Forum Replies Created
Hi Terry & Others,
The March edition of Netguide has a programme on the disc called “3D Home Architect”. It is free and is a superb programme, easy to operate and seems to have everything one needs.
Regards,
Forklift.Hi Basil,
You have probably got a lot of info to go through already but maybe this might help, or at least reinforce what others have written.
I am talking about the “obtaining advice” part of your education.You do need to have a good accountant in tow and of the type stated before, particularly by Crusher. He is right.
The other is to have a good Financial Advisor/Broker. Most of these people do both advise and broker the finance needed. As with mine, most (if not all) Finance AB’s do not charge you but rather get their reward from the institution that you end up getting your finance through. It is so long ago that I am having trouble remembering but we may have paid something like $100 for the first consultation, of nearly 2 hours, but since then we haven’t paid him one single zac!!
This is called building your “Team”. They are not actually employed by you but are called your team. A good one of each: accountant, finance AB, reliable & trustworthy RE Agent. These are the main 3.
Obviously, the best way to find good people is by referral. You are asking here and that is good but also ask around your friends etc., if possible. If you can’t get referrals then you will have to investigate a few of them yourself. You should be able to do this mainly with a phone call initially. I am sorry but I can’t help with any Brisbane accountants but I may be able to with a Finance AB. What suburb of Bris are you in? You can just PM me the answer if you want a little privacy.Regards,
Forkers.Gosh, MKC, I am surprised! After reading your postings, over the past few months, I took it that you had been into PI’s for a while and were reasonably experienced.
You have had many good pieces of advice given here already and hopely I can build on that. I still do not regard myself as seasoned, or any sort of expert, but we have done a bit.The first point is education. But don’t just read – ‘do’ at the same time. There is a good book that tells how “they” started, right under your nose. Steve McKnight’s book, “0 to 130 properties In 3.5 Years” is the title. In it, Steve describes how he actually started out in property investing. Read it!
Mate, when my wife and I first started out we knew very, very little about the world of finance and investing. But we knew we had to do something as neither of us could work. As well as having babies, my wife had arthritis which stopped her from gaining any employment anyway. I damaged my back at work (split disc in lower back) which put me on workcover – and the payments were a few dollars below the dole. The relevance of this info will be evident shortly.
So, neither of us could work but we had two properties, ones that we were living in before when we met & married plus some savings.
We new we needed education. We bit the bullet and, with only enough money to pay for one, I went to a 3 day Investment seminar.
Woh! Did that open our ‘uneducated’ eyes! We learned about so many different types of investing and and financing etc.
You must do due diligence and don’t just go to any seminar. There are still some that are just hype and money holes but there are good ones.
Here’s my main point: After gaining some education (a lot compared to what we originally had) we managed to hunt out and purchase 5 more PI’s in the following 4 years and all the while on my Workcover pittance!
There are lots of different ways of making money on the stock exchange too, that we learned of, and just using that we recouped the cost of the seminar within 3 months. But property IS and should always be the “rock” that you build your investment portfolio on and from.
The other main thing we learned was to get a good “team” together. That is a good Finance Advisor/Broker, a good Lawyer, Accountant and a RE Agent you know you can trust. All need to be savvy to what you are wanting to do to. We actually bumped into an accountant who called himself a finance advisor too but knew nothing about Option Trading on the Stock Exchange!
So to sum up, educate yourself – Steve has a wealth of good products in his shop, get a good “team” together and then get out there and look! Also, as well as doing ‘due diligence’ on properties you need to do it on the different professionals you are thinking of using too. Check them out to make sure they know of and understand what you are wanting to do.But to repeat one of the things I said above, get Steve’s book because in it he tells us exactly how he started and explains the mistakes that they made.
If you want any other info or want me to expand on anything here then don’t hesitate to PM me. Like I said, I am no expert at all but I have owned PI’s for 10 years or so and am only too glad to help.
Best regards,Forklift.
Been away a little while and haven’t been able to log in. Just read this posting tonight. I haven’t got past the first few posts. Adam’s is a very, very good one even if you have been “in the game” for a while. Bit like a ‘refresher’.
But our dear Mr Dazzling. While most of your posts are good to read too, in this one you seem to suffer from a little foot’n’mouth disease. I resent strongly, being classified as “elderly”. At only 53, and fit & healthy & active I certainly do not class myself as elderly. I was a paramedic for just on 23 years and from experience (& training) elderly does not even start until 70, possibly 75.
But classifying anyone from 40 onwards as “elderly” is only you demonstrating your immaturity, at least in this subject and will only help to make a lot of enemies for you.
So please take extreme care when ‘classifying’ anything, especially when it comes to people. And as far as I am concerned, when talking of classifying people, there are actually only two (2) “classes”: Good people and Bad people.
If someone has already picked you up on this then I will apologise now. I was so annoyed that I had to reply immediately and have not read past your post.
I also don’t mean this as an attack on you but more as a little instruction/advice.
Regards,
ForkliftHi Stargazer, As I wrote, I know who the patsy’s are but we are still “getting taken”, as you wrote. And it is possible to change it, although not very probable. The hard part is not changing it but rather getting enough of the people to step up and demand it be changed.
And JustAllen, you hit the nail on the head!! Your statement ties in with a piece that I remember reading quite a while ago. I can’t remember who, but some noted person was quoted as saying that all governments’ philosophy, unofficial & whether they admit to it or not, is to keep the people poor. Pay them just enough to survive but not enough to get ahead. Therefore keeping the people dependant on them (the government of the time).
I don’t think I have remembered the quote verbatim but this is what the person was saying. I have heard other commentators agree with it, over the years.
However, Allen, like you I am at a loss to understand their rationale too.[weird]Regards,
Forklift
I bought my first property back in the late 80’s and when I was still single. It was my PPOR and, back then, I had not even thought of PI let alone read anything about it. Also, I happened to buy my home only a few months before the interest rate skyrocketed up to 17 – 18% or more!!! I cannot remember what the cause was, or even if I heard what it was, but man-oh-man, did it make life tough. All except about $120.oo of my fortnightly pay was going to the bank!! Sorry, I know that bit has nothing to do, directly, with the original question but it does show what can happen to borrowers.
But to follow along the same line as the original post I would like to ask a question too and also make a statement of which I would be interested to read how many agree or disagree.
My question is: To “rein in” or “put a halt” to rising inflation, why is it only, or mostly, the mortgagees that are forced to ‘foot the bill’? Surely there must be other ways of stopping the rise of, or bringing back down, the inflation rate without always making what I can only guess is approx. 50% of the population pay for it. (Yes, I know I am speaking in broad terms but I think you get what I mean?).
It always seems to me that the home-owner/mortgagee is the “patsy”!
And my statement is that I find this to be highly discriminatory that, on the whole, a minority is made to carry the burden. Regardless of politics, it makes every government guilty of gross discrimination. Anyone else, person or company, would be charged and/or fined heavily.
Well, this is my opinion and it really makes me cross every time I think about it. What are your thoughts? But if you disagree with this statement, don’t just say so, rather explain why.Cheers all and thanks for the great forums,
Forklift.
Hi Steve,
First, thanks for the opportunity to be able to offer feedback/suggestions etc for the newsletter.
I would like to “second the motion” made by Kimkirk with regard to Asset Protection. It is not much good if we learn all the ‘ins and outs’ of property investing, working hard at it and building up a sizeable portfolio only to have it taken all away from us when someone falls over and sues us. Whether it is our fault or not!I actually came very close to having just this very thing happen to me, not so long ago, and cannot stress just how important, and little thought of by most PI’s, that a proper structure for protecting your portfolio can be. It was purely through the sheer hard work of my Lawyer & Barrister that we won the case, in the Qld Supreme Court, and that as soon as that is cleared up my Lawyer will begin setting up my asset protection structure.
I know nothing about it yet (how to do it, what form it takes etc, etc) so getting the correct info from you will be a huge asset, too, as I can compare it to what my Lawyer suggests and be able to ask the right questions.Cheers,
Forklift.
Nathan,
Another idea is to get quotes/estimates from other PM’s around the area and compare. Colate this info with the things that others, like Dazzling, Derek & The Crest, have put forward and go from there.Cheers & good luck,
Forklift.
Hi Dr. X,
Sorry, I don’t have a solution for you but merely to offer you my moral support. I have just read this string, from your 1st post to the last, and have two main things to say to you. 1. I totally empathise with you as I am in an extremely similar situation as you, sort of, it is just the reason it stems from is different and 2. You ended your opening post with “Can’t believe people like that exist”. Mate, they do!! I have, unfortunately, found 3 more of them here where I currently live!
They are the most unconscionable (?spelling) heartless and soulless people I have ever had the misfortune to have any dealings with.
It would probably take me a full page of this forum to relate to you all that has happened to us, and is still continuing, but to put it briefly it has been over 2.5 years, $70,000 lawyer/barrister fees, loss of my wife (passed away 16mnths) and separated from my 4 young kids for past 12 mnths!!
We moved to Qld from Vic and shortly after bought a business, a leasehold general store/servo. We built up the business to over double turnover in a short time. Our greedy landlord obviously became jealous and has tried every dirty trick to try and squeeze us out and take it back for nothing!!! Had to go to Supreme Court just to make them obey their own lease!!! We won, thankfully, but in meantime I lost my wife.What I am trying to say, and to hopefully be supportive and helpful to you, is stick to your guns. You have ‘right’ on your side, like us, and it will eventually out – i.e. you will win in the end.
Keep a detailed diary of everything: what he says, what he does, what you observe them doing, list of people who will back you and/or be a witness for you and if possible record all you can on camera. Photocopy any and all documents, especially any correspondence to and from him, and lock one set away in case you lose any of the pages from your “daily use” folder.
If this sounds a little extravagant believe me it isn’t. Eventually you may use some or all of it. You may never have to go to court over it, and I hope you don’t, but one never knows.
So, Dr X., keep your chin up, your records accurate and stick to it.The worst thing for me, at the moment, is I am alone on this island, and I don’t have a mate I can talk to at all. All my family is down in Vic, which is why the kids are down there and waiting for me to try to sell the shop and move back.
I am behind you mate and if there is anything else that I might be able to help with, I don’t know if there is, I am only too happy.
If there is one thing I really hate, it is dishonesty – in any shape or form.
Best regards,
Forklift.To Chris Raynal,
Just a quick reply, due to the time.
Thank you very much for the info. You have been very helpful. I most certainly have your details written down. It won’t be for a couple of months before I decide what to do. I have a couple of things, or three, to tidy up before I can take any action one way or the other.
Regards,Forklift.
Not really a tip but this seemed appropriate for the topic:
If a person tells you that they are a pathological liar, do you believe them?[blink]
Pipelinebuilder,
You are so right, with your comment about maybe needing passive income if a crisis comes along!
Exactly what has happened to me. Myself, I suffered a serious back injury at work and have out of work and unemployable since ’95. My wife wasn’t working at the time due to us having kids but just as she was about to go back to work her arthritis & lupus flared and she couldn’t. We only had two properties, at the time, and survived off my workcover payments (slightly less than the dole), family payment and one small rent.
However, through creative financing and judicious (?) purchasing, within 7 years we owned 6 properties plus a business (cashflow) and our own home and now all are worth 3 times what we paid.Getting to the real point of my writing – your point about a crisis happening – about 14 months ago my darling wife passed away from her afflictions. This means that now I, an invalid who can’t work, have to look after our 4 young kids. Thank heavens we bought where we did when we did.
I guess what I am trying to say here is to reinforce what you said and to add that, whether your aim is early retirement or crisis cover, that no matter what your present income is – it can be done. Creative financing and buying the right property at the right time in the right place. I hope this is intelligible and helpful to someone.,Regards,
Forklift.ps. I most certainly haven’t stopped building my portfolio, in property and 1 or 2 other fields. I must sell the business because now that I am solo with my kids, I can’t run it by myself. But, in effect, does this make me retired? (No slight intended).
And thank you, in return, for the compliment Mkc. I wouldn’t regard myself as the “sharpest pin in the pack” but I think that the seminar, that I mentioned I attended, opened my investors eye(s).
And Jeff’s moral is pretty well on the mark too. This is where the ‘investors eye’ comes in to play as there are several ways to make profit from a property. Having the ‘eye’ helps one to recognise which method is best for a given property at a given time etc.You two seem like you have your respective heads screwed on right, as they say. I haven’t had a good chat, on line or off, with anyone up to speed in the investing world in such a long time. It is quite refreshing. Thank you both.
Forklift.
Man oh man, have I had my head in the sand![blush2]
But then again, I have been “totally out of it” since the passing away of my wife just over 12 months ago.
But I’ll show my ignorance here. Please be kind to me?But how long has Japan been open to foreign investors? I thought it was still forbidden for non Japanese nationals to own Japanese freeholds. Then again I am still a virgin to buying O/S IP’s. Haven’t even researched a property at all yet.
Also, too you guys that have purchased anywhere O/S, would you say it was essential to physically go to the country to view 1st hand or would you say it is nice to go but not necessary? In myself, I think it would be good but, if you read my profile, I am rather tied down at present.
Cheers,
Bruce.Hi Belindac, Just writing to let you know that people do read the posts.
But sorry, I haven’t even learned how to make, or even looked at, a blogg yet. But I will be interested to see what sort of replies you get. I will keep track.
Good luck with your enterprise. Hope it goes well for you.Regards,
Forklift.Congrats MKC. Well done. We have done similar, but not such a great extent as yours. Purchased 3 properties, over 12 mnths, about 3 years ago and now all are worth double or a little more.
Reminds me of a maxim I heard during an investment seminar I attended a few years ago, which is “Look for the Worst house in the Best street.” Not hard & fast but a pretty good guideline, I think.Forklift
Thanks Chris. They sound pretty good reasons. What’s the market like at the moment? And if and when I decide to do something, would you like another client?[biggrin] Silly question, hey.
But seriously, I have read several favourable comments about you and company and would need someone, such as yourself, if I do go ahead.
Regards,
Forklift.Howdy Folks. Hope you don’t mind if I butt in? I have read through all of your posts here and found them very interesting.
If I may ask you all a question. Is the NZ property market worth looking in to at present, especially from the position of being an Aussie resident? Of particular interest would be any extra benefits, not enjoyed here in Oz, and/or any snags.
Thanks guys.Howdy People, I am on Russell Island, Qld. About 40km by crow SE of Bris., about 4km off coast at Redland Bay Qld. Am soon to move back to Ararat, Vic due to crisis – my beautiful wife passed away and I have 4 young kids to care for and no family up here.
If anyone interested, I have a top business and a house for sale. The business does have huge potential!
Oooops! Please don’t think this is a commercial advert. It isn’t. But having 4 young kids, losing my beautiful wife – she passed away, and me being an invalid, I can’t run the business by my self. I have it listed with an agent but I could do with all the help I can get so that I can move back down to Victoria where most of our family live.It is a general store/servo and very easy for a couple to run. Great cashflow while you do your investing. Great climate.
PM me if you want more info and are serious about it. Selling cheap too.Forklift.
Yep, the english language can be cruel, and sometimes people too, but it is also very funny at times.
Don’t know if I may claim “the title” but here are one or two I came across during my working life. For the first 10 years from school, I worked in one bank and one of my sisters in another.
For a couple of years I worked in Warragul, Vic., where a young lady came in to do the banking for a shop she worked for. She was a very pretty girl and had the name of … Margaret Roots. (Truth – I swear.)Where my sister worked, in head office in Melb, was a young lady who’s first name was Ophelia. At the time, she was soon to marry a chap by the surname of … COX!!!
After the bank, I became a paramedic (for 23 years) and because of my surname, Van, I instantly got the name ‘Bongo’. (It was a little Mazda) Of course, during my life, I got all the vehicles: Cara.., Panel…, etc. etc. It was good fun.[biggrin]
