Forum Replies Created
Steve,
when you asked about the personal messages, are you reffereing to the PM button on the bottom of each forumites post or the words that come up in green, linking to another advert?Steve’s books, CD’s and seminars teach us about positive cashflow, wrappers and due dilligence.We find templates and calculators that prevent serious events and could make us seventy million!
Just playin….
Which of the two are you reffering to?
Cheers
C@34
Wow!
this is like a circular argument! Where is all the love gone?
Only thing I find anoying is personal attacks between forumites as they have nothing to do with investing and only serve to expose individuals prejudices and fears.
So many people here have experienced so many different things and are given the opportunity to share those with the rest of us – what a fantastic service…….Cheers
C@34
Good Post Groova!
My family have been searching for just such a person! Having lived in Europe for 10 years and having experienced the accountants over there – they are all proactive!
My understanding of a pro-active accountant is one that not only gets your receipts and looks back over the year claiming what-ever they can for you, but also looks at your file every month/quarter/6 months and then tells you that you need to spend more money on improvements/maintenance/investments/etc or you will incurr more Tax. Conversely, if you are spending too much to also tell you that! This will then allow you to run your investments as a business (I have heared it called Management accounting – looking forward to plan the next step). Of corse, a lot of forumites here will come back and say it is up to themselves to make sure they are on track (and they’d be correct), but for some of us that aren’t as mathematically savvy, such an accountant would be of imense value!
Having said all that, thru the process of self education (by reading Steve’s book and others) and working thru the example they have given, I have been able to not only figure out where we are at, where we have been and we are now working on getting to where we want to go! We have established a BBBUDGETTTTT, ugly word………but it works!Originally posted by Yack:
Many accountants are divided between shares, managed funds and property. So you got to be careful how proactive you want them to beGood point Yack, this kind of pro-activity (pushing you one way or the other) can be dangerous! We need to be in controll of our destiny.
Cheers
C@34
Spot on Mike,
Ms Oldchick (hehehe) get yourself educated on funky formulae like DSR (Debt Service Ratio), LVR (Loan to Value Ratio) as these are the calculations that banks use to assess your elegibility for loans and the amount of $$ you may be able to borrow.In short DSR: is 35% (varies according to the different lenders) of your wage (for lending) + 70% potential or current rental income (also varies according to the different lenders). The rest of the income is allocated to living and repair costs. This tells them that you can continue to live (without struggeling) while being able to pay off the mortgage!
LVR: is the % difference between the loan amount and the actrual value of the properties (including potential properties that you want to buy). Include credit card and other loans inthis! Anything over 85-90% and you’ll be up for mortgage insurance (additional and sometimes unecessary costs). Some banks allow you to go higher, but most are happiest if you are lower (redues their risk exposure).These will allow you to be better prepared when looking at investing. Gives you an indication of where you are at and roughly how much you could borrow (stops you from applying to buy the Taj-mahal when you can only afford the local out-house!).
I hope these help you to get started, and should give you a better understanding of where you are at and what you need to do to proceed.
Cheers
C@34
Hi all,
awesome post/thread! MOther-in-law moved in the other week (yea, I know, I know. But we get on well!) and it has happened at a most opportune time. My wife’s employment has finished (and she is currently enjoying a little time off before she will go back to work), Nanna is currently getting her bus license and will then be working virtually ful-time and then there is my work (to finish soon as well – too bad!). The way I see it, if we can put our working rosters together in such a way that our children are never alone, we can all work and live together, happily. Being male (and so not able to bear children – I’d be $$loaded$$ if I could), I see my role as provider (sorry to be so traditional) and that of my wife to be more the carer. Combine that with a live in Grand parent and we are moving back to the way it used to be with extended families! What is wrong with that? Grand parents have tought their children and so should qualify to look after their grand children. The children then assist looking after the grand parents and the circle just continues!
I kind-of like that as part of the solution!
just another opinion….Happy New year! Keep on smiling.
Cheers
C@34
Hehehe, two separate occasions spring to mind straight away…
taking my nice shopping (because she had been exceptionally good – and it was a deal we made with her), she was about 3 yrs old. A woman dropped a bag of dog kibble and it exploded all over the floor. As she tried to reduce the problem one little and very,very loud “Ahhh-maaahhh’ was screeched out by my nice. Embarassed we dragged her aropund the corner to get her to quieten down only to realise that she had descended from the shopping trolley and ducked around the corner and again shouted at the top of her lungs ‘Aaaahh-maaaaahh’ and now added a scolding look and pointing finger! Shortest shopping trip ever.Item two was when I was still in school and wanted to buy some ferhueterlies (condoms). The young female shop assistant had noticed us circling the particular shelf and came over to see if she could assist us. Quietly I mentioned what I wanted, but for some unknown reason she became deaf at that moment and so my mate took it upon himself to help her out by announcing that we require condoms but can’t find the Magnums! Politely she queried “Magnums”? Where upon he made a fist and chopping action at the base of his elbow and repeated “Magnums, yes. Where are they?” Bright red, she left us and got the ‘Old’ seased shop assistant to help us out. I couldn’t leave because my friend blocked the only exit! By this stage “twinkies” would have been too big for me – I wanted to die!
I can’t wait for when it’s my sons time, hahaha – I have very little shame left!!!!Cheers
C@34
Hahaha,
as a relief day care assistant, I used to hang a sign on the door of my room (usually the schoolies – they are bigger than my feet!) – “Any children left behind after 6 O’Clock will be sold into slavery” . At first I thought I’d get kicked in the butt, but the parents all had a laugh and nobody was ever late when I was at work (it helps if you are sleeping with the manager and are the owners son)!Another wonderfull, wonderfull comment is: Procrastination is like Masturbation! In the end you are only @#^%#@^$ yourself! – I appologise for any-one that is upset by this language! I don’t lioke it myself but couldn’t help but laugh at it.
Cheers
C@34
Ouch….. all that Legalese! Hurt my brain!MAkes you wonder if Trusts and Pty Ltds are worth all the trouble?
Cheers
C@34
Bazzer,
just a note, one that has been covered extensively on these forums, is that a Financial Planner is NOT looking into ALL options available. Most are paid by an institution to sell you their products! That is their management fees, shares/property portfolios, etc. So you don’t ever actually own anything yourself. If that is the way you wish to go then you are kind of in the wrong forum……
Now that I have made you feel all warm and fuzzy, welcome! On these forums you’ll learn more about property investing than you ever thought possible and some will give you grace and go into shares if you choose to do so!Cheers
C@34
Interesting Terryw,
but how do you put that into the Trusts wording?Cheers
C@34
Hi Waulok,
try reading the following thread for some ideas:
https://www.propertyinvesting.com/forum/topic/14076.html
there are as many different options to the investing (dare I say it) ‘game’ that you really need to look back thru the posts and see what you can identify with! I know I did and as you procede on your journey of investments, your goal posts will change! Mine have, a lot. But do look thru the old posts (I know it looks daunting) but you;ll get more and more info and your questions change from the broad (where are the CF+ properties?) to far more refined (what is hte difference between paying off the PPOR and not investing to investing asap), just as an example.
I have spent many hours reading and then asking more refined Qs (hopefully). Give it a go!Cheers
C@34
I’ll have a go,
would it not depend on the Town ‘X’?! X may be in a location that will benefit from greater CG in the next few years. Naming only the upperclass suburb makes it hard to properly evaluate the differences, don’t you think. Even if this discussion is meant to be hypothetical.Cheers
C@34
Perhaps that would be a greatr thing to put on an opening screen! Once logged on……
Cheers
C@34
Hi Redwing,
isn’t that what Derek is a part of?
I haven’t ventured into that arena as yet, as I’m still working on learning and saving for IP#1. Although I have a plan, I require the assistance of my father for the quick finance for the deposit and closing costs.
Are you part of it (the club) and what are your views?Cheers
C@34
Hi Chris 82,
another possibility is to form ‘partnership’. He (your unkle) puts in the $450K and together you fill in a joint loan application for the building (ie: a house and land package style set up with a $450K deposit). With all interested parties on the same documents in agreeance (with a written contract between yourselfves and your uncle) it might just work.My understanding of second mortgages is very limited, but I think it only allows you to take up available equity that is left between what is owing on the first mortgage and the actual value of the house. Terry would be better to answer that particular question. My version might be a tad bit over simplified!
Food for thought…..
Cheers
C@34
Hi verral,
in WA I’d send an email to the Gov. Generals Office and do a search on the property address. It costs about $7.95 per title or $30 for a suburb. Don’t quote me on those prices!
These reports then detail the varying owners (since 1980 I think), sales price and house and land description. Most I have had are 98% accurate! Errors included Carport mistacken/ noted as garage.
Don’t let the not for sale thing throw you. As long as it isn’t illegal to approach the owner with an offer, the sky is the limit. I have met a couple of guys that target houses that aren’t listed for sale and they have had a 30% success rate so far. All they did is find a house that fits their desired profile and then they approach the owners. If they say no, you are no worse off than you are now!Food for thought.
Cheers
C@34
Touche (spelling?).
Points of view are good and can help discover problems on many levels, but I don’t like personally inflamatory expressions if they are’t necessary. This is not aimed at you personally, I mean that for all (myself included). Go back and search my posts and you will see that at times I have falling to thatbad practice as well. I didn’t see mar1 as having had that in his posts, if I missed it then I am sorry for singeling you out!
As for the racist issue, moral high ground is DON’T DO IT!; sometimes I struggle up that hill and subsequently fall short of it! I can only change myself and hope to influence others to do the same (then work hard not to go back on my self-improvement!). Having been at the receiving end of racism, I don;t like it, but our feeble minds are a wicket thing and as soon as the roles are reversed – if you don’t catch yourself then, you do it to others……
How can we win? Constant concentration?! Do the best we can….
Cheers
C@34
Wouldn’t it be nice if we answered each other without all the personal attacks?! As in:
“Marc 1, I totally disagree with you! Fraud is better than genocide..we have a lot to answer for
Cheers
Cheers
C@34
I’ve said it once before, but now I’ll say it again!
TOUCHDOWN!
Cheers
C@34
Roeburne, aahhhhh…….
I wouldn’t go there! Population is not your standard Town mix. Trust meCheers
C@34
