In my previous post I said I couldn't define my goals as clearly as Jack. I do nonetheless have some clear life changing goals, and others which are dependent on factors subject to outside influences, which therefore necessitate that I remain flexible with my plans, and therefore the timelines of my goals.
Definites for 2013:
Settle on IP number 6, my first OTP, currently under construction in Emerald
Continue major renovations on PPOR, near completion
Add 2nd bathroom to IP no. 1, complementing recently completed 4th bedroom
Refinance IP no. 1
Finalize strategy for IP no. 7, partially dependent on equity available in IP no. 1
Plan for IP no. 8 and beyond
Keep learning
Fine tune long term plan which includes goal of 6 months p/y each in Oz and U.S.
Purchase new trailer for my boat and keep fishing…keep dreaming about quitting job working for the man
Hopeful for 2013
Purchase IP no. 7
Possibly move from PPOR, turn it into IP or sell and invest in better market area
My youngest child starts school next year, so my goal is to go back to my full time job and start throwing money into savings so that we can begin heading down the investing track.
Does anyone know if I am able to rent from myself? I was curious to know if I could somehow still own my house and rent as well. Is it better to not have a mortgage on the house or can it still be beneficial regardless of whether there is a mortgage on the property or not?
T
Thenewme wrote:Does anyone know if I am able to rent from myself? I was curious to know if I could somehow still own my house and rent as well.
No, you can't rent the property from yourself.
Thenewme wrote:Is it better to not have a mortgage on the house or can it still be beneficial regardless of whether there is a mortgage on the property or not?Even if you've got money owing on the primary residence and providing you have enough equity in the property, you can borrow against it to finance other property purchases.
1. Lose weight.
2. Drink less.
3. Spend less on lifestyle.
4. Buy an investment property, purely for the investment.
Thenewme wrote:Does anyone know if I am able to rent from myself? I was curious to know if I could somehow still own my house and rent as well.
No, you can't rent the property from yourself.
Thenewme wrote:Is it better to not have a mortgage on the house or can it still be beneficial regardless of whether there is a mortgage on the property or not?Even if you've got money owing on the primary residence and providing you have enough equity in the property, you can borrow against it to finance other property purchases.
Thought I would dig this up!…. How did everyone go with what they said they would accomplish throughout 2013???
Terryw wrote:One of my goals is to be legally able to offer advice on 4 main areas of investing 1 law 2 financial planning 3 finance 4 taxation. I plan to open my own law firm and a separate company for financial planning. Aim is first half of 2013Wow 12 months have passed and it seems like much longer.
I opened my firm, FinLaw Pty Ltd, in March 2013. I never did open my own financial planning firm, but have an in house financial planner sitting in my office and work closely with him. I can also advise on tax and credit matters.
One of my other goals was to lose some weight, but I think I have put some on.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yes hard to believe another year is almost over.
TFS is officially 10 years old which also means it is 10 years since officially retired for the first time.
I opened a Buyers Agency business (mainly thru forum client demand) and we now operate throughout Qld, Vic and NSW.
This year I took on a partner which is something I never thought I would do so we now offer mortgage broking, financial planning and buyers agency.
Next year we will further develop our Short Term lending arm and also start our Vendor Finance company.
Wishing everyone a successful 2014.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
My 2014 goals are;
1. Lose 5 kg's
2. Survive a fulltime year of uni with 3 kids
3. Continue to research and educate myself on property investing
4. Put a plan onto paper!
Since I haven't been able to keep New Year resolutions, I don't have any per se, but an investing goal is to acquire 2 properties per year until I reach my overall goal of $3 million of property (my financially free figure).
Last year I unfortunately didn't purchase the said 2 properties, but it was still a year of learning. I couldn't purchase the two properties as I have my funds otherwise tied…. due to poor initial advice, I bought before I structured correctly (to enable ongoing access to funds). So in response to the question, what did I accomplish, I didn't accomplish the 2 (or more) additional properties, but I did learn the value of setting the foundations correctly and keeping one's eyes open to continual learning (and questioning).
Now, time to get out of that rut…..
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Hey Brian30
I like your goals you set for yourself for 2013. How did you go achieving them?
Cheers,
Tracey
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