Forum Replies Created
Hi gilad,
I don’t know if you have been to any seminars (I’m just assuming?). Perhaps go to a few ‘freebies’ first and examine all the holes in what they quote as ‘facts’ (then check the claims they make for yourself) and see if you find any common threads in the presentations (eg ‘congratulate yourselves for taking the time to come along, sexy music when introducing the guest speaker, count how many self promoting products and ‘boot camp’ bells and whistles are on offer, compared to impartial advice they provide, etc.). Don’t see this as a waste of your time. Maybe try and see this as time well invested to your due dilligence process and fine tune what you’re left with ‘as money well spent’ on a seminar after culling these out (although I personally wouldn’t spend the $1000’s some Guru’s request!). I think if you find yourself continually going to a seminar for that ‘last piece of information you need to make it in property’, then you may find that it resides within what you do with the information you already have.
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Red, I’m still lost? I bought a torch that said ‘batteries not included’, so I went back and bought another one!
Cheers,
Gatsby!“Sometimes the hardest thing to do in life is often the best thing to do.”
Bloody soon I hope Kay!
Cheers,
Gats!“Sometimes the hardest thing to do in life is often the best thing to do.”
‘Boy Eats Own Foot in Fridge?’…I don’t understand your post Red. (and I’m a strong advocate of being cryptic???)
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi me.s.hall,
I loved your post (especially re: comfort zones). For me personally I agree with your openning comment, but in reverse. What I love (and am searching for) is, ‘the people, loving your job, the money and I believe this is what motivates people (property investors or not) to getting up in the morning.
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
I completed my year 12 at RMIT and studied English Literature as part of the course. I scored the highest over all students at the end of the year. Then I went on to study Drama/English Literature at Rusden (now merged with Monash?). Boy when I studied English Literature then, was I in for a shock! I never failed though and only received a pass. (no High Distinctions except for Creative Writing component). So for me, yes there is a huge difference between TAFE and University. I then went on to do a Bachelor of Applied Science and boy, once again, was I in for another shock (but did pass)! I think IMHO that Tafe is great if it specialises in ‘EXACTLY’ what you want to do in life, however the assessment criteria is in no way comparably demanding as a University degree. Each to their own.
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
LOL!
Gatsby!“Sometimes the hardest thing to do in life is often the best thing to do.”
I think the main focus in entering a partnership/joint venture is not only working towards the common goal of the two, but equally as important to leverage off each other’s skills/assets. Having 2 people with complimentary attributes/contributions to the partnership would be seen as the ideal (eg. one partner has the finance, the other partner may do all the work and then perhaps both share in the profit/s). I’m just assuming this may not be how you have structured your partnership. Also, when starting up a partnership I think you should have an ‘exit’ strategy or ‘stage left’ if in the eventuality that you both find yourselves in the position that you currently describe (ie personal ego’s, values, politics, etc). If you can overcome your current predicament for the sake of the business I wish you all the best. However, remember to agree on a strategy if another personal difference arises, at it may. I think the more open and honest you are with each other from the very outset, then the less likely you are for such a predicament to arise.
Best of luck,
Regards,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Apart from the Reno brothers, a couple of Steve’s Mapper’s have a reno site (www.dynamicduoinvestments.com) or maybe do a search here on ‘renovations’?
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi pasandec,
I’m not familiar with your financial position and the more informed brokers/etc on this site would be better able to supply suggestions. If you can avoid cross collateralization (let alone having to pronounce that word!) and LMI then defininetly, all the better!
Good luck!
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi techhowse,
If you are in a union they generally mail out info to you as a member regarding what you can claim (this would depend on what union you are in and I wouldn’t view it as being completely exhaustive).
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi Jo and welcome to the forum,
If owning/running a business and investing in real estate is first and foremost as your goal/s, then perhaps consider living with your folks? It’s a sacrifice that you and your partner are making (as opposed to renting/ owning your own home, etc). However, if your folks are that generious in letting you live with them (also without having to pay board/rent to them) then think how much per week you will be saving (for a house deposit?) each week? It’s a tough call, but if your’e concerned about what your peers may think then just ask to see their financial statement. If living at home is unbearable then I think that’s different. Try to think of the sacrifices you have made to build your business and apply that smame logic to the debate over whether to spen money on rent or live at home? In years to come you may think it was a very ‘intelligent financial’ decision in hind sight?
Best of luck,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Resi,
I agree with your last paragraph. If you haven’t got the nut’s and bolts down on just obvious save and ‘If you can’t afford it, don’t buy it’, then you’re dreaming.
I’m still amazed by friends of mine (and it is entirely their right and decision)to ‘borrow money they haven’t got, to buy things they don’t need, to impress people THEY DON’T EVEN LIKE!
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Dazz,
I starting writing this reply when I saw your last reply but decided to just delete it, then after reading it and thinking about it I’ve decided to write it anyway because it still answers the question as everyone’s answer will be different. My brother in law, who started his own business when he was 18 and was like a brother to me was always at me to ‘buy a house.’ He was never into IP’s, only his business which he loved with a passion and with his passion could do no wrong. It was like a money tree due to his love for what he did for a living. Looking back, I guess he was trying to instill into me that passion. At the time, I had only just returned from a very lengthy period o/s and after paying off a s@#t load of debt, I had managed to put my head down and save an even bigger s%#t load. Although my brother in law had no personal interest in IP’s, he kept pushing the issue. Eventually after 6 months of looking around for a house to buy (with the knowledge of ‘2 virgins in the dark’) I was about to give up but somehow a property popped up. I eventually took the fearful step of ‘signing on the proverbial dotted line’, which in hindsight was one of the hardest, yet ultimately one of the easiest things I had ever done. That’s how it started for me and after realizing I would be financially better off (as my brother in law knew all along) I decided renting this house out (unknowingly) as my first investment property. I just went from there. Despite all the advice my brother in law gave (which was always sage), 3 weeks ago he took his own life. I’m still trying to come to terms with it, but it has put my strategy, if you will, into a much more deeper perspective. Despite all his wealth, he was never truly happy and I realize now why he kept pushing me to change my direction in life. Perhaps he wanted to trade places in some ways. I guess the reply I’m sending here is that, Dazzling you are spot on about ‘strategy’. Because if you lose sight of your strategy/ies in life, the goals can feel meaningless.
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
My apologies Red Tim,
Now I understand the analogy (re: tongue in cheek).
Cheers,
Gatsby“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi caston,
I’d just view the ’11 second’ solution as a way to view how far off your property is from being CF+, if that is your goal.
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Celivia,
It’s cool a house is now made out of polystyrene. I’m just worried if they make a house out of fibreglass next. How would you insulate it?
Cheers,
Gatsby!“Sometimes the hardest thing to do in life is often the best thing to do.”
‘How far can a landlord push a tennant?’ About 4 feet if the tennant isn’t looking!
Grreg,
I feel sorry for your situation and unless I wanted to lose money, I would never do this to a tennant. I don’t know which state you are in but find out your rights from the local tennancy tribunal, etc. There is absolutely no way a landlord/tradesman (or really anyone for that matter) can just lob up at your door like that (that’s WHY we pay rent!). Also I agree with others that this might be a dodgy ploy to improve the place to up the rent unless you have requested for repairs which you obviously haven’t. Again, find out who to speak to re: your rights (which have already been abused as well) and what action you are entitled to take as a result of a really stupid landlord. Let us know how you go.
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
Hi dang,
if you can, try and speak with any locals about values of the propertie/s and why they do/don’t enjoy living there. When making an offer on the contract, make sure you put down a couple of ‘exit’ clauses if you are unsure, but not too many that will put the vendor/agent off and not take you seriously (eg. subject to satisfacory building inspection, etc).
Good luck and let us know how things eventuate.
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
With one property I have great tennants. Perhaps not being so proactive as this post requested, I always address every need (toilet washer, bathroom ceiling paint, etc) ASAP. They have been great tennants and appreciate my promptness as I appreciate how they see the place, not as a ‘rental’ but as a ‘home’. In a way, the lack of any rental vacancy has paid for itself. (plus I’ve got to know the tennants, despite having a pm and we get along great, even at an arms distance).
Cheers,
Gatsby!“Sometimes the hardest thing to do in life is often the best thing to do.”
