Forum Replies Created
Rather than scrambling for as many properties possible, I believe, anyway, that it`s good to aim to have high equity in your properties, cash in the bank and a very big vege patch!.[buz2]
I believe Hans visualises your money in his pocket, and does or says whatever necessary to make his dream a reality….like every single other so called “guru”!.[lmao]
I was on his mailing list for a while till he started selling mobile phone deals.[withstupid]
Right on catwoman![inlove], it is simply yet another ATTEMPT….. to spread CHAOS…. through the minds of those good people…….. who try to live…. a PEACEFUL life……. without interferring in the rights of others![laughing]
But seriously, this is just another in a long line of lame predictions of doom from those who have nothing better to do with thier time, I wonder what the writer was hoping to achieve by these predictions?, speaks for itself.[oneeyed][jerry]
I had a ppor which I renovated over a year and wanted to sell but didn`t have the money to finish it, and the things to get done were endless, I decided to bite the bullet and just put it on the market and fix what I had to in a hurry and see what happens.
Well the house sold very quickly at twice the price I had paid a year before, also the buyers were so keen besides leaving a a ten grand deposit, said they`d finish it themselves!.Those were the days!.[cigar]
If you are a builder sure, or if there is %30k or more profit in each one sure, this is taking into account that the homes will probably cost 20-30
percent more than you estimate to finish properly.
I have been in the building industry for 25 yrs and have seen first hand the stress it can cause, the extra time and money it can cost.Giday Kenneth good post but you said ” the capital growth from my properties must far exceed the interest rate which I am paying on the housing mortgage. Thus, the average 5 year annual for the targetted suburb should not be less than 10%p.a.”.
This will not continue to happen that much is for certain, during boom times it is easily acheivable, with luck over time you would imo get the point you have enough equity that it doesn`t matter a whole lot eating into it until the “next boom”……..if and when there is one!.
But generally I think for those with the right qualities it would simply evolve into a form of fulltime employment, but for the overwhelming majority it would be an expensive lesson in experience.Sounds like it`s taking a lot more than 11 secs.[blink]
Great topic but it`s been tried before, very few responded with examples, makes you wonder doesn`t it???, anyway heres some info I will give.
I`ve always paid market price or very close to it so I never bought a “bargain” so to speak.
But I have bought 5 properties in the last three years.
My most recent activity is renovating a house I bought in Bundy 18 months ago.
Cost $85,000, currently renovating at a full cost of $22,000 will rent for a minimum of $185 a week.
I have a few success stories where I made huge money but it was during the market boom.
I currently live on acreage in Brisbane which still seems to be climbing in price due to where it is located.
I have had a 2-3 yr plan which involved these five properties and is pretty much still on schedual despite the ups ad downs, many headaches and times of stress regarding contracts etc. [cap]
I definately follow the “slow and steady wins the race” type of investing thought and have always worked hard for what I have.Resiwealth you did well there are none left at this price, did you have trouble finding a builder to do these homes?, guaranteed though the cost will blow out before they are done, price of biulding goes up by the day and it is taking longer and longer for builders to finish homes.
Problem is for every one successful investor that invests jointly with others, there are ten that will never do it again.
As I see it it`s hard enough to make a profit by yourself let alone diluting profits two or more ways.
What would be the costs or risk of extra costs with your commercial proposition?, I`m thinking it would not be worth the effort to borrow so much money for such a small stake n a property where at best the profit if there is any gets split two, three or more ways.I always wondered when money is made who says how much is made and how is it distributed?, anyone know?.
We are all entitled to our opinions but I disagree with the sum and substance of what you say.
Million overnight is a loose term, and yes this is what is generally the concensus, I don`t agree with it, also R/E is a very fickle industry, you follow the herds you get burned!.
I look at a few different forums for ideas most of which I dismiss as experience tells me different.
One thing you said I do agree with is that hard work is the key, but independant thought is also very important.It all comes down to price.
With regard to a conflict of interest or a hidden agenda yes they are grey areas.
Maybe I go a little overboard but I find it very hard to stand by and hear hardworking everday people being fed this financially free garbage, being told they are wasting thier days in their meaningful employment and then being sold relatively useless books etc etc in pursuit of it.
Many people in the property game seem to have the attitude that you are ignorant or negative if you don`t believe everyone can make a million overnight.
Thanks for the program it looks useful and easy to use.I haven`t had time to thoroughly check out the program but I think it looks good and is a great deal, I have not had many emails from them at all, after all it`s free, I have more issues with this forum for flogging books software etc it could be said the forum has a hidden agenda is not to help people at all but basicly a financial money stream, I don`t think it`s worth paying for myself, organise a little info which oftentimes is wrong or everchanging and sell it riding off a booming market or the idea that we can all easily be financially free using R/E[cigar].
Seachange you are right there!.
Not sure if Reed knows Alabos but I have spoken to both particularly Alabos on an American forum for a while a yr or two back.
One is a former judge the other a former Lawyer, and it struck me they both have very similar personalities, they both are extreme in there beliefs which is not always bad most of it good in fact.
Robert Alabos can also be a very funny guy, he`s a true comedian, not sure if he realises it though.
Go to the Reed review and look at the section inspecting land it is hilarious beyond words, Alabos talks about when inspecting remote or vacant land in outlying areas what hazards you should look out for including “Isolation facilitated crime of the Deliverance variety”.
[strum][biggrin][biggrin]Anything is possible but I don`t think it`s very realistic, especially in the current market.
Problem is when you don`t have that regular income money just seems to disappear and it would not take much to put you in fact behind where you started, really think to make it viable it will become a full time job anyway so if you enjoy it I would say go for it!.Sounds like a good one Seachange but doesn`t really count in the recent category, I am interested if development is a option in any market.
Rakesh, yes seen similar around Brisbane, even if someone is a builder can still be pointless building when you can cash in without the extra work and worry.
There is a good site http://www.investinginland.com which points this out as the way to go from a long time developer in the US, among other ideas. Get in and get out with a quick profit.Holding costs and interest seem to be the real profitkiller with developments.
I wouldn`t pay the house loan down but still it`s not a bad option.
The power of cash for compounding is far greater than equity, having cash the ball is in your court, they will throw money at you.
Depending what your own strengths are I would probably buy a reno fix up and sell quickly but if you are experienced with developments go that way but hang on to the cash as a buffer, and use all the banks money, you can pay down the house loan anytime you like so there is no rush, having cash like that in the bank will always keep you ahead of the game.[cigar]These stories coroborate my thoughts.
Alarm bells go off for me regarding any type of herd mentality with regard to R/E.
I checked out the IC a while ago and spoke to someone from there and was surprised (not really) that they had very conflicting beliefs to mine with regard to buying and selling houses.I agree that the number 1 point is that we can`t ever take for granted that values of properties will rise at a certain rate and the time frames in which they will, even given the historical cycles, this is plain and simple gambling imo, it would not take much to throw this out of whack, and the one thing which makes me cautious is that there is such a herd mentality out there with regard to how easy it is to become financially free.
