Forum Replies Created
Hi,
I have also read all of Robert Kioysaki’s books and yes he says that money in your family home is lazy money. However, he aslo says if you have a lot of money and don’t really know what to do with it or how to invest it properly you are far better of putting it in the bank WHILE YOU EDUCATE YOURSELF HOW TO USE IT BEFORE YOU invest IT” So if you really want to help your parents I suggest that YOU educate yourself and show them with your own PROVEN TRACK RECORD that you know what you are doing. Then you can help them gain financial literacy IF THEY WANT TO. If you want to be a success you should learn how to be a success by and in your own capacity before you try and use your family’s money. Also, Kioysaki quite clearly states how you need to develop a good track record of all your financial affairs, including basic stuff in order to be able to show banks or other lenders that you have good money management skills.
Best of luck making it on and by yourself
jb
Hi all
Qoute “We are what we repeatedly do. Excellence, then, is not an act but a habit” Aristotle
I fully believe that you really need to want something so bad that you cannot accept not having it in order to be able to keep motivated. For some that may be money, for others something else. Also, after you have gotten used to constantly being outside your comfort zone then that becomes the habit and you will actually become uncofortable if you aren’t constantly challanging yourself. I believe this is one of the reasons that many successfull people never fully retire because even if they could they would get bored.
A really good read on this whole topic is “Think and Grow Rich” By Napoleon Hill. After having read that well then you will know if you are willing to do what it takes to become passionate enough to be able to stay motivated.
Bst of luck
jb
Hi all,
I may be risking a lot of critique for sying this but there seems to be lot of negativity in some of the posts. Lighten up and don’t be so quick to point fingers, the only way to move up and forward is through an open and positive mind.
By the way Steve did say during this weeks masterclass in perth that he has in fact stopped buying real estate. That doesn’t mean that his partner Dave has stopped.
Steve is walking his talk, I wonder if those who are giving him critique are???
Cheer up and happy investing
jb
Hi There
Congratulations on having some money to invest.
I would just like to qoute Robert Kioysake “If you have money and don’t know what to do with it, well, then put it in the bank untill you do”
I think he means that it is best first to invest in your financial literacy before putting a lot of money on the line. he also recommends to start small so that the inevitable misstakes will be less expensive.
Cheers and best of luck with everything
jb
Hi all
It is a tricky question and regarding staying with your parents, I stayed with my parents in law when me and my wife first moved to Australia from Europe and it almosrt caused a divorce. However, haveing said that I was very grateeful for their help but for us it was never an option to stay there. In other words it very much depends on your situation and I mean both of your situations (you and your partner), make sure you really listen to eachother.
Rober Kioysaki says “Building a business is one of the most powerfull investment you can ever make” He built his business first and then he used the profit to invest in real estate. If you don’t know who he is, he is the guy that Steve went to a seminar with and then started investing in positive cash flow property. In other words he is THE man. You can go to http://www.richdad.com and have a look.
To me it sounds like you guys are really going for it and I am exited for you.
All the best of everythong and good on you
jb
Hi All
Not sure if I am able to shed some light on this but I’ll do my best.
I am living in WA and in a part that is going through a huge boom during the last two years. I get people knocking on my door every two weeks to ask if I might be interesting in selling and that they will give me a free market apraisal. I know their is a shortage of properties so maybe it would be a good time to sell to get a high price…However it’s still booming so I suppose it’s a question of getting out at the right time.
Anyway, real estate agents only make money by selling so if their is a shortage they’d be sure to try and drum up business.Hope this helps a little even if I don’t have NZ property
All the best
jb
Hi all,
Professional to me means someone who is getting paid for what they do and that they have credentials in the area they are getting paid for.
I am involved in the medical profession and I can garatee you that I would not just go to anyone who has got a medical degrre if it was my health on the line. I would go to the best in that particular area wether it be a neuro surgeon or a hand surgeon or why not a reumatologist compared to a neurologist. My point being, don’t be blinded by a degree that does not necessarily guarantee their expertice in the area you need advice.
REMEMBER WHAT ROBERT KIYOSAKI SAIS “THE WORST ADVICE OFTEN COMES FOR FREE AND THE CHEAP ONES…..well go figure.
If your uncle has a lot of experience in the area you seek advice so be it, otherwise I would ensure that I got the best advice around regardless.
Also remember…NO ONE ever get rich by being a cheap
Best of luck with everything
jb
Hello,
I am very exited for you and it’s great that you are getting started.
Every deal is individual so there is no telling which one is the better without having crunched all the numbers. If you don’t know how to do that don’t worry, Steve has got a lot of available resourses that are fairly cheap considering how much money they may save you or make you.
The first one is tough because everything is new but just to give you some advice that I give myself daily is Don’t be discouraged and don’t give up regardless. Fortune comes to those who are willing to do what others are not.
Go for it and please don’t stop even if it seems impossible to find good deals, it gets easier.
All the best
jb
Hi there,
Congratulations, that is exiting.
Just remember that according to Steve: Either you pay there price but on your terms or you get a discount but the deal will be on their terms. I suppose if you can get away with both that’s even better but probarly not a win win outcome as Steve recommendsCheers
jb
Hi all,
Steve and Dave are currently investing in the US and they believe there are many good opportunities there but, hmm, I suppose there is always a but. During this weekends masterclass in Perth Dave did warn that investing in the US is different from here and there are more things to consider. Dave also mentioned that during his last trip to the US he meet many Aussie investors in the US that hadn,t done their homework properly. In short I suppose he did say that the opportunities are big over there but most people don,t realise that they need to be aware of diiferent laws etc etc and Dave have travelled a few times to the US to make sure he does his homework properly.
Furthermore Steve and Dave does not recommend refinancing your own home for down payment for investments. This may be extra important for you in terms of which legal structure you decide to use in the US as they have a tendancy to sue a bit more over there.
Sorry that this post is a bit messy but make sure you get proper professional advice and don’t save money by paying cheap advisors and do your homework
Having said that I wish you all the best and definately believe that go for it but go for it the right way, don’t gamble.
Good investing
jb
Hi Gary,
It sounds to me that you do have the right take on it.
In regards to your second question I agree with you but don’t quite understand the question. As far as I understood what Steve said was just that when one of their companies maxed out in regards to how much money the bank would lend to their company they simply started another company and did the same thing again. So it is always the legal entity of the company that gets maxed out and not Steve as an individual. Regarding the personal guarantor role and proving servicability I believe this is not a problem for Steve due to that he only invests in positive cash flow property so even if the first company has maxed out….well this means that Steve’s income would have increased with wathever yield he recieves from all the property that the loans from that bank has bought him. If anything this would significantly improve his personal servicability and thereby enable him to yet again with another bank be a personal guarantor for the next company and its loans. And so on and so on.As far as I can see this also answers your third question but then again that is if I understood it correct. Anyway, Ihope I have not been to unclear and that I have been able to help answering your questions. I would very much enjoy your thoughts on this.
Best regards
jb
Hi,
First, I am not a professional so any advice I give you is based on that. Please make sure you get proper legal and accounting advice before moving forward.
However, as far as I have understod after reading Steve’s books, wealthduardian and a lot of similar books by Robert Kioysaki (the guy that turned Steve into positive cash flow prop) is that as far as structure goes you don’t want to own anything in your own name but you want to be able to control everything. In other words be very carefull about doing it in your own name, there are many reasons for this and one is that if you later would like to change your structure stamduty applies. I suppose one of the best things you could do is to purchase Steve’s Wealth Guardian since this takes you trhough all the different structures. Still get professional advice but you will be able to ask better and more qualified questions and thereby receive better answers.
As far as your husband goes……don’t dare to go there but maybe I dare give a suggestion. Do your homework and when you approach him be very positive and honest about possible ups and downs so he can make an informed descision based on as many facts as possible and as few emotions as possible….stay positive.
Regarding the banks I suggest that you visit http://www.richdad.com and consider purchasing “How to write a businessplan” by Blair Singer. I think this is the right title and author. Anyway; go there and have a look. Remember, the more you do know in terms of educating yourself the better are the chances of success.
Hope this may help a little and if for nothing else..I’ll be cheering for you so do your homework and go for it
Good investing
jb
Hi
I have had the same trouble finding a savvy accountant and the way I went about it was to contact Destiny Solutions office in Perth (they help people investing in positive cashflow property as well as doing different seminars). I have no personal experience with this company but they were very helpful and asked their clients, who mainly invests in these types of property, which accountant they use.
I have spoken to this accountant and he did make a very good impression over the phone but because I live in Bunbury I have since managed to find a local accountant that I am currently using.
Contact details:
Murray Fisher
Parry Street
Easth Perth
Phone: 93285044Hope this helps
All the best
jb
