Forum Replies Created
Dont buy rural property unless you know what you are doing.So many places on the market and so many greenies from the city.They pay big bucks for land that aint worth half what people are asking.Sometimes it cost more than the land to get services connected.We have lived in the rural areas all our life and see city folk get sucked into buying hobby farms that they know nothing about.12 months later there on the market again because all their dreams go out the window when they learn none of it is feasible.We have seen it year after year.
They buy in winter when everything is nice and green and freak out in summer because the place is a fire hazard.
Then they try to do a burn off and nearly wipe out half the town.
City folk arent always welcomed with open arms in some areas.
I suggest you think twice about rural subdivisions.
As for leasing out farms I would give thew same advice.If you dont know what you are doing then dont do it.It is a totally different ballgame to res. property.
Russ.Thanks for the advice.We are so keen to make a move and do something different.I personally move about every 4 years so I dont get too bored.Its a good way of seeing the country too.
Russ.Its been advertised on the net and in the paper.
Lots of houses have sold at a higher price than ours and with less to offer.
It does have one drawback in that it is on the main road into town.And opposite the seniors caravan park.But it is not a very busy road.
I think the agent has a bad feeling for this house.I remember when he sold it to us it was the last one he took us to.And he said from the start that we wouldnt like it as it was too small.Well we did like it but I think he still views our house badly.I,d be more worried about body corporate fees in a resort.They want the grounds looking nice all the time and it is you that pays for it.
Also management fees can be very high and then theres the cleaner.Once you start adding up the fees and taking into account the occupancy is probably only 60% you may have different ideas about the investment.
Russ.You work this one out yourself.
$100 000 @ 7% IO is $7000
Divide by 52 = $134.61p/wI have two boys and never favoured one over the other.Always encouraging them to reach for the stars etc.
They both had the same love.discipline,upbringing.
Yet my oldest who is nineteen has a good job and is currently getting in to investing.
The other boy is seventeen.Never had a job.Prefers to steel to get what he wants.Has a list of convictions as long as your arm.
And thinks the world owes him everything.
Parenting can be a very stressful job.Chan.
Its a shame that the children dont realise this.
You live your whole life for them and then when they turn into teenagers you sometimes wonder why you did it.I,ve been on a pension for the last few years and I hated being at home everyday.Always looking for something to do.Built a shed put in new gardens did some paving blah blah.Even built a mobile home.Twice now.
Enjoy your time at being constructive because most people find that what they think they want is not what they want at all.
If you are a real go getter in life you wouldnt be able to retire anyway.Its just not in the personality.I havent been to any seminars but I have to think that they are not going to say a great deal more than they do in there books.You get to keep the book for a few bucks and can keep refering back to it.Seems to me they have to do seminars to keep making money cause there ideas have dried up.Just a thought.
Any way with the amount of people on here and other forums surely we can help each other out a lot cheaper and probably more honestly.There are only so many ways to buy real estate.
I,m sure they havent invented any knew ones overnight.
IMHO save your money and put it toward your next deposit.
Russ.The less money you put into a property the greater the return.You have to use the leverage of other peoples money to get anywhere.
If you cant find property in your area then look elsewhere.You dont play with the numbers to make it work.It has to be a good proposition from the start.Stick to the formula.If you cant find any then give me a ring.Russ. 0438 659 411.Cheers and good luck.Sounds like a bit of a dream.
Firstly the areas between towns are there for a reason.
Usually for farming so the country can eat some meat or flour etc.
Towns dont just subdivide rural lots for that reason.
Also the larger the property you buy the less you can subdivide as they want big holdings out of the town boundaries.
Also depends on services already provided like fresh water.
You can only subdivide in certain areas if there is water connected to blocks.
Hope this helps.
Russ.The first step is deciding to take action on what you have learnt.
I reckon I could write a book here.LOL.
In all reality you took the first step already by reading the book.
So now ask yourself.”What motivated me to read the book in the first place?”
Once you start asking yourself these questions you will start getting answers.
You may have read the book because you want to be financially independant in your retirement years.
Well its up to you to decide the next step.
Write some goals.Decide how much passive income you will need to retire on.Work out your niche in the market.ie wrapping or buy and hold etc.Once you decide which market is for you it will all fall into place itself.
You certainly dont have to ask what is the first step.
Its already there in your mind.
Russ.After reading Money Secrets Of THe Rich one gets a brand new perspective on banks and their dealings.I take great pleasure in dealing with my bank now.$#@%$#%#$ lowlifes.
Yes.It would be hard to police.Most newbies ask for your opinion.But is your opinion going to upset them if they dont like the truth.Probably will.Anyway I just like to have a bit of fun here.Hope I dont upset toooooo many folk with my opinions.Gets a few good comments at times.And lets face it.If we have to pull our heads in too much there wont be a forum at all as there is only a select few who are here most of the time anyway.
Russ.[biggrin]I see this nearly everyday.
Where where where.
And everyone says keep looking they are out there.
Well I gotta agree with everyone else.
Keep lookin cause there are heaps out there and you dont have to play with figures.
I found one this week that will return over 70% cocr for a 10% deposit and fees.
Safe you bet.got a government lease and a great tenant.
Just goes to show you have to look outside the square.
Russ.[biggrin]When ever I go into a bank these days I ask if they are going to charge me extra if I use there over the counter service.
If they say yes I politely tell them where to get off and that they should be ashamed to work for such an institution.
Banks are the biggest ripp off alongside insurance agencies.
People unite and tell them where to go and we would all be better off.
They did it in Canada and won so why cant we.“It is no good entering a race with a leaky boat”
Clear up the bad debts first.Would suggest sending the wife to work solely to get rid of this debt.You cant move ahead in life when you are carrying to much load.I think anything I do will affect my pension.The funny thing is I,m trying to do it so the government wont have to pay me a pension.But they wont help me along the way.There rules are so by the book its not funny.But i,m not going to let anyone beat me.I,ve got a goal and i,m going to achieve it so I can tell the dole office to shove their payments.
They should give me extra for the help I give others LOL.
Russ.[biggrin]Look further afield.There are plenty of opportunities out there you just have to broaden your search horizons.
Russ.Hi ya there.
Rules for this and rules for that.
Statistics for this and that.
IMHO you do a bit of research and decide which road you want to take.
I,m strictly +CF so once you know what you want you concentrate on that and only that.That way you dont get distracted.
All the statistics in the world aint gonna get you the ones that everyone else wants.
Its going with your gut feeling and taking a chance to look at something outside the square.
Look where no one else is looking and see whats there.
Success comes from doing things differently my dear.
Russ.
