Forum Replies Created
Dont sweat the small stuff.
They dont sound like show stoppers to me. You can fix surely after you purchase.
You will probably keep up with inflation, but thats about it i reckon. Unless they find diamonds there. How much gold reserves are left. Is Sons of Gwalia there? Did they not just go under because they underestimated their gold reseves.
I doubt there would be much land content in a unit in kalgoorlie.
What will your investment be worth in 5 yrs time. Will you have generated enough cash over that time to be happy with your investment. Will you have nay major or minor repairs in 5 yrs that will eat your cash flow. If your happy with the above, then proceed.
<<<<buy a cheap +cf prop in woop woop>>>
I am not sure if Nathan is serious or not – probably not – those that buy ve+ dont use the term woop woop.
I would never buy in woop woop. Dont waste your hard earned money on a crap asset. Save a little more and buy a quality property. Only invest in quality assets I reckon.
While your saving – go read a Jan Somers or Peter Spann Book. I am curently reading the latest Peter Spann Book and its the most practical and common sense book I’ve read since I read Jan Somers many years ago.
Me, I would put my money in one of the major aussie banks. I prefer safety to a little extra commission.
Well done – congratulations – how far from home are these units? Do you expect you need to do much to manage?
Me Too. I have received his advertising brochures in the past. There all the bloody same.
Ed is no different. I would not pay his expensive seminars either.I love his stuff about I am so rich – I just want to help others line. So why not charge $100 instead of $4000.
Good point. In my opinion, Leapfrogging is only possible with growth properties.
It will take a long time trying to save deposits from the little you make from positive cash flow properties.
As properties grow, their rents increase and you have the extra equity for further investments.
<<<<He talks about a property in the book yielding around 15%.>>>>
They are probably around, but he is probably a little silent on all the truth. There are areas within many towns and cities in the US that are a little unsafe. You would not want to go there even during the day. To sell those properties people are willing to sell no money down and reduce the price considerably (hence the high yield).
Fortunately for us here in Australia we dont really have areas like this.
Does anyone else have an opinion on Commercial property trusts that are traded on the Stock Exchange.
I think Peter Spann likes them?
<<<<Apparently, he’s been voted for Australian of the Year 2005>>>>
Yeah – by his mates no doubt. Do a search on him. There are many threads about him.
For a more balanced view on property investing – go read one of Peter Spann or Jan Somers books to learn a bit more about the growth side of property investing.
Then you decide whats best. For me, I prefer interest only and growth properties.
Where in Melbourne? There are hundreds in Melbourne.
<<<<<I would suggest since you are debt free, that you release some equity in the property and purchase some cheap rental properties of 70k each either in rural towns or in NZ.>>>>>
I dont. I suggest you read Steve Mcknights book, Peter Spanns latest book and any of the Books by Jan Somers.
Then decide whats best for you. Take into account your income, lifestyle and how aggressively you want to invest. But dont rush into buying rural properties in Aust or NZ.
I woke up this morning to the 7am news and there was no medals last night. Gee I’ve been spoilt till now.
Go Aussies. Tax payer money well spent.
My mother in law went to a financial advisor. The first thing he said was get rid of your 5 pets. I agreed.
Now the place looks and smells much better. She has more time and now her income is better too.
<<<<St George Insurance now say because I did not send the tenant a letter as per Tenancy Act they will not pay out the figure. >>>>>
What does that mean – have you discussed with your property manager? What letter? Each state is different. Get more information from the insurance company. Maybe if your prepared to pay money to chase the debt ask a solicitor what they are referring too.
I have landlord insurance – but i dont have cover for lost rent. In my 7 yrs experience with 3-4 rental properties I have only ever lost a month to six weeks rent. And that was only because they went to Qld.
I always have property managers and ensure I get a monthly cheque. If not my property managers are on the phone to the tenants. If the tenant continues not to pay they are told they may need to go to the tribunal and its made clear to the tenants it will be difficult for them to rent elsewhere if they have a default against their rental record.
Good luck with it. You gotta decide if its worth chasing or just put it down to experience.
Peter
I have just got back from the Bookshop and bought your Book. I am going to take it on holidays with me in a few weeks. Gotta finish my current Dan Brown book first.
I read Wealth Magic back in 1999 when I came back from my 12 month tour of duty in San Francisco. I also read all the Jan Somers stuff first, then Wealth Magic.
I have not read 0-130. I did not want to read a Book that relates to positive cash flow and really applies to the time 2000-2003. Not Now. After all interest rates have fallen from 10% to 6.5% in that period.
Your stuff applies to property in general in any market. I will give my feedback once I have finished.
I think it might be best if the whole family sits down and decides to combine efforts.
Have a good rounded porfolio. A bit of both. Let the positive geared ones finance the ones with better growth prospects.
I believe this will become more common as we go through the cycle of increasing interest rates.
Growth is king not cash flow. You want income -get a job – you want to invest – by assets that appreciate.
My advice would be to liquidate the worse of these properties and hopefully you dont incur too great a loss.
I use a property manager – but I manage them.
One agency I use in Frankston has had about 10 different people in their property management group in the last 5 yrs.
So there has been no continuity. But if rent is late I call them, they call tenant, tenant makes promise, i call property manager to ensure it happens.
Dont rely on property manager. You need to ensure they do whats required. You need to chase them up. You cannot sit back.
However having said that my property manager in Mentone is great. Never had a problem. But she is not too keen to increase rent though.
I never intend to manage my own properties.
Thats what I been saying for a while too.
