Forum Replies Created
As per last comment, don’t buy it!
Overpiced and to my way a pyramid scheme, i have posted about this before.
the idea is to on-sell more packages to other suckers etc etc.
What you get in those packages is a a fraction of the cost in bookshops or even try the local library or read as many of the postings as you can.Unfortunatately its a case of get rich slowly and safely and above all, educate yourself in many less expensive ways.
I am disappointed to see dolf De R doing this as his books are really not bad.I would have thought he was wealthy enough without having to resort to this.Dear Steve and David
I did attend second time around, but found parts of it repetitive, having heard it before.
It was nice to talk to like minded people though.
May I suggest, dear Steve, if you are game to do this seminar again, pitch it at different levels, eg. beginners and advanced.eg. one day each.
Beginners can have their motiv. speeches, company structures, wraps, lease options etc.
Advanced suggestions: case studies by members, what has or hasn’t worked,very interesting to me! Everyone does things in their own way and it is motivating to hear.
Innovative ideas eg, looking at self-sell options, property subdivisions, how to do a joint venture, how to maximise your book-keeping.
Wraps outcome studies, who defaulted, who brought etc.
The last bit of the day I did not take part in this year, but watched participants for a bit.
To me the value is questionable, too much chaos and lack of organisation.
Perhaps get people to recap their strategies with their table and summarise people’s strategies at the end, if they wish to participate and be open about this.Worth it 100%
They will chase up tradesmen, if something needs repairing etc etc, pay property bills for you, check tenant references.
After 4 or more proerties, you cna ask for a discount, 5%commission in my case.I am sorry to hear! the risk of owning property and renting, ie being a landlord.
Has the r/e property manager done his/her homework on this tenant and checked out references.
I did have an inherited tenant, who stopped paying rent and eventually disappeared into the night, leaving behind a pigstie but no structural damage.I had some help from the property manager, the full bill came to $1300: rent loss, cleaning, tenancies tribunal fees for eviction notice etc.
That’s why you pay 220 per yer landlords insurance. Every bit of money was refunded on completion of the claim with receipts etc.
On a positive note, if there was structural damage it allows some nice repairs, more improvement and a better property, more rent.Its already partly done but may I suggest having a much more structured forum.
Eg. Break up into different topics:
Finance, Renovations, wraps, tenants,
Structure (company/trust/individual)
buying/selling, negotiations, legals,
Real estate property managers, tax/accountancy issues, developers, courses/education.
These are to name a few.
It would make it much much easier for readers and contributors, sometimes you have to go thru’ lists and list of topics that may be not of great interest.
If we can have a function that allows you to push the button for a certain topic, eg accountancy, you can read what has been said.
It would make the newcomers’ lot much easier, because, yes, they all tend to ask the same questions again and again.
I am glad this resource is available to us all, when I started, I was very unclear and no resource like this! So I sympathise!I did start doing that also Dianne, but found the book-keeping very frustrating because I was forever transferring money between accounts.
There is a better way!
I strongly recommend a good book-keeping software, eg quickbooks, is the one I use and am familiar with. You can also get Myob.
it is well worth the outlay as your investments/assetts/share empire stars to grow.
We have only 4 accounts: husband’s business, called Continental Appliance Service (european appliance repairs), my small business- I only use my credit card for this, a separate super account (self-managed fund, this is a must, to keep separate).
The main account is our home equity account, or CBA viridian line of credit, absolutely every bit of income goes into this, be it personal income or wages, rentals etc.
Similarly every expense, personal or rental or investment comes out of this, including loan repayments.
The good thing is, all income helps reduce your debt and tracking is much easier.
In using Quick books, you can track absolutely every cent in or out. Be it in a trust, invest co. or personal.eg, each property can be set up in its own sub account, each loan is made up separately, the accountant really likes it and you have a degree of overview.
At the end of the financial year it almost gives you a dream run with the accountant, if there is such a thing!
I have set up a separate credit card account just for the property expenses now ( we are up to no 7), because tracking expenses to your personal or other credit card is difficult.
The rental manager pays a few property bills for me straight out of the rent, eg landlords insurance.
The water service bill has been set up as a direct debit and cominsurance takes out monthly insurance premiums directly from my account.
I have since this year gone part-time, just to handle the pile of mail that comes in, do the book-keeping, and monitor properties, phone calls etc.)
We had a similar situation buying a beautiful apartment on the gold coast, with the original intention of living there.
It was very much negatively geared and what makes these places even more expensive is body corp fees (almost 7000 p.a. in our case). We sold at break even point, when we decided to stay in Melbourne.
i think to hold this sort of property with the continuing expectation of similar capital gains that have been is a risk. this is not a given!
If prices start to level out or even drop, its these sorts of properties that get affected first.
Stay with in average or low averrage price range, growth area, cash flow neutral-positive if you can.The sort of thing 80% of the population can afford!
i now tend to avoid anything that looks like body corp, it significantly adds to overheads and is not in keeping with my invest. strategy.
R/E agents charge 2.5 to 3% commission, don’t forget hefty advertising fees.
I think if something has been depreciated, it cannot be included in your cost base at sale, that would be double dipping.I am in the process of prepaying my interest, the bank has to redo the loan papers.
I am only doing the one property we hold in our names, since those held in trust arent earning a positive income.
My approach is cashflow neutral/capital gain, more like Stuart’s approach but not in any way as gun-ho.Great to finally meet you Sooshi and to know that this really is your name.
You made the best single mum with 9 kids.
Your role playing was just wonderful.
I agree with you totally and it was good to hear how other are doing it and how you can adapt it to your own use.
Well, this is an opportunity to take well-considered,careful stepping stones in the right directions, with a huge amount of educative input.
I was stepping into the dark with my past property investments, and learnt the hard way. what a fantastic opportunity to newcomers this is to avoid too many serious mistakes.Just to let you know, have just found a tenant for 1 property, maybe a tenant for the second property, on a casual basis.
It’s always a relief to get them tenanted again, it makes a huge difference to cash flow.I PAID $40 for one and a half hour parking in the city one day, I almost fainted in disbelief! A money spinner? Lets all get together and buy a car parking building.
We are now up to seven properties and NO WAY able to stop working and live off the income generated.
I think property is a long term investment but certainly doesn’t generate huge cashlow, and definitely not enough to achieve a replacement on your current income, you need to think through very carefully as to how you could achieve this with property. Only, I think, if you have minimal debt left to pay.
eg two of my positive cash properties generate nett 40,000 per annum, aquisition cost, 525,000, 8% return, enough to cover interest and other minor costs.
my husband is also self employed in his own business and I get a very good income.
I think we all have this dream, but realistically there is no get rich quick scheme.
You also have to remember that we have had a huge property boom in the last few years, this may not continue.
Having said all that, there is only one regret, not starting investing at a young age, I was too busy travelling the world and enjoying my life, I didn’t even think of the future.I owe 3 carparks in fitzroy st, St kilda, in my superfund.
They are leased to major car park operators, I get a return into my superfund every month, they pay all outgoings, no rental vacancies, no tenant hassles, very little or no worries.
Car parks are often advertised, if they are on a lease back it seems to be not a problem.My properties offer fantastic value, as previously mentioned, things are still slow.
A few for lease signs up around the area.
I’ve got two property managers, both pretty good.
my sister in law just purchased north of Brisbane, brand new, about to be completed, tenants already waiting and willing to pay 230 per week.My impression, in the outer eastern suburbs is, that rentals are slow.
Can anyone comment.
Our properties are very neat and tidiy, not overpiced, but just sitting there and waiting.He must have been very impressive for you to fall asleep.
Is there anyone left in NZ?
Or at least, are there plenty of tenants?
What is the vacancy rate?
Is there stamp duty payable in NZ?Excellent comments.
We are now starting to get onto our 7th property in just 2 years.
We earn a very good income and have one son, who I suspect is our largest expense.
We live very modestly but comfortable, because cashflow even with those properties don’t allow for extravaganzes, like o/seas trips, big screen Tv’s, fancy cars.
Our lifestyle is exactly as it was before we brought the properties.
At least we now have assettss and not fond memories and photos in the cupboard somewhere of that last overeas trip.
Hopefully, in about 5 years we will be retired.Agree totally Gary, no reflection on the integrity of a propeprty investment company.
You have to remember that these people will take their cut and its the consumer that has to pay.
That’s fine if you are not able/willing to do the ground work yourself.
unfortunately no one will hand you the perfect property/share/investment on a platter and you have the great benefits.
Its your money and you need to do your own due diligence, it really doesn’t matter what you choose to invest in.
I have lost count of the countless hours and sometimes money I have spent looking at investments etc etc.
Fortunately, I thoroughly enjoy the process, if you didn’t, it would be easy to give upHow about distributing any profit to a company, which has made a say share trading loss, can the distribution be offset against the loss?
