Forum Replies Created
Reminds me of the “Rich Dad Poor Dad” story of the story about how Kiyosaki’s Rich Dad learnt wealth creation lessons from Monopoly about buying houses and hotels. Perhaps there are real lessons to be learnt in current games like SimCity which start to include such a huge amount of managable details to property. (Perhaps not as many valid lessons in Doom3 tho…heh)
Regards,
Brett [
]“Even if you’re on the right track you’ll get run over if you just sit there.”
Hi Cocopops,
I’m one of the ‘singles’ – a 23y.o recent University graduate. I know what you mean about not having a someone (partner) to bounce ideas off as couples do. I’m a big believer in having a good team behind you and personally Im quite fortunate enough to have some financially like-minded friends who I can talk to about finances and investing so thats pretty good.
At this stage I dont have any IP’s yet, as I’ve been spending the past several months doing the whole ‘gettin educated about property’ thang, but through the course of doing that I’ve taken a much more active approach to my finances and wealth creation. My approach for the immediate future is to continue reading/learning what I can while my money builds up so that when Im ready I’ll have the financial capacity (and perhaps more importantly, good knowledge) to begin the portfolio.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Hi Kellie
Good luck with your property hope you manage to do well from it. Places like Rockingham definetly get the thumbs up in my book. It always amazes me driving around Mandurah how far that has come along and looking at all the very impressive houses along the canels. A friend of our family went down to Mandurah a few months ago to look at a property, went away for a week, came back deciding to buy and the cost/value had gone up approx $20,000 because of the demand. Its really quite incredible, and I think areas like Rockingham will also achieve good results in the years to come.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
I would agree that the point Kiyosaki was trying to make was that making positive returns from property is a much better approach than making negative returns (as illustrated by the removal of negative gearing)
I couldn’t really see any government removing negative gearing here in Australia. Stamp duty is enough of a pain in the butt without taking away ALL our incentives to invest in property. I guess it just comes down to which you prefer – reducing the amount of money flowing out of your coffers, or increasing the amount of money flowing into them.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Yup I agree. Perhaps a good idea would be to make an inclusion in the ‘terms and conditions’ just mentioning that a good approach would be to search the forum first for posts relating to your query, and then if nothing is found or doesnt address the question enough, to create a new posting.
On a related issue, there are several posts now and then with something along the lines of “Where can I buy property in XXXX area for XXXX price” etc. Whilst I’m certainly all for helping each other out, I don’t think its fair to ask others to do all your leg work for you.
Just a thought [8D]
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
G’day Brett,Getting 6 IP’s in Sydney metro on average salaries over the last 5 years, I would say my secret was a great mortgage broker. This guy switched companies 3 times, and I always followed.
Last year I started a broking business with him and now we help people get into IP with a smile.
We specialise in people who want to be professional investors.Hi Tony,
Thanks for the information. Had a quick peek around your website and the information there looks good. Just a quick question though, as I live in Perth, I presume that would present a problem in using you/your firm?
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
I would like to retire early on a passive income.If this is really what you want, then the answer is simple – door No.2 [
]Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Hi Jeanne,
I am actually the person that recommended Ken Tatam. He is the father of one of my best friends and is an absolute gun when it comes to accounting and taxation. He used to be in a large accounting firm beside heading out to start his own one which is in the Churchlands area. A very hard working and intelligent person (and very nice) he has spoken at a number of conferences overseas. As for being enthusiastic about property, I couldn’t really tell you, however as I said he is extremely good at Taxation and structures, so I can only assume that he just as knowledgeable on property as a vehicle.
P.S – There is no fee for the first meeting.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Dont spend your time trying to ‘predict’ what is going to happen, spend it being ‘prepared’ for whatever happens.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Congratulations Susie its good to hear everything is going smoothly for you. [
]Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
I have big plans and goals over the next 8-10 years, but I am not too sure how to get thereThis seems like a good place to start [
] Perhaps if you explain to us what your goals/plans over this time period, it would put us in a better position to help you achieve them.Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Yes, the issue you need to look at is what were the circumstances surrounding his/her bankruptcy.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
How many of you are retired??
My guess is none! Prove me wrongWhat is the purpose of this question?
My assumption is that you intend to highlight the fact that nobody on this forum has retired yet as a result of building up a cashflow positive investment portfolio with the aim of supporting your position that this is all a ‘sham’ as you put it.
If that is indeed your purpose, I think its a little naive to judge the success or lack-there-of based on how many people are retired. I would wager that a great many of the users on this forum are a long way away from ‘retiring’ just yet. Many are just starting out on the journey to financial freedom, while others here are starting to become ‘veterans’ of the game . One thing they all seem to have in common (except perhaps you) is the desire to learn and the ability to keep an open mind.
My company owns one investment property, returning 132k p/a indexed to CPI, I have just refinanced my house and now the company owns the investment property out right for which me and my wife are the sole directors. I plan to pay my house of in the next 3 years, and buy an investmentment property thru the company to take full advantage of tax advantages.Your company, of which you and your wife are the sole directors, owns a single investment property that returns $132,000 income each year. From that you and your wife take a combined income of $84,000. This is all quite impressive by anyones standards. Rather than spend so much time pointing out why Steve’s approach is not a sound one, you could instead enlighten everyone as to how you came across this goldmind of a property, how you formed your company structure for tax purposes, how much cash you had to put down for this one property etc. Things that could help to educate the rest of us?
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
And your question is… what?
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Breathe Susie, breath. [
]Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Howdy folks,
1. “The Journey”
2. “Live The Life You Imagined”
3. “Home Sweet Home”
4. “Absolutely Positively”
5. “Property Porsche: From 0 to 130 properties in 3 years”
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Howdy folks!
Looks great Steve and I am sure it will inspired those looking for something to kick start them on the path.
Couple of things:
Firstly, as an introduction to the book, when you ask “Should I buy this book” I would just naturally assume that if a person was reading the intro, then they had already purchased the book [
] (though I understand completely what your approach is – for those who take a quick look inside first)The other thing was maybe including a little bit more about your ‘credentials’. This is not for the point of bragging, but more as a ‘reassurance’ to new people that you’re quite serious about what you do and have been working hard to develop an approach that people can use. To this end, maybe also highlighting the amount of time/money you have invested in developing the approach to once again illustrate to people your committment. [
]Just some thoughts!
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Welcome aboard GT [
]At the risk of being a pain, I’g going to answer your question with a question of my own.
Your Q: If you were in my position where would you start?
My Q: Where would you like to finish?
Personally I’ve never been big on planning or setting goals, but if there is one thing I have learned so far, its that it is of VITAL importance in your financial endeavours that you sit down and work out what goals you want to achieve through property investing, and then develop a plan that will help you to achieve those goals.
For example, I’m a 23y.o Uni graduate about to start work full time. My only cashflow will be from this job. Starting from July of this year, I have set myself a goal to generate approx $50,000 in passsive income over the next 5 years. Traditional “buy and hold” strategies wont work for me in achieving this goal, so I will need to adopt a more creative approach (ie. “Wrapping”) which will require me generating arpund $10,000 of additional cashflow from properties each year, which in turn means acquiring at least 4 properties each year that provide an after-expenses return of $200 a month per property.
This is just a simple example using one of my own goals to demonstrate what I want to achieve and how I’m going to try and achieve it. You mentioned that you were in a high tax bracket? I’d be inclined to think that you might want to invest in negatively geared property to reduce your taxable income? This may be an incorrect assumption, but in anycase it would help us, in helping you, if you decide upon what goal(s) you want to achieve through property investing. Then we will be in a much better position to help you out with your “Where do I start” question. [
]Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Something that might help you make a decision is this small fact:
McDonalads is the wealthiest land/property owner in the world.
As always though, your due diligence should be telling you wether or not you should or shouldn’t be buying.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Hi folks,
Whilst I complete my University degree, I work part-time as an IT Support Officer at AMP’s West Perth offices. (I’m assuming everyone knows who AMP is) As someone who has taken a very active interest in their personal finances/creating wealth through investments etc. I’ve found this to be a great opportunity in this respect because I get to talk with Financial planners and other financial professionals.
One of the interesting things I’ve noticed with the financial plans that area created by these planners are that whilst they are usually somewhere in the vicinity of about 40 pages or so, the majority of those pages are standard ‘templated’ kind of pages with regular financial waffle. From what I have observed (without reading the plans of course) is that a very small part of the plans are actually specifically tailored to the individual(s).
Now I’m not making any sweeping generalisations that all financial plans are the same, this is just what I’ve noticed in my time working with AMP, which incidently, was rated as one of the worst in the Choice review if I remember correctly. I know this doesnt relate to the issue of commissions, but I think it does raise a good issue with Financial Planning firms moving towards a ‘mass production’ kind of approach to planning, which involves very little specific tailoring to an individiuals circumstances.
On a side note, I should also say that the people I work with a extremely nice and good friends, and I’m not trying top badmouth AMP in any way, just making some comments on what I’ve observed. [
]Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
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