Forum Replies Created
Im not very happy with richmastery. I was looking at a property of theirs, granted it was in WA not NZ where they probably know the market better. I got some contacts to check it out and their summation of it was that it was a “shocker”. And it was, location was wrong, purch price over inflated, sold for more years before, etc etc etc. List goes on. Im happy with my own methods now and I just delete the ESC email when I get it now. I did their 3 day event too and just hated it. That was the last seminar I will ever do, Im over it.
I am looking at buying in Sydney for a residential terrace or converted warehouse to use for an office downstairs and residence above, since we spend so much time in Syd for the business (saves on accommodation also and should go a long way to eliminating our large tax bill). I was looking at Alexandria, though I preferred Nth Syd/St leon/Crows nest but cant find the right property. Anyone have any views on Alexandria or similar places where we can get the right building right floorplan, one that I can obtain a residential house in mixed zone that can convert back to ordinary res house with excellent cap growth?
Ive recently bought 3 properties in Frankston that for me are onyol cash flow psotiive after tax, but long term they should convert. I was after CG’s mainly and I think Franskton is tipped to go.
Thanks everyone, this meant a lot as I was losing sleep, believe it or not!
The company, yes it makes a good buck (today), has a “fee” relationship between itself and the Discretionary trust. The ideal scenario would have been to have the business in a trust as moving money between trusts is so much easier, but that was a mistake of going from a lame accountant to a good one. So, as the trust pays for the business expenses, there is a fee that the company pays for this servce and hence the ability to move funds to the trust to invest.
Thanks for suggesting Im on the righ track, I will buy a few more with the after tax scenario and will then reassess. I guess youre all right, stop fretting, you can sell one to pay off the others if required. They are all on interest only terms and Im debating paying more off them to gain more equity (i.e “making hay while the sun shines”). I agree with the cross-collatorisation point, I think I was a little trusting with the bank and as I asked for finance on all 3 at once as I assumed (!) that they wouldnt do that. Better check tomorrow hey.
Does that sound ok?
Thanks all
Regs
Jars
Thanks everyone. For me, I feel like I have a lend of the business, and I need to be ready should that carpet be pulled out from underneath me and that can be without warning. I am a “make hay while the sun shines” kind of person and we all know that if we knew in advance that we would lose our job/income/business within 2 years, how would your plans change to reach the goal of wealth? Should we live like we are on borrowed time?
20 reads no replies – I really need some advice…
What did the Chinese couple call their retarded baby?
Sum Ting Wong
Why does Mike Tyson cry during sex?
Mace will do that to you
I went to their Sydney seminar and well, the first day was good, the second day started to shit me and I didnt even go on day 3. The hours are a real nuisance and the deals that go up on the web are few and far between with investors needing to act quick before they disappear. Forget the mentoring service, you dont need it. Cant say I have changed my approach one iota since the seminar, its still the same process as ever in locating and purchasing property (though it would probably be good for someone who is totally new to the game). The only thing I liked was their software, as it was very well put together and worth the purchase if you dont have any other SW to manage your IPs yet. Admin support is not a good service, simple requests just get ignored.
I really enjoyed the Steve Navra one though at the bargain price of $280ish. Id go to that instead.Chris,
Fantastic situation and a brilliant base. I have attended one course and am attending a second one on Aug 9 in Syd. These two courses are what I consider to be the better choices. Im very choosy about these things.
The first one I attended was Steve Navra course for $260ish. Two days, great value and simply amazing stuff. He could make you super wealthy right now.
The second is Rich Mastery, which is coming up. I like that, as it is hands on, its 3 days for approx $3000, forget what I paid. It has excellent content (hear that Kiyosaki, thats “content”).
Anyway, all these courses are good if youre strategy is clear, and by the sounds of things, youre a smart cookie. Havent never heard of TNTI, not that that means anything…
Best wishes
Jars
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] I am stunned. Not surprised, but really angry for you. I got that kind of **** on Friday with a market dominant supplier. Meet you at the ACCC, Ill be sitting in reception!Harris,
Go to http://www.navra.com.au and send them an email. He has another Melb cource in Oct 03 but Id get in now as it goes fast. You’ll be very glad you did. I will be visiting his Sydney offices next week.
JarsGavalynn
I think this service is a superb idea and will probably only buy this way. I am time poor and you end up getting just as involved when a deal looks like a go anyway. My buyers advocate cuts out the many unsuitable properties that I would have wasted my time on and we get together and discuss only the potentials. I agree with Stu, choose well, in fact it was Stu that gave me the one Im using now, together with 2 others that I sourced, whom I deal with on many investments not just property.
JarsUnmarried mothers deadbeats! Mate thats harsh, my own mother sends a two finger salute (very smart lady with 3 brilliant children who came to the country with 10 dollars!). Geez.
Im on the course at the moment. Day one completed today and back tomorrow. Im enjoying it, and I like what he has to say. I will be interested to see what comes out of the free consultation, but it wont be conducted by him, but through his financial advisers. I will be visiting both the Melbourne office and his Sydney office soon enough, and will post results of this.
JarsHmmm, Michael, this isnt the first time youve left me somewhat speechless. Thats pretty rare for me. -sigh- ok, so I launch into a commercial property at 8.5%, do I review it each year/quarter/month etc? Do we continually review each +ve cashflow property for better loans, better deals elsewhere, better properties…
The reason I did this is because when you are assessing so many properties, you need some rough guide so that youre time is well spent investigating the ones that will work. I thought there would be other quick calcs. In handing the brief over to the buyers agent also, I wanted him to have a quick guide too, so he knows what my min % consideration will be.
Thank you all for replying! AD, what rules do you follow in investigating one property over another (with hundreds out there to choose from in areas you have picked)? There has to be a dividing line between paying not a $ more for a property in an area and some clear rules in ones head.
JarsOther than the 11 second rule, and the margaret lomas 0.175% of PP. what other quick formulas are available to discover if a property is cash flow positive, theby setting a limit to what one would pay at say auction to get X % return etc. Any good ideas?
Has anyone got any good ideas on how to run some numbers when it comes to property – numbers that you use as a rule of thumb as a precursor to investigating a property for positive cash flow?
This is a valid post. A novice has to have quick formulas in their head prior to proceeding with due diligence.. What other quick calc’s are available?
JarsDragon, Which company checked out best for you? Are you QLD based? Which bank was best?
Thanks
Jars
] I am stunned. Not surprised, but really angry for you. I got that kind of **** on Friday with a market dominant supplier. Meet you at the ACCC, Ill be sitting in reception!
