Dan,

Can you be sure if you have never tried? I wish I had $30,000 of income when I started seeking finance!

There’s always a way when you see the problem and work thru it.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hello Belladonna,

What a lovely name!

Thanks for your post and indeed to all who have replied too (especially Ursh246….welcome to the community Ursh!)

We all have to start somewhere as the road to 100+ properties starts with one.

For me it was May 1999… I didn’t own any property at that time, nor did I have much of a clue what I was doing.

But I did know a good thing when I started, which is why I have expanded my investing model by replicating the simple theory that if you only did things that made money then you’d have to make money.

Like I was saying to AD on the phone b4… this is not rocket science.

From your post I sense there is a few issues with fear… both in terms of “can I do it?” and also “wow… you must owe a lot. What if…”

By way of encouragement let me reply by saying:

1. You can do it… anyone can. The problem is that people mistake passive income for doing nothing. It takes work, sometimes hard work, but I believe that (in my case) it has all be worth it. You are only limited by your vision (as I have to remind myself all the time).

2. Draw a distincition b/w good debt and bad debt. It doesn’t matter how much I owe if someone else is paying it back on my behalf. Sure, I owe several million, but I am worth a few million more (on paper anyway [])

I have never lost money on a property deal to date because I pride myself in the due diligence I always do b4 buying. It might happen… but prevention is much better than a cure.

What I am trying to say is that there is little luck in success, and what luck there is you create yourself.

quote:

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Is it realistic to expect that little ole me could actually set myself up to do something like this?

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If that’s what you want… then yes. Absolutely.

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi again,

Hmmm – could you please expand upon your problem of why you couldn’t settle? I’m a little confused.

As for property software… I can remember a post a few months back that outlined what people were using. I recommend using the search function and using the words “software” and seeing what comes up for the last 90 days.

Personally, I use MYOB (for the physical accounting), Excel (for budgets) and WAMM (for wraps).

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Please make future posts re this thread in the general forum.

Thanks

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

We have done well out of Nambour in Qld as it seems to be a region that is experiencing good growth.

I understand there is a multi-million dollar refurbishment of the shopping centre in town that is helping the local economy mushroom.

And then there’s the Big Pineapple just up the road that’s sure to pack ’em in []

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

I am just putting the finishing touces on a new product called Wealth Guardian that outlines the different structuring options when it comes to property investing. I expect this will be available by mid-late February.

It is difficult to explain trusts easily, since it is a confusing and complex topic.

Still, I’ll try to give an overview…

There are two main parties to a trust.

Because a trust is not a separate legal entity, a Trustee is the person or entity that is charged with the responsibility of buying and managing the assets of the Trust

The beneficiaries are the people or entities for whose benefit the Trust has been established.

When you buy property in a trust you do so in the name of the Trustee on behalf of the Trust.

The major benefit of a Trust is that it allows for control of an asset without actually owining it.

For example, setting up a Trust where you are the Trustee and beneficiary means you control it (as the Trustee) and also share in the distribution of profits (as a beneficiary).

The disadvantages of a Trust are that it is complex to understand and also expensive to create and administer (in accounting fees!).

If you’d like to know a lot more, then I’d encourage you to think about investing in Wealth Guardian when it is available as it is a 60 page workbook with an audio component too.

Watch this space for more info when it comes to hand.

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

You ask:

quote:

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…all i think i am heading in the right direction, what do you think ??

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I doubt your plan will eventuate in fincial freedom in the medium term, since you lack cashflow… but the real question is:

Are you getting what you want from your property investing?

If the answer is ‘yes’, then you are making progress towards your investing goal which I think is great.

If not… then reconsider what you are doing.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi CJ,

I have an article in front of me from The Age 14/09/02 titled “Things are looking up in the Latrobe Valley, thanks to a new coat of paint”

It begins:

quote:

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“The refurbishment of former SEC houses, which previosuly defaced streetscapes in the troubled Latrobe Valley, has sparked a modest property boom.”

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If you are interested in the area then I recommend reading this article… you can buy it from The Age website (click this link).

My thoughts echo the article. Traralgon is going ahead very well, Morwell is flat but has promise… Moe, well, it will be carried forward by the growth in the other two.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Tony,

What is wrong with you?

I have written to you advising that your posts breach the acceptable advertising policy of this site.

Now you blatantly disregard what I have have suggested.

So now you leave me no option but to make an example of you. OK – So be it.

I recommend that all forum members take note of this member as an example of people to avoid.

Clearly there is an integrity issue here that does no good for Tony A, nor is questionable national organisation.

Congratulations Tony – you are the first member of the community that is no longer welcome to participate on this website.

Don’t bother making further posts such as this as they will be immediately deleted.

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Yield is a fancy return for return.

In property investing there are two yields that most people watch:

1. Capital Gains Yield:

Annual Capital Gain / (Purchase Price + Closing Costs)

2. Cashflow Yield

Annual Cashflow / (Purchase Price + Closing Costs)

These figures, when combined, give you the ROI (Return on your investment).

Me, I focus on a slightly different yield – called the Cash on Cash (CoC) return.

I look at how much cash I need to put down for how much cashflow return I’ll get back.

Why? Because in the world of financial independence you want cashflow returns to sustitute for the income that you’d otherwise earn in a job.

If you want to stop working, ROI is ‘pie in the sky’ if your investment keeps you in a job.

This is the difference between what you are worth on paper, and what your money buys in reality.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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