Forum Replies Created
Hi Andrew
Apologies for taking so long to reply.
Yes, it is time consuming to source properties, purchase them, have them tenanted and if you choose to renovate you are opening another can of time sucking worms, apologies if I made it sound like it wasn’t. My point was more about building contacts to assist and that you could always make the time if it is something you wish to pursue.
Regards
LucindaP.S you could also look into wrapping (info on this sight) as this takes out the need for renovating or looking for tenants.
Hi Andrew
Apologies for taking so long to reply.
Yes, it is time consuming to source properties, purchase them, have them tenanted and if you choose to renovate you are opening another can of time sucking worms, apologies if I made it sound like it wasn’t. My point was more about building contacts to assist and that you could always make the time if it is something you wish to pursue.
Regards
LucindaP.S you could also look into wrapping (info on this sight) as this takes out the need for renovating or looking for tenants.
Hi Andrew
I also have two small children (under 3), and am currently changing my negatively geared strategy (have been investing in negatively geared props for about 4 years) into a positively geared strategy (imagine if I had done this 4 years ago, where would I be – the lessons we learn!!!).
I spend evenings looking for props on the internet, I make phone calls to agents during the day (while the kida are asleep) and if a property or properties comes up that matches our criteria my husband, kids and I drive/fly to the area to take a look.
With the properties we have at the moment (only 3 so I am by no means am expert) I have agents manage them i.e fix toilets etc I don’t even the properties close to where I live I don’t do the maintenance.
I envisage by putting in the work now I will be able to work less once I have enough properties to reach my financial freedom goals.
If the desire is strong enough anything is possible.
Lucinda
HI all
Some interesting and valid points brought up here… it really goes to show that there are as many different strategies for investing in property as there are people investing in it.
I just wanted to add a few additional comments below:
There are ways to add Capital to properties in areas without CG e.g carports, garages air conditioners etc its a matter of finding out what the market is after. This way you not only add to the capital in the property but also usually to your bottom line as the rent can be increases as well.
Another point is that if you have the tenant paying off the mortgage and still getting cash in your pocket you are also increasing your capital.
Also with negatively geared property if you were to loose your job you would most likely also lose your property, where as if you have a positively geared property if you lost your job you could still afford to hold onto the property.
I have been buying negatively geared property for years and found that although the CG has been excellent over the years (thank goodness!) that it hasn’t been getting me fast enough to my goal of financial freedom. This has made me change my thinking with regards to property investing and I am now in the process of changing my property portfolio to contain +ve geared properties. I am now running my property portfolio like a business by watching the cashflow -the cashflow should be coming into the business not running away from it.
Lucinda
Hi J
Home courses are a great option, there are also a few from http://www.powwowevents.com.au.
Regards
LucindaHi Jann
Yes I have purchased this report and found that it does give you some areas to look at – especially good if you really don’t know where to start looking for positively geared properties.
Please note that the report only gives suggested areas you may find positively geared properties, the investor needs to still do a lot of research about the area.
Regards
LucindaHi Ryanmel
My husband and I have had many discussions re the same and we have decided to sell our home and use the money investing in property.
This was not an easy decision to make and we took a lot of things into consideration such as:
– Our future goals – where we wanted to be in the next few years and what it was going to take to get us there
– The financial figures for every option so that we could make proper comparisons
– Advice received from a qualified accountant on all the options including taxations implications
– Best and worst case scenarios for each option
– How we would feel about losing the security of owning your own home
– How we would feel about doing things differently from everyone else (i.e. negative feedback from family and friends)The way that I see it there is no absolute wrong or right with property investing or if you want to get deep with your life – it is about looking at the pros and cons for each option you have and moving with the best option you have at the time.
Best of luck with the decision you make.
Lucinda
