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In my mind, "as much money as I can get" isn't a goal – as in, it's not the end, just a means to an end. It's the end that should be your goal. I believe as you get into it, you'll flounder and waste time & money because there isn't a focus to your investing.
For example, one of our shorter term goals is that by age 33 I would like $30kp.a of passive income from property so my wife doesn't have to work. One way we're achieving this is do some buy/reno/sells to build cash and buy quality hold properties CF+…. it's not just about quantity.
perhaps you need a mentor more than you know….
Hi TCL,
Yes, we are progressing well towards our life goals. I'm not being rude when I say the following: but your first question to me about how many do I have highlights that some just don't grasp there really are differences in strategy and different strategies drive different goals – it's not about quantity at all. Me telling you how many, CF+/-, areas, etc… really wont help anyone on this forum at all (that I can see). If you think it helps: 1 Apartment in Melb, 2 Houses + 4 storage sheds Albury, PPOR – portfolio positive, have also done a buy/reno/sell.
If I'm being honest, the first 1 hour face to face session we had with our coach was the single biggest value item we got from the whole 12 months. He was able to help us get focus and started us thinking with focus. I can say that without that, we wouldn't have kicked on like we have. I would like however for the mentor service by the hour – that probalby would have been more cost effective for us. The material and get togethers were of value, plus the course material that gets sent out.
Not sure how much course is now – I guess it's on the shop section of this site.
We did the RESULTS program over 2008/09. Yes, it's a pricey investment. At the time, we had 1 negatively geared investment property, that we'd bought because it's what you did (ie. no strategy). Having read a number of books & this forum, we were keen to do more – but to be honest really didn't know "how to a deal" or even truly what that meant. (seems silly now)
We got this from the course. The first probably quarter of it is defining your life goals (both short and long term). Perhaps it sounds wanky to some – but really, having this clear in your head makes many questions posted here like "how do I structure", "what strategy to use", "where do I start", etc… so much easier. It's also the toughest thing to do (for most). I'd say this is one of the coaches greatest strengths – working through this process. (aside from their obvious combined real estate knowledge).
Was never an issue contacting our coach, but we had a regular call (weekly initially) scheduled for 30mins as we got established. They're also available for "emergencies" (like, this is a great deal and I gotta sign now to get it) – and even if it's not your assigned coach you can speak to any of the team.
We made a decision to be serious about property investment for 12 months and see how it went – using this course as a backing. We're very happy with where we came out the other side.
hotcopper.com.au
(not dodgy like the name might suggest)
Unfortunate timing – my folks have just headed off O/S for 3 months. I can also recommend the Body Corp bunch we use for our property (Brunswick):
R&S Body Corporate Services
03 9800 1029My folks recently had some issues with one of their body corps (Melbourne). From memory, they only had to get 50% sign-on of other owners and was able to have it taken over by someone of their choosing – a professional crowd that they use for other property.
If you know of another group that you would like to use, then get in touch with them for advice. They should be happy to help you out as it will mean business for them. They'd also be able to advise appropriately regarding owing/missing funds.
Does anyone know where I can still buy this toolkit? Or does anyone have one to sell?
Great – thanks Derek. I figured this would be the case, but just wanted to clarify.
Cheers,
LGThanks for all the great input everyone. (PM’s sent to those who offered an example).
adambc – couldn’t agree more! This forum continues to serve as an excellent resource for investors of all levels.
People and peoples lives change – you can’t assume your tenant will continue to act as they are now. And if you think you know them so well, then it’s definately worth using an agent in order to keep those personal/business boundaries clear.
Also keep in mind that often the size limitations do NOT include balcony/car parking areas – only “living” areas.
Regars,
LGI’m in – just make my signature so big it takes up the whole page – very difficult to place a contract around that!
Hi Wylie,
In Firefox, simply to to View -> Text Size -> Increase
Do this as many times as you need to get the font to a size you’re happy with.
cheers
LGDoes the need for insurance upon signing a contract also apply to apartments/units – or only houses?
Hi nordicskier,
Do you have any more detail on this? ie. a web link? What was their reasoning behind this?
Regards,
Linden GlenJust a thought for future versions…. but is it possible to make this table updateable via an internet connection? ie. if an internet connection is available, the software will update the table from a central server with the latest figures… saves everyone having to monitor and maintain.
Hi All,
Well, as Padma has mentioned above I am organising the next (second) meeting. It will be held on Sunday 27th, February @ 3pm at my place in Wodonga. All are welcome – please send me an email if you are interested and I will send you all the details.
Regards,
Linden GlenHi Ralph,
A few questions regarding teh trust you setup….
What was the total cost (and ongoings if any)?
Did you also setup a company to control the trust? Cost?
Will you have rent paid into the business account? And can you access that money any time via the trust, or only once per year?And finally…. where did you get “Trust Magic” from and how much did you pay?
Regards,
Linden GlenThanks pbatey.
For those that have it – is this the kind of thing that Steve’s new software package Investment Detective does?
