Forum Replies Created
- Originally posted by DIY Investing:
Yes – I would be very interested in anybody’s feedback.
DIY Investing
Discounted Financial Products
http://www.diyinvesting.com.auNice website.
I have never heard of BMC as a lender. What sort of rates do they offer?
Why have you chosen to offer your clients just the one lender? I am impressed – my business couldn’t run with one lender but it must make your job so much simpler – esp as you need to keep up with all those different areas.
I hope you go from strength to strength and I will give you a call when I make my next managed funds purchase.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You may very well need to get council approval. Which may only be forthcoming if the tree is dangerous.
Best to check if this is a deal breaker for you.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by wealth4life:Jessmont well said,
Hey just had a thought, how much money are each of the moderators worth and what is their opinions on wealth creation.
D
Doubt many of the mods will answer that one!
My theories are well enough documented on this forum now. They closely follow the principles espoused in Jan Somers books and George Clasons classic “Richest Man in Babylon”.
I have tried most things but am now essentially a buy and hold man using all three investment classes. I am not a role model for anyone but am happy to teach principles when people ask. I have retired in the past and may do so again and I have a professional wife who loves her calling and wont retire until she is much older regardless of our annual income from any source.
I would recommend everyone read the Calson book and it should be given to every person starting their first job!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I think you are spamming into the wrong company here mate. This is an Australian based site, which you may have noticed had you read a bit further.
Good luck elsewhere.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I actually find it pretty tricky to predict where we are on the investment clock right now. Perhaps we can look back with hindsight and it will be clear.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by wealth4life:Oh Simon 3 women in your life god is giving you a lesson i am sure ha ha …
And my dog has just come on heat…..
it would probably be wrong to generalise too much. I am well aware of many of the differences between the sexes but am yet to understand (besides communications) how they differ investment wise. I have worked with many investors of both sexes and a few that were ambigous but am yet to discern any noticeable differences in investment styles or needs.
Maybe my business will reach new levels if I nail this one – thanks for the help!
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What do you think will happen?
What has happened in the past?
Have you heard of the concept of the investment clock?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
This argument exists as long as this site has.
I certainly wouldn’t knock you nor your strategy of buying cheaper homes with high yield.
Unfortunately at this stage of the cycle they are few and far between. I get calls every week from someone excited to discover a cashflow positive place in the cheaper end of Broken Hill, Mt Isa or elsewhere. Places that have enjoyed some growth during the last boom – the biggest boom on record I believe. Historically they don’t do quite so well year in year out growth wise.
Me – I am happy to negative gear and enjoy capital growth on my well located middle class homes rented to middle class people. Of course I wont be buying dozens of these. But I just have a few tenants to manage, a few kitchens and HWS to maintain and certainly less dramas than my friends with their cheapies.
I am happy that both strategies have their positives and their negatives and that both work well if implemented properly. Certainly if someone would want to see how a negative gearing strategy can work then I would recomen any of Jan Somers book on the subject. Written in the 80’s they have certainly held up over time and through several cycles of the market.
Most cashflow positive adherents have yet to test their strategy through several booms – not that I am suggesting it wont work.
What would worry me more is getting advice from someone so one eyed that he believes there is only one true path out there to follow.
All the best to you and your friends,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Kiwi-Fulla:Originally posted by [email protected]:I attended a meeting and also purchased a property thru them.
All I can say is do your own due diligence, check and double check the numbers.
I don’t know what they are teaching now but it was all about negatively gearing your portfolio in 2002 when we purchased our IP.
I would not buy thru them again but that is a personal choice. Our focus has changed since then and now we are actively looking for more CF positive investments.
The properties they sell are above market value that is how they make their money.
They are for real and don’t really pressure you into anything it is just another way of buying property.
Good luck.
Ros
I agree, I called them a few months ago (to see what they were about) and all I got was they were using all negatively geared property strategies and were using some tax benefits as a hook to get you aboard and saying they were all volenteers that were successful from the whole process…. When I questioned how they actually lived off the increased capital gains without having someone to go to owrk to pay for it all…. they quickly changed the subject and ended the call. Hence I did not even bother going along to see them as they did not have any other strategies other than negative gearing.
Cheers
KiwiWhy Rent? Rent 2 own!
http://www.rent2ownaus.comYou know that a couple of people have made some money through negative gearing?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by wealth4life:Sorry Simon i don’t agree with you and you cannot understand how women think or act. I firmly believe that women process information differently – many women are happier with less while men struggle with their ego of out doing each other.
I have a wife and two daughters and I see the truth in your post every day. Just when I think I have them figured out something new happens…
Can you give me an example of how women invest differently to men? I can appreciate that they communicate better than men and thus negotiate differently but is there more than that?
Enjoying your posts.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You raise an interesting point. What do we consider success? My Grandma is thrilled with her war widows pension and seniors card but I would be less than thrilled to retire with that.
In other countries success is counted by having strong sons to support you as you age.
How do we measure success in investing? Some people may think we are greedy and obsessive to want to own more than we need for ourselves.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I suggest that you try some other lenders that aren’t as strict on serviceability – a good broker should be able to help you a lot here.
A LODOC is very similar – except you wont have to provide any evidence of employment. A simple declaration of income will suffice.
At this point some people and some brokers will suggest you declare a high enough figure to score the loan. This is fraud and the ATO are cross checking. They won’t believe you overstated the bank tho – they will want the tax on the difference!
A NODOC is safer again as you just sign a declaration that you can afford the loan. No figures are needed.
Difference is LVRs. Nodoc is 70% max and LODOC is 80% max.
Hope this helps
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Jess,
A LOC id as easy or hard to set up as your original loan.
The easiest and cheapest thing to do would be to approach your original lender for the LOC. Either direct or thru a broker.
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes they are like a credit card where interest is paid on the amount drawn.
And like a credit card people misuse them to fund their lifestyle buying a 4wd and a big screen telly….
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Welcome mate. Where are you from? Looking forward to seeing some great posts from you!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I think I better have a beer.
My point was purely about how flawed it was to apply a population statistic to a group of like minded individuals as if they were representative of the whole community.
Stats can prove anything… There is a direct correlation between ice cream consumption figures and cases of sunburn my medical wife tells me [blush2]
Nothing about who makes it or who doesn’t ….
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Dazzling:Some of the wily old Greek and Italian gentlemen I bump into occassionally out in the industrial back blocks certainly fit that mold you describe Simon.
They can’t speak very good English, they cannot read or write, they don’t own a computer and have never “surfed the internet”.
Yet, when it comes to savvy property investors, I’d confidently put them up against any forum member anywhere in Australia on any forum. Some of them are massive investment barracuda’s, chomping their way through the investing minnows.
Be careful…..just because you don’t “chat” on a forum doesn’t mean you are loser, and conversely…..just because you do, doesn’t mean you are a “winner”. Nice for a chat and all, especially when you have some good news or an interesting tale to share with like minded folk…..but for me that’s about it.
Daryl,
You missed my entire point. I was making no judgements on any group. In fact your examples support my point that membership of this site is vastly different to the average punter out there and so the 5% vs 95% doesn’t apply.
I too know of many a wily immigrant with broken english that does way better than my uni educated friends.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by mcdeyess:Have you thought about shares? The current commodities boom is going well thanks to our friends in China [biggrin]
A lot of money has recently moved from property into the share market. There is some speculation that the current share boom is almost done whilst others believe it has another year or two in it.
As sure as night follows day it will end and money will move back to property.
What type of investor are you?
A contrarian who buys when others are selling and is positioned before the next boom but may have to hold that position until it comes.
Or are you a trend follower who waits to see where people ar making money and then jumps in hoping to make some too? Just don’t wait too long or you will be like the thousands why buy at the top of each boom and wonder why they don’t make money.
I am a buy and hold investor with a long term goal. I hold both property and shares. I spent last year adding more Managed Funds to my portfolio and am happy I did so. I am currently looking at buying another IP on the East Coast where the boom has been off for a while.
Just my opinion as an investor and in no way is this advice to anyone.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Do you find the thought that money and investing must be written about differently for women a bit condescending?
Is it a shameless money making effort by linking the Kiyosaki name to another book? Rich Mum Poor Mum? or Mom I guess…
Here it is:
Rich Woman. A book on investing for women. Because I hate being told what to do.
Book Description
Written by Kim Kiyosaki – -the wife of bestselling author Robert Kiyosaki – RICH WOMAN is for women who insist on being financially independent – without depending on a man, family, company, or government to take care of them. In her book, Kiyosaki applies the same moneymaking strategies that have made RICH DAD POOR DAD one of the great publishing success stories of all time – but in a voice that is aimed directly at women. No matter what your financial background is or your current job situation, RICH WOMAN provides the essential road map for any woman who aspires to be financially free.Anyone read it?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by wealth4life:I just re-read Robert Kiyosaki’s Rich Dad Poor Dad book again for the xxx time, just love it – any way he talks about the 95% v’s the 5% of people who just won’t make it.
Do you believe that he is right because if he is only 5% of people on this site are actual investors and my caculations make that 2100 people leaving 39900 people who are lookers
Wow just a thought … what do you think … scary isn’t it
D
D
Your sample group is not an accurate representation of society. Obviously only people interested in investing are members here. In adddition it wouldn’t include anyone who doesn’t own or cannot use a PC. Proabably limited to English speakers too….
If you questioned 1000 random people and found that 5% were successful investors then surely you would expect the figure to be significantly higher here?
Imagine if you surveyed 100 people and asked who liked ice cream. Would you expect a different result if you asked it in a Primary School as to asking 100 random people?
Of course.
Or if you quizzed people as to their health – you wouldn’t restrict that survey to people in a hospital waiting room would you?
This is why most surveys online are flawed. Even the SMH will tell you that it’s surveys are only indicative of the opinions of SMH readers who answer surveys online. So neither my parents, my grandparents or my children fall into that demographic.
Makes sense?
So I guess we should be heartened by being included in a group much more likely to be successful investors!
[biggrin]Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
