Forum Replies Created
Recently i have been in discussions with Gaydens Lawyers (Sydney) regarding the new senior living policy (old + 55).
It is interesting to note that currently 77% of all retirees still live at home with no mortgage and little cash, i mean unhappy and struggling.
New structures today enable these people to use their equity to survive until death, sad as that may seem.
I have said many times before on this site that the problem is our financial fundermental education. This situation is going to get worse in the future unless Australians control their spending habbits.
95% of people live beyond their means, credit card debt over 30bil, interest free store accounts, debt to equity ratios increasing etc etc.
These forums provide an insight for the minority of people who want to change. But because the majority won’t face the facts we will have to pay for the miserable sods in the future, i know lets increase the taxes on the rich and property investors to fund them!!
resiwealth
It won’t seem the same Rob but i guess i will have to get used to it,
regards Phil
Hi there, Matt i am sorry i think your sizes r too small and will not sell.
1. Go and see 4 agents to see what is popular in this area for rental and selling.
2. Making money is starting from the end then working the numbers back to the start, not the other way or YOU WILL FAIL!!!
3. Go see a builder and do a feasibility study, i use Guardian Research its cost but it will pay.
4. See an accountant to go over the numbers if u don’t have the confidence.
5. Give people what they want NOT what YOU think and u will be successful.
6. Most developers go broke over ego.
resiwealth.com
Hi Steve and others,
I am currently 45 with an office in Sydney.
Was an electrical engineer, now a developer and investor, mainly in QLD.
I put Laguna on the map at age 29 (600mil project), now controlled by David Mariner from Melbourne.
I have 3 books about to hit the market currently at the publishers with another 2 in the pipe line.
We are developing a new education web-site resiwealth.com and also wealth4women.com.
I love property and developing plus I am building a new house in Hunters Hill which will be worth about $2.8 cash, no debt.
I came from humble beginnings, am the youngest of 6 and my dad was a motor mechanic. I changed my career at 25 then went through the school of hard knocks to get where i am today, where ever that is.
Your web site and contribution to the awareness of investing and wealth creation for average people should be highly commended. As to retiring i believe that as we evolve we change and should help others succeed and grow.
Today we are faced with many challengers in life and not every body is equal, two of my secretaries developed cancer, 3 of my friends have lost loved ones at VERY young ages. All of this effects our investment decissions as well as past parential programing.
In my mind investing is not a race to see how much you can get, or how many more you have than the next person, personal investing is setting targets for yourself in a time frame that is reasonable to you, then determining just how RICH and HAPPY you want to be in your own mind.
Teach and prosper … resiwealth
Hi Richard hope u r well,
I have answered similar posts to this many times so i will keep it short.
1. have a builder or architect estimate the project for you. (the figures u have quoted seem fine subject to ………)
2. get an accountant to go over the numbers and estimates in detail, do not guess.(you need to understand all the costs in detail)
3. If the numbers work do it, if the numbers don’t work don’t rework the numbers!!!!!
4. markets will change and interest rates will change also, welcome to the world of property development and risk.
5. wether you do or you don’t the choice is yours, good luck.
In Sydney there is a new water management program which is adding a great deal of costs on and is very hard to pass on to the purchaser, be careful and get everything in writing mate,
resiwealth
3.
I’m with GPS on that one, makes perfect sense to me.
resiwealth
Hi Steve,
1. My No. 1 is visual effect and wow factor, get rid of all the clutter to give the impression more space.
2. Less is better inside the house, and make sure it smells nice.
3. Buy my new book which is about to go to market “151 handy hints to add value to your house or investment property.
resiwealth
I favour the project builder then spend some money tarting them up to look different …
eg;
Stencil driveways
Palm trees
Electric security gates
Window boxesresi
I also suggest looking at developing something that others arn’t focused on eg; two bedroom townhouses with a 3 way bathroom, just a thought.
resiwealth
I’ve noticed companies like Australand use this type of building technique.
Lets start a list of advantages v’s disadvantages
For; Quick construction, no brickies scaffolding, can b made on or off site …
against; lack of redisgn, cold, hot, …
resi
With out repeating … go and do a search on this site as there r other similar posts where you can read the replys.
resi
Sanshil
Did u read my post?????? – have u done any which i suggested ??????
u must use some one who is local to your area 2 get the best results.
resi
Watch out for adds in the FinReview under Sintinel Healthcare (health care Property) ( sophisticated investors) money raising.As a test ring the number and ask for an information memorandation, also ask for the names of the directors and sharholders of Sentinal.
How old is this company
Who is on the board
Who will be running the ship
What is the security offered
What experience do you have
When is the prospectus being issued
Do you have an office where i can meet you
Do you have a dealers licienceLife Span Medical Imaging are in receivership!! – previous company.
resiwealth[angry2]
Foundation,
I bought an investment property in 2001 in Hunters Hill Sydney for $660,000.00 and had it valued last week at $1,580,000.00, so i hope it does double – only time will tell.
resiwealth
There is a good article in “findlaw” regarding a Brisbane solicator not disclosing to clients for the second time the full commissions and fined again.
My view is he and his counterparts should be closed down, people should get independant advise and must use an independant solicator not recommended by the selling agent.
resiwealth
Cripes Rob why didn’t you ask me a simple question, i really don’t know what to say other than say 70% to allow for any varience in the event of a fire sale.
resiwealth
I have an appointment with the fraud squad next week, we are also going to the ASIC with all the docs.
The main guy running it has a history it works out of doing this.
Personal guarantees and fixed and floating charges over the companies assets r not worth the paper they are written on.
When i finish with these p…ks they will be behind bars. I had Hall Chadwick on the case and they are helping me also.
At the end of the day the lesson is security over (first mortgage) real property. This is the reason i don’t like shares, if u lose u lose everything, however these sleezes are total theives.
Basically they raise money give security bleed the companies dry and move onto the next scam.
I would like to mention their names here but out of courtisy of this forum i will not at this stage. As far as being sued from the other side for what ever i welcome the opportunity, bring it on.
Good quality mum and dad investors are losing money in these schemes and it must be stoped, i can recover but mum and dads can’t.
resiwealth
OK Rob i’m in … good post … yes i would lend as long as i had first mortgage security over real property and a ligit valuation.
I would also insist that in the event of default and forclosure i can claim for lost interest and costs.
Phil
How much did interest rates play in this equation?? i remember in 1997 (please help me) that interest rates went under 10%.
resiwealth
If the rates drop i can see another buyer confidence back into the market. The biggest portion of the market is UNsophisticated look at what happens when u offer interest free periods on store items etc.
lower interest rates on credit cards results in more spending and a future result in this is greater consumer debt.
Nothing will change in this country until we educate children about the fundermentals of money management. Today we have 90/100% housing loans and now the introduction of equity lending to help first homes owners get a property.
IMHO this is totally wrong and we will see the effects in 20 years, please put me on record as this will be a major future problem.
My answer is save like heck, resist credit card dept, if u can’t afford it forget it, go shop at actions, live in a unit before u buy a house, stay at home longer, etc etc.
The above may be boring but it will work!!!
resiwealth
