Great book – but I still have one question:
So you work towards purchasing 100+ properties with the goal of freeing you from the chains of your 9-5pm work life. But surely there’s a stack of admin, paper work, bills, etc, that would go with having so many mortages, rate payments, etc.
Hiring an proprty manager doesn’t solve this and having to hire a $40,000/pa Office Manager sort of defeats the purpose doesn’t it? (not to mention arodes a big chunk of profits).
Clearly I’m missing something so please enlighten me [8D]
Cheers,
Dave.I find the trick is to be very organised and have a great accountant.
I keep all my paperwork in separate folders with a different folder for each property.
Each month the property manager sends me a statement of all transactions – these get enetered into an Excel spreadsheet and immediately filed.
Bank statements are the same.
The paperwork takes me about an hour each month and I actually enjoy it because it gives me a chance to reflect on what I have acheived.
Cheers,
Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Dave,
I have always thought the same thing. Also that by not having a job and by spending all your time looking for deals you have again defeated the original purpose. The end result over time is going to be much better than if you had spent the same time just working and not investing. Once you have a significant IP portfolio and the process of administering it is streamlined, you then have the CHOICE of looking for more investments, working or enjoying your spare time.James
Hi Dave,
The idea is to use part of your profits to pay for someone to do the work for you.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Dave
We have 131 properties now all of which are wrapped.
As a company we employ 2 full time staff to manage the day to day correspondance. loan statements,FHOG processing etc, etc.I assure you its worth it.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Wow Richard,
You should write a book. 0 to 131 properties in … years [
]How long did it take you by the way? Pretty impressive. Good to know someone besides Steve can do it!
Kim
Originally posted by Shushar:I find the trick is to be very organised and have a great accountant.
I keep all my paperwork in separate folders with a different folder for each property.
Each month the property manager sends me a statement of all transactions – these get enetered into an Excel spreadsheet and immediately filed.
Bank statements are the same.
The paperwork takes me about an hour each month and I actually enjoy it because it gives me a chance to reflect on what I have acheived.
Cheers,
Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
That’s a very good advice and I also believing in your system.
I file every property in a separate folder. One property have 2 folders. 1 for initial purchase and the other for property management.
3 months before 30/06…each year I go through each folder and put down everything in excel and bring it to my accountant. The fees will be much less because less paper for the accountant to do.
Warm Regards
ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]Chan$, do you want to come and do my paperwork? I haven’t yet done last year’s tax return[
]Cheers
Mel
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