I would love the email address or phone number, of a broker, who was willing to give an opinion, even if you are going directly with the banks. I find brokers only willing to handle customers with the same approach in mind as the banks – $$$ and a sure deal. Know any?
Thanks for the balanced feedback and the alterntaive viewpoint. I will deeply consider both views, as I am a tad uncomfortable with it, but really, I dont think Ive ever felt a “confort zone” anyway, Ive always put myself under pressure.
We shall see, I will do some more numbers and chat with the bank re my serviceablity. They havent taken into account any rental income yet, so I may be able to “fix” the portfilio with better choices going forward. We shall see…..
My thanks for your reply. This is true, and I know it. I bought it because I wanted something for me, a place to de-stress close enough to Melbourne that I would use it, as often as possible. It never made investment sense and my accountant didnt want me to buy it. I felt that I was working so hard, that I wanted something for me, and when I was there, I felt such peace, and I dont get that a lot. But I guess, in another sense it keeps me working so hard. I feel to keep it and enjoy if for a while, while I have the business, but without the business, it would have to be sold. Hmmm. Is it not possible to resurrect the portfolio with other +ve cashflows to even it out, of course, have to find them. I keep going round in circles…..
Must say, as a single girl, I couldnt marry him. Theer is somethign about him, that is a little “weak”. Im afraid Id end up walking all over him, and thats not a good thing.
Where are you looking to buy? Aus? Which state? Whats our budget and what are you looking for? I agree, at first it is liek that. Ive bought 5 Ips now aside from my PPOR and Ive learned a little bit about it.
I did the ESC seminar in Sydney. If this is your first purchase, that seminar is quite good and worth doing, though I walked on on the last day, just got a bit jack of the format. But otherwise, it was very good info. Ive checked out 3 of their properties that they put up on web, and all of them were dogs, so I just went my own way, and Ive been happy with that. Id recoomend the seminar to you though, as its good info, then just do your own thing after that.
Ive checked them out before, had a few appointments with them. I dont like appartemnts and its all that stuff, off plan etc. Nothing special, and nothing you cant do yourself by opening the paper, closing your eyes and pointing. Chatted to what I consider a legend in investment and very rich man, he knew a couple of the guys at WPB and he wasnt impressed either. Not much to offer, sorry, just a whole lot of impressions.
Oops. Im always late for the ball. Id be interested in joining this group, do you take newcomers and when is next one, since it is now a fait accomplis.
Hi Everyone,
Thanks mini, yes Ive been watching from a distance and havent said boo for ages.
I think I will make a pros and cons list. Will talk to my accountant (though I know she has one seriously negatively geared holiday house for her, so perhaps thats not a good choice). It wouldnt limit me to holidays there as I do travel for work and tend to stay on, I just wanted something that was 1hrs drive from Mel where I dont have to hop on a plane (no kids, my brother has kids so Id like him to use it). It all hangs on the business, no business, no life, basically.
I appreciate your feedback. Allow me to present new numbers on Wednesday next week and may I open up this discssion again, if thats ok?
Many Thanks to all you very kind people.
Jars
Hi. I remember being exactly where you are now. Exactly (though the machines didt factor in). Im no expert now[], Ive bought 4 IPs in last 6 mths, and am now moving to some diff investment classes, but I run a bsuiness and that keeps cashflow high and fairly distracted. I read Kiyosaki. I read Lomas, I went to Richmastery (hated that course), and I started to get a head spin. The plan is important, it starts with where you are, where you want to be, what time frame, and how to best get it with reference to your situation (tax, commitments, etc). Only you can sit down and work that through first, sometimes its what you know best first or what you are most comfortable with. I like a focused approach, and Kiyosaki started to get on my nerves, though its a good starting point as it does awaken the brain, but I wouldnt really take his stuff and apply it to the letter. Steve is quite correct, and I do prefer his style and professionalism, though I dont follow his plan completely either because I have a different situation. I guess I come closest to Lomas. Now I must be confusing you, its late, better go to bed.
If you have a block of land, you can get some great “kit” homes. Quite a few people are doing this now and you cant get good kit homes from say $150K. Im Nooooo expert on this, but it can be a great saver!
I have 4 credit cards. If I could, I’d have 14. I am also part of CBA wealth package and credit card limits no longer matter – thank god, a bank that doesnt have a hissy fit coz I have combined limits of $145K (Im the excpetion to the usual rule on this). Try to find the right bank/products that get over the credit card hang up, hopefully anyway…
4 out of the last 5 properties I have bought in the last 4 months I havent seen – 1 is interstate and the rest are outer Melb. I use buyers advocates and have been happy with the results, no issues at all.
I was very close to finalisisng a deal through them. It turned out to be an overpriced load of **** I realised that really, they are only good for NZ and outside of that (partic those WA deals), they havent got a clue what the property is like, they havent done any background on it and I find that as a novice (Ive only purchased 4 properties so far, 5th on the way) I do a lot better with local Buyers advocates where I dont have the time and they know their areas intimately.
I say to you, do not bother. Find another advocacy source and you will be happier. In fact, Im happy to recommend more than one, depending on your state. If you like, drop me a line at [email protected]