secretgnome replied to the topic Finance question in the forum Finance 14 years, 8 months ago
Hi,Few quick points:- Going low doc doesn't make it easier to build down the track. Just go through a bank and get a standard loan to purchase the land. You'll get 80% lend on this easy without LMI. Down the track if your bank/broker is worth their salt, you'll just get another loan for the construction costs. Going low doc will just mean higher…[Read more]
secretgnome replied to the topic LOC Setup in the forum Finance 14 years, 8 months ago
Hey,It really depends on the lender. The bank is asking you what you're going to do with the money as they don't want you investing it in something really risky. To give an example, you might be using that money as your equity in a highly speculative industrial subdivision project. If that project went sour, you could easily owe the bank more than…[Read more]
secretgnome replied to the topic Dolf De Roos in the forum Heads Up! 19 years, 1 month ago
I think Robert Kiyosaki offers wannabe motivational speakers the boost of his brand name in return for profits. I believe Dolf de Roos then realised he had built up his own name enough through the rich dad series, & so severed the ties. This would explain why he’s doing something with Trump.
secretgnome replied to the topic In need of real advice for a beginner … in the forum General Property 19 years, 12 months ago
I was just browsing around there and it’s got an ok summary of the process there.
and regards to the market price for a property, agents use http://www.realtor.com.au to make a CMA (Comparative Market Analysis). Im not sure how you pay…[Read more]
secretgnome replied to the topic Getting Started in the forum No Subject 20 years, 1 month ago
Oh and by the way Monopoly – my mentors arn’t in the same boat – most of them are very rich. I was saying I have few friends who have similar goals as well, who i’ll probably work with to go where I want to go.
secretgnome replied to the topic Getting Started in the forum General Property 20 years, 1 month ago
Thanks for the constructive criticism people – it’s well met [biggrin]. Has anyone else got their opinion or ideas to add. I’d appreciate all the input I can get. Thanks yall
secretgnome replied to the topic Spotting a Dodgy Guru in the forum Heads Up! 20 years, 1 month ago
Sorry to the pessimest J.T Reed, but after reading all of his Dolf De Roos article, I can’t help but laugh.
Firstly, I love how he says “there isn’t much money in property management” – small time there’s about a job + a business profit, but there are big companies doing it creatively that are making truckloads.
Secondly about how hard he rekons…[Read more]
secretgnome replied to the topic Renovating — the easy way?? in the forum General Property 20 years, 1 month ago
You may want to read the book “Building Wealth” by Russ Whitney – he talks in there in a fair bit of detail if I remember about how you can make quite a fair bit of money out of renovating. It’s a US law-based book, so I dunno bout some of the specific legalities.
But anyway, one of the things he talks about in the book is how where he is, you…[Read more]
secretgnome replied to the topic Agent Update!!! in the forum General Property 20 years, 1 month ago
I was working in a real estate agency recently and I can say that basically most sellers have got way too big expectations, compared to buyers, and the market is slowing.
A lot of properties are stagnant atm and they’re not moving very much. But mind you, working in RE for a bit teaches u a lot about the difference between good and bad…[Read more]
secretgnome replied to the topic US Interest rate on home loans in the forum No Subject 20 years, 3 months ago
It probably should, but i’m sure if the banks there are willing to allow you to lock in your interest rate for 30 years, they’ve figured out the consequences of it. I don’t think it’ll affect the rates the banks charge
secretgnome replied to the topic What makes a prop. neg. geared? in the forum No Subject 20 years, 3 months ago
I agree with Monopoly. You can’t just use the yield. I know of a few units that have quite an alrite yield that would be +ive geared that way, but they can have some $4.5k body corp that means you’re actually dipping into ur pocket to keep it.
You have to do a full analysis of all the costs really to make an informed decision
secretgnome replied to the topic Sharing Tips- in the forum General Property 20 years, 3 months ago
Tip: Wise men never spit into the wind.
secretgnome replied to the topic Sharing Tips- in the forum General Property 20 years, 3 months ago
Tip: Wise men never spit into the wind.
secretgnome replied to the topic Five Year Plan in the forum No Subject 20 years, 4 months ago
Next 2 years – Work & learn the real estate industry & selling
The 4 years after that – buy & add value to property to retire at the end of this period
The 5 years after that – Invest big time to create my real retirement income (100’s thousands/yr)
After that – See the world & do motivational speakingOh yeah, and i’m 19 so that means i’ll be…[Read more]
secretgnome replied to the topic cash flow 101 in the forum General Property 20 years, 4 months ago
Buy the pack of Cashflow101 + Cashflow for kids for $340 i think it was, then sell cashflow for kids for $100. That’s what I did
secretgnome replied to the topic small towns in the forum General Property 20 years, 6 months ago
Some advice I once got is that 95% of people do the same thing, so if you want to succeed, you just have to be the 5% that do the opposite.
I’d say that a lot of investors dismiss small towns from the start because in their belief systems, small towns are risky. Saying that, you really should take a good look at all the aspects of your…[Read more]
secretgnome replied to the topic BRAINSTORMING. Something New, What Would You Do? in the forum General Property 20 years, 6 months ago
One thing I rekon you could do maybe in the future is make a computer program to invest in property. That way you wouldn’t be limited to your own time to analyse deals & do the work.
It could tap into numerous abs & other data on the internet to identify the most likely growth areas, while also accessing numerous real estate data to put together…[Read more]
secretgnome replied to the topic Easter pressies to tenants? in the forum General Property 20 years, 6 months ago
I still don’t see how you equate giving easter eggs to one of your tenants with tenant loyalty. I think if a tenant was thinking of moving out, they wouldn’t say “but my current landlord gives me an easter egg at easter, so I think i’ll stay here just for him”.
I think you should use these sort of gestures when you can see they will have a real…[Read more]
secretgnome replied to the topic Brad Sugars on ABC in the forum General Property 20 years, 6 months ago
I have a friend who went to one of Robert Kiyosaki’s 3-day seminars that cost around 6k or so. When he came back he told me that a lot of the stuff they learnt was just what was in his books – which cost around $25 each [glum2]
Mind you though, he went on to start a business which is doing extreemly well atm. Maybe it’s like a placebo – some…[Read more]
secretgnome replied to the topic ‘Sitting on your hands Syndrome’ in the forum General Property 20 years, 6 months ago
I think if you happen to get any more gut feelings as to where to invest – you should go for it. One property at least usually won’t hurt that much – depending on your financial situation of course. At least once you’ve bought a property and experienced all the emotional distress and yadayada, you’ll be more inclined to trust your logic the next…[Read more]
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