Forum Replies Created
The 11 second rule doesn’t really apply to wraps as I understand them. In a wrap because the wrapee is paying around 2% more interest than you, paying the property expenses themselves, and paying your capital back plus profit, it is very hard to loose! The 11 second rule applies in rental property because you need around that much to cover all your expenses including interest and make a cash flow profit.
Regards,
SiSteve,
with that attitude you’ll win in the long run regardless. Keep it up.Regards,
SiThanks everyone.
Regards,
SiI agree – whithout due diligence any purchase, ahywhere, under whatever conditions is risky.
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SiThink about other creative financing options eg vendor finance, garauntees from family etc
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SiI agree with Yack. The solution is finding other ways to achieve what you want. That is why clarity of what you are seeking is so important, otherwise why do something hard if we have no clear reason? However if you focus on making x amount you will find a way. Anything with persistence, passion, and focus.
Regards,
SiHi Pisces,
Procrastination is a massive stumbling block. I think stipulating your goals in writing, including what you want, when, why, what will happen if you dont get it, and how you will get it, and then reading this every day is an ideal start. That way whenever you think ‘I’ll do that later’ you’ll be clear on the consequences of this. Also plan every day on paper before you begin it – if you schedule everything you are far more likely to get them done. After that, break goals down into pieces and do them one at a time. This will develop momentum and procrastination will cause you pain as you feel yourself losing this momentum eg you exercise for 5 weeks, see great results, and then whenever you dont exercise you feel the pain of knowing your results will slip away.
just some thoughts,Regards,
SiNice post Russ. I think 30 mins of exercise a day is essential. Using that same time to pray/focus/think of things you’re grateful for etc is also a fantastic way to start the day, focussed and ready to go.
Regards,
SiI learnt to save my money so I could buy something big rather than lots of small things. I wish I had spent my money on investments rather than consolidating liabilities.
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SiTwo excellent books Ive read: Think and grow rich by Napolean Hill, money Secrets of the Rich by john burley.
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SiNicely done
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SiI live in Canberra and have been looking for property. However with the current situation +CF properties are few and far betwen. Im considering Queanbeyan – cheaper houses with higher yields.
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SiCould try changing plumber – or making it obvious you are shopping around to encourage him to lower his price. Sometimes PM can be a little too quick to send in the tradies also. I suggest discussing it with your PM.
Regards,
SiI would get your goals set first heather. It may sound silly, but knowing what you want, by when, why, and what you will do to achieve it will make every future step easier.
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SiI think the bedrooms are more important than the kitchen, providing the kitchen is still nice to work in etc.
Regards,
SiSet a definite goal (50k in 5 years), write it down, including why you want to do it, what your life will be like if you dont do it, and then how your going to do it (eg save this much, buy this many houses per year etc) and then read this daily.
Regards,
siI think NZ coastal property is a great long term prospect for capital gains. If it is +CF it will be hard to lose. Think about the state of the world now, how it is likely to move, and then think that NZ is an unspoiled paradise with still much cheap coastline.
Regards,
SiI lived in Dunedin for 6 years and I think it provides prime investing. There is a captive market of tertiary students and 10% yields where by no means uncommon when I left. Overseas students where also prominent and willing to pay high rents for small, tidy apartments. Pre-furnishing them also helps to reap disproportionately high rents.
Regards,
SiI agree with minimogul – often the 10% is for a deposit on an off the plan. I would have thought however that given the close relationships of the economies that australians would not fall into the same category as other overseas investors.
Regards,
SiThe main problem with seminars I think is that often once they finish the impact they achieved dies with them. Im currently using some of tony robbins cd’s and I think they are excellent because they introduce daily measures that keep you focussed and acting etc, not get you all hyped up and then send you home.
Regards,
Si
