Forum Replies Created
Hi Richmond, slim, insider, and all,
“When I started investing I didn’t have a job & could not get finance from lenders. Somehow I have still managed to buy 4 properties in the last 2 months”
wow, well you’re the best qualified person to answer housesitter’s question? I would love to know more about the ‘somehow’ – if you’re prepared to share that? Especially if it didn’t involve getting finance?
And yes I think that proves it can be done to housesitter. i think it would also qualify you as ‘remarkable’.
cheers-
Minihi there
stick around, read lots, ask lots of questions, jump in the discussions, look for deals, read lots etc
as you feel more confident and know how to ‘do the numbers’ on a deal and tell a good deal from a bad one your confidence will grow. the test will be when you tell your loved ones what you want to do and they shoot you in flames saying ‘that’s a terrible idea/ it won’t work’ and you don’t get fazed by it, but out comes a calculator and pencil and paper and you sit down and actually *show* them how it works. they’re floored! then you’re ready.
cheers-
MiniHi Sach
Find yourself an accountant, a good one, a recommended one, who specialises in your industry (if entertainment is your main thing still) and invests in property too- (so can undertand where you wanna go!!!) and make an appointment~! I know a great one in Melbourne.
Ask all those questions you need to know, like ABN, GST or not? Structure? Keeping books in order? Tax returns? Advice for your particular situation? Etc etc.
Makes things sooooo much easier.cheers-
MiniPS If you are a freelancer you basically can’t invoice without one
Hmmm Unemployed people….
Yes in theory, a formerly unemployed person could become a millionaire property investor, however unemployed people with cash or equity in a home would be most likely, and as far as long term unemployed people with no savings or equity – possibly even debt – still not impossible, but I think that there would have to be the in between step of ‘where is your investing capital coming from? How are you going to prove to the banks you can service this debt?’
Not that those aren’t solveable, but it would take an extraordinary mindset to achieve it and not give up, putting it in the ‘too hard’ basket.
If even the ‘ordinary Aussie’ (i.e. working, and paying off first home) might finds it somewhat hard to become a property investor, and unemployed person is going to have double the challenges, surely?
surely it’s far easier for an unemployed person just to say ‘it can’t be done’ and get back in the dole queue???
maybe It’s up to unemployed people to get out there and show others that it’s possible, rather than behaving exactly like society expects – see above ‘ironic’ sentence
Hi KtKiwi,
nice to hear from you again,I edited a certain word out of my previous post because I hadn’t meant to be insulting.
re:
“latest “new kids” on the property investment block from ESC (Richmastery) who saw the opportunity to buy and then use this publication for their own means”yep I am taking on board your view that these guys are obviously not just doing this as a public service to be kind and give back to humanity, helping out their fellow property investors- they saw a business opportunity that they thought would work well with what else they are selling and doing and went for it. I ‘get’ that it’s biased to a certain (but not total) extent. (but then why did the original owners sell? Maybe because not CF+ve???)
For me KPI magazine is still worth the purchase price and I am glad it exists. I’ve only bought three issues so far because I only discovered it a little while ago.
i would certainly buy another magazine in addition if there is one. I hope it has a website where you can subscribe, too. I also hope two magazines won’t turn into one camp slagging off the other.
it’s a shame that KPI won’t take ads from people who supply competing products to their own. That’s a bit bogus, but obviously they don’t need the advertising dollar that much…
I am going to go off and check out all the links you posted, thanks for providing that bit of background info.
PS
OK just read the Jenman site, ewww, the dude is majorly peeved!!
Bear in mind that Jenman’s books are all about fear – i.e. ‘watch out! you’ll get ripped off by all the shady tricksters in the real estate industry!!!’ and so of course he constantly needs more ‘tricksters’ to ‘warn people about’ in order to write more books….There’s a dude, forget his name, Treed or something, who’s totally against Robert Kiyosaki and who coincidentally (not) writes books himself, that i bet he wishes were as popular. I see parallels…
it’s a secret
but i’ll tell you when I meet youre: hearths –
check your insurance policy. Perhaps worth fixing.
Two places I have, I’ve had to attend to the multi-fuel burner and rip it out and replace with a brand new one, as the existing ones weren’t code-compliant and didn’t have building permission and insurance won’t pay out if that’s the case.re stumps, we live in a 100 year old villa in Sydney where if you dropped a marble on the floor it would roll to one side. Doesn’t concern us at all as tenants, although we have to chock the bookshelf a bit so it doesn’t lean!
Basically if the lean on the floor is ‘quite pronounced’ and might get worse yeah I agree, fix it, even if with a bodgy reno-kings style car-jack insert blocks- type fix.
in my experience the cheaper houses almost always have a laundry list of things to fix. Ask the builder who did the report if the overall is ‘structurally sound’ or not, and yeah, try and get a discount.
olorin, i think you nailed it –
“If those figures are anything to go by, it shows that during ‘busts’ -ve property owners will be hurting big time. Losing cash on a property when its not appreciating in capital value must be a real bugger… “
if you buy a +ve cashflow property now, when and if the hurting capital gain people dump, there will be a shortage of rental properties, rents will go up –
but even if capital gain remains strong, it should also mean the CF+ve properties go up in value too (though maybe not as much)
it’s much easier to ride a market out for a while if you need to, if you’re making each week not losing.
really Harold?
I have been buying houses on large freehold sections so far, but I am sure the maintenance is a lot more on a house than on a unit. I have been thinking about going for a ‘low maintenance unit’ next time, especially if the cashflow is as good as with a house. Also taking this ageing population thing on board, I am expecting there will be less people that care about big sections and more that want a unit with a little manageable garden in the future. i think as a buy and hold a unit might have certain plusses. Even better would be a block of ’em, but i’m ‘not there’ yet.
Of course you don’t get the land value so much with a unit though so in a capital gain area I guess it wouldn’t be so good.you wanted some more suggestions
violet (old-fashioned, modern too)
meadow (as in, the sopranos, love that name)
ariel (as in the angel, innit?)
soleil (french for ‘sun’)
Alska (swedish for ‘love’ – pronounced ‘elska’ and the “a” has two dots over it which I don’t know how to do)
Mookie (my friend’s middle name, i kid you not, i love it)
gretel, or gretchen
mailer
matilda
georgina
betty
clover
claris
daisy
rogue (teehee)
persephone
hermione
marni
martha
belle
sasha (can be short for alexandra, which I also love)
esme
heidiand 2000 others, here…..
http://www.pdom.com/unique_and_unusual_girls_names.htm
and now for the top 1000 (not many surprises here, though)
http://www.pdom.com/girls_names.htmalso
http://www.thenamemachine.com/
shows the thousand most popular names for each gender and for each year for the last ten years
5.00 am!!!!!
You must be kidding!!!!
They don’t really?????????????????????????????
aussierogue-
absolutely- of course you can! In fact one of the Astrids I know (asterix) is a fully Kiwi girl. Hey did you mean Astrid Kirchherr the Beatles’ photographer, credited with cutting their hair into their famous mop-tops?????!!!
I also agree with having a shortlist and waiting until you see the baby, then you will know what it’s name is!!!
hehe……on that subject, I was supposed to be Patrick, but when I came out my parents took one look at me and said ‘Minimogul’!!
No seriously, I’m a girl so Patrick wasn’t a go…and i forgot to say congratulations!!!
Hi there
don’t be afraid of ‘unusual’ names –
the creches and primary schools are full of wonderful creative names, as that’s what the young parents these days are into. I know people that have kids called Buster, Venus, Ginger, Chantoya, Ziggy, Keanu, Thor, Thean, Clodagh, etc etc….go to a preschool or kindergarten and check it out!!!
I personally love Indigo the best (most individual and least likely to have multiple versions of that name in the class, as you’d have with samantha, hannah, and molly – it’s modern yet old-fashioned too. really nice.) – although molly is cute too. more common though. friends of mine have molly and daisy.
Astrid is a great name, I know a girl (grown up girl) called Astrid ( her nickname is asterix!) Another Astrid I know is an international air hostess and German (cause it’s a german name.) I think Astrid is a glamourous name a bit like Uma Thurmann or Ingrid Bergman
Zoe is pretty cute toohi sach
I think ajwans means by “I feel a mortgagee in possession auction coming in
the future…”if your friends get into their own home they might default and then the lender will sell it to recoup their debt”….kinda pessimistic….
i would recommend them read ‘money secrets of the rich’ by john Burley.
As far as buying in Sydney goes, I did the numbers on buying the house we live in. Firstly not only would we need over 100K for the deposit. Secondly interest only would be $1200 per week, more if interest rates rise or a fixed rate, but renting the house is only $400 pw……
that’s why I’m still renting here but buying elsewhere.
try this one first….
http://www.movetonz.govt.nz/Bml/away/doing-business/sub-regulation.htm
quote from page:
Overseas Investment Commission
The Overseas Investment Commission (OIC) is responsible for approving certain classes of investment proposals by prospective overseas investors, and for expanding local investment by existing overseas investors. An “overseas” person includes any company or individual not ordinarily resident in New Zealand, and any New Zealand company where overseas owners hold 25% or more of its shares or voting power.Overseas people need consent from the OIC to acquire or take control of 25% or more of:
* businesses or property in New Zealand worth more than NZ$50 million;
* land over 5 hectares and/or worth more than NZ$10 million;
* any land on most off-shore islands; and
* land over 0.4 hectares which includes or adjoins certain sensitive areas (such as foreshores, lakes, specified islands, reserves, and historic or heritage areas).The OIC reviews proposals in terms of the net economic benefit to New Zealand. It approves investments that do not involve land if the investor has business experience and acumen, financial commitment and good character. Investments involving land must also meet a “national interest” test.
New Zealand Overseas Investment Commission
One more tip: Don’t be afraid to do your own research – because a lot of the info you need is on the web and easy to find. I used google
It’s a search engine – i,e, to get the info above i typed in the words
“rules foreign investors NZ regulations”
it’s not the amount of your salary, it’s what you do with the amount.
Spend more than you earn on consumer goods and lifestyle and you’ll always be broke, even if you earn 3 million a year.
Spend less than you earn and invest a portion of it (say 10-20 percent) at 15 percent p/a (reinvesting the profits) and you’ll get richer and richer.
over many years even a millionaire. Contrary to popular belief you don’t need to start with much as long as you keep doing it over time.the exact figures are from Steve’s other site
http://www.wealthtipsonline.com.au
see ‘personal’ and the ‘secret number one’
it basically says, if you are earning 40K a year and you are 40 years old and start investing $310 per month (9.8 percent of your income) at 15 percent and keep investing the returns, you’ll be a millionaire by the time you retire.
cool huh?
Obviously if while simultaneously doing this with credit card debt at 17 percent which you never pay off you’re going backwards there as fast as you’re going forwards with the investing. So the other key is to eliminate ‘consumer’ debt as quickly as possible *first*. Then spend less than you earn to stay in that situation forever.
hi there,
yep brianc is right.re: weather, well it’s all relative, wellington for example is similar to melbourne without the extremes of heat (maybe up to 35 not 45) and plus a whole lot of wind (which makes the air very crystal clear)
north of auckland up to the top is like cooler version of queensland, still very mild though
auckland is like cooler version of Sydney complete with similar humidity
nelson, blenheim, motueka are sunny microclimates considering that they’re further south
christchurch and south of there is getting more like england and scotland in climate
chilly, rugged, pristine
Hi Muppet,
if it wasn’t for richmastery I don’t think there would *be* a KPI magzine.
They bought it and have made it bigger and better every month, from an 18 page or whatever to 90 plus which it is now. There may be a few ads for their own products and their accountants etc however they are successful investors themselves who got there very fast and i think they helped set a lot of this stuff up – or at least consulted – because it didn’t exist before to that degree, i.e.Notice brad sugars supports them. Brad Sugars is someone they learned from and it seems he’s backing them now with testimonials. So….maybe they are just out there doing things that successful business operators do such as leveraging off someone else’s reputation….
As NZ’s leading property investing education entrepreneurs they have probably helped create demand for the mag, as they are teaching people about property investing much like Steve and co. are.
I am part way through watching the video set of their seminar and finding it very good so far, adding on to what I already know and supporting everything I’ve learned from Steve, Dave, the reno kings, Stuart, Tony, Dolf, John, and Robert!
it will be good if demand is there to support another magazine – well then I’l subscribe to both!
Oh yeah – their property finder service (they say) was started after they hired people around NZ to find them deals for themselves. Someone asked if they could pass on the deals they didn’t want, so they did. Phil Jones tells how even he checks his own web-site to see what deals his company has ‘turned down’ and even buys some of them too.
i believe them.
the magazine articles don’t necessarily support richmastery ideals either, such as the recent article with Bob Jones (legendary NZ property multi millionaire) which was hilarious
hi beachboy
“What percentage of positive cashlow do most people look for?”
re that question, for me right now, as high as possible! – at least while I’m establish my +ve cashflow base. Everything I’m buying so far is over 20 percent. The +ve CF base will support a future property i might buy in for example a beach area for growth. maybe 3 +ves to one -ve in my portfolio is what I think I’m gonna be comfortable with.
i think the idea is to have a balanced portfolio where the overall total is always CF+ve, but with some -ve ones in there too for ‘speed’ , and the +ve ones for serviceablility – then it’s true wealth creation because you don’t have to touch your own income (and banks don’t need to look at it.)
