I’ve been away a bit but thanks for your help.

Have a great 2004 as well.

Cheers,

David

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

You asked about Manjimup (WA, I presume). It has always been a quiet town but with the decline of the timber industry down there it has really died. [] Not a place I would invest in.

Cheers,

David [8D]

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

I’d love a copy as well if you don’t mind. Email me at comsol1@optusnet.com.au

Many thanks,

David [^]

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

You’re heading in the right direction by asking questions and looking for good resource books. There is a great thread at https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=5667 where various folks have listed and rated books that they have read/studied. Like the rest of us, it’s a process so be patient with yourself, put the…[Read more]

1. Being ripped off in a business venture in a big way in the UK in 2000 and losing everything plus looming retirement in 10 to 15 years.

2. Studying lots of books and taking more control of our finances. Basically educating myself financially in a way I never had before. This has taken the past two and a half…[Read more]

I’ve talked to a finance broker about this and he came back and said that the lenders would not consider the vendor finance as a deposit from me but I still had to come up with 10% (or whatever). Is this true of all lenders?

Cheers,

David

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

I love Santa – I have to – he’s me!

The worst Christmas present my wife ever got me was a santa suit, because it fits so well!

Well, at least the kids aren’t scared of me (more like the other way around).

Cheers,

David [][][8D][]

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

Well, you just met your first 60+ hours per week student. When I was at uni (1985-87) I had a wife and 3 kids and I used to put in 60 hours or more regularly. Mainly because I loved it. It was a tough course – physics – but it didn’t hurt too much.

I try not to judge anyone else too harshly as you never know where they have come from. I…[Read more]

I liked Rich Dad’s approach so much that I am doing it myself.

1. Start a (part-time) business. Make it part-time if you still want to work and have a reasonable income to go on with.

2. As a registered ABN, we get to claim lots of legitimate expenses as tax deductions that we otherwise couldn’t, thus reducing our tax burden.

3.…[Read more]

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

Still waiting to get into our first ip but will hang tight for a while after talking to billfromoz and reading the forum. We have some finance pre-approved but want to get a little more capital together and wait for the market heat to “dissipate” a bit. Still determined to do it though when the time is right.

Cheers,

David

OPM – use…[Read more]

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

Are you able to recommend your agent in Armadale. I am in Perth and Armadale is one of the areas I had highlighted to check out. If prices have started dopping there I would like to keep in touch with it.

Cheers,

David []

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

I’ll pass it along.

Cheers,

David []

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

I responded to Bill’s offer and got an email response in very short time. I have since chatted to him by phone and found him both knowledgeable and helpful. He reinforced my own thinking (that is to sit and wait for a while) and I respect his many years of experience in the industry. Let’s all take a leaf out of Bill’s book and help…[Read more]

Do you know of a similar website for WA or any other states?

Cheers,

David

OPM – use Other People’s Money and learn from Other People’s Mistakes
comsol1@optusnet.com.au

I think a book is the best idea as well. I’ve also come across software that purports to step you through the process and then produce a wonderful business plan at the end but I haven’t actually used any of these. Usually in the $200 to $300 range. I’ve written a couple of business plans now and I know that they require a lot of work and…[Read more]

Yep, there is plenty of information on the net. Just do a Google search. I am currently using an excellent book called “Writing your plan for small business success” by Ian Birt, publishers are Pearson Education Australia, Unit 4, Level 2, 14 Aquatic Drive, Frenchs Forest NSW 2086; ISBN 1 7400 9301 1. It takes you through the process…[Read more]

I’ve had some dealings with a couple recently and have the information at home. Email me on comsol1@optusnet.com.au and I’ll send you the details.

Cheers,

David []

I had a look at the website and it looks very interesting. I would guess that they are not positive cashflow properties but the risk is a lot less by the sound of things. What are the positives and negatives from your experience.

You can email me on comsol1@optusnet.com.au if you prefer.

Cheers,

David []

I’m still looking into this myself. Probably best to talk to a good solicitor or accountant. (I’ve done both and am still checking it out.) There is a website where you can buy a discretionary trust for $275. I don’t what it’s like as I haven’t used the service but there is a bit of info on the site about trusts. The address is…[Read more]

Cheers,

David []

Any idea of the website address for the article you mentioned by Stuart?

Cheers,

David [8D]

No, only Perth metro. I found that talking to RE agents you can get a good feel for vacancy rates as well. The ones I’ve talked to have been willing to show me their rental lists and discuss how many are currently vacant. Of course, they will want to paint the best picture but by talking to several in an area, you should be able to get…[Read more]

I bought a report ($55) from REIWA that had the vacancy rates for each local council in metro Perth. I assume each state’s real estate institute has the same.

Cheers,

David[]

I’ve spent months collecting spreadsheet data about Perth (where I live) and to a lesser extent regional areas. Happy to share it with you. Email me on comsol1@optusnet.com.au if interested. (Anyone else as well.)

Cheers,

David

I agree with everyone here. I’ve read all of RK’s books. At first I was looking for a lot of “how to” but realised that the journey is different for each of us. Eventually, I saw it as a way of thinking differently and that I would have to develop my own “how to”. Still doing this but a couple of years on am further along the…[Read more]

quote:
I am looking for someone who lives in or around Geraldton in WA, to give me a bit of support as I start on my property investing ‘career’. Any takers??!!
Diana Johnson
queenofsheba@modnet.com.au

Hi Diana,

I, like you, am just starting out in property but have spent many months and hours in the preparation stage. I live in Perth and…[Read more]

Another option is to have a fax option installed on your computer (as a printing device). You can then fax straight from the software (or any program for that matter) just as though you are printing. Works easiest on later operating systems such as Windows XP but also possible on earlier versions. All you need is a modem connected to a…[Read more]

Actually, I’ve done some more research and found a few little things that make it less attractive, such as the own has been paying all the outgoings. So I’m not pursuing this one.

David

Yes, I have it and have started using it. As I’m fairly new at this sort of thing I’m still sorting out what all the various costs are. The software, however, seems very comprehensive and they also provide updates for state tax rates, etc. A while back (before I discovered this forum and Steve’s book), I started setting up my own…[Read more]

Also, if I can’t raise the 25%, I’d be willing to pass it along for a…[Read more]