/2010-07-26-Howat-presentation.pdf
About one third of houses (and most public buildings) built in Australia between the years 1945 and 1980 have asbestos. That equates to just over 1 million homes in Australia with asbestos.
How about Steve McKnight's latest book …..
https://www.propertyinvesting.com/resources/from-0-to-financial-freedom-steve-mcknight
Considering the type of tenant that you are dealing with, as a safety precaution don't inspect the house on your own and consider bringing someone else along with you.
I do know of a landlord that confronted (diplomatically) his tenant over a breach in the rental agreement. However he was then physically threatened by his dodgy tenant and … tenant then put a restraining order on the landlord. Ended up in court costing $. The law really is an ass.
After that incident he now uses a property manager.
Your tenant is breaking the law, call the police – problem solved.
Another way of looking at it ….. might be a convenient location with public transportation right at the doorstep.
Seems like the overwhelming opinion here is to NOT invest in these over 55 units.
Yet a few days ago on Nathan Birch's Binvested Facebook website I came across the following article;
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"Attention investors, 20%+ yield and $100,000 purchase price.
Could be the craziest deal all year! We have secured 10 X over 55 units which come with 2 units on 1 title for $100,000. There were originally selling for $200,000+ and we have secured these direct from administrators.
There is 5 left which need to be allocated to investors today.
They rent for $400 pw and have depreciation as a bonus.
You will probably require 50% deposit also, so please dont ask if you can buy with 5%."
_ _ _ _ _ _ _
Agree that these over 55 units might not have much capital growth, but buying at such a discounted price and with 20%+ yield they seem to be a good investment.
I use a Mac but with no Firefox, Mozilla or Chrome, just Mac's standard Snow Leopard OS and have no problems at all. The website pages seem to load up quickly and I haven't had any problems what so ever.
Terryw I usually open up 5 to 10 tabs at a time and sometimes leave these tabs open for hours, yet I haven't had any issues at all.
I don't mind the Leaderboard and awards thingy, I just see it as a bit of harmless fun.
Seems like Emma (wisepearl) does not frequent these forums nowadays, so wondering if anyone else here received her tradies list? If so can you please forward this list to me via PM.
Thanks.
Good renovation considering the original state of this old house.
I imagine that most of the damage and graffiti is done at night time, therefore maybe a good idea to install a few sensor-security lights around the place?
Again well done, at least your out there giving it a go and by the looks of things making some good money!
If it where my property I would be tempted to sell and collect the $40,000 profit.
Hi Steve and Admin, I like the new site layout.
First thing I noticed was the glaring white background, a more subtle colour would make things a little easier on the eyes.
Any chance of changing the background colour to something else, like a soft tone of grey, or blue, maybe an off-white tone?
(Tried reducing the glare by adjusting the monitor's brightness, but that just dims everything down).
