Forum Replies Created
Hi Rezix
congratulations on having started on your way towards financial freedom. I absolutely agree with saving as much as possible, and living with Mum and Dad as long as possible (I’ve come back home in the last 18 months, and I’m 29 in a matter of days[
]).The best thing that you can do is keep saving as you are. If you are looking at buying jointly with your friends, encourage them to set targets for what they also will save, and occasionally check up on each other, and encourage.
The best advice is to keep saving until you have enough for a 20% deposit and costs – and don’t rush out to buy any old property just cos you want to get started. Start doing research, and number crunching, and keep learning. Soon your practised eye will be able to spot a bargain a mile off. Then when you have enough cash to embark on the first one, start your crunching in earnest.
And don’t forget to keep asking questions on this (and other) forums. There are so many people who will answer you willingly with different experiences and ideas, and what’s more it’s free. You might also get some useful contacts to form your team (accountant, solicitor etc.)
Good luck[^]
Cheers
MelHuey, I’m so sorry to hear that.
Do not torture yourself with what you might have done differently. I seriously doubt that you could have done anything to stop him or change his mind.[
]A friend of a friend spent what turned out to be his last hours catching up with all his mates – saying good bye, but they didn’t realise it at the time.[
]Cheers
MelOriginally posted by markpatric:
I wouldn`t pay the high fees anyone is charging for a “kit”, that is laughable and rarely attend seminars, and no never a Henry Kaye one.I do recall I said ‘gave us’ rather than ‘we bought’.
Trial and error is the best learning method.Could not agree less!! I would much prefer to save years of time by learning from other people’s mistakes and successes. I don’t have the time or the money to want to throw it all away ‘learning’.
Of course some small % of people who buy these kits and attend seminars will benefit, (the early bird gets the worm) but within the next year or two I think you will see the vast majority don`t.[]Why is it the early bird gets the worm? You are learning a ‘process’ that can be implemented time and time again – I see that Maccas stores all run EXACTLY the same way. Each new store is as successful as the first, so I don’t quite see your point.
If you need to ask a valuer the value of a property you should not even be investing in the first place Melbear.Crap! I will get a valuer to confirm my buy price – especially before an auction as here in Canberra the banks do not take the sale price as valuation. And we also know that valuers are conservative, so our research which indicates a higher price may become a lower price in their eyes, depending of course on how they are instructed. I would like to know what my bank will lend me before I sign the contract. If their valuer is $20K less than my research indicates, I don’t want to have to fund that $20K myself.
Lastly Melbear have you invested in NZ?, what would you consider “due diligence”, with regard to buying there?.This has got to do with……? No I haven’t bought in NZ. I do not have the energy to go over there to do the research – plus trying to learn to pronounce their place names would give me a headache [
]Due diligence could entail anything, how can anyone give you guidelines for such a thing?, there must be times when you “take a chance” on certain aspects of a purchase, R/E does not work like this.So when you go to buy a house, you do not have a number of things that you will automatically look for. You don’t care about population, employment, rental vacancy, comparable sales, rental comparables, etc. etc.? Of course you’ll have bloody guidelines. And of course somebody could set out a checklist for you. You do not have to do ALL the steps, but you know that you will cover what is really necessary.
Is that not why Steve developed the Buyer Beware templates? Are they not a set of guidelines that people can follow? Tenant checklist etc. etc.?
This is like saying use due diligence when driving, it is intangable, how can you predict what other people are going to do on the road?, I would go as far as to say people who use due diligence to the extreme on the roads are by far the most dangerous, good corrolation I reckon.[]Huh?
Cheers
Mel
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