Forums / Property Investing / Creative Investing / Time rich, money poor!

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  • Profile photo of PeterkPeterk
    Member
    @peterk
    Join Date: 2003
    Post Count: 4

    Hi. Steve mentioned in his book about being time rich and money poor, and money rich but time poor. It was mentioned that if you were the former, a good way to earn money and gain experience was to find properties for money rich people in turn for a fee. At the moment I am time rich but money poor. I am in between jobsat the moment but would realy like to get into property investing. My wife has a full time job and is earning a steady income, but only just enough to keep us above water. So I thaught I could gain some experience in searching for properties and earn some money at the same time by looking for properties for other people.

    My question is, once I have found some good deals, how do I find someone to buy them?

    Can any one offer any suggestions?[?]

    Peter.

    Profile photo of milkmanjrmilkmanjr
    Member
    @milkmanjr
    Join Date: 2003
    Post Count: 129

    Peter,
    You just need to find an internet forum about property investing. Can’t be that hard!! [:)]

    Profile photo of Ali-GAli-G
    Participant
    @ali-g
    Join Date: 2004
    Post Count: 2

    [}:)]
    Hay Peter, Dont listen to milkman’s narky comments.

    I havent hurd of such a thing, but that dosnt mean there is’t such a thing.

    Im currently half through Steve’s book. You did say you where unemployed, I would probably look for a job then look for property in my spare time.

    It should only take you about 30 min a day to find a great deal… Also the 11 second solution to speed things up..

    Rember the rule “Time rich and Money poor”…. Make use of your time.
    [}:)]

    Profile photo of WAFWAF
    Member
    @waf
    Join Date: 2003
    Post Count: 61

    “It should only take you about 30 min a day to find a great deal… Also the 11 second solution to speed things up..”

    Ali-G 30 minutes a day, you are kidding right? Obviously you know something I don’t or I’m looking in the wrong place.

    Please explain

    Profile photo of milkmanjrmilkmanjr
    Member
    @milkmanjr
    Join Date: 2003
    Post Count: 129

    Ali,
    Did you happen to think that you were in a forum for property investors?
    I’m with WAF on the 30 miuntes a day, that would mean I could find 10 a week during my lunch breaks!!

    Profile photo of PeterkPeterk
    Member
    @peterk
    Join Date: 2003
    Post Count: 4

    Hey guys,

    What I totally forgot about was the fact that my mum owns 100% of her house and now instead of finding properties for other people I can now go in partnership with her and find the properties for ourselves using the equity in her house. She is time poor but money rich! Sound good!?!?

    Profile photo of Still in SchoolStill in School
    Member
    @still-in-school
    Join Date: 2003
    Post Count: 1,844

    Hi Guys,

    im with the others, i only spend about 30 mins at the most at looking at property each day or even less maybe only 15 mins a day, before hand in the begining i would spend every waking moment… dedicated to looking… but over time, ive learnt you can just be effective in 15 mins if you organise and create a system, that will work for you… instead of you working for the system…

    To be honest i spend more hours on my accounting and financial skills, yet in improving them but also furthering my knowledge…

    Cheers,
    sis

    People 4get that by saving just $3 a day & investing it sensibly
    over a working life, you’ll end up with around $1 million

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    Peterk, yes, your mum is definitely asset rich, and you could both help each other if you can source the positive cashflow deals. However, before rushing into purchasing, talk to a finance broker, and probably a good accountant to work out your best structure – taking into account the goals that you each have.

    Cheers
    Mel

    Profile photo of PeterkPeterk
    Member
    @peterk
    Join Date: 2003
    Post Count: 4

    Thanks for your input guys and girls.
    Much appreciated. I’ll be back!

    Peter.

    Profile photo of pelicanpelican
    Member
    @pelican
    Join Date: 2003
    Post Count: 454

    PeterK,

    Good luck !!!

    If you still want to find houses for a fee…. drop me a message…. depending on where u are. I may be interested !!!!

    Cheers

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    Originally posted by Pelicaninvestments:

    PeterK,

    Good luck !!!

    If you still want to find houses for a fee…. drop me a message…. depending on where u are. I may be interested !!!!

    Cheers

    definetally possible as i have all the time in the world, but i am a blowin to this convo and prob doesn’t apply to me, nsw anyway

    sang-froid

    Profile photo of geogeo
    Member
    @geo
    Join Date: 2003
    Post Count: 1,194

    Hi Peterk,

    I read your email and all the replies. Directly to your question,

    “how do I find someone to buy them?”

    why don’t you just post it here – your familiar with this site, and apparently this site now has something like 30,000 viewers – I think that’s what someone said at the seminar. All you need to ask on the site once you find a good property is, “Anyone interested in a positive geared property in (name the state) upto(quote the price)”

    You’ll get heaps of replies and most people charge a fee of $1000.00 – you can decide your own fee though. Best of luck.

    Kind Regards,
    George.

    Profile photo of BEAR1964BEAR1964
    Participant
    @bear1964
    Join Date: 2003
    Post Count: 702
    Originally posted by milkmanjr:

    Ali,
    Did you happen to think that you were in a forum for property investors?
    I’m with WAF on the 30 miuntes a day, that would mean I could find 10 a week during my lunch breaks!!

    I am able to find 10-20 in one weekend, just by jumping in the car and driving to certain areas.

    Unfortunately im finding not too many people are actually not willing or very serious about paying a spotter therefore most get sold to others. One must be cashed up and ready to go to use a spotter as the good properties I find go within a day or 2. Personally I think too many people panic with the time frame and come up with excuses on why they can’t purchase. Example, not cashed up, after stating they are. My belief is they got the details of the property but then try to bypass the spotter.

    I must be doing something wrong as there seems to be so many that cant find +VE properties and say they willing to pay spotters, but it seems to me they all just want info on where they are so they can find them for themselves.

    Along with the fact that its border line illegal to spot properties im finding it just not worthwhile at this stage.

    Joint Ventures are probably a better way to go if some one is willing to finance the deals as this is totally above board legally, also hard to find willing parties.

    It does cost me a lot of money to find (example, interstate and mobile phone calls, accommodation fuel, and other travelling costs not to mention time talking and emailing pics and info to tyre kickers) these properties but seems not many willing to pay for my time and expense’s.

    Regards Bear

    POSITVE CASHFLOW properties and Joint Ventures available!
    For the BEST deals register via E-mail [email protected]
    DONT MISS OUT!!!!!

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