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It is inspiring to read the posts of this topic!
Like many of you, I am just at the 30 mark and have a goal to be financially independent withing the next 5 years. My husband and I are working at our trained professions at the moment to bring in cash for PI….It is rewarding to go to work and to know that it is helping us to get to where we want to be. We love PI and hope to continue with it even when we are financially free!
Thanks for the upbeat comments and for sharing those great stories!
Mapleleaf
Achieve the Dream!
Trudy,
I have looked into putting a removal home on a property in the area you are talking about…And there are alot of upfront costs to this type of investment. It is a great way to make money but may also tie up a substantial amount of funds during the renovations etc.
I would recomment calling the local council and getting advice on costs associated with what you want to do. There may be a certain sum they will require upfront to guarentee that the property meets council standards at the end of the project…This can be thousands of dollars ( I was quoted up to 50,000) depending on the condition of the home you are relocating to the property. There may also be a headworks cost and a parkland contribution, so ask about these in relation to the property you are looking into.
Toowoomba Council was very helpful and you can access lots of information on the website: http://www.toowoomba.qld.gov.au or by phone: 07-4688-6611
Good Luck,
Mapleleaf
Achieve the Dream!
My husband and I use a budget and record EVERY expense. It takes a month to see where you are able to cut spending as well as to evaluate how much you will be able to save. The budget is a way to give you freedom to spend money with the knowledge that you are still saving a desired set amt.
Let me know if we can send you our template we use (a simple spread sheet…)
We also recomment Steve’s 2 books!
Good Luck,
Mapleleaf
Achieve the Dream!
Jeff
That information will come in handy for us as well!
Thanks,
Mapleleaf
Achieve the Dream!
Hi GPS
I have read your attatched doc and agree with it!
My husband and I live in the city centre and use public transport for work, walk into the city for shopping and love the convinience of having a nice pool etc without the admin.
We are currently looking for investment properties in areas that we would not live, but that have the potential for great opportunites!
Thanks for the interesting info,
Mapleleaf
Achieve the Dream!
Hi beechmachine
My husband and I are also new in PI and we have learned alot by picking up the phone and calling people- Real Estate Agents, City Council, Home Removalists, and anyone else that can provide us with valuable information. People are willing to help, especially when I have explained that we are new to the business of PI!
We also have an experienced Mentor that we meet with monthly to ask questions to, and to share ideas with- he has been a great resource and keeps us motivated and on track.
We have found that getting out there is the key! Inspect properties, visit real estate offices, look at websites and find properties that might be the investment you have been looking for! We have learned so much by going through properties with a checklist (from Buyer Beware by Steve McKnight) and then crunching the numbers after seeing the property. It is good practice and will prepare you for when the real deal comes along!
Good Luck
Achieve the Dream!
Thanks for sharing that calculator! It will be helpful for a starter like me!
Mapleleaf
Achieve the Dream!
Thanks for the feedback and advice.
I will look into Council guidlines as soon as things get rolling again this week after the public holidays.
Any other tips on the hassle of hookups etc associated with these investments?
Mapleleaf
Achieve the Dream!
Me again,
This is my first post and I look forward to hearing from the experienced members on the forum!
This is an inspiring forum!
Thanks
Achieve the Dream!
