Forum Replies Created
You da man… I guess.
AXJ
I’m not sure why but the forum goes very quiet when these words are spocken. I am about to invest in a property trust and the only neg that I have found is that it is better to rely on your own instincts and build your own portfolio, but for mine I think that I can do both.
I am consolidating my position with an investment in PT and looking for property deals at the same time. There are deals out there, but few and far between. While I look my money can be working to reduce my mortgage.
There are some good ones around. I am concentrating on PTs that focus on reliable, rental income (gov dept etc) as their return not capital growth alone.
Is this a cop out or a sound decision? Anybody,… Anybody…AXJ
You get sucked into those investment books and find them hard to put down. I’m with the others, invest in education; books and night course at TAFE or a part time business degree. She can turn this start into something that she (and you, perhaps)can’t even imagine. You know her best though and she has to be ready. Invest in education, saving won’t do it for her in the long run.
AXJ
Thanks all.
AXJ
Thanks, this is what i’m looking for, great to get to know who is giving advise. As for me, just the one IP, neg geared, but educating myself for bigger and better things.
AXJ
What do people think of property trusts for this situation and at this time. I mean a PT that concentrates on rental income from big business and gov dealings not capital gains?
AXJ
I’m no guru or mentor but I can suggest:
1. getting a job, perhaps in a relavent field; and
2. live at home for as long as possible.Keep reading and educating yourself and surround yourself with like-minded people.
These things sound easy and simplistic which means thay should be simple and easy to do. Good luck!!!
PS: Your so luck to have this website to begin your networking.
AXJ
CGU has the best LL insurance that I have seen. A bit expensive $560 for 3 bed in qld.
AXJ
Thanks all. Yvonne has a good piont. I think in a very overall manner. I can see the big picture clearly and have a pretty good idea of how i’m going to get there. She is much more focused on the details and this is where I need to communicate on her terms and in her language. I need to due more due diligence before I take to her the proposal. You are bang on, thanks a tonne.
AXJ
Make friends with a RE agent… Is that possible? He, He!!
AXJ
Boy Jie-Ji, You got hammered. I agree with the advise, but I wonder if jj will ask another question anytime soon.
AXJ
I had an REA manage my first until I had tenants that I ‘trusted’; they paid the rent on time, were not demanding in any way, and always porduced great inspection results. I then chanced the arrangements to self-management. Too many variables to advise you to do the same, but it has worked out well for me.
I also used a greta insurance coverage from CGU in the piece. They cover loss of rent while under contract and damage by visitors to the household or the tenant. Many insurance companies won’t cover some common situations. Once I trusted the tenants I changed to a cheaper cover that didn’t cover as many things and increased my excess.
What I am saying is ‘safety first’. You are moving out to save train fare, you don’t want this to turn sour with a bad management team and bad tenants. One missed week of rest could be $300, that’s a lot of train fare.
Good Luck.AXJ
Go and see a financial adviser first. My wife and I bought a great house in a great area of Brisbane. It gained greatly in value, but because we didn’t get advise we bought the wrong type of property (still neg geared). While on the surface it looked like a great deal, had we built a duplex on vacant land ( for example) we may have doubled our rental income and depreciation. It has slowed our progress significantly eventhough it gained in value and hasn’t cost us a cent in up keep.
Buy new and look for capital appreciation potential.AXJ
domain.com has a lot of relevant stats.
AXJ
Thanks for all of your comments.
I won’t get rid of her, she is the reason that I want to do it.
With financial freedom, we can spend more time together delighting in our real passion, travelling around the world. This is what I think that I will concentrate on. I will continue to show her that this plan is possible and with her help it will be easier. I will show her that with every $200 per week she can work one less day. This is all of our dreams I imagine and I’m sure she is no different. The hardest part is getting started and showing her that it can be done.AXJ
Thanx guys,that’s good advise. I can see that once I get a little momentum things will get easier, but momentum is easier with two pushing. I would love to hear more from those who have done it so that perhaps I can share these remarks with her. She not anti success or my plan but I wish it was more our plan than mine. I’m sure others have stories.
AXJ
I have been dealing with Rivercity Financial Services and they seem very professional and progressive. Satvir and his partner were both accountants for a very long time and then Satvir became a financial advisor when accountants couldn’t give financial advise any more.
They are a large company and I can only advise you with the basic knowledge that I have. Do your own due diligence though.
They have a couple of offices in Bris and one on the coast. Their Bris Number is 38495588.
Good luck.
They are property oriented and a fan of Kiyosaki and Steve (I believe).AXJ
Can you claim your due diligence travel on your tax?
AXJ
You won’t get much of a response on this one; it comes up too often and the only reponse that you will get is straight from Steve’s 1-130 book. He says something along the lines of “just keep looking”. This is the best way to learn and most rewarding when you find it yourself. Also, why would anybody give this kind of advise in such a tight market? I have just found a good prospect in rural Qld and, as a newbie to Steve’s guidelines, I’ve got to admit, I’m a bit excited.
AXJ
What do you mean “each week with your income?” Can you apply to the ATO to have your refund paid in advance in your wage?
AXJ
