Residex,
In trying to understand your initial point, I can see how a number of people would jump to conclusions that you probably did not mean to infer.

When one trys to simplify their point to a single statement, it often becomes cryptic. That then leaves your view open to interpretation.

It seems to me that you are using the view that “money is needed to do good” and using this as pro active motivation in your wealth accumulation….good on you. I think that this attitude may help you aid mankind for greater good.

And yes, I do agree that those who wish to do greater good in the world should be challenged to rise above defeatist comments like “money isn’t everything”, if they actually are. (I doubt anyone who replied in this thread would anyway).

It seems to me that this statement was taken out of context by the above replies and suddenly…#WHAM#…, conclusions were drawn that you were actually saying “money isn’t everything” to mean that “you need money to be successful”.

It is great that the majority of people on this forum are so focused on good, right and humanity.[biggrin]

It is a pity that this often blinds them, and onesided irrelevant rantings will follow a provocative post, which was actually meant to stir action and move people towards a better world.

At the end of the day, if this is a positive motivation for you, go with it and don’t let misinterpretation by others knock that out from under you.

Redwing and Aussie Rogue, try taking a step back from your goodie two shoes rantings and see that you may have jumped in with judgement rather than trying to understand what resiwealth meant.

touche’

lifexperience

Interesting thread, I had to add some fuel.

First of all “Karma is a word often misused and misunderstood. You really have to read some eastern religious texts to try to understand it. Your karma is more about building positive beliefs on events that happen (pleasant or unpleasant) rather than an expectation that the universe will give you presents if you are nice.

I used to be a big believer in the idea that if you are extra nice and good to the world, that will be repaid later on….this works well when you don’t actively engage the real world on a business/investing level.

However I have found through my personal experience, that the more I acted like a charity, the more I was treated like a charity. (ie: they keep expecting more, and there isn’t the donations coming in to fund this outflow.)

I am finding that the real world exists a lot like the jungle, where you do what you have to do to survive and prosper, otherwise someone else will walk over you. basic capitalism.

Of course, provide a service to mankind and you should be rewarded with profit….fair enough.

I have actually changed my beliefs since becoming a landlord and watching the world stage.

Living in a society that began by invading a country of harmless native wanderers and thrives through the killing of animals for meat, killing of trees for paper, invading of countries for oil(oh..sorry it was for the benefit of the Iraqi people. gee whiz… they are so much better off now, glad I trusted the media that invading a country was a good thing to do[dizzy])….. I can no longer pretend that I am nice…to do so seems hypocritical when anything given that does not dramatically reduce your standard of living seems to me to be a hollow act in the face of reality and others problems.

To truly be good, All or nothing. In between is being naive.

Not to take anything away from the nice acts people do, I just feel that most people simply do these as a way to make themselves feel good and then turn a blind eye to the greater evil that is being played.

5 bucks for the salvation army, and your hands are clean???????[angel]………… c’mon open your eyes.

It’s just the way humans are……[devilish]

lifexperience

hardrain,
wow, thats a big change of direction to end uni to begin investing sooner.

I never went to uni myself but started a trade from 18 years old. I found hands on work very rewarding the extra cash beat Austudy hands down.My uni going friends are only just starting to catch up wage-wise and we’re in our mid-late twenties (yup the twenties go quick!)

If you were to find Wrappees before the property, you would simply have to explain clearly the premium you would add onto the price the house was bought from agent. typical 18%, and explain that this was to cover the extra risk that the banks wouldn’t take on them and your loss of any appreciation in the value of the property. Of course if they pull out, you are still stuck with the property, so make sure you approve of the purchase 100%.

I am just finishing my first week of wrappee interviews. I have been lucky and had 30 calls from prospective wrappees, there are still a lot of people who cant get bank loans or deposits. The window of opportunity in VIC is wide open as the total money available from government is $12000 (until june 05), which has opened up the private vendor market with a lot of no deposit deals available.

I tried co-housing (uni accom.) properties with the aim of making good positive cashflow and keeping capital gains for profit and gearing more props.

My downfall came when I stuck to the letter of the law and included utilities in the package (impossible to individually meter them as the law requires) and kept households to less than 3 rooms to remain covered by insurance. You would be surprised at electricity bills when the users leave heaters on 24/7. eeeeeeek.

So I am now turning to wraps as my cashflow saviour, I imagine the key will be the same as renting….find a good reliable client.

And I agree with FW, don’t make your numbers too tight, there will always be unexpected costs.

[biggrin]

lifexperience

I believe this thread started with a humurous tangent at a public situation.

I also find mobs and lynchings to be preposterous comparison in this situation, to tell the truth, and so felt compelled to further take the piss when this was brought up.

…., hey why not go further and complain about political cartoonists that depict our politicians in a less than respectful way.

….. or ban any comedian that uses public issues to make jokes.

If you could not see the humour here, thats fine.

I ask if there really was judgement passed or a lighthearted humurous discussion with a few opinions.

Of course, it is so ridiculous that this was so, that by explaining myself I may have actually taken the bait thrown by a few stirrers and hung myself…. well….

if that is the case…..Tally Ho, and let the fun go on.

lifexperience

Checklist:

Clubs, baseball bats and Koshes…………….check

Sack of doorknobs……check

Dead end Alley to chase lynchee down…..check

Get the truck and the blunderbuss Arlene, we gotta an ol’ fashioned lynching to gee ta.

[devilish]

lifexperience

I found this on WA legal aid site…….
***********QUOTE*************************
Landlords may also refer complaints to the Department of Consumer and Employment Protection

Department of Consumer and Employment Protection
Head Office
219 St. Georges Terrace,
Perth Western Australia 6000
Locked Bag 14
Cloisters Square Western Australia 6850
General Advice Line: 1300 30 40 54 (cost of a local call)
For new enquiries and general advice
Click here for the Department of Consumer and Employment Protection’s web site

You may obtain assistance from:

Property Owners Association
97 Clement Street
SWANBOURNE WA 6010
Telephone: (08) 9384 7583

OR

Landlords Advisory Service
Suite 5/ 16 Moreau Mews
APPLECROSS WA 6153
Tel: (08) 9316 8533
Fax: (08) 9316 8522

If you wish to complain about the management of your property by a real estate agent, you should contact the Real Estate Institute of WA.

The Real Estate Institute of WA
215 Hay Street
SUBIACO WA 6008
Telephone: (08) 9380 8200
*Telephone enquiries 9-12 noon and 2-5pm only.

******UNQUOTE*******************

lifexperience

Hi marissa,
I too beleive RE Agents often underperform.

Both to owner and to tenant.

As a tenant who always paid and kept property in good condition, I often moved on purely because I was sick of being treated like a second class citizen by nosy, rude, arrogant agents.

Hey!, after all my rent was putting money in the agents hands, the owners hands (and probably a bank). If I handed that kind of dough over as a Restaurant customer EVERY week, what kind of service do you think I would then get????

I manage my own properties, and I can tell you it is a quick learning curve.

Be prepared for middle of the night calls about emergencies that you will have to deal with there and then!!!!

Be prepared to chase up and keep an eye on rent payments

But above all, I beleive you can avoid most of the problems with tenants with proper due diligence!!!!!!!!!

Police check, Solid references,
(It may not really be the INTERNATIONAL CHIEF of spy operations at the end of that phone, and they may not even really work for the British Secret Service as a 00something Agent!),employer, bank manager, even a private landlord data base is better than nothing (thelandlord.com)as it is difficult to access the same defaulting tenant database that RE Agents use. Maybe a credit check.

Don’t be too soft either, I got myself into a bit of strife playing the “nice guy”, next thing you know….

“hi, how r u, um… Can I borrow $50 to feed the kids, the dog ate my pay this week…..”[blink]

Easy to put a trouble tenant in, hard to get them out.[cry]

Hard to find a good tenant , easy to get them out []

lifexperience

I recently discussed a partnership with a co-worker where we considered this scenario.

105% Loan split equally 2 ways
He put in 20% equity as security from his existing property.(silent money partner)
I do the running around and leg work.(time partner)
Split profit or loss 50/50

Note, I have already set up a few ip’s that are pos cashflow in the past.

Work out what you could bring to a partnership
(time,deposit equity/money,servicability,experience)

Then find someone who has what you lack (time,deposit equity/money, servicability,experience.)

Stariah, For what reasons can’t you do deal on your own? there are other ways to get around problems.

Easiest guarantor is Lenders Mortgage Insurance.
[biggrin]

lifexperience

Hi Greg,
I would have thought that if he doesn’t refinance then you are better off as you are still making positive cashflow.

If you are worried about realising the premium at the exit end, then maybe you could reduce the selling price and increase the interest rate so as to make more during the wrap than at the end (ie: refinance).
[drummer]

lifexperience