Hi Richmond, whilst auction clearing rates are climbing 77% in Sydney an hour north and things are much slower. The euphoria has settled around here and prices have stablised – took 6mths to sell a reno and the other is now clocking up 3mths. So I’m sitting out for a while taking a wait and see approach.[}]
Hi Magnum, Beancounter and all. Its great to read that there are others who have made fopars. On my first journey – reno – to get $ to invest in +ve geared I’ve stuffed up and yes its gut renching. But reno 2 is totally different and will make handsome profit. After doing as steve advised reading as many books, attending seminars etc there is no experience like hands on experience. The lost money is a valuable education seminar – one which I won’t forget and I’m sure all contributors will also agree. It is difficult, but continue positive reading/educating, due diligence and believe in yourself because its always possible! And whilst you may feel like your the only one your not.[][]
I too was looking for like minded people to discuss strategies and what’s up but have found this forum is fantastic – you just need to login regularly i.e. each day. Yes its a bit outthere at first but you get used to it.
I think the books are great, I tried to book a prelim meeting with a consultant and after three telephone calls gave up! Has anyone bought +’ve cashflow properties using her methods. After reading her books I tend to think that using her method you’d find more as opposed to the 11sec solution. What’s your thoughts?
I too have had trouble getting started, i.e. where to start. So I took what I thought was an easier road, renos, but I an tell you its much easier focussing on research than it is reno and waiting to sell. Its been painfull and stressfull! So I’m now starting again and focussing on major regional areas as a starting point. Good luck []
Hi Scarecrow 7, from my understaning (having been to course, listened to tapes and awaiting the new book) steve now borrows in bulk i.e. $1mill to fund purchases. I.e. has reputation for good cashflow producing purchases and borrows against this. Don’t forget the power of leverage also as he suggests P&I loans so he’d now have a pretty good pool of collateral to call upon. But yes starting off you definitely need an income, I use my husband or the collateral of a money partner.
Ness
Hi Westan and Marty
I too am considering changing my strategy. I’ve reno’d and attempting to roll-over in a slowing market and the roll-over is going really slow. I too have been considering NZ since half family lives there, but what are the implications of bringing your capital gain back to OZ???[]
Being a local I’m very intouch with this proposed fast ferry. This ferry has been mooted for the past 4-5 years. And there is also a competitive tender ferry going to gosford. The unit development was only going to be constructed on the back of the ferry i.e. its a ferry to know where at the present time. This development started work 3-4 years ago work was stopped due to lack of funding and has since within the last few months been picked up by multiplex. However the capital fundraising for the ferry is well behind schedule. The Ettalong Beach War Memorial club obviously (due to being the primary beneficiary of the developments) is talking up the ferry and unit complex. Prices have risen over the past 4-5 years due to this talk but we are still yet to see anything. Hopfully your in for the long haul.