Forum Replies Created
Howdy
The site is working now and as such I’ve been able to download a copy of the software [
] Here are my initial impressions/comments:* I like the way the task list pops up at the start as a reminder for what needs to be done. When selecting a printable version though there are little boxes on the right side of the page which appear. I suspect they’re possible to use as “ticking” boxes when the task is done, however the task text often prints right through the boxes.
* The email sending facility Im not sure works propertly. I put it in all the required details for my server and then wrote a message and clicked send, but the screen just stayed there with no indication of wether it had been sent, was sending, could not send etc. You might like to add some sort of feature to let the user know the status/progress of sending emails.
* Couldnt check out any of the Property related reports and statistics etc. because when I tried to add a test property it told me that my limit had been reached.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Howdy,
Think something might be wrong with your site. I received a “This page could not be displayed.” message.
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Hi Gavan,
You mentioned you dont want to be millionaires, but want to build up a portfolio of cashflow properties – approximately how many are you looking to acquire by when? The reason I ask is because when it comes to financing your deposit, if you are not looking to acquire several properties over a short amount of time, then either saving up yourself for your second deposit or using the growing (presumably) equity of your first property are both common approaches. Naturally these approaches take time, which is why if you are looking at aquiring more properties quickly, you’ll want to investigate more creative methods, such as the ‘wrapping’ strategy. As I have yet to use this strategy myself I’m not in any position to explain it in detail, however there are plenty of people on the forum (such as Steve) who have a great deal of experience and will be able to explain it to you
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
“Fortune favours the brave.”
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Hi Gaven,
When you say loan structure, are you referring to Variable vs Fixed Interest rate, Interest only bs P&I etc?
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
Hi Quentin,
Interesting assessment thats for sure [
]About 8 months ago a good friend of mine gave me the book “Rich Kid, Smart Kid” written by Robert K. For those who havent read the book, its general aim is towards educating your children about money and trying to give them a head start in life by teaching them sound financial principles.
This was the first book I had read regarding the subject of finances. After reading it I started to get very movitated and proactive towards my finances. I then read a further couple of books by Robert, ‘Rich Dad Poor Dad’ and ‘Rich Dads Guide To Investing’. All three books (and perhaps others by the author which I havent read) present a very ‘simplistic’ view on the subject of finances and wealth creation. They also seem to maintain a strong motivational theme throught.
This is not necessairly a critisism, as I believe Robert has a good ability to communicate his message in a way that inspires others, and I am sure most would agree that motivation plays a strong part in achieving our financial goals in life. On the down side I think his books remain a little too ‘simplistic’ and light in their detail. ‘Rich Dad Poor Dad’ did a great job of inspiring me, and I went out and bought the ‘Guide To Investing’ hoping to start getting into the ‘nitty gritty’ of strategies, techniques and so forth, however I was quite let down at the lack of such details. There were certainly some useful parts, such as reliasing the ‘magic’ of making mistakes (ie. the give us an opportunity to gain new knowledge) but for the most part it is all common sense, even for a person of my limited financial understand. (ie. its not smart trying to live paycheck to paycheck)
Personally, I dont think Robert is out to ‘scam’ anyone. I genuinely believe that he wants to help educate people about money and wealth. Yes, his books are motivationaly-orientated and at times vague with details, and yes, I can see how he may come across as simply trying to sell his books/courses/tapes etc, but at the end of the day I think you have to make up your own mind about him. I’ve read John Reed’s detailed analysis of Robert, and he makes some valid points. He seems to come across with a ‘chip on his shoulder’ to me, but perhaps that is just his passion on the subject matter.
Interestingly enough, I was recently looking around the ‘Wraps R Us’ forum here, and I noted one user’s post to Steve that their request for more detailed information was met by a ‘buy-my-book’ kind of response. The comment was made politely, and Steve subsequently answered with his reasons (which were fair enough), but it just goes to show that there is nobody out there who tries to educate people on the subject of money/wealth that EVERYONE agrees with. Will Steve later go on to appear less and less in the forums to instead be out promoting his latest book and/or seminar? I don’t know, though I certainly hope not.
Not just yet anyway [
]But I believe Steve, like Robert, does have a genuine desire to help educate people about investing and wealth creation. The information I’ve gathered from Steve, this site, and people on this forum has been absoutely fantastic, and a lot more ‘appropriate’ (being Australian) than what I have gleamed from Robert’s materials, but at the end of the day it was picking up that first book by Robert which motivated and started me on this financial journey, and if that journey does lead me to accomplishing my financial goals, thens that gotta be a good thing. [8D]
Regards,
Brett []“Even if you’re on the right track you’ll get run over if you just sit there.”
I am a strong believer in having control over one’s finances, but you won’t need to budget at all if you have a tough mindset of ‘just saying NO’ unless there are overwhelming benefits.I disagree with this. Although I’ve only recently finished putting together a budget for the first time, I think that budgeting is more about understanding where all your money is going. Once you have a firm grasp of where the dollars are flowing to, you can then begin to plan for the future.
There is a book by Greg Smith – Unlock the secrets of your money personality, which was sent out free from the ANZ bank if you filled out a very brief online survey (I think about housing loans) This is a truly excellent book which incorporates a lot of the same thinking as the members of these forums. Among other things inside is a an excellent guide of making a ‘Budget Planner’ which is what I also followed in the one that I have made in Excel. If you would like to see a copy fireman just let me know. [
]Regards,
BrettHi Dan,
The domain is http://www.grafx.net.au
There isnt much there besides a splash page, I just use it as a dumping ground for files etc but would be more than happy to have it used to help WA investors in whatever way
Regards,
BrettWow!
It’s great to see such a wide range of people willing to band together to ideas and resources in the Perth property market [
]Dan thanks for the email re: Action group I will reply to that shortly, but what I wanted to add was that I have a personal domain and web server space to contribute to help out with organising some things online. Im not sure if you think its worth having something online, some kind of small wa property site with info, resources, contacts to various financial team members etc specific to the WA market but if you are interested in possibly putting something together let me know [
]P.S – Apologies for not being on the forums for the past couple months, currently it a dispute with Bigpond[
]Caio!
Regards,
BrettHeya Guys
Some of my picks are below. I also missed the article on ACA regarding Perth.
Belmont – Excellent amenities and is close to the city and river
Currumbine – Good family homes relatively underpriced
Doubleview – Affordable established oceanside suburbs with a variety of property types
Mindarie – Good lifestyle infrastructure and near the sea
Ocean Reef – Established ocean lifestyle
Port Kennedy – Good lifestyle infrastructure and near the sea and major new marina development
Rockingham – Undervalued, Good lifestyle infrastructure, close to the ocean, southern freeway extension
Safety Bay – Rededvelopment potential with big blocks
Balga – Bargain area with redevelopment opportunities
Mandurah – Lifestyle plus increasing population shift following the opening of the southern freeway extension.
Thornlie – Established home on a large block for relatively cheap price
Warnbro – Established home on a large block for relatively cheap price
Hope this is of some help
Regards,
BrettHi Dan
Interesting idea [
]I certainly think that there are opportunities to be had by pooling ideas/resources/information and I am quite open to doing such. As I have touched on in previous posts, my own position is that I’m 22, completing a final semeseter at University. I don’t have any properties at the moment (only came to fully appreciate the potential of property investments and take it seriously a few months ago) however I spend time each day doing research in all aspects of property.
At the moment Im not quite ready to start buying property (still a couple areas I want to become more knowledgable about first) but I am planning to make my first purchase(s) after mid-2003. Till then I continue to learn but I’d more than happy to contribute to such a “syndicate/JV/etc” in any way I could, even if only to start out by sharing ideas and information, helping run the numbers on prospetive deals etc. [
]My email is [email protected]
Regards,
BrettHeya Sooshie [
]Im going to be using the time to continue my research into the area of property investments, understanding buying and selling processes, dealing with banks, forming my financial team, keeping abreast of property trends and news here in Perth, as well as improving/developing my system for finding good deals so that when I am a position to make my entry, it will hopefully be a good one. [
] Perhaps even be looking to play a part in bringing together Perth members of the site in some productive way for us to establish ourselves in the WA market, which I think is a truly great property market (in terms of affordability) as compared with other major capitals like Sydney and Melbourne (but naturally, there are plenty of deals around in every city regardless of the market)Apart from this I think I’ll just be looking to kick back and enjoy the holidays!
Regards,
BrettThanks for the great info Steve [
]Anyone else on the forum want to give their insights how they are ‘getting bigger faster’ or how they intend to?
Regards,
BrettHi Bruce
I’m still in the process of doing my research but the question of wrapping in WA was raised in a previous thread in this forum, regarding wether or not you needed a Credit Provider’s License to do it..
quote:
Your exact question was raised in the first WA Vendor Finance Association Meeting held last week.The answer is ambiguous in that the govt department that issues the Credit Providers License advises that a license is only required if “you are carrying on a business”. They give no real definition of carrying on a business, however I guess if you have formed a company, trust or put more than 1 WRAP together you would be probably seen as carrying on a business.
For your info, there were a couple of people at the meeting who had applied for, and and received the license who said that it was a process that takes about 2-3 months.
I guess the thing you have to remember is that you shouldn’t let a hurdle like this stand between you and your dreams!
The complete thread can be found here: https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=342
Hope this helps [
]Regards,
BrettHi Paul
I’m also in Perth. The best starting point I can give you for learning about ‘Wraps’ is https://www.propertyinvesting.com/files/content.asp?cid=wrapintro
Steve goes through the process in a very easy and understandable manner. Wraps are one of the many different strategies which you can use when it comes to positvely geared properties. If you have any further questions after taking a look at the above URL there are plenty of people here who would be happy to help you. [
]Regards,
BrettHi Nick
I’m in a similiar situation myself in that I’ll be spending a lot of my summer holidays continuing my research into property investments and start taking some action. With regards to the issue of Property Management, if you would prefer to manage your own properties to begin with in order to save the extra dollars, my advice would be to make sure that you fully understand what you are getting into, as I am sure you’re probably aware its not just a matter of collecting a cheque of your tennant(s) each month. [
] Speak to some property managers as well as others who manage properties themselves and understand the issues you have to know. Personally I’d rather leave the management side of things to the professionals who do it for a living while I can focus on investing, however there is nothing wrong with managing yourself, just make sure you do your homework and know what you’re getting into. []Regards,
BrettHi Peter
Unless someone will physically take you to a good cashflow (or capital growth) property and say “buy this one” your best first step is to start planning. I used to prefer just jumping straight into things but Im finding out each day how important planning is when it comes to property. If you want to start in investing first decide what it is exactly you want to achieve from your investment(s). When you know what the actual goal is it will be easier to work out the best course of action to achieve it no matter what the current financial position.
With regards to the financing issue, I dont think we could explain in a nice tidy paragraph the technical details of creating financing and getting the most leverage out of your current money, but know that the resources are available to learn and study and if you are able to invest the time to learn you will understand better how to do no-money down type deals. There’s just too many people doing it for it to be just a ‘coincidence’ [
]Regards,
BrettHi Christine
I can only echo AD’s advice on having goals. It doesn’t matter how ‘grand’ they may or may not be, its important to have some kind of idea with where you are trying to go with your investments so spend a little time deciding that first. [
]Ideally with your $60K as mentioned you want to get as much leverage as you can with that money in obtaining additional income producing properties so look to obtain good deals with as least money down as deposit.
Asking questions is what the forum is all about [
]Regards,
BrettWelcome [
]Just quickly so my understanding is correct, when you say you have a positive cashflow of 0.5%, Im assuming that to be $5,500 a year ($1.1mil x 0.5%) if I’ve got that mixed up just let me know.
As to how you are doing, unfortunately I dont think we could really give you an appropriate answer, and its not because we dont want too [
] but you havent told us what your financial goals actually are.For example, if one of your financial goals is to achieve a net worth of $1.1million then I would say you are doing fabulous, on the other hand if your goal was to be producing $100,000 a year in passive income, I would say you’ve got quite a long way to go.
Goals are extremely important. Investing with goals is like driving a car without a roadmap, or so the rich people say [
] So, perhaps if you shared some of your goals we might be able to offer better advice on how you are doing, but either way you seem to on the right track.Regards,
Brett
] Here are my initial impressions/comments:
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