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Hi All,
I live in Tasmania just out of Hobart.
There is NO WAY I would purchase in Clarendon Vale, it is right next door to Rokeby and just as bad. (burnt out cars, etc)
Sure, you can get cheap houses, but there is a reason.
There are better suburbs for similar prices with great rental returns, eg Risdonvale, Moonah, Glenorchy and Claremont.
We have just purchase a house 5 minutes from the city for $80,000, spent $10,000 on renovations and it will be revalued at around $120,000 – not bad, but we should be able to rent it out for $160-$200 a week.
By all means, read the books – you may find some ideas you can use.
I can only speak for myself, but “Rich Dad” started me on a mad research / reading frenzy of which I have still not seen the end.I have just finished “The Richest Man in Babylon” – it is a good read and well worth the price.
I picked it up because many other books referenced it and I found that many of the morals were in line with the “Rich Dad” series, which is encouraging.
Another good, easy read is “Wealth Magic” by Peter Spann (ISBN 0-7322-7431-1).
Wow – he really does not like Kiyosaki at all!
There are a number of points he make that do cast doubt on Kiyosaki’s credibility, however I came away from them with a new outlook and a determination to start doing something with my life – and maybe that’s all that matters.
The Rich Dad book started me on my financial freedom journey, mainly be underlining ideas and feelings I already had. There are many other books out there in the world of finance to improve your knowledge and no one should restrict themselves to one point of view.
I have to agree – Kiyosaki is long on ideas, but short on content.
Pug:
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ll send you the spreadsheet now. The only thing to watch out for is I havent figured out the formula for the loan monthly payments yet so you will need to use one of the online calculators and then enter it manually.The formula you are looking for is :
PMT(Interest rate per payment, Number of Payments,Amount borrowed,Ballon payment,Advanced/Arrears).eg. For a loan of $160,000 over 25 years at 7.5% repayed monthly in arrears.
PMT(7.5/12, 25*12 , 160000, 0, 0) = $1,182.39
Opps, sorry about that !
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Personally all I use is MYOB and some crafty Excel spreadsheets.
I also use a (now large & complex) Excel spreadsheet in concert with QuickBooks Pro.
Spreadsheets are great because you can adjust them to any situation/investment/analysis you like.(another Tassie PI)
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Friends,Surely the issue about software is to look at what needs you have and then find something to match it within your budget.
Personally all I use is MYOB and some crafty Excel spreadsheets.
But then again I’m a cheap sod.
Steam_Train
In my opinion, why bet your money on the capital value of the property rising? The value may raise or may fall, both of which are outide your control.
Why not find properties that generate positive cash flow from day one – guaranteed?
I attended an Adult Education course run by Hank Petrusma over the weekend and quite a number of people expressed interest in setting up a real estate investment club where investors can get together and discuss ideas, tactics, structures, etc and get guest speakers on various topics from time to time.
Interested in such a thing?
Hi guys,
We have not yet started to invest in property, but I have done much reading and see this as the way forward.
Right now we are getting our finances in order and will start shortly, but I am certainly looking for like minded people to discuss ideas with ….
