Dazz is a desk jockey these days, so that's not it
At least he smelt alright when I saw him in QLD recently. 
LOE here we come
- Thread starter Dazz
- Start date
At least he smelt alright when I saw him in QLD recently. 
Spot on S. That's "how they think" I'm afraid. You gotta remember when you're dealing with "most" bankers, they don't have any IPs ... let alone whole suburbs of sheds like Dazz. They haven't read any books etc. They're mostly youngsters stuck either in rent-land or mortgage-land and they have their "super" as their great white hope. Even if you move up the foodchain to business/regional or state managers it still doesn't change much.
LL
In general I find "yes". Do some googling. ..but we also make it as easy for them as we can and we appear "conventional" , so we are VERY well documented with spread sheets, 10 year cash flow / loan projections etc.
Yep...for certain mate .... the larger the portfolio and the lower the overall LVRs the easier it all becomes. A (reasonably
) "conservative" life-style assists. Dazz's postie Honda will improve his chances. LL
Dazz and Rixter
Whilst I have had good experiences with MBs, my experience to date with ID has not been one I would recommend.
I will not elaborate on a public forum , but will happily explain via PM or skype.
Cheers
Joe D
I expected to see a few more Brokers from Somersoft on the list?
Ed Nixon was there..anyone else?
He was at number 19... I just noticed the top 100 is only ranked by value of loans written.
Number 100 had just over $35 million, while number one had more than $163 million.
Value of loans can depend on locality and type of the property (eg unit in the back of burke vs homes in Vaucluse). It would be interesting to know just how many loans each of them wrote...now that would reflect "effort".
I agree. Value is not a true measure.
Agree... that is what I was implying but didn't express it too well
. There should be other factors that rank them, rather than just the value of loans.
Yep...for certain mate .... the larger the portfolio and the lower the overall LVRs the easier it all becomes. A (reasonably
LL
Can vouch for that one.
We began LOE by accident when we moved over to the USA in Sept, 2005.
I wasn't earning any income (and didn't earn any the whole 2.5 years we were there) - all from the wife's work Contract.
When we got there, we had an LVR of around 58%, and a couple of hundred K in USEABLE equity in our LOC.
The rental assistance on the work Contract was only temporary (3 months), and after it ran out we suddenly found out just how expensive L.A is to live in, so we had no choice but to start living off the equity we had. Not a lot - around $250 per week.
Then the work contract changed - we received free rent if we signed on for an extra year, so we did that and it allowed us to send back gobs of cash to get ready for the block of land settlement last Aug.
However, even though we were sending cash back, we had long ago established a sensible "no waste" money spending lifestyle, and our mindset is always the bigger picture for future investing so we continued continued to scrounge and save, look for better deals etc. We own our own PPoR and both cars which certainly helps.
We constantly monitor our financial position - rent income, LVR, property values etc, and we decided that we could still afford to Live Off Equity to a degree and use that cash for our US travelling budget.
We were spending (allocating) $250 p/w for this purpose, and we still managed to get our LVR down to it's current 56% over the last 3 years. Mainly due to property value increases and not spending more than the percentage of property value increases.
We still spend this amount now that we are back, and expect that over the next 3-5 years our income will be replaced fully with LOE. (if the golf book takes off it may be much sooner hopefully!).
So, it can be done, but as LL says; a low LVR with a decent sized portfolio of IP value and a conservative lifestyle will get you there quicker.
Good post L.AAussie and a good story. I think "scrounge" is coded into my DNA somewhere. The lifestyle may be conservative ... ahh but the freedom is bleedin' priceless. Good on your for becoming a budding author !
The transition to LOE for me was like this .. been doing the numbers for a while ... knew there was enough equity there but tending to "hang-on" ( security/ fear) to a really good job that I enjoyed immensely and that paid well etc etc but it was still a job ! ....literally woke up one morning early and thought " well, today's the day" . Rang the boss (overseas) and gave him the news he didn't want. Gave him 6 months to work out a replacement (I had a well laid out succession plan ). 6 months later I was "on the street'', jobless and lovin' every minute of it .
LL
The transition to LOE for me was like this .. been doing the numbers for a while ... knew there was enough equity there but tending to "hang-on" ( security/ fear) to a really good job that I enjoyed immensely and that paid well etc etc but it was still a job ! ....literally woke up one morning early and thought " well, today's the day" . Rang the boss (overseas) and gave him the news he didn't want. Gave him 6 months to work out a replacement (I had a well laid out succession plan ). 6 months later I was "on the street'', jobless and lovin' every minute of it .
LL
Speaking of which.. How much equity would i have to drawn down to get some lessons on my swing??
I certainly need it.
You would probably make more money as a 'swing' consultant (one on one, workshops, seminars etc) and use your book for credibility. Rather than make money off the book itself, which is difficult in any decent amount.
For what its worth Dazzling, my broker is number 26 on the list that yo yo ma posted, and have found him to be very helpful. I might add that he is also one of my best friends first and foremost so I am obviously biased...
He does not work for that company anymore as he has gone out and started his own company.
PM me if you want his contact details...
...Well done on reaching your goals...
Boods
Correct Ev,
I suspect that the book will act more as a promotion for the lessons etc than as a cashcow, but I'm hoping we are both wrong!
The plan is to use the passive income from the book (assuming there is one) to fund other investments that do the same.
Now what would the cash-on-cash return be for something like that?
Good work by the way, Dazz - achieved what we are all working towards.
Speaking of which.. How much equity would i have to drawn down to get some lessons on my swing??
Seeing as how you live in Sydney Stu, if you are game to make the trip down I'll swap you a lesson for a beer and we'll talk investing over 9 holes.
Actually; that'd be a good trip for you; at Rosebud Country Club where I teach, there are 36 terrific holes, and pretty decent holiday units right next to the first fairway - about 200 yards from the practice fairway. It's a great place; you'd love it.
