Forum Replies Created
for me,i sacrificed my time, i kept voluntering for war zones whilst i was still in the navy, made plenty of cash, nearly cost me my sanity though. [confused2]
these days i sacrifice my life style to save for future deposits, i also make time to learn more about money every day (or try to)
cheers
shaunLead, Follow or get out of the bloody way
please dont get me wrong, if the right IP at the right price comes along i will snap it up!.
i just had some concernes with people being speculative on property, and me beleiving it thats all. i dont think theres a right or wrong time to buy property but the strategy you have must fit the current curcumstances. for me i dont have a right strategy at present, the nsw land tax is killing me, so i am currently looking at other ways to make a profit, other than the 11 second rule.
oh well i can only keep looking and studying how other people are doing it now until i come up with something.
cheers all
shaunLead, Follow or get out of the bloody way
hey, i just noticed,
my contributer thingy at the top is stuck on 359!
how am i ever going to break the 1000 level? [biggrin]Lead, Follow or get out of the bloody way
i think the problem is, that the newbies read the book and think its easy, thats why they keep asking where are these pos cashflow properties, a few will persist and find them but at this stage of the game they are in small towns.
i must admit to start with i was one of them, but i realised after steves first book, that what was done 4 – 5 years ago, is not the way to do it now.
the moment the newbies and lemmings get “it” the better off they will be in terms of experience in understanding exactly what to look for, and how money really works.
we can only keep on answering their questions in the hope that they ask the right questions,
i do not wish anyone to go broke, but i do shudder at some of the silly mistakes people are willing to take.
i knew to stop buying real estate earlier this year when i was in a cab going to the darwin airport, and the taxi driver was telling me that “he had to buy an investment property” i asked him what he was looking for and he didnt know! only that he had to have one. alarm bells went off all around me then.
cheers all
shaunLead, Follow or get out of the bloody way
i live in canberra, but thats not the point. these properties were in SA. i couldnt find anything decent here at the time, so i phsyically looked further afield.
deals are around everyday, its just a matter of knowing what to look for.
cheers
shaunLead, Follow or get out of the bloody way
i’ve found heaps of them!
only recently i found about six properties fitting the rule in about 10 minutes of hitting the town.
if you cant find them, then look else where.
dont rely on the internet, most of these deals arent advertised.
cheers
shaunLead, Follow or get out of the bloody way
Ok, back to lemmings.
i was reading in another post about someone looking at RE in south australia, they even mentioned peterborough, for the person who wrote that please dont take offence to what i am about to say.
i was in peterborough a month or so ago, and stayed with friends who live there. alot of the people i spoke to want to get out of that town as there is absolutely NO industry at all. i kid you not, i wanted to kill myself for going there at all. yes there are plenty of pos cash properties but good luck in not getting unemployed people to rent them. i ended up going for a drive around that area and there are a couple of tips for the newbies that i would definetly stick to.
1. Do not buy in a town where there isnt an ATM in the main street.
2. Check unemployment levels and crime rates for various suburbs.
3. Do not buy where there is no industry.. Do not vary from this rule at all.
4. Check that it has at least one major bank in the town.
5. Dont believe anything the real estate agent tells you over the phone, get to the town and do your own research, i found the local publican a wealth of information.
i now understand why steve has never condoned buying in small towns, to see why just stay in one for a week.
but the lemmings are still buying them! why? because they fit the 11 second rule.
some one said the late starters will be burnt the most, and i have to agree.
at this stage consolidate your loans and look for other investments. shares are doing well and thats where i’ve parked my money for the moment.
cheers all
shaunLead, Follow or get out of the bloody way
I looked at it, but decided not to go through with it. to join their club you need 50k in equity or cash. they promise to find you an IP. well with 50k i could find you a house, doesnt mean its going to fit your criteria though.
i ended up spending 3k and joined up with peter spann instead. give them a call, very helpfull and will give you the full speel into what you will get for your money.
cheers
shaunLead, Follow or get out of the bloody way
another trick, is network network network.
get some business cards made up, and everytime you meet a real estate agent give them one and tell them what you’re looking for.
cheers
shaunLead, Follow or get out of the bloody way
i understand your frustation at this.
i did the same thing with a nsw property.
from what i understand, you have six years until its considered an investment property again.
i’ve read through all the land tax from the government and still cant find a definent answer to the question.
i even went to the accountant and he cant answer it. as far as he’s concerned i’m not up for the tax, but i wouldnt assume that for one second.
sorry its not much help
cheers
shaunLead, Follow or get out of the bloody way
totally agree with you residential.
i just signed up with peter spann, any action is better than none.
cheers
shaunLead, Follow or get out of the bloody way
I’m being published in ESC’s new book coming out early next year. please dont hold it against me!
i only put my story in because i thought i’d won a free trip to sydney and a night of drinking and eating. I just wanted to network, and find some cash partners!. as it turns out, i didnt get anything for my trouble. [confused2]cheers
shaunLead, Follow or get out of the bloody way
i have an Ip, currently rented at 175 a week.
just got body corp approval to put in 6 lock up garages, (and the body corp is paying for it)
once completed intend selling off to increase equity, i have my eye on 6 x 2 beddy units.
asking price is 420k, currently rented at 30k a year. intend renovating, strata titleing then sell to investors at 8% yeilds.
cheers all
shaunLead, Follow or get out of the bloody way
Ive heard of rentals, they are on the north side.
one of my work mates rents through them and she has nothing but glowing reports about how they handle things.
cheers
shaunLead, Follow or get out of the bloody way
i’ll be going, i have cashflow (the electronic game) but it no longer works on my computer since having a virus go through it.
i need my fix of cashflow! [biggrin]
chees all
shaunLead, Follow or get out of the bloody way
i saw that too yorker, thank goodness my place is on the fringe of the cbd (bought there on purpose).
the thing i didnt like, was how the person from the REINT was talking up tennant creek. recent news paper articles from darwin newspapers (about a month ago) were saying that people there couldnt give their houses away and had to just abandon them, and that alot of bums had moved into these houses and trashed them.
lost alot of respect for the article after that. so although i still beleive theres at least 18 months left of good capital growth (BIS expects 28%), i wont pay too much attention to what a real estate agents says about his state.
cheers all
shaunLead, Follow or get out of the bloody way
email melbear,
she has plenty of properties rented here in canberra.
hope this helps
cheers
shaunLead, Follow or get out of the bloody way
for me, i went and got a cash and carry card, you dont get alot of savings, but some things are ok.
i buy toothpaste at a dollar a tube (i buy 20 tubes) i can get my hands on 30 kilos of good quality laundry detergent for 25 dollars. toothbrushes at a dollar a pop as well. the little things like that add up over time, and the great thing about it, is i only have to shop for these things about once a year.
but in saying that, i also buy expensive shampoo at 40 dollars for a litre of the stuff.
cheers all
shaunLead, Follow or get out of the bloody way
Hi kazz
this is the accountant that i use here in canberra
ask for jacob and tell him i sent you.
http://users.bigpond.net.au/d-a/
he’s pretty good, though i’ve found he wont give you advice unless you are seeking clarification.
ie he wont tell you to set up a trust, but if you ask him to set one up for you he will. he will give you any advice that you ask for, but you have to ask, he doesnt always volunteer the information for some reason. other than that i’m pretty happy with him. he set up a company for me etc, and i always get pretty good tax returns. the fees hurt a little though, but this is because i ask him questions all the time.
does that make sense?
cheers
shaunLead, Follow or get out of the bloody way
Hi Seraphin,
i have looked into this,
basically the easiest way to buy, say in the UK, US etc. is to do the following.
Pay cash for first IP in foreign country, you can do this buy using a LOC on property in australia.
get a good accountant in the foreign country who will lodge with their tax department, that you are a non resident for tax purposes. inform your accountant here to tell the ATO about foreign income coming into the country.
Add value to the property, and revalue/get new loan with the bank in the foreign country, this will release the equity.
use that equity to buy further IP’s in that country.
i was also looking at a way to do this with an offshore bank account, however most banks dont like to lend you the money because it is harder to track you down should you default.
hope this is some help
cheers
shaunLead, Follow or get out of the bloody way
