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My husband and I are using our savings to do Vendor Finance- a sure way to create passive income and a great way to learn about PI as you still need to all of the leg work with buying a property.
This is a non-traditional way to invest for people unable to qualify for traditional finance.
Good luck,
Mapleleaf
Achieve the Dream!
I think the trend of advice you will see is to add value, to find something that is scarce, to buy a porblem propety and fix it up…It takes a creative mind to invest at the moment and you need to start looking for reasonably priced properties that you can upgrade to make the rental return higher.
We have held off from buying until the right property comes along that will provide cash flow +ve returns, it takes patience and thinking outside the square!
Good luck
Achieve the Dream!
Obviously Steve’s books are great and we use them as our overall guide to investing. Products of his like “The Wealth Guardian” and “Buyer Beware” are also great.
But the book I loved and the one that really got me connected with the overall approach to life and money was “The Weathy Barber”- a great starter if you haven’t already read it!
Good Luck
Achieve the Dream!
If you are intersted in some information about Vendor Finance, let us know and we can email you our standard package. It might give you an idea about what is out there and where to start.
You can send an email to :
Or send a personal email to me via this forum.
Good luck,
Mapleleaf
Achieve the Dream!
We have found one of the best ways to establish rapport is ongoing contact. Find a reason to call, or visit the office and let them get to know and remember you. I also have a personal policy of leaving the office with the REAs laughing- I try to share a little witty comment as we leave the door- if the last imperssion is with a smile I think that can only help! We give out business cards and flyers to REAs about the type of investing we do.
Be confident to ask questions- aks about anything you want to know and if they can’t answer certain questions about the property ask them to call the owner and find out! Council may also be able to answer some things for you as well, so use them as a resource. It is often hard to get specific personal details about why the owners are selling etc, but ask! You would be surprised what some agents will tell you!
Good luck, it gets easier with every contact!
Mapleleaf
Achieve the Dream!
Stuart,
Great articles!
Mapleleaf
Achieve the Dream!
“Retire Young, Retire Rich”…Kiyoski
Achieve the Dream!
Being an RN, I am flexible with my hours at work and was able to cut back to 4 days per week from being full-time. This has increased my energy levels and my amount of time which has allowed me to be more focussed on PI. We plan to continue to cut back on my hours as an RN as needed to continue our PI plans.
This is a great way to ease into PI and ease out of work…It has been great for me!
Good Luck,
Mapleleaf
Achieve the Dream!
My husband and I are also new at PI and asked the same question…Overall we want to mimimize risk and to secure our investments, so we have chosen residential as well.
Commercial is great but there is a higher risk of long term vacancies and the money required upfront is greater (LVR 60-75%).
So we have decided to maximize the money we have to buy several residential poroperties as a start and then to move onto commercial when we are more established. The reward of higher returns and a tenant that maintains a property is very appealing!
Good luck,
Mapleleaf
Achieve the Dream!
This is a great way to look at things. My husband and I have just recently made goals for 2006 and essentially what you have said is what we want for our result. Time to do what we want to be doing, not necessarliy more time spent working…
Thanks,
Mapleleaf
Achieve the Dream!
Hi
You should read Steve’s second book, as it applies to the market today and offers great ways to work with the market so that you create cash flow positive properties.
Good luck,
Mapleleaf
Achieve the Dream!
Hi
The first place to start with structral questions about the property is the local council. All you need is the property localtion and they should be able to help you with the rest.
A building inspector will give you all the details of the house and will provide you with written documentation of the assessment. If your bank wants a building inspection done as well, be sure to get a copy of that report too.
And to find out about insects, a pest inspection will do the job.
Have a good look around and ask questions! Steve McKinght’s resource “Buyer Beware” is geared for investing, and is a great guide with tips on what to look for and what to avoid with buying property. So if you are going to be getting into investing as well, this would be a great way to gain knowledge.
Good luck
Mapleleaf
Achieve the Dream!
Hi
My husband and I started PI this year. He has had a great interest in this for ages and I am just recently learning the ropes. I must say it is wonderful to have the common interest, but it is not essential. I am sure you both contribute in different ways to making things work…
I did love our wedding day! My husband helped plan everything and we enjoyed making all of the decisons together. We kept it simple, but it was so specail knowing it was “our” day, not just mine in a fluffy white dress….So I guess putting as much effort into your wedding as you can will make the day even more meaningful to both of you.
And who knows…Maybe one day you can entice your wife-to-be to read something easy like the Weathly Barber and she will be hooked! I know I am. I was just intimidated by what I didn’t know, and now I learn something every week which drives me to learn more! I do think your wife should be informed about your investment ideas and plans, she might just catch the spark of your excitment and get involved too!
Good luck with your wedding and your investing future!
Mapleleaf
Achieve the Dream!
I am a nurse and have not had that sort of problem before!
Cute one I will share with my co-workers!
Mapleleaf
Achieve the Dream!
It is wonderful to hear a success story and of you meeting your goal early! My husband and I just did our goal setting and I can only hope to have the same success!
Well done,
Mapleleaf
Achieve the Dream!
Ronsab
Fisrt step is to call the local council and get information on all of the application fees, headworks costs, park contribution fees etc etc.
It varies from place to place and it may give you a quick overview if this is finacially viable, and then you can start thinking about time frames for this project.
Good luck,
Mapleleaf
Achieve the Dream!
Steve,
Love the forum!
I would love more info on:
1. Advertising for lease options
We are looking for creative ways to advertise beyong the “Rent to Buy” ads in the newspaper. We have brainstormed ideas (website, direct contact with REAs, flyers and mailouts…) but would love to hear what has worked for others
2. Negotiating with REAs/Vendors on purchase price and terms
We are still figuring out how to negatiate with REAs and wonder what is acceptable etiquette with submitting new offers (frequency, offer adjustments etc).
Thanks!
Mapleleaf
Achieve the Dream!
arreee1
My husband and I are also new to PI and have looked at lots of potential IP in the last month. It is a good way to learn what to look for and what questions to ask real estate agents. I think in the beginning it is good to see with your own eyes… it is not wasted time as you will most definatly learn something and will get to know which agents are good to deal with.
Steve has a great resource called “Buyer Beware” and it outlines what you need to know about a property before buying. So it might be a good place to start if you don’t already have it.
I guess you have to weigh up how much risk you are willing to take, and if you are starting out, it is always best to minimize risk!
Good luck,
mapleleaf
Achieve the Dream!
My husband and I stayed at spot in Canada that might give you another optoin….It was a camground that was set up on the land of an old farm a short drive from the town. There was a house insitu where the owners lived and the only other structure was a bathroom block. It was awsome value for us as travellers and low admin for the owners…
So if you wanted to go the 3 accommodation units, you could have one of these occupied by a manager that would also run the campsite with a discount in rent etc…You would obviously have to check the leaglities with Council regarding the campground…
Just another way to cash in on the tourism….
From a happy traveller,
Mapleleaf
Achieve the Dream!
Oops,
The above msg was from me logged in under my husband’s name!
Have fun with this funny thread!
Mapleleaf
Achieve the Dream!
