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Dr_Bell
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@dr_bell
Join Date: 2003
Post Count: 10
March 18, 2003 - 3:53 am
I find it very unethical that he can say “Rich Dad….is a pack of lies. My initial reaction to hearing about Dolf De Roos was that anyone who would associate themselves with a liar should not be trusted themselves.” when referring to Dolf De Roos and Robert Kiyosaki.
My opinion is that John Reed has different goals and strategies to that of people such as De Roos and Kiyosaki and should not sit there and blast away at a persons character. It takes a very small man indeed to have a website dedicated to attacking other people.
Actual it is not at all unethical to question someones character if it is backed up with facts. It is unethical for the person like RK to spout stuff that has facts wrong or has lied about his back ground. I wouldn’t say reed is attaking people at all – you missed the Reeds point of his web site. think of it as the “choice Magazine” “Australian Consumer Commission” or ATSIC of the real estate world i.e he is a watch dog and an ulternative to a site such as this (don’t get me wrong – quite like this site and steve, although i’m much more carfull now and that’s a good thing, is it not??!
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
March 12, 2003 - 8:37 am
hey darfeldz!
I’m in the exact same position!. Finished uni 3 years ago and poured money into international manged funds (me and the other lemings!). Now i’m screwed – big paper loss!. I’m now seeing a finacial advisor to restructure this and have leared a lot on what whent wrong.
And here the thing… although property sounds good now, i still dont want to be a leming and get it wrong again. – this time i’m going to do lots more reading and thinking about my next investment, whatever that be.
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
February 28, 2003 - 5:44 am
what makes a good tenant? – someone you would like to live with!.
How do you attract a good tenant and keep them? – get a good agent and follow the rules of RTA (including the owner!). (had one bad owner regards to this once).
I speek from 7 years or renting experience. I am an excellent tennant myself (my last place i rented the agent commented on how imaculate the walls were “just like i had moved in” and was there for 3 years and “it has been a long time since i’ve giving the full bond back”.
Who am i?? I was a unistudent / dole recipient and now young prof saving for 1st property.
I always pay my rent ontime – never missed a day in 7 years, always report repairs during inspection (not at ungodly hours) (unless emergency like burst water main), keep the place clean – and dont party much.
As a good tenant i expect:
1) When i report faults to the agent, they are repaired in 1 week by trust worthy and competent tradesman (that i can be trusted to get into my place while i’m not there and fix things).
2) Agent is very helpfull and cooperative regarding 1). I had one agent that refused to get pest man in to spray flees that had hatched from the carpet cause she thought i had a pet there (not![!]) (place was dorment for 2 months and flees whent dorment and hatched 2 days after i handed in condition report). This was the start of a bad relationship with that agent (i have no quarms about slapping a “notice to remedy breach” on a bad agent) and i stayed only 5 months – her loss!.
3) Rent increases are small and far between – don’t just increase them cause “the market has” or “interest rates have gone up” – (interest rates go down to – but does rent go down?? – no) If i move into a place and plan on staying for years i want to see the added value of living there to justify paying a rent increase eg like installation of air con or new stove or something.
4) excellent (and compatable) neigbours. Some of my best friends were neighbours from years ago!.
(and there nothing worse then bad neigbours).
5) Flexable lease conditions. Some agents are very ridged about the 6 month or 12 month lease. (My current agent has allowed me to take a 10.5 month lease). Also need to be helpfull if for some unforseen and perhaps emegency reason i need to break the lease (like urgent transfer interstate / tradgedy what ever). I would hate to be billed for the 8 months or so if i had to move (especially when i didn’t want to in the 1st place).
Notes:
If the place is multi listed I need to know who the agent i will be dealing with is (been caught out here once to in the early days)
Also, if i get a bad agent – i wont rent any properties from them.
Basically if the agent and owner treat me right i will stay a long time (untill i need to upgrade etc).
And, having rented from some good agents – i would not hesitate getting them to manage my places when i get them. – and with choosing flatmates to live with me i now have experience (or at least an idea) on the types / demographic / characteristics of tennants i would like living in my places. – i.e somewone like me or i could live with!
Dr_Bell
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@dr_bell
Join Date: 2003
Post Count: 10
February 21, 2003 - 4:05 am
of course you could turn your home into an asset by renting out a room to a student etc – its tax free cash in hand and will eventually become +ve geared – provided you can live with a stranger in your place using your stuff.
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
February 10, 2003 - 7:38 am
the fastest way to do this is cut up your credit card and start paying cash for everything – and learn to negotiate better prices for things you pay cause your paying cash – i.e haggle at every opertunity.
Do up a budget in excell (and you can track your expenses here to).
have 2-3 savings online accounts that automatically redirect money to debt, rent, savings, investments etc (this enforces the budget).
Only have a total of less then $50 cash on you at home (emergencies) and none in your wallet. (money in your wallet will be spent faster then you can say “crikey where did it go”.) Go to an ATM only when you must and keep with in the 5 transactions/month (avoid bank fees like the plague)
Do up a net worth statement so you can watch your progress daily. Think “what can i do today to improve this” – maybe you have $343.55 in your savings account – why not pay $43.55 onto debt via online transfere. you wont notice it but small amounts payed off on debt will pay it off quickly if frequently done (the reverse of running up the debt in the process).
Also, petty cash is good for this. i.e every time you take money to go out and watch a movie or something – use only notes. Put the steal in a box and dont touch it – i.e learn to hate steal. then at the end of about 2 months, take that box and put it on debt. – I once payed of a $3000 lounge sweet like that – 6 months eary!
Avoid “take now pay later deals”. – if you cant pay now in cash – you can not afford it!.
Do all this and you’ll be debt free in no time and you’ll have some money to start investing to.
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
January 31, 2003 - 2:45 am
I’m currently looking into hedge funds myself. I hope you like maths and stats cause the reports are quite technical (which suits me). Hedge Fund of Australia is a company that is a “Manager of Managers” infact a lot of the hedge funds are the same. go to hedgefunds.com.au for more details. A cheaper option is colonial 1st state global hedge fund. also HSBC is setting one up. Its all quite new in Australia (but has been going on in Europe and USA for 50 years). So the data is at best 3 years old only. Still the philosphy of “absolute returns” as opsed to beating an index (which is propbably -ve) is what apeals to me. Typically a hedge fund aims for 12-15% return after fees and perfomance bonuses.
also go to investerweb.com.au for more reports on such funds.
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
January 24, 2003 - 7:08 am
ok so you got it for 145k. whas that the whole dublex (+ve geared) or 145k each and therfore -ve greard. BTW what was that the asking price – or was 145 k below the asking price.
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
January 23, 2003 - 5:20 am
Sorry about the spelling errors – my typing has trouble keeping up with my brain!
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
January 23, 2003 - 5:16 am
I’m currently renting an apartment that cost the landlord $100 000 for $150/week ($70 if i get a flatmate) 3km from Royal bris hoptial. from your 11 sec sol the apartment was woth $75000 so eiter landlords -ve gearing or my rent is a bargin Q. is this correct?
Now: Q: Would it be better for me to keep renting here and buy a unit or town hose in outer sub for $85000 and payit down quickly till its +ve geared or move out and get my own place (2bed room for $150 000 using the grant (rent out a room for say $80/week) and after 1 year move back to renting and rent it out. Or pay down my own place quickly and get it till what i would pay rent less than the interest and then get an invest ment property with the savings?
Q: I notice you always use a 20% deposit. If i’m renting and move into my own place – wouldn’t trading rent for mortage insurence be better? Or if decide to get invest pro fisrt save up till the $85000 place will be +ve geared??
Q: On the subject of wraps – i need to do a lot more research on this cause its the 1st ive hear of it. but – what kind of person woulkd do this?? I’f the banks wont touch them – then why should i take the risk? Whats to stop them from just getting smart after a year or so and refinance at a lower interest rate with a bank?? Do you buy the place and then advertise it for sale and tell the potential buyer when they enquire that they can do it by wrapping if they wish??
Q: do you have a list of property managers in bris?.
Q: unfortunatly your seminars are in melb. Will you do some in bris?
Q: what do you think of buyers agents? Thought of using one to look for my places. (NB: while i’m saving like mad over next 12 months or so im pending the time asking questions like this).
Q: how do you get a wrap to be less then the current rent on a place? – whats to stop the buyer just giving up and going to rent another place at a cheapoer rate otherwise?
Dr_Bell
Member
@dr_bell
Join Date: 2003
Post Count: 10
January 23, 2003 - 4:58 am
(ok got hang of this now)
So I ment to +ve gear the funds but just as i got them they tanked and i didnt have the heart to sell out so spent the time learning about what whent wrong while waiting for the next boom to come (2004-8??). mean while i save up for deposit on something. Anyway I digress.
I’m eligable for 1st home owners grant and a number of (fun managers) say dont buy prop for the grant. Q: the way i see it $7000 is free after tax money and there must be a way to take advantage of it. even though it requires living in apartment for 1 year?.