Forum Replies Created
does ballarat obey the 11s rule?
i had a quick look and saw one property for $200000 and renting for just $110!towlie, care to elaborate more? how long have you had the property for, what are the figures?
robertv, do you plan to hold onto the properties for a long time?
What hapens if the mine closes down? YOu could end up with a town with a large drop in numbers and no one to rent and your property will go down a lot in value.
Am I just being too meladromatic and pessimistic?HI THERE,
so are these development sites at $290000 in certain areas? In Sydney, I guess it won’t be quite the same.anch
scotty, your input is fantastic! I have been reading all your messages with keen interest
I have a few questions that I would like to ask you. If you are willing, I would like to send you an email with some questions.
My address is [email protected].Regards
anchif I want to follow the plan (getting a +ve property per quarter) should I be buying in many different places or is it OK to stick to a few towns I know well?
good points all.
I also learnt that in some places, people get their rent subsidised by the company they work for.anch
so, minimogul,
i guess each person needs to make the best use of the banks money (leverage) without putting themselves in too much danger. A bit of a fine line perhaps.
hi mini,
excuse my ignorance, can you explain what you mean by leverage kicking in?thanks
anchhi all,
is anyone out there following dave and steves 10 year retirement plan? Or are you following a different strategy? Care to share?anch
I’ve been using realestate.com.au to look for under 100k properties in NSW. Basically I go town by town and see what is there (0-200K). Is there a better way to do it.
For example, how do I find the $92500 property bc and powmow mentioned?anch
HI all, in an earlier reply, leigh wrote :
Steve and Dave outline a ‘no brainer’ 10 year retirement plan in their Wrap Secrets Revealed Kit which will see you retire on >$100k PA. I’ve also seen similar plans in books elsewhere.
A very basic overview (off the top of my head).
First 5 years
Purchase 1 property a quarter.Second 5 years
Reduce debtThe properties are based on $70k value, 10% deposit (which you will need to save) and positive returns of $50/week each. You will also need to re-invest your returns over the 10 years and continue to save the equivilent 10% deposits each quarter over the second 5 year period to put towards debt reduction.
My advice is to work out what you want to achieve and when you want to achieve it. From there spend a few months investigating different strategies to be a position to decide which strategy/s will best suit your current situation and personal qualities. There are no standard templates to success which will suit everyones personalities and current situations.
Cheers, LeighIs anyone out there following this plan or something like it? How is it going? Is it achievable?
hi all,
thanks Chris Syd,
I checked out the free stuff. A bit dated but helpful.
By the way, what’s IMHO?
hi all.
http://www.Landlords.co.nz, you are right, property is not the only way, it is just one vehicle. ANd it is one I am still learning to drive!Powmow, you said
‘Steve has left us an important extra chapter on this website about what happens if/when interest rates go up.
its a good read and i suggest you have a look at it hope this helps.’I’m not quite sure where it is. Could you please advise?
Hi kelly 100 and castle dreamer. I guess you are right, not everyone can follow the 10 year plan at that pace. Leigh mentioned it is designed to give over 100K a year. Personally, 50K would be sufficient, so buying one per half instead of per quarter will do it. Worth investigating!
wow, retire in ten years. thanks Leigh. I’ll have to lok into it. I have so much to learn but feel I am getting on the right track. Thanks to you all!
anch
i have been learning about the 11 second rule to get 10.4%.
Does this rule only apply while interest rates are at current levels. I may be wrong, but when interest rates rise, won’t this affect the 11 second rule and the ability to get cashflow positive properties?thanks Joshwaly and cobra8272 for your advice and calculations.
I really need to find those cash flow positive properties!
