G’day all

Well it looks like KA2 consists so far of fellow Melbournians. Anyone from other states taking a peak at this thread? KA had participants from all over Oz, even Alice Springs (Howdy Hunter!!!)

Lisa, it’s great to see you on the thread. I hope all is well and your investments are thriving.

Gramyre, I’m so sorry you missed out on the last last trip. Have you signed up this time to regain the lost opportunity? I am interested in your comment about the communication beforehand. It just added to the ‘Adventure’ for me. We were given the essentials such as where and when and the rest was left to our own devices. Adventuring into the unknown was actually quite a buzz. I guess some may see that as a hurdle, even so, the way I look at a hurdle is not ‘I can’t get over it’ but ‘how can I get over it’. I am confident that once I get the knack of getting over the hurdles, they will not be as challenging.

In relation to how to prepare, I reckon there are two prerequisites;

You must have a clear and concise goal or objective. In my line-of-work we use the acronym of SMART to set goals. A goal must be Specific, Measurable, Achievable, Realistic and Time framed. For example; “I will purchase $XXXXX of value in real estate by the end of KA2”. Is it specific, yes, is it measurable, yes, is it achievable, what ever the value-yes (as I have found out), is it Realistic, yes and is it Time framed, yes.

The other is you must have an open mind… Don’t place silly limitations on yourself, if you think you can, you will. Your achievements will only be limited by your mind and I can assure you, and Lisa I’m sure you can back me on this one, the limitation I placed on myself in my mind were blown away by not only my own achievements but my new friends, their individual and the group’s achievements.

The above what I think are the prerequisites.

The rest are resources and some must resources are: Kiwi Insight by Steve McKnight and Mike Ward; internet such as realenz.co.nz and some of those sites listed in this thread; this forum and the resources that will be provided on the first day.

Why am I so passionate about this??? Because my life has changed for ever and I can never go back to the way I was.

I hope this helps.

Cheers…Peter

“It pays to stick your neck out”

G’day Duggan

Firstly congratulations on getting interested in investing at your age.

In relation to your ethical dilemma, I bought my grandfather’s unit when he had to move into supported accommodation because he could no longer look after himself and nana. I bought it off him because he needed to sell and I was looking for my first investment. He was so pleased that he was able to give me my first opportunity on the way to achieve my goals. He still asks me how my investing is going.

I obviously don’t know your family, but I’m sure keeping the family home within the family and having family members benefit is what many parents would want. Ask yourself the question of whether your late dad would want you to buy the home and set you on your path to achieve your goals or that it go to a complete stranger?

As far as paying for it goes, there are a number of options you can look at. Firstly, what is your mum going to do with the money after she receives it? She may be able to vendor finance part or all of your purchase and receive income from it.

Another option is to ask your rellies if they would like to provide some finance, maybe one providing all finance or many providing a smaller amount each. Don’t be too scared to ask because they may have some cash sitting in a boring almost nil interest bank account and this will give them a better return, as well as help you along. If you can get say 50% from the family, you may be able to get the other 50% from the bank.

As far as repayments go, is your mum staying on in the home? If not, why not get a group of your friends or fellow uni students to move in and they should cover most of the repayments for you. This way you get a double whammy, party every night AND not have to pay much in repayments.

I don’t know your situation so only you can decide but explore all options rather than just the asking the bank for the standard 80/20 finance.

Go for it!!!!! You’ve got nothing to lose.

Regards…Peter

“It pays to stick your neck out”