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The Investors' Thread (pg. 5)
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| DJ_Ballistic |
| quote: | Originally posted by Lilith
Not really, the laws are fairly simple things and really not that hard to get a handle on, most people in real estate aren't that educated past high school aside from TAFE courses and I'm no exception there. Mostly comes down to picking your tenants and finding ones that look after the property.
There's also something about paying real estate agents to manage property which bugs me, it ends up being a lot of money for what is essentially just a bank account, yearly inspection and rates, anyone can do that. |
then why not cut them out?
it's not like it's law that you have to go thru an agent
just means u gotta pay yourself, and bitch slap tenants that don't pay on time
i've read through this thread and there's some really good advice that has acutally swayed me closer towards buying my own rental property, all i'll say is, don't just dismiss the share market as too risky or wateva, coz as an accountant looking at CGT n , anyone who bought shares 10/20 years ago is laughing at you all (unless they invested overseas in enron n ), and unless we things up completely, it will also continue to go up
having said that, i've also seen people buy property and make gains in the millions/tens of millions. It all depends on how much you're willing to risk, how fast you want a return etc etc and whilst i think financial planners are heads, after working with one for a year, it's still worth consulting one if you can find a good one.
but yeah property is def the safer way to go i think
it's late, i'm drunk, this has been another fantastic, yet pointless, news bulletin from your favourite neighbourhood webslinger. |
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| Lilith |
| quote: | Originally posted by DJ_Ballistic
then why not cut them out? |
Well I do and save a lot of money, however I have the advantage that I'm local to my investments, if I wasn't then I'd probably have to delegate it out to a real estate agent depending where the property was and if travel to undertake the necessary inspections of the property was cheaper than an agents fees.
Some people simply cannot be stuffed to do it and just don't want to meet the tenants and go through the advertising process etc, so they just delegate, pay the money and get peace of mind I suppose that way. |
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| eRRaTiK |
| quote: | Originally posted by Lilith
however I have the advantage that I'm local to my investments, if I wasn't then I'd probably have to delegate it out to a real estate agent depending where the property was and if travel to undertake the necessary inspections of the property was cheaper than an agents fees.
Some people simply cannot be stuffed to do it and just don't want to meet the tenants and go through the advertising process etc, so they just delegate, pay the money and get peace of mind I suppose that way. |
exactly. I don't really want to deal with all of that, though I may have an REA find me a tenant and I'll manage the first couple but once it gets bigger and I'm time poor already as it is it'd be more convenient for me to pay somebody to do it. Interested? :D
| quote: | Originally posted by DJ_Ballistic
all i'll say is, don't just dismiss the share market as too risky or wateva, coz as an accountant looking at CGT n , anyone who bought shares 10/20 years ago is laughing at you all (unless they invested overseas in enron n ), and unless we things up completely, it will also continue to go up |
anybody who bought property 10/20 years ago is laughing also ;) there's greater leverage out of property. Really comes down to your investment risk profile ie. what you're comfortable with in terms of risk and whether you want a short. mid or long term gain. What's your exit strategy? My super fund (Plum) invests in shares as well as property markets. I had an ING managed fund and that went up creek, they obviously weren't successful at picking the right options to invest in. |
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| Lloyd |
I signed the contracts for my first investment property on my 18th birthday. I signed the contracts for my second about 6 months later.
I'm looking at buying into the share market on Monday, or buying another property (to live in) soon.
I turned 20 in May this year.
With the second property, my parents loaned me $20,000. Apart from that, it's all been my money. It has been Mums doing though - she is a mortgage broker and somehow secured me both loans at good interest rates. I work full time and have done so since I was 16, but I earn very little.
The reason the second property came so quickly is partially because of the First Home Owners Grants. I received $12,000 and it immediately went into a second property.
Both properties are currently leased to the Department of Housing.
They pay well, and they are fixed leases for 3 years. And, since it's the goverment paying, it is in my agents bank acount (DoH will only go via agents), and into mine, every month without fail. |
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| pkcRAISTLIN |
| quote: | Originally posted by Lloyd
I signed the contracts for my first investment property on my 18th birthday. I signed the contracts for my second about 6 months later.
I'm looking at buying into the share market on Monday, or buying another property (to live in) soon.
I turned 20 in May this year.
With the second property, my parents loaned me $20,000. Apart from that, it's all been my money. It has been Mums doing though - she is a mortgage broker and somehow secured me both loans at good interest rates. I work full time and have done so since I was 16, but I earn very little.
The reason the second property came so quickly is partially because of the First Home Owners Grants. I received $12,000 and it immediately went into a second property.
Both properties are currently leased to the Department of Housing.
They pay well, and they are fixed leases for 3 years. And, since it's the goverment paying, it is in my agents bank acount (DoH will only go via agents), and into mine, every month without fail. |
how on earth did you get the grant if you already owned property??? |
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| Lloyd |
Sorry, to specify, the Grant came with the first property, and was used immediately as the deposit on the second.
I did fulfill the Grants requirements - taking up residancey (sp?) for 6 months within the first 12 months of ownership. |
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| eRRaTiK |
| now that's using the grant wisely! |
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| walter78 |
House prices in Nunawading went up 80k since March. (source REIV)
Christt :D |
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| eRRaTiK |
Interested in knowing how you’re going with your finances?
Have a go of the WealthScore test. WealthScore is a simple five minute test to see how your finances are looking.
If you'd like to check it out then go to:
http://www.propertyinvesting.com/wealthscore
Oh and don't worry if you don't have any investments currently, the test gives you an indication of where you are right now. You can then go from there.
You can’t get from A to B if you don’t know where A is ;) |
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| pkcRAISTLIN |
cheers anth! what was your score? i got a "96" and the average is 435. that doesnt sound too good, but it said i had a "fair start"
"The result, 96, means that if you stopped work, sold all your investment assets and paid off all your debts then you'd be able to survive until 15 Jan 2008, based on your current lifestyle. "
thats not very long!! hahaha. |
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| eRRaTiK |
I scored 492 days.
| quote: | Our Assessment:
Very Good
Your investing must be paying dividends because you have accumulated (in investments) more than a year's salary. That's a great effort; well done. However, the jobs not over yet as many people retire on much less than they earned while in paid employment. To ensure this doesn't happen to you make sure you invest in growth and income assets. Be sure to maximise your wealth by setting benchmarks for each asset you own rather than allowing things to drift along. |
Still got a lot of work to do though. I'm far from being financially free ;) |
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| gumble |
| i got a negative score :) gotta love being a student ;) |
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