Forum Replies Created
I do believe equity is like cash. So alike, in fact, that it *is* cash
)Kay, what happens if interest rates rise and your property drops by 15% – is your equity still the same ?? Is it still as good as cash ?? [
]Sorry, cash is king – especially at the moment. If my house drops in value my equity is reduced (duh !!). However my cash in the bank actually increases my wealth if this was to occur due to increased buying power for my dollar… [
]Hmmm, did that make sense ?? [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
A case of beer or a bottle of red says someone from this forum will buy that place within a week… [
]The lemmings roll on relentlessly…
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
What was the prime motivating event in your life that created a focus on the need to invest?
A dodgy stomach bug. Screwed me around for over two years – I’m finally getting better but it made me think i should set myself up for later in life just in case…
What have you in fact done about it since then, and rate your achievment.
Renovated my main IP and increased equity by 100k. (Spent 20k). Looking at further properties but a little wary of buying at the moment…
Probably 6/10 – will bump that up in the next three years to 8 or 9/10…Based on your current performance, how long will it take to reach financial independence? (Whatever this might mean to you)
10 to 15 years. At worst retire at 45 with an income of about $1500 p/wk in todays terms….
What are you currently doing to improve your plans?
Reducing debt, preparing to buy when all the lemmings stop buying and start selling…
What is your ultimate goal; and will it make you happy?
Live near the water (preferably Nth Qld), be able to play golf or go fishing whenever i want and be able to take my future wife (and kids ??) on a holiday whenever i feel like it, not “when i can afford it”… Yep, that’d make me happy…
Which is more important: The goal or the journey?
Both really – the goal is the ultimate outcome, but half the fun is getting there… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Hey Phil, good to see you back, i hope you had a great week away… [
]Child Support is a passion of mine as i am the only unmarried guy in my circle of friends. Unfortunately i have three mates who have felt the wrath of an ex in relation to child support and i have seen just how screwed over a guy can be…
Maybe that’s why i’m over 30 i’m still single huh ?? [
]Fudge: Mate as i said earlier healthy debate is always good and i try to respect everyones’ point of view…
Well apparently i am a naive 20 year old that knows nothing about the real world. Oh well, we’ll just have to wait and see how it all pans out for Broz and I, lol.I don’t think anyone is saying you are naive, it’s more a case of perhaps unless you have seen things first hand it’s difficult to understand the implications… That’s not a shot at you, i think maybe you should take of the rose coloured glasses from time to time though… [
]
On dads (and occasionally mums) being slugged or slapped with or however you wish to term child support, how about a shift in attidtude here. There is no doubt payments can seem inequitable. I dont wish to be drawn into a 3 page debate on that, I simply have this comment. Imagine looking your children in the eye and telling them with the same “passion” as you tell other people that you are being “slugged” with a payment for their existance? Can you picture the devastation in their eyes?Absolutely, and a great point you make. Now imagine the look on the beneficiarys’ face (the ex wife) if payments were made to a trust fund for the child ?? Bet she would be horrified too.
You can’t tell me that the $780 a fortnight my mate pays goes all on his kids ?? []
That’s why i resent the system – the harder he works, the more he gets punished…Sorry for the rant people, i’m on a bit of a mission here huh ?? [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
i’m interested to see how many of you guys are planning to buy in Australia in the next monthNot me… the eyes are still open, i guess it would just have to be a pretty good deal though… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Hi, thanks for the carefully considered response.
If you can cast your mind back a week or so (i know you’ll struggle but just try it [] ) you may remember having a shot at well respected members of the forum – not a real good way to start here was it ?? (Of course i’d like to point out that i can’t quote your original posts as they were so pathetic you actually went back and deleted them).Ok, enough sugar coating, off you go, your village is calling – apparently their idiot is missing… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
My parents place in ’99. Huge 5 bedroom 48sq two storey place in a nice suburb in Sydneys south west… Inground pool, seperate fully self contained granny flat (easy $140p/wk income) it’s got everything – i could have had it for 285k. At the time my parents were asking 335k through an agent and it never sold. I couldn’t quite afford it as i had a vacant block of land plus a house at the time. They never sold and it’s now worth 600+… Ahh well, maybe next time… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Point taken Paul, i don’t want this to get personal,
Fudge111It’s all good. No problems here… a bit of “spirited debate” never hurt anyone though… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
If you can’t live off 70k on your own allbeit with a little child support to pay, then you are one of those people who choose to be poor, if i were on that salary i wouldn’t be complaining at allMate, i know this is going to sound harsh but you are kidding right ?? What do you know about paying child support ?? Do you actually know what percentage he is paying (hint, it’s before taxable income as well !!) of his wage ??
Plus a 245k mortgage ??
Plus the loan for a 2 year old car his ex wife is driving around in as decreed by the court ??Do the sums and get back to me – trust me the guy doesn’t drink, smoke or gamble and he is struggling… He was far from poor before, and doesn’t “choose” to be now… [
]richmond: Agreed 100% – But my point still stands. Because of his situation the guy NEEDS to work harder – the problem is that in order to do so and improve his quality of life he’s going to get slugged 47c in the $ and to me i can’t see how that is fair…
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
I think the rich should just be happy they are well off and not be greedyWho says those in the top tax bracket are rich ??
I’m certainly not !!Sorry but your thoughts seem a little too simplistic for my liking. Is it greedy for people to want to earn more ??
Let me give you a great example – A mate has three children with his wife. At the age of 30 she meets another guy through work and leaves her husband… He now gets slugged for child support (it’s not his fault she left, but hey, he’s paying for it) for the three kids and has to continue contributing towards the family home which he has been kicked out of…
He’s on 70k a year and is struggling…2 years later he meets a lovely woman and wants to get married and try again. Do you think he can afford to buy a house and have a family ?? No chance… Not for another 10 years when his kids have grown up and by then his new wife will be 38 years old – is that fair ??
Now he’s prepared to work 7 days a week or take a second job, whatever it takes to get ahead in life, so what does he get slugged ?? 47c in the $.
Now tell me that that is a fair and equitable tax system…
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
C2 – Good point but sometimes it’s difficult not to leave. The last area i worked in was brilliant, the guys were great, the hours suited me perfectly (run your own race basically), and the actual work was enjoyable and rewarding…
Unfortunately the “boss” if you could call her that was a useless fool with no idea of how things worked. She had one “pet” who was promoted by incompetence as he was the only one prepared to actually kiss her not inconsiderable sized butt… [
]As a result of telling her exactly what i thought of her management style (hey, she asked !!) i’ve now been pushed out of my area and given a secondment to a higher position. Only two months later though the tide is turning and senior management are looking for ways to get rid of her.
I’ve also been asked by the person who will potentially take over her role if i’d consider coming back to the area. Damn straight i will !!
So i guess the moral to the story is stick it out and sooner or later poor managers get found out… []Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
The talk of higher income earners having to pay more is a bit rough in my opinion. Why should they be punished because they want to work harder and/or smarter ?? [
]I think all overtime over your base salary should be taxed at no more than 20 to 25c in the dollar.
If this was the case i’d happily do a day or two of overtime each fortnight, but at the moment to pay 47c in the $ why would i bother ??Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Paul, why are you only a little fish?Mel, that comment was sort of tongue in cheek – I’m just jealous that you’ve already done what i’m aiming to do !! [
]I honestly think that 20% deposits are a great idea in the current market but i intend to choose very carefully. I’ve done probably 12mths research into various areas Australia wide (wish i had done this 5 years ago – hindsight is a wonderful thing huh ?? [
] ) and i’m pretty confident my target area is going to continue building momentum and not only provide the opportunity for positive cashflow but also a better than average capital gain…NZ i see as a fantastic opportunity as well – but i will limit myself to two or maybe three properties there. I have a sneaking suspicion that Steve’s book has prompted a lot of people who otherwise wouldn’t have bothered to look for positive cashflow properties… NZ may end up like rural Victoria – too many people paying too much for properties where the numbers do stack up – but the tenants may not. Just my gut feeling, i have no facts to back this up… [
]I think i’d prefer to spend a little extra on each place and be secure knowing that it’s “middle ground” rather than the bottom end of the market…
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Thanks for the offer… i may just take you up on that !! [
]My friend is looking around the Bay of Plenty area – he just sent me a local real estate magazine and i’ve been pouring over it and doing a few sums… It certainly looks like a nice area – perhaps just on the wrong island in the “value for money” stakes… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Yeah, your right about that**edit** Damn, crashy beat me to it !!
Ok, i’ll rephrase it – Jaffasoft, in case you hadn’t noticed this forum is for people interested in property investing…. My niece tells me Hi-5 have a great interactive website, perhaps that would be more appropriate for you to join ?? [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
LOL !! Thanks westan, i did pick your brain via a few emails not so long ago remember ?? [
]
Thanks for the offer too, i guess if you were female i’d consider it… I thought Mel was keen but i’ve just read her life story and sheeesh, i’m a little fish in her pond !! []What what i do ?? Hmmm… well, this is “hypothetical” right ?? [
]
I have a mate from work who resigned only a couple of weeks ago and is moving to NZ (he is a Kiwi, came to Australia at the age of 18 with family that has since gone back) and he’s actually going to do some snooping for me on NZ property and i’m heading over in January for two weeks to have a look for myself – maybe pick up two or three properties if i find a few that are suitable…Not sure on shares – to be brutally honest i’m a complete goose when it comes to the stockmarket. With property i just think i have a feel for it – i know what is a good buy and what isn’t. With shares i honestly wouldn’t have a clue… That’s my major problem on that front… [
]I’m guessing that using 20% deposits on say half a dozen properties up to 150k with a decent (ie positive cashflow) return is a good start…
Buy and hold and provide future income is where i am (hypothetically of course [] ) coming from…
That way i’m reasonably safe from interest rate rises (ok, i have a comfortable buffer) and have a great future income source…Of course, i’m open to options, just checking what ideas others have… thanks for the quick reply too… [
](And i dread to think what Mel would do with my equity !! How much debt would she get me into ?? [
] )Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Hi Tony…
A nice kitchen and bathroom do it for me everytime… [
]I know most people will disagree with me here but the way i look at it i renovate to a style that i know i could happily live with. That way i know tenants would gladly rent the place as i’m not overly fussy but like a nice “homely” feel…
I’d never rent a dump so as a landlord i wouldn’t expect others to… Just don’t spend “too much” in the process…I think if the kitchen and bathroom are clean and tidy (no more than say 10 years old as a rule) and the paint is fresh and carpets either new or clean there won’t be too many things for potential tenants or buyers to find fault with… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Mel, i’m getting more and more impressed with each post !! [
]I’m only in the hole for 100k atm, and damn i sleep well at night… [
]While we are talking “hypotheticals” if someone had a lazy 300 – 400k in equity and say 90k a year income (single guy, pet dog only [
] ) just how much would the banks lend such a person ?? []And more importantly, Mel, Bill, Qld007 and westan, exactly how would you divide and spend that amount ??
(Oh yeah, this hypothetical person is quite happy to retire on say $1500 a week in todays terms asap… [
] )Looking forward to your replies…
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
You are right for above comment. but..
what made you think about the comments below???As Mel said, relax, it wasn’t a shot at you… [
]I made a post not long after i joined the forum and a smart ass long term member made a few disparaging remarks – At the time i didn’t really appreciate it that’s all… [
]Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Steve, give me a buzz and i’ll pass on a few tips that might help… [
]I was suprised to see you in here by the way !! [
]Cheers,
Paul…P.S. Send me a PM via PF if you haven’t got my Telstra number, i cancelled my Optus one…
“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
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