Forum Replies Created
Freckle
Very interested in a lot of the comments you are making. I have recently moved overseas from Aus to Dubai with work and it has openned my eyes to the global market place.
Previously all my research efforts were in Aus property but I am more diversified now and I am looking at other investment clases. The only problem is I am very novice in these areas and was wondering if you could give me some pointers or point me towards some resources to better educate myself or even analys??
With Japan, do you believe, as some are saying, that the Aus property market will follow in its downward spiral? Also if you could explain to me how buying different currencies (ie Yen) and then purchasing assets works that would be great.
As I said very novice at this stage so any help would be fantastic
Cheers
ps any thoughts on Dubai market?
Hi guys
Without trying to steal Raasta 's thread I have found myself in a similar predicament and have adjusted my strategy accordingly so any advise to me would probably help him as well (bare in mind I am still yet to enter the market)
I had the initial intention of investing for CG (as Raasta did) but then as time went on and I experienced more of the lows that full time employment bring I changed my thinking and started looking at +CF. Now my situation has changed and I am working overseas so my ability to be an active investor in AUS is zero thus now I need to look at buy and hold (CG) again but at the same time I want to get out of the rat race and have a passive cash flow (different situation to Raasta but same goal/outcome).
Heres my thinking..
Invest in RE with a view for CG (handy if yields are decent but you cant have everything) but only look to properties with potential to add value (subdivide, extend, change use etc.) ultimately it would be great to find a property that you could subdivide while still having the existing property tenanted. After a couple of years of CG and paying down your offset account use equity to proceed with the decided improvements and BLAMO! you have cooked yourself a CF+ investment from a CG driven investment .. now you can enjoy the best of both worlds.
Any thoughts/advise?
Also what are peoples thoughts on commercial property for +CF, many people seem to think there is more potential..what are the downsides?
As a newbie I second Derek's last bit of advice – be wary of the over-analysis paralysis. I analyzed like crazy which just led to more options and more analysis and then when I thought I finally had the grand master plan my situation changed completely – as I sit here typing from my office in Dubai of all places – sometimes I think that, while due diligence is important, if your onto a good thing you've gotta run with it and any mistakes or corrections needed can be avoided on your next project. Sounds like you've got your research strategy down pat Jeremiah, get onto a broker – lawyer- accountant and go for it!
Thanks Qld007, this info is very helpful!
Just to clarify does the fact that I am being paid in GPB effect my tax even though I will be working in Dubai for the most part? I'm also curious as to how my salary will look going into my bank account… will my pay simply be say 30% lower for the week that I work in London compared to Dubai? Also are you saying "appreciate being paid in GPB" because this means that banks in AUS will not assess my pay as being taxed at the normal AUS rates as they would if I was paid in Dirham but rather British rates which are better than AUS?
Any other advise would be much appreciated, it sounds like you are all over this but as you can probably tell my knowledge in this area is fairly minimal.
Cheers
se7en
Thanks for your comments Terry, I guess my goal here is to just make the most of the situation, I would hate to find out down the track that I was not taking full advantage of the situation..Ill be sure to set it all up correctly from the get-go. Any further advice or direction, would be much appreciated from you.
Hello Daniel,
I am 24 and finished my property and construction management course last year. While I think it was good that I did the course, as it has lead to me establishing an income, I can honestly say that this forum alone has given me more knowledge about investing in property than all my studies combined, not to mention all the work experience and other resources that I have seeked out.
My one piece of advise which may or may not apply to you but it is one thing I wish I was told, is study to get a job that you really REALLY enjoy don't worry about the money, educate yourself on the side and invest to reach your financial goals.
I may not be experienced enough to give this advise but given you are not too far behind me in age I feel I can relate very much to your situation. I am still yet to enter the property market and I often look at friends that are, for example, tradesmen earning 6 figure sums but spend it all on liabilities (booze) – if I had of done a trade I would have had an extra 4 years up my sleeve (my course went for 4 years and started after yr 12 in comparison to a trade which runs for 3 and starts at yr 10) I would be earning more and while my career path may not be as favorable, I would be enjoying what I do and be in a much better position to make real money through investments – you don't make money off salary – just look at all Australia's wealthiest, they don't get checks, they write them.
That said, if your a Career Path person go for it! but if your after something more then don't follow the crowd .. it leads to a desk.
Hi Freckle, I appreciate your reply and agree with much of what you are saying except I think you may be underestimating the critical approach which I took going into this. I read the above article before I went to Dereks seminar along with a lot of other research into his background. I realise that nothing is free and he like all people on this site including Steve himself are out to make money from potential customers but I don't believe that this means that they are not providing a valuable service as well.
I was more than aware that there was something in it for Derek and it became almost funny to the point where I was smiling in the seminar room when Derek started using the very same marketing steps that he had just gone through with us to lure people in on us but again I don't think that this means it is not genuine, in fact the very fact that he is using the very same tactics on his audience to make money, if anything shows that he truly believes in them.
Google is a fantastic resource but unfortunately it is very big and having direct links to helpful websites saves on time that I would have spent trawling through the internet to find something like say 'market samurai' which I knew nothing about previously but have since used every day and will continue to use. (I understand that to get this I will probably need to sign up to his newsletter but I can just spam folder it if needs be)
I guess what I am saying is that I believe that you can take the good and leave behind the BS when it comes to these sort of things.
As for the plane analogy, its probably a bad example because I have done a bit of light air craft flying haha, and honestly I think if I was fresh out of a text book (my own research) I would probably have about a 20% chance of getting it off the ground and landing. After an on ground training course from a pro (Dereks seminar) I would say 80%. That is of course for a small Cessna which I would say is equivalent to say a site producing $1000-2000 a month, a FA18 (amazon) on the other hand 0%…Im not looking to be the supersonic master of the web, but a small Cessna sized boost in income I believe is very achievable.
Not sure if you see where my point of view is coming from but I hope you can see some logic behind my thinking.
Cheers
Hi guys
I went to Derek Gehl's seminar in Melbourne and I thought it was great. I have done a lot of research over the past 24 months into web based income streams and I learnt a lot form Dereks talk. There was, as there always is, an opportunity to spend more money and while I'm sure this would be of huge value to some people, I opted out of any additional courses, at least for now to see how I go on my own. This does not mean that the seminar was any less genuine. I could safely say that if I attempted a website before I went to this that it almost definitely would have been a flop but now I think I would have a significantly increased chance of making some good money on the web.
One question to those who went, Derek spoke about a free rolodex which would be available with all the best resources that he uses on it, has anyone received this? I have not got my copy and was wondering if I missed something
Regards
Thanks guys you’ve been a great help .. I had a look at the links, very interesting stuff and Im in the process of setting up a spreadsheet to help me with risk analysis and other issues. It is a bit tricky though but Ill keep at it.
Thank again
adamThanks Darcy
You are right I am only 23 but I know a lot of people start earlier so I am quite eager to get started. your advice has been great and aligns perfectly with what I am studying at the moment (property and construction management) .. I guess the old saying really is spot on “time in the market, not timing the market”. I understand exactly what you mean when you say insuring against the doom, I will make sure I put in this contingency.
Cheers.
Thank guys!! This has been a great help!
You have set me on track and I better understand my goals now. One thing which I haven't done and which a lot of you touched on was setting up a spreadsheet. I understand the importance of this and it has been something that I have always been meaning to do, the thing is I'm a bit of a perfectionist and although this can be good it often takes a long time to get started. Does anyone have any recourses for gaining information on setting up a spreadsheet or am I better off purchasing some software??
I like the benefit of being able to customise a spreadsheet to fit my needs but at the same time I’m not sure if I will be able to do everything in a spreadsheet as I will with software?
Thanks again
Thanks Guys, both your post were of great help. I will definitely try out the free software jamie and I think I’ll give PIA a go as well.
Does PIA have tax calculations and analysis if not do you know of any good tax resources in regards to property investment?
Thanks again!
Adam
Thanks guys, you’ve been a great help!!
If I am added to the mortgage doc as a guarantor does this mean that a portion of the mortgage repayments can be payable by me to the banks? and therefore I can just settle any other costs she has incurred so far personally (this can be done after sale plus interest) so say I owe her $30k in stamp duty, deposit, taxes, etc I will pay her say 10k up front and then settle the rest plus interest once the property has sold. We of course my have to get this written up legally so the property is in my name as well. Can you see any issues with this??
Cheers
Adam
