Thanks for a great post.
I will share my experiences. When I first started, I try to expand my knowledge base as much and as quickly as possible. One of my humble begining experience is trying to read and understand every term in every reports for each property that I am interested in. Example is that I spent 3 hours !!! reading over a builders inspection report trying to understand every terms in the rpoert and then spending extra 2 hour talking with builder about each technical terms (the builder was trying to hang up with me after 20 mins!!). The moral of the story is that it is important to learn but it is more important (if you want to be financially free) that you build a team of reliable and competent team members.
What I am doing now is to create a system for property investing and then apply this theory to my part time business that I am building. Time is now to learn and exciting time for all those who choose to enjoy the journey
Cheers
JohnnyWanting financial freedom is not enough. Take some action TODAY. I have successfully built my own PART TIME business whilst still working in a Bank. If you want to know more, PM or email ME.
Well we and our clients have been utelising our extensive Research and negotiation power to buy in high growth, low cost, New & refurb developments in Qld & WA under $320k on regular bases. We don’t tie ourselves to any particular area which allows us to always choose the best deals as we are offered a fair bit all the time and we reject a whole heap too.
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
Great post indeed WASP. Here’s why I am not in an IP right now:
I am selling my PPR and my fiance and I have found a nice place we want to move into so buying the new subject to sale of the old (RE agents… some of them are shocking).
Yes I could have taken equity from the old place and gone into some investments but instead we went for the old “lifestyle choice” (read: spent money instead of making it). Nasty part of the story is we dumped all our equity and a lot of our serviceability into the new place. NB: stamp duty is a killer in WA! The upside is we love where we are moving to, we have a plan to reduce OSB on the loan at an accelerated rate and we’ll get growth on a decent base which is tax free when we sell. Not the Kiyosaki way I know.
So free cash right now is not our forte. On that basis, and in the spirit of WASP’s first post (at least my interpretation), I am certainly on the lookout for someone with cash and some money left over at the end of the month who would consider partnering with me on a reno job… you bring the cash, I’ll do the grunt stuff. Have a couple of mates with faith in me who might stump up some dough on such a deal.
My experience in property includes: a) I used to sell off-the-plan IPs with -ve gearing and depreciation and the whole shooting match (till I realised it was the Dark Side [vamp]); b) I’ve studied property at uni; c) I used to work for a guy who did reno and flip deals (as his project co-ordinator); d) now I work for a property finance group and we get finance for folks who want resi IP’s, commercial IPs, and developments.
Let me know if you’d like to beat my two mates to the punch!
Bob
PS What’s YOUR problem, buddy?
You lookin at me?
You lookin at me? Huh?
[biggrin]
Originally posted by Bob Dobelina:PS What’s YOUR problem, buddy?
You lookin at me?
You lookin at me? Huh?
[biggrin]
lol.. Mr Bob Dobelina
That’s the funniest I’ve seen on the forum so far.. LOL
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
The reason I’m not buying at the moment is because there are far better investment opportunities than property out there at the moment.[juggle]
Have 2 ips and heaps of equity but unable to finance a loan as I work only casually boohoo.
tis a good thought provoking post
millyWife and I settled on 2 in tassie on friday.
2 houses, $116,500 and $116,000 each. Rents are $165/wk each. This seems good enough for me for now.
SEQ units and town houses 9% growth last qtr in Logan area.
Now is a bit of consolidation for us too.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Just finishing off the first one [thumbsupanim] then will look at the next one maybe two in the next few months. Not exactly in the next 2 weeks I know but things are moving along according to our plans.
Regards
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
Originally posted by GPSNetwork:Well we and our clients have been utelising our extensive Research and negotiation power to buy in high growth, low cost, New & refurb developments in Qld & WA under $320k on regular bases. We don’t tie ourselves to any particular area which allows us to always choose the best deals as we are offered a fair bit all the time and we reject a whole heap too.
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
***************************************8
Hi Roy,1. I’m presently back in Singapore.
2. Can we arrange to meet up in person when I am next in Perth in early November 2005, to discuss our mutual interests, in property research and property investing in Perth/Australia.
2.My Australian mobile number is 0418758123 and my Perth home TEL/FAX : 08-93411236 and my email is [email protected].
3. Looking forward to hearing from you soon, please.
4. Thank you.
regards,
Kenneth KOHDear All,
1. I’ve just completed the legal completion for one of my houses at the Anchorage Estate in Rockingham this Thursday and am in the process of reaching final completion for my 4th IP in the same Estatem, having achivwed its Practical Completion Certificate from the In-Vogue Builders 2 weeks ago. I am also helping 2 other investors from Singapore with their house construction in the same Estate.
2. I have received FIRB approval to purchase another piece of vacant land at the Achorage Estate and will be building there in early 2006, after the land purchase has been settled by end of this year.
3. Upon completing my 4th IP to Final Completion Stage towards the end of this area, I will be further uptending its loan and drawing out the cash available from the newly found house equity.
4. I am also in the process of raising a new loan to settle for my unit apartment purchase at the SWELL Residence in the Goldcoast market in Feb 2006.
5. Beside these, I am also busy working at obtaining the WA State sponsorship and subsequently to submit our application for the Australian Permenant Residency Visa, if God be willing. I am now back in Singapore, to help my daughter preapre for her coming GCE “O” level exams.
6. I will still have to conduct my own peronsal review for my own property porfolio and property investingf acitivitie for 2005 as well as to plan for 2006.
7. Well, I think I have my hand quite full, till the end of the year and will take a short break from further property purchases for the time being.
8. I’ve “no problem”, only exciting challenges and see plentiful of opportunities ahead of me and in the coming 2 years.
9. Thank you.
regards,
Kenneth KOHOriginally posted by jcso99:Thanks for a great post.
I will share my experiences. When I first started, I try to expand my knowledge base as much and as quickly as possible. One of my humble begining experience is trying to read and understand every term in every reports for each property that I am interested in. Example is that I spent 3 hours !!! reading over a builders inspection report trying to understand every terms in the rpoert and then spending extra 2 hour talking with builder about each technical terms (the builder was trying to hang up with me after 20 mins!!). The moral of the story is that it is important to learn but it is more important (if you want to be financially free) that you build a team of reliable and competent team members.
What I am doing now is to create a system for property investing and then apply this theory to my part time business that I am building. Time is now to learn and exciting time for all those who choose to enjoy the journey
Cheers
JohnnyWanting financial freedom is not enough. Take some action TODAY. I have successfully built my own PART TIME business whilst still working in a Bank. If you want to know more, PM or email ME.
************************************
Dear Johnny,Well done!. I agree. You’ll go far.
regards,
Kenneth KOHOriginally posted by Wake:I guess the reason we’re not buying in the next few weeks isn’t so much a problem that can’t be resolved but rather sticking to our goal.
Next week we are going to Qld to plan a cosmetic reno on a place we bought 13 months ago which is needed to move it from 1970’s to 2005! The extra equity from that (not to mention rent increase!), in conjunction with the valuation after completion in January of a house currently under construction in Cairns, should give us enough equity in addition to our current equity to enter into a development deal, either as a JV or on our own.
This will be our 11th purchase/deal in 2.5 yrs. We plan to try this as a way of working towards replacing our wages, instead of relying on the buy and hold and working for another 20 yrs!
Wake
*****************************
Dear Wake,1. Well done! My congratulations, please!
2. Staying Focussed on your goal! Excellent.
3. Doing renovations to actively replace your employment wages … right path to financial freedom in a shorter time, than by relying by “buy and Hold” property investing strategy.
4. How’s the Cairns property market now? Herron Todd White Valuers research reports the Cairns property market as peaking. Do you agree?
5. Looking forward tohearing and learning from your you soon, please.
6. Thank you.
regards,
Kenneth KOHOriginally posted by g7:The reason I’m not buying at the moment is because I’m solidifying my financial position and I beleive that better buying is down the track a little. What I mean is that what I want to buy now for say $200k, I sincerely believe I can pick up for say around $170-180k within the next 12 months. And probably even cheaper within the next 2 years.
G7
***************************************
Dear G7,1. Which property market are you referring to?
2. What is the rationale for your belief?
3. looking forward to hearing and learning from you, please.
4. Thank you.
regards,
Kenneth KOHOriginally posted by Milly:Have 2 ips and heaps of equity but unable to finance a loan as I work only casually boohoo.
tis a good thought provoking post
milly****************************************
Dear Milly,Have you considered No/Low Doc Loan? JVs?… JV with Bob perhaps as he needs a partner strong in cash?
Cheers,
Kenneth KOHOriginally posted by kenkoh2000:Originally posted by GPSNetwork:Well we and our clients have been utelising our extensive Research and negotiation power to buy in high growth, low cost, New & refurb developments in Qld & WA under $320k on regular bases. We don’t tie ourselves to any particular area which allows us to always choose the best deals as we are offered a fair bit all the time and we reject a whole heap too.
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
***************************************8
Hi Roy,1. I’m presently back in Singapore.
2. Can we arrange to meet up in person when I am next in Perth in early November 2005, to discuss our mutual interests, in property research and property investing in Perth/Australia.
2.My Australian mobile number is 0418758123 and my Perth home TEL/FAX : 08-93411236 and my email is [email protected].
3. Looking forward to hearing from you soon, please.
4. Thank you.
regards,
Kenneth KOHHi Kenneth..
I think Roy is in NSW not WA, but from my limited understanding has done a lot of research into QLD and WA and obviously believes in the areas.
Probably better for your own privacy to PM him your details than posting them on the open forum?
Regards
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI agree with Redwing, will email you shortly, thank you for your interest.
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
NEED DEPOSIT!!!
That is the one and only frastrating thing holding me back – I am currently playing the waiting game as I scrimp and save as much as I can.
And before any suggestions come back – no, I don’t have access to any equity [glum]
Sacrifice
Understanding
Committment
Character
Excellence
Satisfaction
Structure
= SUCCESSHey this is cool, I might have a crack at this myself….
Frugality
Achievement
Intelligence
Learning
Uplifting
Resourceful
Energeticand
Slothfulness
Uncompromising
Credit
Cards
Emotional
Spiteful
SuperciliousIt seems you can make anything up as you go along….and hence I don’t see the…
Pointless
Obtuse
Irrelevant
Nonsense
Trivialof doing this type of word “w**k” exercise. But maybe that’s just,
Meek
Eager
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