[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

March 19, 2005 - 12:54 pm

Neo,

When the tenant moved into my regional property last June and I didn’t have a PM yet I sent the tenant a letter saying welcome and outlining how to contact me (e.g. SMS my mobile and indicate urgency), and other important matters.

But I now have someone local to look after it for me, I outsourced it.

skippygirl ) (No. 3 post Steve) [biggrin]

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

March 19, 2005 - 12:46 pm

Looks like reasonable value…

I just wish someone would tell the seminar promoters that I am sick of the super long, buy-the-template-fill-in your-blurb “brochures” that always start, “Dear Friend” (and that is usually followed by “Monday 10.03 am” or similar) and then proceed to reel off paragraph after paragraph of usually unsubstantiated hype about the event as if they are too scared to tell you the cost, date, venue etc. Someone needs to tell them we consumers feel like they think we are suckers when they use these standard marketing techniques.

And pleeeezzz, do they really think they have found the “secrets” of the wealthy that nobody else knows about? Why don’t they just say, we think we hve some info and experience you might find valuable to your own investing situation so why don’t you come along and see if it’s useful to you?

Anyway, my no.2 post after Masterclass Steve…

skippygirl :0

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

March 19, 2005 - 12:34 pm

Hello, well here’s my first post of 3 from today’s Masterclass.

I noted down from a “stab in the ribs” from Steve that I have been complacent and kept 2 underperforming properties and I really can’t ignore them any longer.

Also, I am not being accountable for meeting my goals. I have them written etc but there is no accountability if I don’t take action to meet them.

Finally, that I have to recognise when I am in the Frustration stage and get out into the next phase.

skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

February 3, 2005 - 2:45 am

Thanks Scott and everyone.

Really appreciate your comments.

Cheers
skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

February 1, 2005 - 12:24 am

Thanks everyone,

I am particularly interested in the comments about lack of shopping – I had been told that a shopping centre of sorts was being built over the top of Wolli Creek station i.e. supermarket/convenience, video stores, restaurants etc for the high income renters to pick up supplies on their way off the train to home.

Mmmm….

Cheers

skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

January 12, 2005 - 1:38 pm

Hey Dazzling,

Yes there are lots of others like you. My partner, the love of my life, is an entrenched employee with the corresponding mindset. He wouldn’t dream of not working at the PAYE gig whilst I could see him handling alot of aspects of the IP’s eg contractor management, contract negotiations, project management etc.

But investing is not this thing, he likes to work and come home to his family. It took me a while to drop the notion that we HAD to be the dynamic duo working together on the grand investing plan. Luckily he is a saver like me, so we don’t have the reatil therapy issue. He never spends a cent.

I stopped trying to make him like me. The catalyst was going to a seminar and hearing a couple of speakers talk about their massive property portfolios (Craig Chandler and Brendon Fordyce) and I realised there was not one word about their wives, their wives were not even there, I have no idea who they are.

Bless him, though, he supports me and my goals for the family’s future wealth, and takes full responsibility many weekends whilst I am out researching suburbs or meeting buyers. I don’t go through every little detail as he’s not interested and I table documents for signing etc after dinner and we discuss what they are but that’s it.

In fact, I got to that seminar by making a deal with him that I had to earn back the cost of the seminar whithin 12 mths, and BEFORE I went to any other seminars. It gave me a huge incentive and I did it. It’s a case of “show me the money” and then some of the fear abates.

Cheers
skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

January 11, 2005 - 5:06 am

Hi Sonja,

$4.99 at Target, I gave this book to one of my children for Xmas after going to Steve’s seminar.

One of the most important books I could ever give her.

Cheers

skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

January 6, 2005 - 6:39 am

South Australians do lease-options instead.

Do some searches for lease options and there are lots of resources for them.

Some South Aussies might help also.

Cheers
skippygirl )

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

January 1, 2005 - 3:36 pm

OK here goes a little of my story..

2004
Set goal of 10 new IP’s and bought 3. 1 property to be sold on vendor terms held me up (and my LOC)and is still holding me up.

Aimed to put “team” together – found most of them.

Aimed to read 20 investment books/tapes/CD’s etc and did.

Automatic investment plan worked all year. PPOR debt way down, net wealth up by 30% over 2003. Did not, however achieve 10% of gross income to charity – still need to get there but did what we could.

Aimed to have $100K new passive investment income and achieved $50K.

Aimed to do 1 week RE course in the US and didn’t get there.

Achieved annual sales target at PAYE gig.

Met regularly with other investors as planned.

2005
Obtain 10 new IP’s. Now using a mix of strategies rather than the one I focussed on in 004. And will formalise a business plan for seeking private investor funds.

Continue AIP.

Add $100K to passive income.

Find town planner, retail leasing expert, SMSF expert, building fitout expert, explore new brokers/lenders. Also, aiming to have solved a nagging contract clause weakness somehow by the end of the year.

Go to US RE course October 2005, as part of a trip with family to a wedding overseas.

Take at least 4 weekends away with family.

Arrange to go out with hubby (sans kids) at least once per month – try restaurants at Federation Square, see some rock concerts.

That’s it mostly.

Cheers
skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

December 15, 2004 - 1:21 am

Sounds like they are using your money for deposits to buy properties with loans you apply for, and sell them on lease-options. That would be the way you could refinance during the 7 years to access any capital gains.

Nothing wrong with that, but if you refinance, then watch the difference between what you owe on the property and what the option strike price is (what the buyer is going to pay for it) as you might not get any back end if you borrow too high.

That might be OK to you if you re-invest the drawn funds during the 7 years I suppose – do your own numbers.

Like all due diligence, check on the arrangements for all cash coming in, i.e. the inital option fee, the rental and the back end, to make sure you are happy with the distribution or split.

Cheers

skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

November 15, 2004 - 2:41 am

Good on you Wes and KP.

I have done wraps and often thought, if I defaulted on my loan, which is extremely unlikely anyway, then wouldn’t the bank logically turn to the quickest and best ready made solution which is to deal with the wrappees, who have been paying a higher repayment (testimonial to ability to pay) and occupy the house and have an equitable interest anyway.
If I was the bank I would use my rights to take over the deal (collect the rents/profits as is their power under the mortgage I believe) and then promptly organise a title transfer and new mortgage for the wrapees. The bank couldn’t auction off the property anyway until or unless the wrappees’ interest was resolved.

Cheers
skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

November 5, 2004 - 1:19 am

Originally posted by yack:

Are those buying investment properties for the first time in todays market lemmings?

No more than when you bought your first property I guess.
Your first investment is always your worst – and you have to enter the market sometime Yack. Get in line and stay in line.
Good on them for taking their first steps and taking action – they’ll find a way just like we all did.

skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

November 3, 2004 - 3:40 am

I did have it explained to me once that technically they can’t be illegal in SA, despite the SA gov’ts legislation, as it is the Federal jurisdiction and that overrides the State but nobody wants to challenge the SA govt’s law (path of least resistance) so they do lease options instead.

Cheers.
Skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

October 25, 2004 - 1:23 am

Thanks Mobile Mortgage,

Luckily it’s not me, I love my AAA.
It’s a potential wrap buyer who is comparing what he can get in terms of loan products c.f. the vendor terms I’m offering him.

Thanks again.

Cheers
skippygirl [biggrin]

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

October 20, 2004 - 3:17 am

Hi,

Sorry to jump on the coat-tails of the thread, but it is topical for a deal I am looking at right now.

Could a broker comment on the loan options for a recently discharged bankrupt (2 months), self employed tradesperson, income around $90-$100K, about $25K cash for a deposit, parnter & 3 kids, what is the sort of loan product, LVR and rate likely to be offered by either a bank or non-bank lender to buy a house?

Thanks

skippygirl [biggrin]

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

October 15, 2004 - 3:16 am

Dear All,

I went along last night – lucky I was NOT the Lone Ranger – and found it very inspiring. A couple of points hit home with me – having a certain number of IP’s and still managing them myself, and not having congruence between the properties in the portfolio.

I had really been analysing each deal in isolation and if it makes $$ I gave it a “go” decision. Steve mentioned the IP’s inside the circle and the ones that went outside had to go so I have to revisit some.

The other important item was time – the never-ending dilemma. If I had a wife who looked after the house, the kids, the bills, the social engagements, the birthdays, Christmas, holidays etc then maybe I could be like Steve and focus on RE 100%. Crikey all I would have to do is go to work and manage the RE investing.

But unfotunately I am the wife and we both work full time and hubby is providing nearly all the parent time outside work hours whilst I work on RE in those hours. The “cost” is the sacrifice of time with the kids outside work and I assure you the other cost of delayed gratification we have in bucketsful.

The 2 salaries are strategic for debt servicing until our sold-on-vendor-financed IP’s earn 100% income status. Plus I actually love my job as it builds skills needed for RE and I don’t pay for learning those.

I’m reading “$1m in prop” so maybe some of the MAPPER women will give me inspiration in this area. My outpouring for the day…..

Cheers

skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

October 14, 2004 - 4:41 am

Originally posted by wilandel:

I went to the Melb book launch last night, and I was humbled that people actually gather around us to learn about “our story”…[blush2] I hope that we can help others a little, that would be great.

???Blast, I thought it was tonight the 14th??????? At the Hyatt?? Would I be the Lone Ranger if I went tonight?

Cheers

skippygirl

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

October 13, 2004 - 11:56 am

I think it is Keith Cunningham who says to make a profit you –

find out what people want and give it to them.

Cheers

skippygirl [biggrin]

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

October 12, 2004 - 12:19 am

Thanks FlyHigh.

Cheers

skippygirl )

[skippygirlMember@skippygirlJoin Date: 2003Post Count: 127]

October 11, 2004 - 3:02 am

FlyHigh,

Do you remember the name of the first company – the lease-option one?

Skippygirl:))