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  • Profile photo of dunnyboydunnyboy
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    @dunnyboy
    Join Date: 2005
    Post Count: 5
    April 27, 2005 - 11:23 am

    “And have you heard of “copied success”? If your dad is a millionare and so successful, why not do as he does, and get the same result. In NLP this is called “modelling.””

    i could indeed follow in the footsteps of giants as the saying goes, or i could climb up onto the shoulders of giants… the view is much better :)

    Profile photo of dunnyboydunnyboy
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    @dunnyboy
    Join Date: 2005
    Post Count: 5
    April 25, 2005 - 1:49 pm

    ” ummm he thinks its good in theory too. he has close to $1m in net equity in his property portfolio and he also knows im a good risk (he taught me half the stuff i know about property and shares) <— If this is true, why are you asking us for advice? Why not follow your dad’s advice?

    Good luck, for I can see your strategy is not something I would do, no matter how much my millionare dad told me to do it :)

    And remember, the future doesn’t always equal the past!”

    beyondabundance, my old man did not ask or tell me to look at this plan, i simply took to him as a request and ask he look at it. i am asking for advice here because everyone has their own experiences and knowledge which has already greatly helped me, by making sure im considering all issues and viewing my plans from different perspectives.

    pete, yes i see what you mean in regards to positive cashflow, the yield doesnt change based on what you owe on it. i am finding it hard looking at property from any other perspective than good old buy and hold, as this is all i have been exposed to. another reason this website is so great, for example id never heard of wraps before i started browsing this website.

    saying that though, i got lost reading the cursory explanation of them in the strategies section. they seem like you need lots of time, need to find lots of deals and hence lots of reliable people that can support this strategy. not an easy feat based on my experience. warren buffett made billions by staying away from companies he did not understand.

    please everyone keep the feedback coming, its all great.

    Brad

    Profile photo of dunnyboydunnyboy
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    @dunnyboy
    Join Date: 2005
    Post Count: 5
    April 25, 2005 - 1:43 am

    thankyou brady5 and redhaven for your comments. now with all the humility one can muster, i think i am better than most at saving, budgeting and the like. over the past 5 years i have saved for 2 overseas trips, bought a car, all while going thru uni and working part time, and my debt level as of now is zero. i feel that saving for a deposit on a property, which may take a year or two (i still live at home), earning 5.25% in an ING or something like that would be somewhat of a step backwards for me. as i mentioned ive done my travelling and am not a conspicuous consumer.

    saying that, there is alot of debt in my plan for someone my age. this is why the line of credit works for me, in that i dont have to pay interest on money i dont use. i dont plan to open the line of credit and draw the whole amount down immediately.

    i agree that disciplined saving, spending and investng is indeed the road to long term wealth. this is not a get rich quick scheme.

    using dads equity as a springboard is risky for sure, as is the sharemarket. i have examined possible and realistic downside risks and am happy that the upside compensates for it in the long term.

    once again thankyou, your feedback is helping greatly.

    Profile photo of dunnyboydunnyboy
    Member
    @dunnyboy
    Join Date: 2005
    Post Count: 5
    April 23, 2005 - 11:24 pm

    ummm he thinks its good in theory too. he has close to $1m in net equity in his property portfolio and he also knows im a good risk (he taught me half the stuff i know about property and shares). he suggested buying in slowly into the sharemarket and the covered call strategy. i have written covereds before but not on the scale im looking at.

    he also suggested that i spend at least six months looking at, reading about and speaking to people about the property market before leaping in. both the sharemarket and the property market look to be in interesting times.

    and terry thanks for that advice. i will look into it.

    Brad

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