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April 20, 2003 - 1:50 pm
Flinders, all i can say is that your goal must be to maintain your income which is 45k + 60k= 105k
So to afford to retire you need to be able to produce 105k p/a. You have 900k in assets 550k for house and 350 k for the pay out. The way i see it is that you have a gareenteed income of 105 k p/a and a house that is increasing in value p/a by 10%. I would stay working and use the 350k to buy and renevate in spare time, which in time will build to be able to support your life style in retirement. I would sell from your area once retired and down grade to a cheaper house and use the left overs to fund your retirement.
I know that when i retired my standard of living didnt decrease, but alot of other profesionals whos income was around 100k p/a are now trying to live of 30k p/a in retirement. Not my idea of fun.
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April 20, 2003 - 1:31 pm
Can some please give me an answer to who out of 5 properties is going to select your property that is 1/2 the value as the other 4 properties. Steve this would be a good one for you to answer, please see first post.
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April 19, 2003 - 7:26 am
Thanks for the vote of confidence Gus.[]
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April 18, 2003 - 11:03 am
Hey Andrew,
Looks like this town is growing, but I think I will stay clear for now.
When we buy, it will be our first IP, so we are feeling a little nervous. Perhaps when we have more experience we can look into this again[]
Thanks ! Dot
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April 18, 2003 - 7:02 am
Hi all,
Thanks for your input.
it looks like “back to the drawing board” for us. After having read through everything on positive IP’s, I think that’s the way to go for us.
Quention, thanks for the formula – I felt too silly to ask how to work it out![]
P.S. What population level would you start looking at for country towns? Even if agents tell me its a good rental town, Im weary when population is only around 1600??
Thanks again,
I have learnt soo much from this site already.
Dot [:X]
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April 17, 2003 - 3:00 am
Remember properties do not have to be close to a city centre to appreciate. Think near railway, runway, fairway, freeway with continuing private and government investment.
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April 17, 2003 - 2:38 am
You know there are some coastal areas within an hour of a major capital city where the prices would astound you. Think outside the square ….and the east coast for that matter!!
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April 16, 2003 - 1:41 pm
Thanks Scott []
All the Best!
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April 16, 2003 - 11:08 am
Hilary,
Thanks for the info, but I think we are going to go down a different path to relocatables.
Regards Dot
quote:
Hi, dot.
If you research, there are REALLY REALLY nice pre-fab homes on the market – not cheap,but no dearer than some ‘van park’ relocatables.
Check these -[www.aussiehouses.com.au]and if you look in the Sat Telegraph, there are quite a few others.
Good luck[8D]
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April 15, 2003 - 11:13 am
The only exspense we pay is public liability, accountant and other profesional help.
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April 15, 2003 - 11:07 am
Ziz are you going to answer??? Mr hedge are you here???? Remember me i am the one you think is a liar?? Maybe mr hedge will get online after he gets home from work. Hang in their mr hedge only 3 more years untill you can get the pension!
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April 14, 2003 - 5:05 pm
Mr hedge, I dont know why i am telling you this but here goes. I left school at the age of 14 after getting a traineeship with telecom, i completed the traineeship, and was asked by a family friend if i would like to take on a run down caravan park in a management role, with an option to buy the lease in two years time. I took the option and built the figures up to triple the amount as when i had taken the park over. In three years i had gone from being total broke to having sold the lease for 100k. I then found myself another caravan park along with my new wife. This time we bought the lease and the freehold which cost 150k, three years later with alot of blood sweat and tears we sold for 300k. Took 6 months off and bought a motel 650k ran it for 3 years and sold the lease for 350k with rental income of just over 100k p/a. Semi retired at age 32. Revalued and used equity to buy another motel (freehold only) for 850k with rental income of 125k. All was good, we owned assets worth over 2.5 million dollars along with the bank(2 motels and a house on the water)with income of over 100k p/a untill the leasee of the second motel went bankrupt. We had to sell our dream house, for a hugly reduced amount in order to keep afloat and go down and run the motel. We ran that for three years and built the figures up and sold it on. We then bought a house and paid that off so we could still get a tax deduction on the money we owed on the first motel. But only last year we disided that we didnt want to have any problems with loans. so we paid the motel off and are still paying of our house. The motel is worth 1.7 million with no debt, we have a house worth around 300k with 100k paid off, I am earning 48k per year as is my wife, Rent went up 4k last year to 132k, we own a moterhome for which, we travel to the sun every winter, I do not want for anything nor do my family. If worse came to worse we could go into run the motel with no debt and make a fortune, but we are happy to do nothing for a while longer. Un like retail,factories, motels are never vacant (none that i have ever seen), the leasee has a stake in the premises and its in their best interest to maintain the property. Un like residential properties, we go to the property 2 time a year, and as long the rent is in my account by the second of each month, i have no problems. All you guys are talking about retiring, do you think you will ever be able to be relaxed with the problems of 70 properties to worry about? Now ziz instead of making idiotic statements get your facts together first ok, ZIZ i would love to here where you are up to in your plan to retire! As for you Mr hedge please dont call me a liar, If you could can you please post where you are up to aswell in you retirement plan, No answer and i will assume you are a long way off.
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April 14, 2003 - 1:46 pm
Hi Steve,
How about:
How To Go From 0 to 130 Properties in 3 Years
For Dummies..
or
Property Investing? 0-130 Properties in 3 Years!
or
Property Investing? Ready, Set, 0-130 in 3 Years!
That’s my 2 cents worth!
Regards Dot.[]
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April 13, 2003 - 9:30 am
My company owns one investment property, returning 132k p/a indexed to CPI, I have just refinanced my house and now the company owns the investment property out right for which me and my wife are the sole directors. I plan to pay my house of in the next 3 years, and buy an investmentment property thru the company to take full advantage of tax advantages. I am 42 i have work for my self since i left telecom (telstra) in 1977, i have a fully franked income of 48k per year as well as my wife, so we can do what we like when we like with a garanteed income for life, O by the way scott please dont call me a goose again as you are breaking the rules of the forum isnt that right Steve
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April 13, 2003 - 6:19 am
Scottie, it doesnt matter if you have a high income or not a tax deduction is a tax deduction, any way with out the tax deduction have a look at the difference in cash positive and capital growth. tell me scottie who is going to rent these places for 50k? You say i am making figures up then lets do a case study on one of your properties or all of them, their is to much genralising in this site i want some real case studies.
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April 13, 2003 - 6:05 am
big dan if you dont like me dont reply ok
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April 13, 2003 - 4:40 am
Here here quentin,I think you have hit the nail on the head say that this forum is way to bias. I offer a different point of view and i get my head ripped off. All i am doing is trying to offer some balance in this forum. Steve i would like you to reply to quentins post as i agree with all he has said, I think you are miss leading this forum as most people are going out and investing in any thing that fits in to the so called 11 sec rule. I cant see where u guys are going with your plan, Its short term cash flow, not long term capital growth. With cash positive properties you are limiting your self to places with lack of industry, population, growth, Ok lets do the sums.
You buy a property for 50 k in the middle of no where returning 100 per week = 5200 income p/a, Repayments of 3000p/a at 6.5% rates $700 P/A and because the house is old and in need of regular repair, lets say you need to spend 1000p/a. So that leaves you with $500 income P/A and lets say, being generous 5% capital growth p/a.
the first year the property is worth $52500 the 2nd $55125 after five years the property will be worth approx 65k. With income of $500 per year, So your 50k investment is is now worth $67500.
Now lets look at a property worth 500K in sydney on the northan beaches. sydney properties of the last ten years have been returning about 17 to 20% P/a over this time. We will work of say 15%,rental income of 500 p/w*52=$26000 500k at 6%= 30k p/a + rates and maitainance= $4000p/a
So the property is costing you $8000 p/a tax deductable. After the first year the place is worth 575k, second 661k third 760k, fourth 874k, fifth 1056k. I hear you say i would be able to afford 10 houses to one house that is worth 500k, lets times the amount made on one house by 10= 165k over ten years compaired with 556k -40k in lone only repayments $165 k compaired with 516k?
And you guys say capital growth isnt important!
Another thing is i would much rather controlling 1 or 2 properties that 10 dumps scttered across the country side. Please reply with any ideas or mistakes with my maths.
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April 13, 2003 - 4:31 am
Hi Andrew,
Thanks for the advice. Would love to hear from others out there also.
Regards Dot []
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April 13, 2003 - 3:59 am
So steve will you offer a money back guarentee, if like you said some one doesnt make 2 million in property like you said as you said will you give them there money back?
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April 12, 2003 - 8:21 am
Hi Quentin,
Your 2.2 cents including gst is worth lots more to me. thanks for your input. I am trying to learn as much as possible about investing, and every little bit helps. Obviously, I still need to separate the wheat from the chaff!
Regards Dot.