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  • Profile photo of JUS-10JUS-10
    Member
    @jus-10
    Join Date: 2003
    Post Count: 4
    August 10, 2003 - 11:07 am

    Hi guys,

    Got my PPOR in June 02. Purchased my first IP (-ve geared) in December 02 (thanks to the equity in my PPOR and the sky-rocketing Sydney market). My IP has increased 20% since last December, and my wife and I (21 and 23 respectively) are looking in to moving on to a few +ve geared properties in the coming months, and moving in to the equities market as well….

    My aim is to be financially independent by the time I am 30 so I still need to do ALOT of work…

    Thanks for all the motivations guys….everyone has something interesting to contribute here which is fantastic

    Profile photo of JUS-10JUS-10
    Member
    @jus-10
    Join Date: 2003
    Post Count: 4
    April 20, 2003 - 12:29 am

    OK well thanks for all of that [;)]

    The reason I have said that I may need to consider CF +ve properties is because I don’t want to work for an employer! If I am not employed, and thus not getting a wage each week, I can’t keep funding negatively geared properties can I?

    I understand what you are saying about -ve now, +ve later, and I would like to think that I have more than 30 years left in me….but my aim is to do this all full-time, and as soon as possible. I therefore need to start focusing on investments that are going to produce an income.

    My current situation is this:
    Income:
    Me – $60,000
    Wife – $35,000
    Rent – $10,500

    Debt:
    House 1 – $165,000 (valued at $320,000)
    House 2 – $225,000 (-ve geared – valued at $280,000)

    I re-financed my place late last year before things started to slow down in Sydney, and I have a LOC of $85,000. I currently have $50,000 remaining.

    I guess I am still working through what will work best for my situation and what I want to achieve, and as such, all of your opinions are invaluable. They help me to think and challenge what I already know, and that is the main reason I am here. I am old enough and ugly enough to make my own decisions and mistakes in the end.

    Thanks for all of your responses…greatly appreciated

    Happy Easter to all as well

    [:D]

    Profile photo of JUS-10JUS-10
    Member
    @jus-10
    Join Date: 2003
    Post Count: 4
    April 19, 2003 - 11:27 am

    I have gone over a lot of these issues with my accountant, and for my situation at the moment, it is best to continue operating under my name…

    What you said sounds about right, and yes, you will be up for a number of expenses if you establish a company…you could even consider an over-seas company which will cost about twice as much as an aussie company, but all profits will be tax free. The only problem is when you want to bring the money in to the country, you will be hit by the tax man, but there are ways around this, but it gets quite complicated. But imagine if you like to travel O/S to a particular company regularly….

    It all depends on your own situation, how much profit you are making, and how far you want to take your investment business! In the end it will be down to you and your accountant and what you feel comfortable with…

    Not much help am I?

    [:)]

    Profile photo of JUS-10JUS-10
    Member
    @jus-10
    Join Date: 2003
    Post Count: 4
    April 19, 2003 - 11:01 am

    I am in sunny Sydney…

    OK well here is what I want to achieve over the next 8-10 years…

    I currently work in a high paying (for a 22yo) job that I hate. I am basically using this as a means to an end…a tool to help get to where I want to go by providing adequate income in the mean time. Fortunately it is not very demanding, which generally leaves me time to do research and work on things outside of work.

    Within 8-10 years I would like to be in a position where I can “retire” from my current day-job, and become a full-time investor and manager of my portfolio. I use “retire” because for me that means I am retiring from “work” full-stop. I see investing as something I am passionate about, and thus don’t classify it as work. (Just to clear that up)

    From reading through some of the info on this site, it looks as though I am going to have to start focusing on +ve cash flow properties…

    As for what I will do to achieve my goal….well I will do what ever it takes, and I seriously mean that. I love business, money and property (in no particular order) and I want to succeed.

    If I have to quite my current job and focus on another area for while in order to go forward, then I will do it….as I said, I will do(and spend)whatever it takes…

    I think that is about all I have at the moment. I am always working through things in my head, but the end result just seems so far away at the moment, that I can’t get my head around all my different options and tactics.

    Can anyone provide any advice on things that I should be looking to include/consider in my plan?

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