Favourite forumites

From: Michele B


A lot of people have obviously enjoyed the current 'Jeremy Laws' thread which makes me wonder if there are other experienced forum regulars whose investment and business philosophies might be of interest to others.

Would anyone like to nominate a name or two?

Maybe we could then prevail upon our chosen few to write a couple of paragraphs about their background, what they're currently doing and why, and maybe even what they've learned from their most spectacular disasters. And if their life/investment experience could be distilled into a few brief pointers, what would they be?
 
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Reply: 1
From: Kellie Dutton


Good thoughts M. I'll mention WB and Ruby, 2 of my favourite people on the chat (aside from you of course!) and certainly interesting characters!! Am sure they have some stories to tell. Sorry guys, didn't want to dump you in the deep end, feel free to tell me to bugger off :)

Kellie
kdutton@smartline.com.au
 
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Reply: 1.1
From: Paul Hendriks


Hi Michele B

Looks like my request for Jeremy's Law was a real winner...

Thanks to Jeremy for his detailed response, we can all learn something more.

My proposal for the next (Please tell all) forumite would be Tibor Bode (apologise if wrong spelling) or Mark L (no hat, some cattle)

Anyway great to see others get involved

Regards
Paul

PS: The Jeremy's Law thread is up to 16!
 
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Reply: 1.1.1
From: Mark Laszczuk


Paul,
Sorry to disappoint, mate, but I don't own anything (yet). My financial advisor is telling us (myself and girlfriend) to hold off, so that's what we're doing. Lucky for us, as we were about to seriously start looking just before we hooked up with him. He turned us in a completely different direction. So our story is: holding back, waiting for the right time to implement our new strategy. Just curious as to why you would nominate me? Anyway, my nomination for some story telling is: Eric Snow (I'm serious, too).

Mark
'no hat, some cattle'
 
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GoAnna’s Tail

Reply: 1.1.1.1.1
From: GoAnna !


I must admit that is with great hesitation that I write this post - mostly because I am near the beginning of my wealth creation journey and partly because I have to figure out how to explain it!

The story began when I was 24 and was the proud owner of an old Gemini and $1K. I was on just under $18K per year salary (my next bonus would take me over woohoo!)
I thought I was loaded. I was so motivated to buy my first home that I agreed (well it was my ideas and if he said no he didn’t say it loudly enough) to buy an apartment with my then boyfriend of 1.5 weeks. All I knew was that rent was dead money (I know I know) and that good properties grew in value. High interest rates (17%) and the fact that I had never even inspected an apartment in my area of choice, Richmond Hill, was not enough to dampen my enthusiasm. So I did everything in the wrong order…….at two weeks (yes it took me 3 whole days to find my perfect home) we signed unconditionally for a property, then my boyfriend saw it, and then we applied for finance.

In hindsight this is how I would describe my purchase.

Deceased estate failed at auction due to poor presentation just after the peak of the property cycle. They wanted $120K and we paid $105K. Bought in a high growth area (sold in 11/2001 for $272,500). I lived in my half and my boyfriend rented out his. A solid renter which never experienced any vacancy except when I chose to repaint between tenants. We would buy such a property again but not at that time of the cycle. I had to wait until around 1996 to see some growth!

1991 Bought again – period home, mortgagee action – structurally solid badly in need of a renovation. Purchased for $181,500 and now worth around $800K (after partial renovation).

Finally bought a car to replace the Gemini !! What a luxury.

1992 nothing

1993 Saw a financial adviser who told us to sell the Richmond Hill property at a loss. Did our own numbers and couldn’t figure out why that was a good idea. Held it.

1994 nothing

1995 Would you please stop asking! Look I have a house AND an investment property. Most of my friends are still renting or living at home. Give me a break!

1996 nothing

1997 ditto

1998 Defacto (please refer to boyfriend of first paragraph) cracks the sads and says that he is sick of being on a treadmill and watching his hard earned money seemingly evaporate. Shows me promo for Brad Sugars Wealth Creation 101 and says he is happy to pay the $1,000 or so for me to attend. I go and life changes!!

There was a guest speaker called Dolf de Roos. Meant nothing to me but he mentioned such concepts as positive cash flow and buying where there is least competition. He was enthusiastic and seemed to be making heaps of money. It was music to my ears :eek:)

So the defacto (you can call him Michael since you know him so well now) and I sat down and worked out a savage debt reduction plan (live on his income and save all mine). We were so excited about is we even saved some of his. Pay increases, tax refunds – it all went off the house loan.

Within weeks we bought our first ever cash flow positive property in inner Melbourne. This is calculated on FULL purchase price and costs and including all expenses before tax deductions are taken into account. Nothing was ever going to be the same again.

31st March 2000.

I leave my PAYE job with no idea of what I am doing except that I am dedicating myself to property full time. Spend the first few months in a panic and looking at the jobs section of The Age each Saturday. What if I become unemployable??

April 2000 buy a neutrally geared home in central Geelong. Speculative purchase.

Discovered the property investor forum at ninemsn. So excited by the power of networking with other investors.

Late 2000 Discover somersoft !!!

For months I am just a sponge taking in all the new ideas.

I redo my plan.

My goals become

1. Replace my income

2. Replace my husband’s income - yes I
married him :eek:)

3. Improve some aspect of the world

My focus is now on generating a real income from property.

I sell the property in Richmond and start buying cash flow stuff in Tassie. I figure that everyone else seems to be looking up North so I decide to go down South. Seemed to be pretty quiet and the returns were excellent!

I am close to completing goal one. GoMichael wants me to move onto goal two as fast as possible. He is sick of being in the rat race :eek:(

Where are we now?

• Controlling about 2.5 million – LVR around 60%. A mixture of growth properties in Victoria and cash flow positive in Tasmania. I stick with my preference for unique properties in owner occupier areas.

• Just about to start my first development in Hobart - bit scary but I will let you know how it goes

• Self managing all of our Victorian properties and using property managers in Tasmania.

• Enjoying networking with forumites and freestyers and enjoying the first partnership that has sprung from this. You know who you are but I won’t mention your name :eek:)

Michele did you say something about “distilled into a few brief pointers” ?


GoAnna !
"To the man who only has a hammer in the toolkit, every problem looks like a nail."
-Abraham Maslow
 
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GoAnna’s Tail

Reply: 1.1.1.1.1.1
From: J Parker


Let me be the first to congratulate GoAnna on letting her story out! I loved it! It's always intriguing to read other's stories on this forum, and I commend those who are willing to share. Well done!

I would love to hear from WB, Ruby, DB Bear, Ross-V and Rob Forward, amongst others, only if they're willing to share (unless they like to remain enigmas of course!). I can understand if they're not. After all, some real weirdos read these forums....!
Keep it up gang!
Cheers, Jacque :)
 
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Sim

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GoAnna’s Tail

Reply: 1.1.1.1.1.1.1
From: Sim' Hampel


Great one GoAnna ! Really well explained. Thanks.

 
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GoAnna’s Tail

Reply: 1.1.1.1.1.1.1.1
From: .watto .



Great read GA fantastic stuff. Love to hear more about the Hobart devolpment.

Are you going it alone or with your property partner?

How big or small is it?

Again thanks for sharing your story and
Good Luck With Your Projects.....

Cheers
Watto
Melb Freestyler
 
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GoAnna’s Tail

Reply: 1.1.1.1.1.1.1.1.1
From: GoAnna !


Thanks Watto :eek:)

>Love to hear more about the
>Hobart devolpment.
>
>Are you going it alone or with
>your property partner?

Going it alone (ie GoMichael and I)


>How big or small is it?

It is a two staged development.

Stage one is upgrading the existing building and adding a loft apartment.

Stage two is 6 townhouses (already approved)

Seeya at Freestylers!

GoAnna !
"To the man who only has a hammer in the toolkit, every problem looks like a nail."
-Abraham Maslow
 
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GoAnna?s Tail

Reply: 1.1.1.1.1.1.1.1.1.1
From: Simon St John


GO Anna!

Thank you for sharing your story!

Another Jeremy Laws strategy - mix of +ve and high growth (presumably -ve) is a clear message coming through.

I had not heard a positive word for Tassie until now - all posts I have read until now just say no growth prospects and move on.

Go Anna! Go Michael! and Go Silent Partner!.

Thanks for sharing your story.

Simon

PS: Let us all know when Go Michael no longer has to Go to work.......
 
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GoAnna?s Tail

Reply: 1.1.1.1.1.1.1.1.1.1.1
From: GoAnna !


I am not following JL!!

I would love to hear from Miakat, Jerry Maguire and Rob Forward.

Pretty please :eek:)

GoAnna !
"To the man who only has a hammer in the toolkit, every problem looks like a nail."
-Abraham Maslow
 
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Re: GoAnna?s Tail

Reply: 1.1.1.1.1.1.1.1.1.1.2
From: Ian Findlay


Go Anna Go . . .

A truly inspirational tail!

Best of luck

Ian
 
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Re: GoAnna?s Tail

Reply: 1.1.1.1.1.1.1.1.1.1.2.1
From: Paul Hendriks


Go Anna

Well done, congratulations...

Your enthusiasm is obvious & catchy

Just love to hear how people are actually doing it, in their own way.

Also helps others decide on which strategy they may take, maybe a bit of this & a bit of that.

Mark, just interested in your scenario as I feel you know exactly where you want to go, you may divulge your strategy which I think would be of interest to many!

Thanks again
Regards
Paul
 
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Re: GoAnna?s Tail

Reply: 1.1.1.1.1.1.1.1.1.1.2.1.1
From: Felicity W.


Woohoo GoAnna! Great to read your story.
And it shows how much of a help it is when your life partner is on the same path you are. You picked a good one there! (as he did in picking you!!).
Keep smiling
Felicity :cool:
 
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Re: GoAnna?s Tail

Reply: 1.1.1.1.1.1.1.1.1.1.2.1.1.1
From: Marina .


Hi,

Congratulations on your success story. I knew a bit about you but this is truly inspirational.

It just goes to show what amazing results can be achieved when investing directly in property.

I would like to nominate Felicity, Dale,,Sim and Tibor for their success stories.

Marina.
 
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Robs' Tail

Reply: 1.1.1.1.1.1.1.1.1.1.1.1
From: Robert Forward


Okie dokie...

It's my turn I guess. Thanks to those that have asked.

It's a matter of where to start for me. I left school at the end of grade 10, and when I was 15, cause I wanted to get out into the world of "work". I had a few goals for my working career of which I achieved all of them by the dates I wanted to. But how things have changed since those days.

I had a very nasty spending habit during my youth, I was always in debt, be it credit card, personal loans, car loans etc etc. All bad debt, ouch. But I always earn lots of money, it was simply the more I earned the more I spent. How the banks loved me, whenever they offered an increase in my credit card limit I accepted gleefully.

In 1992, when I was 19 I put an offer in for my first property (as I was able to finally save a few dollars) in Madjimba Beach (spelling??) on the Sunshine Coast. I was going to purchase this property in partnership with a relative and I was to live in one room and rent the other one out to help pay the mortgage. Unfortunately the deal fell though due to a CRA report on the relatives side, so we couldn't get a loan.

After this occurred I fell back into my spending ways for a few more years, I was single and enjoyed my life. As a chef I travelled and worked in many places, starting from Brisbane, Townsville, Ayres Rock Resort, Sunshine Coast, Day Dream Island, Airlie Beach, Sydney then back to Brisbane the the UK and a cruise boat that sailed from Amsterdam down the Rhine River onto the Danube River and I got off in Budapest.

It was when I returned to Brisbane I meet up with my beautiful partner, some of you know here as Tracey, others as Ms Flip (she is giggling over my shoulder as I type this, hehe). This was mid 1996 when we met, 6 months later we decided we were going to the UK to backpack and travel for a few years.

We saved the dollars, I got my British passport and we were off by March 1997. Did a few years travelling and living in London. In a two year period we visited over 30 countries and learn how to negotiate after travelling through Turkey, Egypt, India and then South East Asia. The best experience from the two years of travel was standing on Anzac Cove for dawn service on the 25th of April 1998.

Whilst in London, I realised that property was still a great way to invest. This was before the massive prices rises in the London property market that has occurred since. Our landlord held in his portfolio over 200 properties. He had his own tradesmen that he employed and had standard colours, carpets and fittings that are in every property they control. I learn quickly that if you are going to do it seriously you need set standards throughout your properties. This makes maintenance so much easier. I was very close to buying a property in Walthamstow of London for 45 000 STG and rented for 180STG per week, my dilemma though was if I was going to buy this property (which meant I was going to stay and live in the UK permanently) I was going to loose Tracey, who had to return to Australia as her work visa was only for 2 years. Yes I could have married Tracey but yeah, these things happen and I returned home with Tracey.

May of 1999 we return from living and travelling everywhere with $3000 in the pocket. We landed at 6am at Sydney airport and had a place to live by 10am that morning. Bought a bomb of a car to get around that weekend and started looking for jobs that Monday. We both landed very good paying jobs within weeks and had all this extra money just sitting there.

By December 1999 we had contracted our first property plus had purchased into numerous Blue Chip shares. This was our start.

The next property was early 2000, and we haven't looked back since with regular purchases. Our first one was negatively geared, we didn't know of any other way to invest then (isn't naivety bliss). But the rest of our properties have been neutral to positively geared since then, I not an advocate of negative gearing, as some would know via my posts.

We met Nivia, via the Somersoft forum way back in late 1999 when I first started posting on this forum. Nivia organised a Cashflow Game day in Canberra that a lot of us older posters that also attended would remember. These would be Gee Cee, Les and numerous others.

This first get together formed some very great friendships and I found a mentor (and it wasn't the forum). The forum opened my eyes to what you really could do with property investing.

These days, we are selling out of our trading properties and cashing up, and that first property is just about gone too (should settle on that in a few weeks time). I still keep a very close eye on the property markets that I invest in, but, have now stretched myself into other ventures. I now am continually creating business plans and ventures for future investing. Yes I am still in the Rat Race, but when you have a job like mine it makes it just a bit harder to leave the rat race (not every job can you get over 4 hours sleep at and get paid for it, shhh don't tell my boss). Though I am looking down the barrel of getting out of it as I type this post.

What does the future hold for me, well, the sky is not the limit, my limit is somewhere beyond that. I'll be looking at more business orientated investments and property will become my basis. When I say this I say it as meaning I will always hold property it will simply be like my "managed funds". A nice secure investment that keeps churning an income into my pocket. My properties will keep me from going bust if any of the other ventures go belly up. In essence property will be my foundation of which I will build upon.

So, though it's a damned long post there is so much more I could have put into it. You'll also notice I didn't use figures etc. Sorry, but I do hold some things as being private, hope you understand.

Cheers,
Robert

Get your Property Inspection Reports @
http://www.CreativeFinance.com.au
 
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Re: Robs' Tail

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.1
From: Ian Findlay


Well done indeed for such a young 'un!

Ian
 
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Dale's Story

Reply: 1.1.1.1.1.1.1.1.1.1.2.1.1.1.1
From: Dale Gatherum-Goss


Hi

I feel a little strange writing this as there are so many more qualified and experienced investors who could tell you more - but since a couple of people have asked . . .

I was a wild child that someone decided could become an accountant with a little bit of manhandling. It was time for my life to turn around anyway as the direction I was heading in was not good.

I married Sue when we were still kids and we had children immediately.

We had nothing at that stage other than a desire to make something special for ourselves. Sue often tells people it was my "potential" that she married as she was not born to be poor!!

We bought and sold a number of houses and just did not get the concept of wealth planning as we progressed through our 20's and concentrated on my career which continued to flourish between temper tantrums.

In 1993 I decided it was time to build my own accounting practice and we sold up everything to move home (from Qld) to start a business that we "knew" would be the start of something special for us. I left a job back then that paid me in excess of $75,000 plus benefits, plus bonuses, plus . . . to live off social security with 3 small children whilst we built a business for the future.

We had squandered a lot of money before then, but, this period of time saw us have to manage our money very well to live off very little. We learned to make sacrifices and defer our wants to a later date.

In 1997 I discovered Robert Kiyosaki's book RDPD and it was like a light was turned on in my brain. This was followed very quickly by learning abt John Burley and many other incredible people as well. I shared what I learned with Sue and my children and together we set abt making huge differences to the way that we did things.

We continue to learn all the time and I share that knowledge with my family and as some of you know, James is ready to take on the world himself soon - and this is our greatest investment reward!!

We bought our first house that year and a block of two more in 1999. This year, we bought our 4th and we've started looking again.

In the meantime, my business provides us with ample cashflow given that we're still pretty frugal with our money (ask my frustrated and "spendingly challenged" teenage daughter!) and it is an asset that is now worth $300,000 on it's own. This value climbs every year and will only continue to do so.

In addition to buying properties, we buy shares for the long term abt every 4 months and we now hold a very tidy parcel.

Our aim with the properties is to pay them off completely within a certain time frame (15 years now) so that the income will be something that I can retire on outside of the shares and my business and our superannuation. I don't need the cashflow now, so, we are happy to work to this plan and strategy to provide us with ample cashflow in the future.

The properties are all nice properties in the far eastern suburbs of Melbourne. Nothing special, but, very nice homes that rent well. They are worth abt $1m.

Our strategies are not particularly sexy or exciting, but, the journey that we're on suits us and is one that we get much joy and excitement from.

The future looks ever brighter and we know that we'll be more than financially comfortable forever now.

Thank you for asking

Dale
 
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Robs' Tail

Reply: 1.1.1.1.1.1.1.1.1.1.1.1.2
From: Anonymous


Robert,

This is your boss speaking.........please see me in my office IMMEDIATELY!
























:)
 
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