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redwing
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@redwing
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December 1, 2003 - 5:06 pm
Thanks Mel
Visiting that site after here “trust magic’ sounds good.
Also thinking about Steve’s “Wealth Guardian” as a present to myself for XMAS
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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November 30, 2003 - 10:27 am
I think Austudy is also dependant on the parents incomes, though a high flier in WA who wound up in jail got it for his daughter at the hight of his fame… so i guess a good, scratch that, “great” accountant is what is required []
As pointed out the local Uni’s or the college should be able to assist !!
been thinking about trusts a lot lately- would they be of benefit ? maybe we do need an accounting thread/forum!![]
REDWING
redwing
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@redwing
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November 30, 2003 - 10:21 am
it’d have to be one of the “coalition of the willing”…. hmmm ENGLAND ?
can’t believe it’s not USA, i’m cynical where the USA’s concerned after reading MICHAEL MOORES- STUPID WHITE MEN!
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 9:17 am
i haven’t been able to buy anything since June and that was in a smaller town than i would normally go for. It was St Arnaud for 27k rent 100pw (i consider this a good deal).
Congratulations Westan “that is a good deal”
anyway the 3brm homes got passed in at $21k each so my friend bought them all after auction for $19k each. (Yes the Gov’t really did that). today 6yrs later they sell for over 90k
And Congratulations to your friend- “that’s an even better deal”
It’s great to hear about people doing well, it’s motivational. the deals are still out there, maybe not near you, maybe not as good, but they’re there as evidenced by other posts.
Thanks Westan 4 the motivation
REDWING
redwing
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@redwing
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November 30, 2003 - 9:09 am
Hi All,
I read in the financial review about a property over East (Sydney or Melbourne) i think, dropping $300 000. granted this was an up market inner city apartment, bet your glad you didn’t buy it.! Things don’t seem to have gotten as rough in WA at the moment, just slowing down at the moment.
I too remember buying my first property when intrest rates were around the 13-14% mark, and yes things do look good when rates are below 8% and its a good time make a move if you have the $, we all knew intrest rates were going to rise it was only a matter of when.
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 7:26 am
Thanks lynnem,
and to C2 for making sure i check my LLI also, would be a nasty gift if you went to claim on the policy and then found that out. And you could’ve been paying the policy for no reason !
Pays to check when the situation changes and be aware of your policies.
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 6:14 am
Luckyphil
spoke with PM and made sure tenant is approached prior to end of tenancy to ascertain if he wants to commit to another 6/12months tenancy.
My PM does this as par for course thats why it was bit of a shock when the other PM said the tenants lease ahd come up and he was happy to go on a periodical lease, i’m unsure as to whether he asked for it or the situation was that after the initial 6 mths it just rolled into a periodic lease.
Robert Kiyosaki says to mind your own business and by that i mean i work for a company but the real estate is my business the fixed lease gives me ‘peace of mind’ thats all.
Re; the dog situation, we have a dog in one property (it’s an outside dog) we didn’t up the rent but put a extra bond on the property just in case of damages.a lot of times you can miss out on tenants by stipulating ‘no pets’ which is no good in a depressed rental market, the PM is very good and i respect her judgement on the type of tenants she chooses. this ones a single mum and the dog gives her ‘peace of mind’ and ‘sense of security’ i dont begrudge her that.
No Tenant-No Money
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 5:15 am
Don’t wait to buy real estate- buy real estate and wait!!
and i’ve always liked this
The oak waits in the acorn,
The bird nests in the egg,
and in the soul a waking angel stirs,
dreams are the seedlings of realities!
Not a quote- but who cares!!
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 5:05 am
TIME and EFFORT vs RETURN
!!
i’ll have to put that up at the top of my diary and make it my motto []
One thing this forum has made me appreciate is to “DO THE NUMBERS” there are many ways of getting into the property market, and i now look at the numbersof any idea i have i.e ‘worst house in best street scenario’, sit down and work out application and loan costs, renovation and gardening costs, pottential problems, maximum and minimuim return expected- to see if the deal is worth it.
when looking for+CF properties and purchasing outside of your local area or area of knowledge, that “due diligence’ and ‘research’ are major factors in evaluating your decision. i’ve also learnt from others in the forum aboutvarious areas beyond my ‘comfort zone’ and knowledge, for example i know nothing about QLd or over EASt ( i’m in WA)… but i’m learning.
So untill the next deal comes along… andi’m looking still, trust me, i’m concentrating on reducing the mortgage on my PPOR and building the Equity. hmmm may be time to get the properties valued again to see where i stand[][}]
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 3:42 am
Some of the books I have read;
Others still packed away !! As we’ve moved into a new house, painted, repairs, chainsaws- front yard renovation, ½ way through putting reticulation into front and back yard, so busy and office still not completely set up.. Here’s my list..
The one minute millionaire
Robert Allen and Mark Victor Hanson
Recommended by Minimogul, an enjoyable read especially the parable, I believe the best way to start the day is with a jog or walk too, charges your brain and sets you up for the day . A book that gets the grey matter working
9/10
Think and grow rich
Napoleon hill and W Clement Stone – I think
Haven’t read it for a while, it’s in the box- This book is a classic always being reprinted and it Definitely gets you thinking about the power of your mind
10/10
How to be mortgage free in 4 easy steps
Harj Gill
Also has a website http://www.mortgagefreeaustralia.com this book discusses various loans and techniques of structuring them to save $
7/10
Rental property and taxation
Tony Compton
As the name implies, variations, depreciations and tax related matters
7/10
Ordinary Millionare$
Jim mcnight (don’t know if he’s Steves relly)
This book was an enjoyable read by a Uni Professor, it’s about property millionaires and the techniques they used to achieve their individual success stories- I recommend buying it, it’s motivational too, but that’s just me, I get fired up by others doing well, makes me want to do better.
10/10
Borrowing to Invest
Noel whittaker and Paul Resnick
Again as the book implies a wealth of knowledge on loans and strategies and usefull to boot
9/10
Making Money made simple
AND
More Money
Noel whittaker
First bought his book at least 10 years ago, they’re that good I’ve even bought updated versions. Gave my Dad and my father in law his Living well in Retirement book for last XMAS. A great read on All aspects of investing, a great financial adviser who pointed me out to The richest man in Babylon another book I’ve given many copies away to friends as it’s plain old common sense and very easy to read
10/10 for all of them
0-130 properties
Steve Mcnight
Enjoyed the book, read it in 3 days and it’s lead me here where I’m learning more, very motivational, makes you want to get out there and do it ! actually it makes me want to get Steve to get out there and do it for ME!! He’s much better at it!!
10/10
Like i said [i]many others [/i]in boxes
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 3:02 am
Richmond..
thanks made me laugh [][][][][:0)]
“hang on now i’m guilty of it too“
REDWING
Lets ALL move along and get along
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 2:58 am
as always 007
“interesting” hmm..
QLD seems to be a hot market still ??
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 2:54 am
Steve,
pity about that enjoyed reading these posts by those with an understanding of the market, try not to have all my eggs in one basket and was learning a bit from those more astute forumites such as ‘crashy’ waynel and others.
oh well such is life!!
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 2:35 am
Dear ‘simple’
Agree with you time to tidy the house and get things in order. i once read that with most investments including shares ( can i use that word now ? last few days things seem to have gone a bit loopy) that you should buy when everyone else is selling and sell when everyone else is buying!
As for the property bubble, would you sell for less than you want to / put yourself in that position, it’ll only be sellers with some kind of motivation for doing so that will sell thier proprty for less than they believe it’s worth
my 2c
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 2:24 am
Barbara,
Try Deppro in Perth, i have property in perth and have used them. think they have offices in each state, they are on the web also.
with the carpets, definetly do, as someone pointed out crappy apartment- you know the rest, put it this way would you live there?
with the carpets if it’s a long term rental you can get a cheap good quality industrial or semi-industrial carpet, very hard wearing, reasonably comfortable, go for multi-coloured or ‘busy’ pattern, that way dirt etc won’t stand out too much over it’s life.
Good luck
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 30, 2003 - 2:10 am
Agree with the others,
Don’t let the termites put you off in some areas they’re always around, 2mw the neighbours yard 2 weeks later yours, the problem is when they hit the house! stipulate in the contract the seller has to pay for treatment, you also want a copy of the treatment report, over here ( WA )the pest control Co puts a sticker stipulating date/treatment etc in your meter box ( something to look for when you purchase property too).
ensure the Pest control Co is a member of the local board ( there’s dodgy operators in every industry) and quality assured.
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 27, 2003 - 7:33 am
Hmmm..
i never relax, always thinking[]
Anyway spoke to property manager who called tenant, he’s happy with the place was happy to sign up for another 6months!
Gives us peace of mind-no nasty suprises, and gives him peace of mind i suppose-no rent increase for next 6months also.
periodic conditions here were he had to give us 21 days notice and i think it was 30 days for us.
i like the peace of mind a fixed period gives you- there’s no certainties or Guarantees in life but it always pays to be careful huh []
Thanks to C2 and all for your input
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 25, 2003 - 9:14 pm
Thanks C2 and Bill
Value your opinions!!
Good to see there’s a few of us up hmmm where’s PeterM
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 25, 2003 - 9:08 pm
C2
If you were to up the rent then what would be a fair and honest rise from $145p/wk seeing as how the ‘safety-net’ of having a fixed rental agreement is gone?
i’ll have to check re; the landlords insurance but it’s definetly food for thought as the rental conditions are now a bit more volatile aren’t they.
I’ll have to speak to the PM 2mw and raise some of these issues..
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
redwing
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@redwing
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November 25, 2003 - 7:07 pm
C2
have landlords insurance on our rentals- is this what you mean by “affect your insurance” ?
i feel the same as you- if he’s not interested in signing up for a 6-12 month lease he must have other plans.
i also mentioned to her that for the risk we should increase the rent- but i like the way you put it better. The two month in advance may be an idea too, currently tenant pays $145p/wk and has just come off or nearing i think end of 6month lease. being x-mas time cant see him moving straight away-but you never know huh
The property is in a good area and pristine i’m confident it’d rent quickly if he left, but you never gain on any rent you loose in the transition period!
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”