Australian Property Investing Masters

Hi Folks

I was pleased to see this post pop up again as I was only thinking about it last night. I wanted to reread my goals that I posted for all to see, and I must say I am happy with our progress.

Here is a quote from earlier

quote:

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OK, at the very end of the night Steve made Del (wilandel) promise to cut her hair off if she didnt make her goal. I was thinking all night what can I lose if Matt and I dont make it to our goal, so I have decided to share our goals with you up till Dec and put my reputation on the line. We are seeing a new accountant this week (Dale GG) and setting up our line of credit next week. I am going out to our target area and spending a couple of day there doing detailed research and house hunting and relationship building mid june. We will purchase a positive cashflow property and settle no later than July 31 2003. Most likely it will be buy and hold, although we are now definately open to more options. We will then proceed to purchase 2 more positive properties by Dec 31 2003, finishing the year on 4 IP’s with the one we already own. We will then review our progress in Dec and review/plan our strategy for 2004.

So there.

My fear is fear of inaction … I am going to overcome this by ‘Just doing it’.

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Well, we did meet with Dale, and he was great, he suggested a Hybrid Trust and that he could get that going right away for us, and we coughed and spluttered a bunch of lame excuses to not do it right now, then laughed all the way home and agreed to just do it. So the Trust papers are coming to me as we type!

The LOC, I spoke to the bank and was told they will accept a formal valuation by a qualified valuer, so once the valuation has been done we will set up the LOC.

I did go to our target area last weekend and it was really worth the trip, I managed to rule out one town and include another into my search areas. My trip was mostly motivated by the fact that we did make an offer on a house and one of the conditions was that we would view it on a specific date, enabling us to hold the property off the market for two weeks. The property strategy was buy and hold but might just turn into a WRAP after speaking with the agent. He advised me of the tenants situation and they are very keen to own a house. I guess this is really what I learnt from the game … it wasn’t about buying a house and wrapping it or tenanting it then getting your card in. It was about opening up to the options available, I would be trying to wrap this deal if it hadden’t been for the game. Even if we don’t wrap we have a rental with a 9% net yeild.

It was interesting that the agent told me a couple made an offer the weekend before me which was just a tad to low, when he told then they said they had decided they would rather buy another property than get rid of the rough tenants. I asked if they talked to the tenant which I had done and found out they really did like the house and the town and wanted to own a house one day. They had not and now they miss out on a potentail easy wrap.

So my fear of inaction was really challenged as Matt is OS at the moment and I have had to do all this work on my ownsome. I feels great too.

Cheers
Leigh K

Read, learn, grow but most of all just do it.

Hi Folks

I just wanted to share that my first cashflow positive house is now a WRAP[][][][][].

Oh! What a feeling!

Cheers
Leigh K

Read, learn, grow but most of all just do it.

enjolady, that is so fabulous, congratulations!!!

I had a good feeling also the other day when I spent a day with a friend who after hearing about my deals wanted to get started in the market. I gave her a stack of books/CDs/materials from my vast library (not joking!!!!!) and the property and related web-sites. Within a week she’d found 12 deals which were cashflow positive, some of them more so than others, but some not just cashflow + but also in areas with pretty good capital growth. I helped her do the numbers on all of them, hooked her up with my lawyer who talked her through what she needed to know, and she weighed up the best ones. I then sat beside her as she made her first offers coaching as needed!

She had narrowed it down to six that she was going to call up about. We started with the deals of the six she cared least about (by way of practice!) so that by the time she got to the top three potentials she was feeling pretty comfortable asking the right questions and she sounded great and like she knew what she was doing! of course there was lots of squealing and giggling after she hung up – but guess what, at the end of the day she had three offers in on three properties.
It was so fun and rewarding helping a friend get into it, particularly one that was so quick to grasp the maths of it, etc.
Also, the more musos with IPs the better, the self-employed need retirement plans (early or otherwise) as much as anyone!
We even wrote a song in between making deals, so it was a great day.

cheers-
Mini