All Topics / The Treasure Chest / Setting up an Investing Team

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  • Profile photo of pleongpleong
    Member
    @pleong
    Join Date: 2003
    Post Count: 5
    June 20, 2003 - 3:20 am

    Hi All,

    This is my first post and I would like to thank all for the valuable posts in this forum.

    My name is Peter, 26yo, and in 2001 my partner and I bought a house. Since then, it has gone up in equity.

    After reading R.Kiyosaki Books, I soon realise the benefits of using property as my investment vehicle.

    My initial strategies were to go for negative gear properties but that has changed a week ago after reading books on +ve IPs and discovering this forum.

    We recently bought a IP for 165k and the rental is 180pw 1993 house, 8kms from CBD and we are waiting for settlement mid July. Unfortunately, we think this is a -ve IP. I am not sure about what i will get from Depreciation/Tax to make it =ve cashflow.

    I am still in the process of getting the steps right and also trying to get a team going.

    So far I have the following:
    lending manager
    accountant (looking now)
    quantity surveyor (booked already)
    property manager (looking now)
    you guys (inspiring friends)

    This property is currently tenanted and the existing property manager is not very good as the place is kinda messy. What processes are involve switching PMs

    I am in the process of looking for a property manager, accountant and q.surveyor before the settlement date. Am i missing anyone else?

    My next property might be 19ks away asking for 130pw and rental 170pw. But before I go further, I would like to get the depreciation figures right so that i can calculate the sums more accurately.

    I have heard of ppl owning lots of IPs. Can you share some light as to what % are in apartments, residential, commercial in your portfolio. I am still leaning on residential as i am not educated enuff for apartments and commercials to lower the risk.

    Sorry for all the long winded questions from a newbie. I hope you can give me lots of feedback for ppl like me to jumpstart their portfolio.

    better late then never ;)
    Peter

    Profile photo of bannerbanner
    Participant
    @banner
    Join Date: 2003
    Post Count: 14
    June 20, 2003 - 5:10 am

    If you buy Margaret Lomas book – How to Create an Income for Life – it tells you how to download a tool for calculating whether a property is postiive cash flow.

    Hope this helps.

    Profile photo of pleongpleong
    Member
    @pleong
    Join Date: 2003
    Post Count: 5
    June 20, 2003 - 6:46 am

    Just got the book this afternoon, will download the software now.

    thanks banner

    i was expecting more replies but i guess i am asking the wrong questions.

    Peter

    quote:

    If you buy Margaret Lomas book – How to Create an Income for Life – it tells you how to download a tool for calculating whether a property is postiive cash flow.

    Hope this helps.

    Profile photo of WinteroseWinterose
    Participant
    @winterose
    Join Date: 2003
    Post Count: 31
    June 20, 2003 - 1:16 pm

    Hi Pleong,
    I think you’re confusing positive cashflow and positive gearing. Margaret Lomas is into positive gearing. You can find a couple of posts on this forum on this topic.
    Both of your properties will be cashflow negative.
    Steve’s 11 sec solution is property price divided by 1000 and multiplied by 2 should give you you’re desired rental.
    Good luck

Viewing 4 posts - 1 through 4 (of 4 total)

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