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  • Profile photo of Tasman PropertyTasman Property
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    July 8, 2003 - 7:27 am

    Brendan,

    I would suggest you have a brief chat to the bank, but a mortgage broker will probably be better able to outline your options and go through them with you. May be better to talk to a broker first, then your bank (more to confirm than discuss).

    Also you mentioned extensions could have ‘possible bay glimpses’. Mate – you should get up on the roof this weekend and have a look!

    I would also listen to Joffs advice – given he lives in Frankston too. You guys should have a coffee sometime? But if it is neg geared or you are having any trouble letting it or finding good tenants (in other words it is a huge headache – doesnt sound like it is though) you may like to consider selling at what is probably the top of the market. Of course if its all good, why would you sell it? Keep it as per your long term plan when you bought it.

    Imagine it is 2010 and Frankston is at the top of the next property boom, and the unit is now $170,000 – $220,000. Would you be happy or unhappy you sold it?

    Profile photo of Tasman PropertyTasman Property
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    July 7, 2003 - 8:46 am

    The abundance concept is so much common sense, yet so difficult for many people (including me sometimes) to embrace. It’s easy to think “I’ll be generous and giving, if you go first”

    Tony Robbins talks about it in “Unlimited Power” (it’s the most important of his five keys to wealth and happiness) and he gives an example of planting seeds in order to get a plant. You can’t expect to get a flower without first planting and nurturing a seed. “Hey dirt, give me a plant!” just won’t work.

    But the best and clearest example of abundance I have come across is from “The One Minute Millionaire” by Robert Allen. He talks about becoming an “Enlightened Millionaire”, someone who becomes succesful through helping others… pulling them up with you as you achieve your own goals, having a positive impact on the world around you, rather than stepping on top of people in order to get there.

    After all – if you are in this for yourself, you’ll never really be a success. It will be very lonely when you get to the top. But it will be a great party if you get there with heaps of friends you’ve brought with you[:)]

    Profile photo of Tasman PropertyTasman Property
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    July 4, 2003 - 8:37 am

    Thanks everyone I appreciate the comments, especially Terry (your answer was exactly the information I was after – basically I make it 3 months not 6 and it could work – but what happens after 3 months when I resume employment?)

    A little bit more about my situation may help. I live in Sydney yet invest in Tassie. This is quite difficult as you can imagine, yet I am originally from Tas and that is the area I know best. I am starting to look at regional NSW areas also, but right now Tassie is what I know and where my IPs are. Living and working in Sydney CBD makes it too hard to buy +ve CF property here.

    Regarding chucking in my job. ENJOlady is correct in that taking 6 months off is so I don’t have to work in a JOB for a while, but its also to concentrate on investing. I have to ask why can’t I take time off AND do my investing as well? It sounds to me as though you regard investing as work?

    I have been with the same company in the same industry for 6 years. There is no question that I will leave this job and take 6 months off – I have already decided, and can afford to – and of course I will notice the reduced income. Sorry if this upsets a few people – it hasnt been an easy decision to make, I can assure you.

    The point is that I know that I am not going to sit on my hands, or a beach, for 6 months doing nothing, and that naturally I would like to focus on property, so the question relates to HOW can I do this whilst not employed. For those at the PIM weekend you will know that this is also Steve’s way of thinking. I am a little surprised at the ‘pie in the sky’ and ‘get rich quick attitude’ remarks… maybe you think it is (and I do realise that what I am asking is like the Holy Grail of property investing to many people) but I believe it is feasible.

    Joff, would you mind expanding on your last line regarding the plan being feasible yet full of traps please? Its the traps that I am trying to identify in order to minimise risk.

    The answer I seek may be to move to Tassie, get part time work (2-3 days p.w.) for loan approval reasons, and spend the rest of the week looking at property, rather than simply not working. That’s what I am trying to work out.

    Profile photo of Tasman PropertyTasman Property
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    July 4, 2003 - 5:14 am

    This is a really interesting discussion and obviously some well thought through ideas, and just to throw in my 2 cents worth – I asked the same question to Tony Barton at the Melb. weekend about JVs/property syndicates as my plan was to find 10 investors and pool resources to buy 10 +ve cashflow properties, and hence reduce the specific risk per property and per investor (my real issue was when does a Syndicate get the attention of ASIC as a managed investment etc..) and Tony’s comment was simply (something like) this:

    Sounds like a great idea, but why find 10 investors when you could just find 1 investor with enough cash to do all 10 deals. Its a lot easier and you build a strong trusting relationship with that one individual – to form a win win outcome for both.

    Made sense to me. A syndicate would be good for a $1m type property deal though for sure.

    Profile photo of Tasman PropertyTasman Property
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    March 11, 2003 - 1:55 am

    Hi – John here again,

    just letting you know I’ll see you all in Melbourne! I had a couple of responses on the same day I posted the message and have just teed it up with Brent.

    John.

    Profile photo of Tasman PropertyTasman Property
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    March 10, 2003 - 3:16 am

    Hi Betty,

    I’m also looking for someone to go halves in the Property Masters weekend. If you’re still looking, please call me on 0419 140 004 to discuss the details. Thanks, [:)]

    Oh, and anyone else who would like to go halves? Please let me know too!

    John.

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