Michael Yardney Sydney Event Sat (15 Mar 14)

[see_change]

Hi SC
My guess is that when you were developing that particular market was not rising.? Still made a profit though.

Its a different ball game when you are developing in a market that is rising, profits of 20% can easily turn into 40%, when you are building 3 or 4 units the results can be quite staggering. The effort is well worth the reward.

Just to give you an example one of Westminsters projects Gwellup, 4 unit development, almost completed will make a profit of around $850,000, 12 month project I think? That's pretty amazing in anyone's books.

MTR

They were very profitable both giving over 100 % profit . Profit well over 1 mill and rising on the second . Second gave us our current PPOR , probably up 500 K in the last six month . Not bad for doing nothing . However The first one stopped us from buying in Mt Druitt at a time you could buy properties for 60 K that then went up to 240 and the second one kept us out of Geraldton at a time when Karina was buying for around 60 and they went up over 200 as well . She sold enough over there to buy her PPOR on the northern beaches for cash . NOt bad for someone still in her 20's ( from what I recall ...) We considered both these options but didn't due to our existing financial and time commitments.

The second one also had us selling some of our rocky IP's earier than we wanted to . Sure we could have refinanced and drawn down equity but that would have stretched our Sleep at night factor , and would have left us fully stretched us when the GFC struck and no way we could have been buying in Mosman at the peak of the GFC as we wouldn't have had i mill available in a LOC to go around making cash offers when the banks would hardly lend anything.

The reality is there are different ways to make money . Just because you're into property doesn't mean you have to logically end up developing.

Knowing what we know know , I know we could have made more in the last cycle by not developing and by buying in Mt Druitt and Geraldton and holding longer in Rocky , and it would have been less stressful . BUT we did ok by Developing . A retrospectascope is a wonderful instrument .

Cliff

 

[travelbug]

The complete seminar of Secrets of the Millionaire Mind.

Enjoy!

Complete seminar?? It was only 1.45 mins.

The seminar is for 3 days.

 

[MTR]

.
The reality is there are different ways to make money . Just because you're into property doesn't mean you have to logically end up developing.

Knowing what we know know , I know we could have made more in the last cycle by not developing and by buying in Mt Druitt and Geraldton and holding longer in Rocky , and it would have been less stressful . BUT we did ok by Developing . A retrospectascope is a wonderful instrument .

Cliff

Of course more than one way to make money in property and its not just developing but we know this.

Everything requires some effort and work, less stress buying multiple properties, perhaps, but not always. Karina jumped into a rising market and did very well, she also had major headaches in Geraldton with tenants due to the area and issues with property management. If anyone knows Geraldton and the streets she jumped into then they would understand the social issues etc. She took a risk and made money, good for her.

Karina and I still keep in contact, and met up with her in USA where we travelled around Atlanta together, she has repeated what she did in Geraldton but also turned it into a business where I started purchasing property from her. Once again there have been issues tenants etc, but worth the risk now these properties have doubled.

I think property investing in general requires some level of stress, work and effort especially if you are going outside the square and going hard. Just sourcing finance can be stressful, not sure about others??

Cheers
MTR

 

[Rixter]

Complete seminar?? It was only 1.45 mins.

The seminar is for 3 days.

Arnt you lucky getting the best 1.45mins of the 3 days

 

[devank]

I have attached Andrew Wilson?s presentation from last Sat. He is the ?APM senior economist? from Domain. I enjoyed his presentation the most.

 

[eyespy]

Thanks devank.....that was very interesting.

 

[MTR]

I have attached Andrew Wilson?s presentation from last Sat. He is the ?APM senior economist? from Domain. I enjoyed his presentation the most.

Thanks Devan
Comprehensive, so it all looks like "sunshine and roses" for resi property Australia wide 2014 from his report

I can speak for Perth, its certainly still moving with multiple offers on properties, in particular development sites.
I think there is still some steam in this market, though if there are continued job losses/companies closing their door not so sure ??

 

[geoffw]

I've just had an email from Bill Zheng's Investors Direct, advertising a free event this Saturday with Andrew Wilson. It may be of interest to some.

 

[rabidz]

I have attached Andrew Wilson?s presentation from last Sat. He is the ?APM senior economist? from Domain. I enjoyed his presentation the most.

Thanks for the pdf.

Anyone has the Melbourne version?
Thanks..

 

[Deltaberry]

The most important thing I learn from these seminars, is that running seminars is a lucrative business.

 

[Rentwithpets]

Yes seminars can be a more lucrative business than investing in property

I go to free ones with an open mind and ready to do due diligence. Sometimes I can learn something new from seminars, sometimes learn what to avoid. The biggest lesson is learning how to sell anything to anyone, whether it is something of good or dubious value

Here is a free one that I am going to on Thursday
http://global1.com.au/einfo?com_miievent=cstmLink&f5b3=a0Y90000001s1q1EAA

Saturday sustainable building/renovation event. Speed date style Interviews with different builders and architects, no gimmicks. I got 2 out of 4 "dates" that I was interested in. There are still a few spaces left.
http://www.marrickville.nsw.gov.au/speeddate/

 

[rabidz]

Has anyone attend this event (Michael Yardney Property Update) in Melbourne today?