What does “Interview the person below” mean ?
Interview the person below is a great way to ask questions, and at the same time get to know each others pionts of view, likes and dislikes.
You simply answer the question the last person posted and in turn you then ask a question.
The questions should be short and simple and the answers also short and simple.
Questions should be mostly be about investing, but if you can’t think of any you can ask anything.
Some examples might be; What does Low DOC mean, or, Do you prefer tea or coffee. Asking a non investment question will allow people who are just starting out to get in and ask a question.This idea is not new I’ve seen it on other forums and the responses are not only interesting but informative too.
Two things to remember;
Your questions are not to anybody in purticular,
and don’t forget to ask the next question.So here we go,
Q. Do you allow your tenants to have pets.
Thanks, The Wild One, I do like playing games
)TO answer your question: Yes I do allow my tenants to have (small) pets- if they pay for all damages the pet may cause.
My question:On becoming a pensioner, would you think of having a reverse mortgage- how risky do you think they are?
Celivia
reverse mortgage? no way! I want to leave my kids (when i have them) more than just debt. I would prefer an LVR of 50%max by the time i retire.
ok my turn…
If you lost all your money/investments/assets/ppor how long would it take you to replenish your portfolio and what strategy would you use?
Answer:
Well I have either lost everything or have never had anything so I can only answer that I would use my strategy that I’m now inventing. My short term goal is to have a small commercial property under my belt by mid October and then have an investment/PPOR under my belt by mid February (something that I could rennovate whilst occupying – nothing too major though). Then take it from there and work on bigger deals and the right strategy for each individual case.
Question:
Sea Change or Tree Change?
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
I’m thinking a heavy wooded island off the coast of Qld, so perhaps a SeaTree Change…if that’s what you were getting at.
Have you ever met a decamillionaire, and if so, did you glean anything useful from them ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Yeah,
I met one (relative) and (many years down the track) I asked how he became one. He told me that he did so by marrying into the richest family in Australia. I asked what his secret was and he said that he is a good cook and that he is good in bed. He also told me that none of his property investments have ever failed but that many of his other one’s have e.g. shares and business ventures.
I did not glean much else useful except to learn that not all rich people are worth knowing. Hence, I no longer speak to him.
My question:
Is property the absolute best way to make money?
Please keep in mind the following:
We are no longer in a boom
Also, property use to be an excellent investment because you could leverage given that banks would lend money against houses but they woudl not lend money against other investments like shares for example. However with contracts for difference CFD’s (a relatively new investing tool) you can now leverage a share transaction by 20 times. I knew someone who was consistently making 1400% a year trading CFD’s. There were also no tax implications when a profit was made. He now does this in England where the trades are considered a bet or gamble and thus there is no tax to be paid. Also the second richest person in the world is a share trader warrent buffet. Then their is George Soros with foreign exchange.
Is property the absolute best way to make money?
Yes, where else can you find a way to make $$$ while u sleep and still capture Cap. Gains (many peoples houses have double, or risen 100%+ over the last few years).
As for share trading, it can be good, but I know many more failures than winners. And with property unless you have done some thig extrodinarly wrong you will never lose all your capital (unlike with options and derviatives – when the market turns – Ouch!). In my opinon the risk are alot higher too (look at NAB forex losses – and those were small – look at Long Term Capital creating a $1Bn black hole using options!).
As for the 1,400% that would mean that your friend on $1Mil (which would not be hard for your friend to get from either private investors or a trading firm) would make $14Mil.
Also Warren Buffet dosen’t trade shares. He buys companies. When the sharemarket valuies companies to high he buys other assets (such as oil pipes – no shares there!) or buys companies that aren’t listed on the stock market.
My Q – Take a $29K Cap Gain or $25 p/w for the rest of yr life.
Answer: Considering we live in a country that’s only 200 odd years young, I’d say Property is not the only way to make money but in my opinion the safest and without a doubt just like any other investment you get the boom & gloom, the smart think to do is take advantage of the gloom..
Question: Is +CF property the be-all or end-all of investing and what is more important Capital Growth or Casflow, Or It Depends??
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auI guess +cf is good for sustaining a quality of life in the present and capital gains are good for long term wealth accumulation (also benifit of 50% tax discount).
Q: Do you see the existence of cf+ properties as simply being undervalued? (Apart cf+ properties created through renovation etc.) As a beginner I struggle to get my head around how they exist in an educated market.
No not under valued. I see a lot of positive cash props in areas where people have to have acccomadation but don’t intend to live there for to long. eg. Mining towns, industrail areas, and also the cheaper areas on the outskirts of cities where people may move there from other states until they find a place they want to live permanently.
My Q.Do you put on your best clothes when you have to visit a tenant. I read in a mag that this fellow always wears a suit and tie.
I think hellman’s Q got missed out. So I’ll take the liberty to answer two!
$29k or $25/wk. Easy, $29k upfront for sure. Not waiting years and years to get that money. Same if I won the lotto.
Wild One: I only wear my best clothes if I absolutely have to, like if I go to a wedding, funeral, etc. Even then, my best clothes are pretty average.
My Question: As the information in regards to investing becomes more readily available (the internet leading us into the information age and all that…) do you think this makes it harder or easier to find above average investments. Remember that everyone else is looking for the same thing too!
answer: More information may not help us. It’s the quality of the information that counts.
question: Do you plan to “give back to the community” when you have met your financial goals? How would you do it?
[email protected]
NZ Investors & Property Spotters
Renovations & Project ManagementYou should already be doing it through voluntary work in the community via sporting groups, Rotary Apex etc
My Q Why should you have loans with different institution instead all with one
Peter
A: Because eventually you will receive a letter telling you that you have reached the limit of borrowing. Not your limit, theirs.
Q:Should a tenant be around, windging and complaining about the house when prospective buyers are looking it over. How do you get rid of them, the tenants, for a few minutes?
If you want to get out of a hole, first stop digging.
A: If I was the tenant, absolutely to protect my “stuff” from thievery during the inspection. If I was the Vendor, try scheduling the inspection when at least one of the tenants is at work or Uni.
Q : How do you best get elderly folks to open up and begin discussing their real estate experiences ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
A: Ask them if they have time for a game of cards and a light beer. Then after , say , half an hour , ask them what they did with their money during the depression? If that doesn’t work then try other angles and drinks! Avoid being too intense. Usually it will come out eventually….
Q: What do you think of buying run down dairy farms in south west Victoria then cleaning up the mess and management then leasing them to tenant farmers as a strategy ?
What do I think of the idea of buying a run down dairy farm ? That’s a tough question !
I’m picturing a paddock with no grass, old skinny boney cows, wind blown sheds that are ready to fall over, a dried up dam, and may be a rusty old car with weads growing through it.
I would put this type of investment right up there in the high risk category. There is a Dairy Farmers forum why not see what they say.Q. Do you prefer to buy investments in an erea that you know well, or buy purely based on the figures without even looking at the property.
Ok, as long as the research is done down to a T than its ok, as it’s not an emotional purchase, you are buying the numbers really. Most of our clients hardly decide to visit the area they are purchasing in as they rely on our research.
Q: Are you most likely to buy New vs Old Property or it depends?
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auPersonally, I don’t have any prejudices against either. Although I notice I have generally bought at about 5-8 years old when the property needs a good paint job and general maintenance and the original owner is selling because they can’t be bothered with either.
My Q. When would you prefer to buy a unit instead of a house?
A. When I can buy the set. I like to have control over my own properties.
My Q. On average, how many hours a day total do you spend working and investing?
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