Forum Replies Created
If you want lots of free holidays around Australia each year, buy IP’s all over the place. You get to claim travel expenses and accommadation so you can inspect each property twice a year. Hmmmm Cairns sounds nice, so does WhitSundays…….
however it is possible to claim travel expenses and accommodation 2x a year to inspect your property
yes there are a lot of shonky advisors out there, most have no training or qualifications, and are mere salesmen. it is a sometimes corrupt profession (though regulation is changing this) where advice is often given depending on the financial kickbacks and commission the advisor receives for promoting certain products. I actually told my recruiter I didnt want to be a shonky financial “advisor” salesman.
Did he actually break any laws?
Hi noddies
I am also a financial advisor (well kinda…got my diploma but not yet employed) but I didnt do the superannuation module, thought it would be too boring. Instead I chose derivatives, insurance & risk, stockmarket, fin planning & wealth creation, law, economics, company performance. I think maybe it was a mistake to miss the super module and might do it as an addition. Plus having a diploma doesnt mean I know everything I need to know, property investment is a major subject which is skimmed over very lightly. It really deserves its own module.
Seems to be quite a few advisors here, and the overall level of financial knowledge on this site is extremely high.there is a lot to be said about contrarian investing
every man and his dog is buying property…..which means its time to sell property and buy S…..s
WHEN EVERYONE AGREES, NOBODY IS THINKING
80% is standard I think, but not a set rule
you need to maintain at least 10% equity. The $10k is yours, but they wont allow you to leverage off it twice.
I have my own, similar rule
if weekly rent is the same as property price in thousands, eg
rent $150
price $150,000the yield is 5%
50 x 150 = $7500. 7500/150000 = 5%
most properties I see now are 7.5%, eg $100k & $150. When I see rent is $200 and asking price is around $200k, I laugh and run.
Hmmm
actually you just gave me a ripper idea.
I have exceptional knowledge of a new, unknown product (which beats anything else out there), as well as exceptional knowledge of the sharemarket, but no licence to provide advice about either.
If I were to operate under a dealers licence, sub contract or something, it could be done. Would either need to be one big company or lots of smaller ones. Wonder how legal it would be to act as an authorised representative of multiple companies? Hell I could offer my services at $125 an hour, and the company could charge $250. Then I am also not really working cos I am “doing something that I love”
I could approach every advisor in the city, and see how many bite. Geez my skills must be useful to someone!
I suppose I could operate under your licence though…..kind of like a franchise? Seen it done with many firms, but they want you to pay like $50k up front for the priveledge….pfft.
Hey I’m open to anything.
Brisbane
“success is the result of experience.
experience is the result of making many mistakes.”Havent seen any commission only positions advertised. I have applied for some salary jobs with Suncorp & similar but always get knocked back due to “experience”. A paraplanning role is the stepping stone to advising but even then they want “experience”. grrr
DFA is the new, better DFP, according to SIA.
However one recruitment guy told me DFA wasnt recognised as a replacement for DFP, so im a bit confused. He seems to snob my qualification as inferior. DFA has 8 modules, while you can get away with only 4 modules in DFP ( I think) and be compliant.I have someone inside SIA guiding me at the moment.
cheers
told ya rates are goin up!
amitash
I WAS a tradesman. I moved to QLD and no longer have the nessesary licence to work in the trade. Plus I didnt do 2 years of finance study to go back to a job I hate.
I would only buy a property if I can unlock some hidden potential (develop). There are no more positive gear properties, which means creating them.
“ever since I was 12 I have wanted to be a millionaire”
as opposed to the rest of us who DONT want to be one?
“this is all I know, I have no career ambitions. All I want to do is play golf and spend time with my family and leave one big legacy to my children.”
Sounds like laziness to me. You think you are the only one who hates work? No ambitions huh. Hmmm. Everything on a silver platter, no effort. LOL good luck
I used to think like you. Now I realise hard work builds success, not laziness.
Now when I do a reno, I will live on site, so theres no rent lost, and I can always be on site for deliveries, quotes, questions etc.
I would consult with the tradesmen so a schedule could be formed, and offer bonuses to each tradesman if they still to the schedule. Have spare days incase there is a delay. You will be surprised how they all suddenly turn up on time and work so much quicker when they know they are being paid more for priority treatment. Pay em an extra 10%, the reno will be done in 1/2 the time. Get estimates, not quotes. When we do a quote, we add 20% for “stuff that might go wrong”. When we do an estimate, we just do an honest guess. Quoting wastes our time and yours, and puts pressure on us. Its usually cheaper to just say “turn up and do this”.
Being a tradesman I have been involved in reno work for 12 years. I would imagine these TV reno’s take a month of planning before the day, and each tradesman would have so sign some sort of contract so they actually turn up on time and get the work done. HA! try doing that in reality. Most reno jobs I have been on take 4-6 months, and stuff ups are the norm, not the exception. Planning is the most important thing, but rarely did I have a job where there werent at least 20 variations. The budget always got blown out and there were always massive delays.
When I think about how much rent was lost during the 4-6 months, I wonder if it was worth it.“when the rental property increases in value (hopefully) then I would sell and use the Capital gains to buy property under a buy + hold method”
If you sell, you lose heaps of the profit in CGT. Just get it revalued, and use the equity to buy a new place.
What are the FHOG rules?
Do you have to hold it 12 months? Or just reside in it at some point within 12 months? So a month of renovating at the begginning is enough?
please tell me how you would go about doing that.
I know squat about self managed super and this sounds like a solution to our problem.
