I am just starting out and have read Steve Mcknights books and also purchased Rick Ottons Wrap Pack. However as i am still at university studying property valuations I dont have the money as yet to get started.
I am working as a Valuation assistant and a lot of the properties we value are those in which the bank have taken back possession. These properties are then usually sold substantially lower than what we put as their market value.
I think this gives me a good opportunity to help other people put together profitable deals, but I am unsure how i would go about it.
If anyone has any ideas or can tell me more information on spotting it would be greatly appreciated.
Thanks.
Luke
The only time success comes before work is in the dictionary
Would you not get in trouble due to the privacy act?
Steph.
Success is 1% inspiration and 99% perspiration.
Thanks for your reply Steph.
Yeah thats what iv got to work out. I see all these good deals that could be done, but cannot do anything about it.I’d be interested in what you find out Luke! I am new to this forum as well and have read Steves books but havent actually started any investing. I’m as Steve talks about “time rich’, ‘money poor’ so would be looking at trying to do some deals with folk who are ‘money rich’.
Would be good to know more about what you have talked about in your post though, keep us posted!Cheers Linda
I see a lot of people saying they are time rich and money poor on the forum but not many (none) that are money rich and time poor.
Is this due to not wanting to be deluged with would be spotters or are people money rich partially because they manage their time well, even if it is limited?
Anubis anyone in here who actively has a bubbling property portfolio and says they have good cashflow, isnt doing it right. We have several ip’s and all the rates and BC fees and maintainance and stamp duty and legal costs and building and pest reports and travel costs and course fees…………you know what I mean.
Many people looking long term forgo their cash now for cash later in a growing portfolio. All investing isnt roses, but to run the ship a bit tight for a few years means its easy sailing from there on, I’ll happily be cash poor right now.
DD
PS146 Certified Financial Planner
Don’t sweat the small stuff,and it’s all small stuff!!I’d have to disagree with that DD. You can have good cashflow and a “bubbling property portfolio”. It’s all very well to deny yourself for a number of years for a happy retirement but I’d prefer to enjoy some of the fruits of my labour as I go along & while I’m at an age where I can really enjoy it.
My original post was slightly tongue in cheek as there have been a lot of people posting lately that are new to investing, with little knowledge or experience, looking to be spotters.
All granted Anubis, but I think I have had enough runs on the board to have an opinion. Part of our recent strategy was to buy a house in Coffs 250mtrs from the beach. If thats not enjoying it now, please let me know.
Its tough living between the Novotel and the Anuka Beach resorts!! We even use the Anuka room service menu and walk and pick it up occasionally.
We buy our own Moet though.[biggrin]I meant tight with the investments and cashflow, not referring to lifestyle. I think we have that covered. Sorry if I was unclear.
DD
PS146 Certified Financial Planner
Don’t sweat the small stuff,and it’s all small stuff!!
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