Forum Replies Created
It worked for Mr Costanza in ‘Seinfeild??’
‘Giddy Up’
Gatsby.After reading this post I feel incredibly sorry for the lady in question. I’m going to lay my cards on the table here so load your guns and get ready to shoot me to pieces for my arrogance. Bionic Beer Gut. The person you quoted from TV suffers from Obsessive Compulsive Disorder (OCD). This disorder affects 2-3% of the population and to read what you stated as ‘a real shythole’ says more about you and I seriously question why you bother investing in real asset. I can only assume that the tenant in your book is not one’s greatest asset, but someone who ‘enjoys’ living in a real shythole. Kaye, you are absolutely right stating that this is a ‘really sad story.’ Russ, if you are seriously concerned about this person’s situation to the point of trying to help her at your expense then you have to be the most selfless property investor on this website. Twenty seven percent of all Australian health problems are related to mental health. The federal government allocates only six percent of the health care budget to address this! Is it any wonder that the World Health Organisation (WHO) has predicted depression as the number one global disease by 2020? Yes, I am on my high horse but when I hear these comments it really makes my blood boil. If your in this so that one day you can give back what you have gained from financial independence then feel free to contact me on this thread or pm me and I’d be only too happy to give you the number of the Mental Health Foundation of Australia’s donation number. The MHFA relies heavily on donatations. I apologize for possibly getting peoples heckles up but I don’t dance in front of cripples.
Serenity now,
Gatsby.Hi EmZY,
Well done for even thinking about property at your age at Uni! When I was at Uni I wasted it by being taught how to work for money, rather than how to have money work for me! You’re already on the right path whether you know it or not. Look around at the students you see and do things differently (apart from studying hard!). Then look around at people 10-15 years older than you and if you don’t like what you see apply the same. Then look around at people who are 40+ years older and if you don’t like what you see, then again apply the same. If a lack of choice and quality of life is the predominant theme you see then never forget that and work backwards from there. Where you are now won’t be forever. Find a job you can juggle with your studies. If you can’t find a job go to somewhere like a factory and tell them you’re prepared to work through the entire Xmas break, semester breaks, etc. If no go then go to every pub/nightclub you can find and ask for bar work. If your told there is none ask if they wouldn’t mind if you could come in and just walk around and pick up glasses for free. That’s how you’ll get the ball rolling and start saving. Good luck with your studies and investing, however it sounds like your half way there!
Serenity now,
Gatsby.In terms of value for money (whatever way you care to define that), I don’t think it matters if they charge 8%, 80% or do it for free! It only makes you codependent and then your going backwards as far as I’m concerned with this game. Once you put your eggs in another’s basket don’t blame that person if they crush the eggs if you expect them to hatch! Often the hardest thing to do in life can be the best thing to do. It appears to me that the more you put into property investing yourself such as due diligence, research, sacrifice, financial education, etc. then the more empowered and accountable you become. I’ve just come to the conclusion that if something sounds too good to be true then ………..?
Serenity now,
Gatsby.Hi Word,
I think I agree with KiwiFulla and to all the replies to some degree. Personally I would never mix business and pleasure. That way everyone inderstands the rules. I have a sister who has worked in real estate for over 10 years and she has always rented and lived the highlife and if that’s her choice, then good on her (I’ve also done the same in the past). She did buy a house 4 years ago and spent every cent and then some from her divorce pay out on turning it into Buckingham palace. After 4 months she fell behind in her bank repayments and had to sell. I offered to buy it off her and save her an extra $20k+ but ‘sibbling rivalry’ killed her of any thought of doing that. She sold the property and I didn’t buy it as it would cause more waves. Today the property is worth double to what she paid. She still rents and yet has always had her fingers on the pulse by being in the real estate industry yet expects me to buy a place for her to rent. That doesn’t coincide with the reason why I buy property and she would have or create every excuse not to pay the rent. That being said, my other 2 cents worth is to concentrate on your goal/reason why you want to invest in property. If you liked the book Steve wrote and that’s what you want to do then also throw into the melting pot what stage in life are you at (commencing into the workforce – close to retirement?, I hate my job – I love my job?, etc,etc.) From this you’ll form a strategy to seek your goals. Good luck!
Regards,
Gatsby.Thanks Kiwi,
Ditto! Often the hardest thing to do in life is often the best thing.
Regards,
Gatsby.Hi Milly,
I’m sorry that I’m not an accountant, nor am I a surveyor. I do however have a month off in June and ‘I make love like I make deals – with an iron fist!’
Kind regards,
Gatsby!Hi Scremin,
I hope this applies to your situation and my apologies if it doesn’t. I was in a rut. Hated work but pay was good when applying for a loan. My boss is Stalin. Again, sanity vs good income to buy more property. I dont know why but I was ful of anger and for some reason I purchased a cheap bench press and free weights. Cost $400. Slowly added more weights, equipment as I started to work out and found I had a vehicle to release my anger at my boss and work politics. After 4 years, all up cost probably $1000. I live in a tiny bungalow. In it, it is my office, gymnasium, a place to crash when I’m not at work (I mainly work at night looking after people with disabilities). The end product from hating my boss and job politics and taking it out by working out resulted in an interest in body building. I then found a discipline in something I enjoyed. I now apply this to investing. The more you put into it, the more you will get out from it. It got to the point where I reached 200kg and 5% body fat. I considered competing in amateur competition. To do this my life revolved around work, sleep, working out and the cycle would continue. The thing that maintained all this was just self discipline as a side effect from hating my job and boss and finding a constructive way (win-win??) to benifit from my negative situation (no effort required). If you have a partner then you have one up on me as you can use each other for motivation and support. I wonder how far I could have gone if I had a training partner to spot for me to get that extra rep out to go to failure. I haven’t worked out now for 6 months as I use the time I spent working out now devoted to property. The weights are still here though and considering the final outlay would equal just one year’s membership means they will be there when I’m financially free to go back harder and heavier than ever. I’ve just transferred one discipline (body building for property building) for another. Just one way from turning a negative in one’s life into a positive. Prior to the work situation I had absolutely no interest in body building or property investing. They both are a good example of how you can find a beneficial solution to a negative situation. I hope you may be able to draw some help from my experience as I have from others.
Regards,
Gatsby.Hi Krazy,
DEFINITELY KEEN! Please look at e-mail I have sent you.
Cheers,
Gatsby.G’day Investron,
Well done! You obviously used the right tool for the right problem (ie. How can I use property to retire?). I’m a bit of both (cf+ and cf-). End of the day if something works then it’s irrelevant if it’s a placebo or the real thing, it’s the results that count.
Cheers,
Gatsby.I agree with Steven. Start with the end in mind and work backwards from there. I’m a novice but I’ve learned that structuring, personal saving habits, loan restrictions, personal goals, etc should all be considered. Not just kick backs, discounts, etc. They may cost you far more over the long haul.
Cheers,
Gatsby.Celivia,
‘GURU’ is the optimum word. I just saw it. I’d be interested if the show did a cohort study similiar to the ‘7 UP’ series on BBC and reinterview those who attended this guy’s seminar/s?
Cheers,
Gatsby.Dear Karma,
Prop16 is quite correct. They all have given me great suggestions whenever I’ve posted my financial/borrowing problems. Whichever broker you choose anywhere, remember to start with the end in mind and perhaps base your choice on a broker who listens to your ‘exact needs and goals for the present AND FUTURE.’ I had one broker come to my house (not from this forum) on the advice from a work colleague. He offered me the same product I ended up taking with another broker and he also offered to pay me half of his commission (about $1500!). So why didn’t I go with him? He had no interest in my goals and wasn’t interested in my questions. Sure, he could have saved me money but at what cost?
Keep asking questions, especially the ‘dumb’ ones. That way you may prevent from hindsight making ‘dumb’ mistakes.
Good luck,
Gatsby.I’ve just finished ‘The Art of War’ by Sun Tzu. Don’t let the title fool you. It’s philosophies are equally applicable to IP as much as to day to day life. If you do read it you may sense the ‘win:win’ theme that I got out of it.
Cheers,
Gatsby.Ist IP purchased in 2000 in Melbourne eastern subs for $150k (3 bedroom house). Absolutely no idea what I was doing but got sick of doing the auction circuit after 6 months. Currently valued at $300. Rent was initially $190 per week, currently $220.
2nd IP purchase in inner east of Melbourne also in 2000. 1 bedroom flat. Paid $112 and rented for $150 per week. Currently valued at $200 and rent $160 per week. Property investing happened to me just out of sheer luck (ie bought at the right time). Since then I no longer believe in luck. I believe you have to make your own luck. No such thing as a free lunch but if you study hard on the lunch menu, it is possible to get meal of the day for free. Don’t lose your shapo and start with the end in mind.
Cheers,
Gatsby.Ist IP purchased in 2000 in Melbourne eastern subs for $150k (3 bedroom house). Absolutely no idea what I was doing but got sick of doing the auction circuit after 6 months. Currently valued at $300k. Rent was initially $190 per week, currently $220.
2nd IP purchase in inner east of Melbourne also in 2000. 1 bedroom flat. Paid $112k and rented for $150 per week. Currently valued at $200k and rent $160 per week. Property investing happened to me just out of sheer luck (ie bought at the right time unknowingly). Since then I no longer believe in luck. I believe you have to make your own luck. No such thing as a free lunch but if you study hard on the lunch menu, it is possible to get meal of the day for free. Don’t lose your shapo and start with the end in mind.
Cheers,
Gatsby.Nice one Geo!
Nice one Geo!
Kay,
The fact you stated that you see property as a fun thing and something that you enjoy will ensure investors like yourself will be well armed for any future changes on the IP landscape because, as a generalisation, if a person enjoys what they do then they will generally do much better at it. This website and others has helped curb my lack of passion that I had for property, which is currently getting me to pull the finger out of my butt and do something. Just buying ‘Your Mortgage’ or the ‘API’ mag which I did felt like studying for an exam! In response to previous replies on this thread, I definetely agree that the Information Age of the past decade has sped up the whole process. Bill Gates’ book ‘Business at the Speed of Thought’ sums this up quite well. As an aside I work in disability and mental health and during the late 80’s – early 90’s support groups played a major role for people with a disability and somehow since then they have appeared to dry up. This change was dramatically due to the internet which gave people the anonanimity from stigma as well as the access to connect with others for support and gain resource referral. As we are now in the biotech Age, I wonder what influence this also may have?
Cheers,
Gatsby.Dear Celivia and Dani67,
Thank you for taking the time out to reply to my post. Celivia time is more valuable than trying to save a quick buck so I gues I’m trying to reassure myself that I’m doing the right thing for me. I should have paid more time (not money!) by doing my due diligence from the start (re: inspection report). ‘Another lesson’ (when will they end!). Again many thanks.
Cheers,
Gatsby.
