Hi All,
My wife and I have been reading a few books/magazines (Rich Dad Poor Dad (GREAT BOOK!!!), How to legally reduce your tax, 0 – 260 properties, API, YIP) and would like to also go to a few seminars to really hear/see how others are achieving their investment goals. Our short term goal is to purchase our first IP before the end of this year.
After reading “How to legally reduce your tax” we are now in search for an accountant in Melbourne. If anyone has someone they would recommend, it would be much appreciated.
Strategies that interest us are value-add or investing in a regional town (Emerald, QLD) to achieve + cash flow.
There is a free all-day workshop being held in Melbourne by Cashflow Capital and was considering attending. Was wondering if anyone on this forum has attended this workshop before and if so would like to hear your thoughts about Cashflow Capital?Regards,
Fred.AHi Fred
You could try House of Wealth in Melbourne. I haven't had direct dealings with them but I've read about others who have had positive experiences.
I'm a fan of buy, renovate, hold. It's an excellent way to grow the portfolio quicker. It's a strategy I personally adopt.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Fred
I've used the reno (add value), revalue and rent strategy and it works well. Choose your areas well and go for it. Start small and get one project under your belt. If you do your numbers correctly and keep within time frame and budget you will achieve the outcome you already know. On the up side, if you take the conservative side with your numbers, the outcome will be better which has been the case many times for me.
Sometimes you can spend too much time getting all this information about everything and confuse yourself. Not sure about 'Cashflow Capital' but there is always something to be learned at these seminars.
I wrote a post in my blog the other day about people like yourself, just starting out and it's based on personal experience. It might help clarify a couple of things for you.
Personally, I would choose one strategy, obtain the spreadsheets I need to do the numbers. Concentrate on one area to select your purchase, work out what due diligence you require for that area and go for it. Talk to people who have made that strategy you select a winner for them. FInd out exactly how they did it and copy them for your circumstance. Don't reinvent the wheel, just do what they do.
Hope that helps.
Ian
http://www.theblockblog.com
Free Property Investment Info, Tools & Resources for Investors with a Sense of HumourHi Fred,
You've been through some great material which is a good start, Rich Dad Poor Dad is great isn't it! We had some workshops that we did in Melbourne which have just been. The workshops was teaching my personal strategy and focusing on my favorite town Emerald! It's great you have identified it, may I ask how you came to choose/identify Emerald? I lived there for a number of years starting my portfolio and now it is at the 15 mark for Emerald. To climb to 25 next year.
After working in real estate their for a couple of number of years I started my own company which focuses on investment properties around regional Qld as I have quite a bit of knowledge of these areas.
From a personal point of view I would be wary of cash-flow capital. When I was in real estate they would call up and act like a buyer, get photos sent and every bit of information they could then they would upload the property on to their site <moderator:n delete personal comment> and then try to find a buyer through workshops etc, then call the agent back in hope that they would conjunct on the property. <moderator: delete personal comment> so in my experience they are trying to sell you something that in many cases they aren't even aloud to try to sell.
Please don't take this as biased advice, this is just my experience with them.
Also…never buy a house of someone who hasn't been to the area or doesn't have project managers in the area full time.
If you would like any advice on emerald or regional Qld please feel free to email me, and yes, I do sell properties that I identify as good investments however I am more than happy to let you know what I do when it comes to my property portfolio and the areas that I work with without trying to sell you anything.
Anyway, I hope this forum helps you, it is a great way to get good advice Cheers,
Thanks all for your comments and will take them on board.
Sapphire101, I did read your blog the other day K.I.S.S (Keep It Simple Stupid). It was great advice and if we do go the route of value-add then we will start off with a small project in the burbs of Melbourne. This will keep our risks small and get our confidence up.
Once we get our momentum going, we can continue on take on bigger risks as our confidence builds.The first obstacle we have is location, location, location….
Fred.A
Josh, Reading articles on Surat Basin, I didnt want to rely on a town strictly reliant on mining. An article i read from API online regarding about a mine opened up in NT for metals and there was a rush to buy property. When the mine closed because of economic downturn, workers were laid off and investors were left with properties which no one would buy or rent. I think Emerald has a bit more to offer. Sure it will benefit from the new mining projects but it also has sustainability qualities – revitalization of their CBD, agriculture …etc… I have gathered some information of the town from websites and publications but if you have any other info you wish to share, please send them through.
I will PM you my email address.
regards,
Fred.A
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