Howdy Bruce…

I haven’t been into IPs for as long as you, so I guess once the empire builds up I’ll be able to do what you suggest… hopefully it won’t take too long…

Cheers mate
r

G’day and welcome aboard, (note, this reply is long)

Since I’m sitting here at work bored, I’ll tell you what I’m going to do over the next few months. Please note, I’m far from an expert. Being a moderator doesn’t mean I have any great knowledge, but I’m learning more every day.

We have 7 properties… one of which is a negatively geared property near the beach which we’re going to sell to pay out our PPOR mortgage. Fortunately, when we bought it (pre-marriage) we put it in my wife’s name, and didn’t rent it out for 6 months or so… she lived in it as her PPOR while she was studying… she didn’t hold any other properties in her name, so we’ll get the CGT exemption. It’s more than doubled in value from 170k to 360k+ now. Our property, which is in my name, is worth around the 400-450k + mark… we’re finishing off a few things before getting a valuer in. This means we won’t have any payments on the PPOR, while also freeing up the money that was going towards the – geared place. Our other places are all CF+. Since the PPOR is a rural property on 60 acres we’ll only be able to access 70% of its value in equity, which is fine by me, if the valuer says it’s worth 400-450k, that’ll give me 280-300k to play with. As our portfolio grows we might dip into the equity of that as well… I’m not sure that there’s much difference between using equity in your PPOR or IP, as long as you use it for investment to keep it taxdeductible it’s all the same (I’m sure someone else might be able to give you a more emphatic answer)

We’ve also established that we can save around 60k a year between us (70-75k if we really try hard, but I like a few little indulgences) I’d love to go and watch a Test match at Lords during the next Ashes series in England, for example.

We’ll be using a combination of equity in our house, and continued savings, to continue to grow our IP numbers… I’m not as gung ho as a lot of people in that I want to keep my LVR at a comfy level, to keep my wife’s sleep at night factor under control. I’m sure that if we stick to our plan we can get out by our mid to late 30s. We’re both 29 now, and we’re both fortunate in that we really enjoy our jobs. I’m a TV producer, she’s a paramedic.

Don’t know if I answered your query at all, but I think you have to use equity to grow quickly, while also continuing to watch your spending and saving as much as you can… then again, maybe you could write a book, do some seminars and sell some products through a website to generate cash. [] I’m sure there are better ways to do things than how we’re doing it, but I’m happy enough with our plan. Mind you, I’m always adaptable. [8D]
Cheers
r

Hello mmworld

I started developing exactly the same thing you’re suggesting two years ago… I’ve got a few partners who I’m working on it with…

We’ve gone down the track quite a way, producing prototypes etc, I come from a TV background at Channel 9, and they’re ex-journos who have started up their own business doing a variety of media-related things, so doing videos of a pretty good quality isn’t too hard for us.(actually it’s bloody good quality[])

We got sidetracked with different things for the last 6-9 months of 2003, but I had a call from one of the guys the other day, and their publishing business now has the contract to produce mags for Hocking Stuart in Melbourne, and John McGrath in Sydney. So we’ve got the perfect “in” to try and get it off the ground.

There are many logistical and pricing issues you’ll encounter in trying to “sell” the product. I’m not going to outline them all because we’ve spent too much money and hours working on the idea ourselves.
Having said that though, I’ll try and answer any questions that I can, without giving too much away.

Just out of curiosity, what type of camera/editing package are you using?

Cheers
r

Peter,

You seem to have issues with me solely because I’m a journalist… at least that’s the impression I get from a thread a long while ago in regards to the media. Maybe I just don’t know what angle you’re coming from. I know nothing of your background, and to be honest, I’m not really interested.

I will address your concerns though. In regards to my post to SIS, I was just concerned with challenges of boasting sessions dragging down the forum. That was what I meant by “don’t need you shoving your successes down our throats, as commendable as those successes are.” Shoving something down someone’s throat is boasting… and SIS said he was up for a boast session against bruce. I’ve admitted that I could have written my initial post a bit better, and as far as I’m concerned it’s between SIS and me, and we’ve dealt with it.

As I said in my initial post to SIS, “you clearly work hard and are smarter than the average 21 year old, and you come across as a really good bloke, eager to help etc which is FANTASTIC”
– I stand by that… he’s one of the best contributors here.

“Property investing is about a lot more than just numbers of properties owned.” – I stand by that too.

Peter, why didn’t you read all my post and quote from it instead of taking a few words to put in your own context?

Anyway, I couldn’t be bothered having an argument over such things.

Cheers and happy new year, even to you Peter.

R

btw I’d make the clause “subject to finance with the purchaser’s choice of lender” or something like that…

SIS

I don’t think bruce was challenging you to anything. Please don’t get a boast session going, it will produce absolutely nothing. If people want to run through their purchases purely as a guide to prove positive cashflow props exist, that’s fair enough.

This isn’t a pi**ing competition.

Just to close, SIS, don’t pat yourself on the back too much… I’m sure there’s other people around who are just as, if not more, prolific, than you, and they don’t feel the need to brag. Some of us have had to get on our own two feet without our mother’s help, and don’t need you shoving your successes down our throats, as commendable as those successes are. Yes, you clearly work hard and are smarter than the average 21 year old, and you come across as a really good bloke, eager to help etc which is FANTASTIC… but you don’t need to rattle off how many properties you own at the drop of a hat. Property investing is about a lot more than just numbers of properties owned.

Anyway, that wasn’t meant to be too mean, and I don’t want to have an argument, so I hope it didn’t come across too bad.

Cheers
r

actually I remember seeing that too, now that you mention it…

Perhaps bruce is talking about arranging contracts in his role as a real estate agent up in Qld around caboolture, rather than as a purchaser. Bruce?

Cheers
r

Hi guys

Westpac do a 10 year fixed interest, currently 7.6%

I think St George do one as well…

Cheers
r

Hi Enjo,

I agree, if it’s open slather, it gets out of control pretty quick… and anyway, some of these deals mentioned here are pretty easy to find. If Steve or admin want to unlock, they can…

Cheers
r

plenty of dumb bastards around here, myself included… or should that be silly bastard? not sure []

cheers
r