Forum Replies Created
Michael you cracked me up! [
]Div43 – try a lady called Dymphna Boholt on 07 5479 4455 and she’ll daedal your tax & investment entities to your hearts content. She’s excellent and sensible enough to be based in beautiful Maroochydore.
Hope that helped. Note – no fish jokes, diver dude.
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MelWill you adopt me? [
] [?]Seriously, well done. For my two cents worth I am struggling with the high maintenance required on owning loads of low value properties for renting and wrapping. In your position I would look JV’s in some higher risk/higher return options like development of townhouses/units in larger regional areas or outlying metro areas where populations are increasing rapidly and rent vacancies are low low low. I’d also sell most of them to cover costs and get a bit of profit but always retain a small percentage (eg 1 from 5 townhouses) to enjoy the income stream and capital growth.
Happy investing!!
MelI suggest a beancounter experienced in this area may be a better option, there are a lot of ‘depends’ in this one.
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MelMe !!! Because after a 3 month lag there will be OODLES of cheap property in good areas to buy which will give much better yields short term and after everyone recovers and gets back in – good capital growth as well. [8] Something about Lemmings may be appropriate here …….. [
]Mel
Howdy!
Step 1 – read Steve’s book
Step 2 – tell us what you think is your best option … good luck!![
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MelAziz_ek
What is your plan for this new property? If you are buying it to renovate and resell for example you may consider a low doc loan, but if not I think Stuart has some very sound advise – you really need to do your sums, because watching overextended people lose everthing is not fun.
Stay keen though and welcome to the forum [
] – you’ve gone a long way already so have heaps of options.[
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MelHowdy,
Have you talked to him about getting into higher yield properties? Like Stuart says he can get into low docs easily with his equity, but it’s income risk he needs to focus on.
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MelProbably not, but I’d get the final inspection done pronto!
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MelNot strange – suss – are they looking for existing ‘experience’ or cold hard cash paying existing ‘clients’ ?!?
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MelHmm – and you are pursuing this career why exactly …. sounds like torture!
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MelI think Warren’s strategy is actually 70% buy and hold, 30% arbitrage, and by buy and hold I mean he generally buys into about 20%+ of companies he believes in so that he has a seat on the board, and he’s held some of the same shares for 50+ years (he’s in his 70’s now, and interestingly backing Arnie’s bid for Senator of California – shame Arnie’s not eligible for President due to not being US born, not yet anyway)
I digress – what I mean is I think there’s lots of merit in being a specialist in up to three narrowly defined investment/income producing methods (ie managed funds DON’T count) than a player in several.
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MelAgree with Crashy, maybe a better option would be to list who the brokers are, who the RE agents are, who the accountants/lawyers/etc are … ?!?
Anyone interested?
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MelGood work Crashy, hard to read but agree with your end result!
Also re the diversify philosophy, I’m not so sure.
Ever read any Warren Buffet books? He calls the Wall Street mantra of ‘risk reduction through diversify’ lazy and plain crazy. He’s more along the ‘pick your investment strengths and work it work it work it’ line and he’s the second richest man in the world (and greatest stockmarket investor ever) so he’s got cred. Also Steve came across a bit like that in his book too. Being thinly spread to try to capture all markets seems a bit naf to me, you simply end up level to the crowd – that isn’t going to get you ahead in any race to financial freedom. Mind you it’s better than doing nothing.
Now that I’ve taken nearly every side to this, I think I should stop. [
]Happy investing!
MelGreat first post Meni, looks like you’ll be someone to watch – welcome [
]Best advice I can give you is to see a commercial broker asap to help you with these financing options.
I am a residential prop broker in Bris/SE Qld, and work with a very experienced commercial broker who can help you (or anyone else for that matter). Let me know if you live around here. Others in the forum are well connected throughout the country so I’m sure someone will be able to take care of you no matter where you live.
Cheers,
MelEmail: [email protected]
Hi Mitch – welcome aboard!! [
]First up, you’re a bit old for me to adopt (31) – people would talk …
Secondly – Crashy & Spider are right on the money & I agree to keep the bomb & sell the pulsar. I’d rather be a rich smuck in a bomb than a poor smuck in a shiny metal chick magnet (now I sound 31 – doh).
Second job’s also a good option if you’re serious – why not make it property-related if that’s your new passion, eg finding great deals and on-selling them to others for a fee (heard about buyers agents?).
Thirdly – not wanting to burst your bubble but even most slimey commission seeking financial planners would not be falling over themselves to help you either as they can’t survive on your $100 per month regular managed fund contribution, and from your info you need to focus on savings (cheaper rent etc) for debt reduction – if you do it’ll happen faster than you think, honest!
Also as I always recommend, get thee to a broker to get the good oil on your options.
Good luck!!
Mel
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