Forum Replies Created
rob a bank…….
its sounds like you should have words with your mentor pronto! he may have the answer youre looking for…….
Presumably the debts you talk about are credit cards, pers. loans etc. If so, I also would be trying to get rid of these before undertaking any investments. Don’t know how good those loan products are that consolidated all these debts into one repayment?? Maybe an option. Eric
balance is the key i think. spending quality time with your kids or partners is just as vital and important as making the right investment decisions. sometimes the two go hand in hand. reading kays post above reminded me of something spontaneous i did last november. without any real planning i arranged to have the kids looked after by the outlaws and took my wife for a couple of weeks to kuching in malaysia. the time there was gold! i plan to do the same again this year. my point i guess is that we shouldn’t loose sight of our goals but on the same token lifes short (as we have seen from the terrible events in the uk recently-god rest their souls). have fun!
Eric
Who can say pabbs? I wish it were that easy to post an area that wanted to buy in and get a yes or no answer. I’m afraid it aint easy. Given that you said your nervous about getting back into pi, all the more reason to conduct a lot of your own research to ascertain if an area you wish to buy has some potential.
Eric
sounds like a big waste of money if you ask me! why don’t just utilise the sizeable equity in your ppor to start buying ip’s now. if you don’t like the area in which you are living then maybe time to sell up and go elsewhere. as far as predicting when the market will “really burst”, youre a better man than me! Its a buyers market now. Surely waiting till this imaginary bubble to burst is akin to watching the grass grow. Start looking for some good deals now. In closing, it would be foolish in my opinion to sell up your ppor for the reason of cashing in. doesn’t make sense….
sounds to me like youre well on the way to achieving great things for yourself! particularly like your eagerness to have it all mapped out and planned. and I guess thats the challenge. setting some short term term goals and sticking to them is conducive to achieving your longer term strategy.
Eric
I think thats what most of us struggle to do caston. Not sure that most however are so methodical about it. It kind of just happens really. I guess though everyone is very different in how these things are approached given that we all have distinctly different lifestyle expectations. My family are moving ahead on a single wage, working hard to achieve our goal of financial freedom. This is achieveableBecause we go scrimp and save as much as possible, while all around us others are lapping up shiny new commodores, widescreen tv’s and other expensive toys. Sure we do go without but our common goal is very clear and we know what we want. We will have all of the above soon, paid with cash, while the others are still paying these off.
Eric
Owing to the lack of specifics (figs etc.) in your post, its impossible to give ones opinion. i have been in a similar situation to you and the first thing I did was speak with a good broker that came highly recommended to us. He had a look at what we had and then gave us a number of options to structure our finances according to what our plans were. This was very helpful.
Eric
This topic has probably been sufficiently replied to by now, so i will just say that in reply the answer to this question is simple: THE MARKET WILL DETERMINE WHAT IS FAIR! This really is a no brainer sorry to say. Have a look at what the rents are for similar property’s where yours is situated. The question you need to ask yourself is if the 15% increase will make your rent more expensive or bring it up to par with the market. If its the latter then I would be increasing it and then finding new tenants.
Eric
“The main reason i want to leave is in my opinion it’ll take me to long to earn the money i want, to continue investing”
Hi Jarred,
One question. Why are you then studying??? Seems to me like a huge waste of time and money doing something that you want to rush so you can make investments.
I suspect that I am a few years older than you, however at the moment I too am at Uni, but also holding down a senior full time posi and assisting with the upbringing of 3 kids (my wife would kill me if I said otherwise !!!). I’m Uni mainly because I want to increase my skills and knowledge. If in later life this yields me more income to expand my investment activities then great.
If what you are studying at Uni is important to your future career path then stick with it. Lets remember that the Steve McKnight’s of the world worked very hard in their chosen professions before becoming full-time property investors. I’m not directly suggesting that you want to do that, but I think you should take it step by step. I believe also that it is often better to expand ones portfolio by allowing capital growth to occur, thereby giving you more equity to make more purchases.
Eric
The question also depends on what area???? You mention the Perth market. Well as Dazzling has so succinctly pointed out, Perth is a big place! And to show how complex your question is, I see in the papers over the last few days that pundits are claiming that the Sydney market has bottomed out. You really need to make your own assessment as to whether a property you currently hold is worth holding or selling. As far as buying is concerned, if I some spare equity now I’d be buying.
Eric
for the couple of dollars a month, a private number is bliss! the problem is at the office. we get a least 3-4 indian telemarketers calling repeatedly for various telco’s. At first we were very annoyed about it (complaining direct to ADMA and the telco in Australia). this worked for a short while then it just started again. Nowadays we actually mock them and fool around with them. Who signs up to anything that these guys sell anyway????
not much you can do about it matt. first in best dressed. keep looking as surely another great deal is only around the corner.
Eric
I think you’ll find Dr.X that people that bag you are probably very envious of what you are doing and wish they could have what you have. Rather than admit this people around you prefer to knock you, as if they know better. I guess at the end of the day there are those that use instruments like property investment or shares to better their life and others that prefer to winge and moan about wanting it but don’t do anything about it.
What has Kerry Packer got to do with a basic question of whether to hold your ip in your personal name or as a company?????
As others have said it would depend entirely on your personal circumstances (what type of property are you buying, how much etc.etc.) but if youre like most starting out do you really need to get technical by bothering with company’s etc??? For one thing, it costs a s**tload more to comply with the myriad of statutory obligations not to mention the increased difficulty in applying for finance. Anyway, in most cases financiers will require director guarantees, which if i’m correct cancels out the benefit of owing under such structure anyway.
At any rate, get professional advice before you do anything.
Eric
Is this for investment or your ppor?? You don’t say. I assume it is your ppor. The pros and cons of new or old are enormous. Ultimately it will come down to affordability and your own personal taste (and that of a significant other/s as the case may be!).
Depends on what you want to do?? If you mean renovating and living in the property while you do that, gees your keener than i am! If you mean just buying ip’s and keeping the financial `balls’ in the air well thats a matter of seeing what your budget can allow. Like you I have kids also and have been sure to buy ip’s that are positive or neutral cash flow. I have no problem with negative gearing ip’s, however if your finances are tight now this may just make it tougher.
Eric
While the numbers may stack up, growth in some of these regional areas may have already run its race. I have friends who have down quite well from buying units and houses in Cairns, but that was a couple of years ago. I wouldn’t expect that these areas will increase significantly over the coming years. Whether you invest or not i guess depends on if you have a short to long term focus.
Eric
We all have to start somewhere!
Go to realestate.com.au to ascertain the rents on similar properties in the area you want to research. The rent on that other pty sounds a bit cheap? Any chance of increasing it?
