New Years Resolutions - Your Goals for 2012
- Thread starter One Drone
- Start date
To get rid of my little pot belly (really, who needs to look 4 months pregnant when otherwise as thin as a rake) and become more of a self-promotional marketing whore.
Point 2 is actually really, really, REALLY hard.
Point 2 is actually really, really, REALLY hard.
- Buy our first IP in the first half of the year (do some basic renovations and hopefully get an improved valuation and increased equity in it)
- Finish my graduate diploma
- Apply for and hopefully get promoted at work
- Go on the overseas trip I've started planning
- Work out more and improve fitness
- Finish my graduate diploma
- Apply for and hopefully get promoted at work
- Go on the overseas trip I've started planning
- Work out more and improve fitness
I don't have any new years resolutions but do have some goals.
- Work on my self development spiritually
- Get myself focused on eating healthy and exercise (I do none of these. Fortunately the genes mean I am slim)
- Buy my second, third and fourth IPs at prices below the market (the goal was to buy my second one by the end of 2011 but missed out
) While my sis alongside me will buy her third and fourth. So we are aiming to buy a few this year
- READ READ READ. I'm already half way through my first book for 2012
- Think of and plan a proper investment strategy and end goal. I tend to struggle with this. Any suggestions on what books I can read or actions I can take to set the strategy?
- Work on my self development spiritually
- Get myself focused on eating healthy and exercise (I do none of these. Fortunately the genes mean I am slim)
- Buy my second, third and fourth IPs at prices below the market (the goal was to buy my second one by the end of 2011 but missed out
) While my sis alongside me will buy her third and fourth. So we are aiming to buy a few this year - READ READ READ. I'm already half way through my first book for 2012
- Think of and plan a proper investment strategy and end goal. I tend to struggle with this. Any suggestions on what books I can read or actions I can take to set the strategy?
I have a great one, that I'm really looking forward to sticking to:
I resolve to always pick something new from the menu each time I eat out
I resolve to always pick something new from the menu each time I eat out
Few goals for 2012;
$200,000pa passive derived from rents only.
62 investment properties (currently 12 short).
Purchase PPOR.
Release "25 properties by 25" in stores around March/April.
Launch DealFinder nationally (NSW,VIC,QLD,SA,WA) by 1/2/2012.
The list of things I want to kick off are endless this year, but will retain it at this being property related.
$200,000pa passive derived from rents only.
62 investment properties (currently 12 short).
Purchase PPOR.
Release "25 properties by 25" in stores around March/April.
Launch DealFinder nationally (NSW,VIC,QLD,SA,WA) by 1/2/2012.
The list of things I want to kick off are endless this year, but will retain it at this being property related.
Just concrete them holes all up!
And the surrounding area while your at it just to avoid any weeds growing wild.
Don't forget to pop in here occasionally!!
Ha - would love to P&B....trouble is I don't have that much concrete.
Sometimes I feel like I'm tipping a wheelbarrow a time into the Grand Canyon....suffice to say it's gonna take a while.
Financial
Buy a cashflow positive or neutral (or near enough) in regional SA.
Finish subdivision project & sell.
Use that profit to purchase the next property (in thinking strata title deal)
Personal
Go on holidays OS (thailand or Vietnam) with Andrea
Go for outback ride with Dad.
Go for at least 6 more track days on motorbike and lower lap time at broadford to 1.06 or lower.
Run a half marathon
Squat 110kg again.
Increase donations to Fred hollows foundation or start giving to RSPCA
Buy a cashflow positive or neutral (or near enough) in regional SA.
Finish subdivision project & sell.
Use that profit to purchase the next property (in thinking strata title deal)
Personal
Go on holidays OS (thailand or Vietnam) with Andrea
Go for outback ride with Dad.
Go for at least 6 more track days on motorbike and lower lap time at broadford to 1.06 or lower.
Run a half marathon
Squat 110kg again.
Increase donations to Fred hollows foundation or start giving to RSPCA
Mine are to:
* do my first half marathon (May - have signed up with Cantoo for the SMH HM! Bring it on)
* squat bodyweight, maybe join my local crossfit gym to take my fitness to the next level
* complete the past 2 years overdue tax return (I know, I know)
* sort out a filing system for our IPs so I have some idea of what's going on (this will also assist at tax time)
Much as I'd like to buy another IP, I don't think it is a financially prudent decision at the moment... therefore my next goal is to:
* build up my buffer so I *can* buy another IP
* do my first half marathon (May - have signed up with Cantoo for the SMH HM! Bring it on)
* squat bodyweight, maybe join my local crossfit gym to take my fitness to the next level
* complete the past 2 years overdue tax return (I know, I know)
* sort out a filing system for our IPs so I have some idea of what's going on (this will also assist at tax time)
Much as I'd like to buy another IP, I don't think it is a financially prudent decision at the moment... therefore my next goal is to:
* build up my buffer so I *can* buy another IP
Last year:
- Donate regularly to red cross (automatic direct debit)... Check.
- Build and launch my side business... Check.
- Live overseas in a non-English speaking country and learn the language... Check.
- Get fitness back on track after a major health setback/diagnosis... Check.
This year:
- Continue and improve fitness/strength and do City to Surf in August...
- Conquer my public speaking fears by joining toastmasters...
- Build a great/strong/happy team at work...
- Continue to grow my side business and obtain more paying customers...
- Pay off a $42,000 Line-Of-Credit debt by xmas 2012.
- Keep chipping away at the PPoR mortgage.
- Donate regularly to red cross (automatic direct debit)... Check.
- Build and launch my side business... Check.
- Live overseas in a non-English speaking country and learn the language... Check.
- Get fitness back on track after a major health setback/diagnosis... Check.
This year:
- Continue and improve fitness/strength and do City to Surf in August...
- Conquer my public speaking fears by joining toastmasters...
- Build a great/strong/happy team at work...
- Continue to grow my side business and obtain more paying customers...
- Pay off a $42,000 Line-Of-Credit debt by xmas 2012.
- Keep chipping away at the PPoR mortgage.
Example of a strategy in API magazine p.23
I have a suggestion.
Buy March 2012, Issue 133, Australian Property Investor magazine and read the case study on page 23 (taken from The Property Puzzle by Stuart Wemyss). There cash flow strategy vs capital growth strategy is illustrated so I hope this helps..... Decide what is the end result, when, and then learn all you can about that strategy and ACT! Repeat the process over and over and let the time do the rest...Good Luck and let me know what you decide, only if you wish....
I don't have any new years resolutions but do have some goals.
- Work on my self development spiritually
- Get myself focused on eating healthy and exercise (I do none of these. Fortunately the genes mean I am slim)
- Buy my second, third and fourth IPs at prices below the market (the goal was to buy my second one by the end of 2011 but missed out
- READ READ READ. I'm already half way through my first book for 2012
- Think of and plan a proper investment strategy and end goal. I tend to struggle with this. Any suggestions on what books I can read or actions I can take to set the strategy?
I have a suggestion.
Buy March 2012, Issue 133, Australian Property Investor magazine and read the case study on page 23 (taken from The Property Puzzle by Stuart Wemyss). There cash flow strategy vs capital growth strategy is illustrated so I hope this helps..... Decide what is the end result, when, and then learn all you can about that strategy and ACT! Repeat the process over and over and let the time do the rest...Good Luck and let me know what you decide, only if you wish....
OK, so that was done....paying off a mortgage and eliminating all debt on one particular property from excess cashflows from all other properties is both very difficult to do and a huge anti-climax.
All the excitement of purchasing the property 13 years ago has faded. The back end of the deal where you "get rid of" the Bank is a huge let down, no motivation to be gained there....especially when you don't really "get rid of" them at all.
It also tears a massive hole in your cash safety buffer, just to eliminate the relatively small monthly payment. Having now done it, we are precariously positioned with a lack of cash if something horrible or big came up on the radar that was unforeseen. Frankly it probably wasn't worth it.
With real estate, I've come to realise that paying off significant debt via excess cashflows from real estate holdings seems almost like a non-event. I have some significant horsepower to throw at the problem and it takes years of grinding away to accumulate enough to still hold the asset and pay out the Bank, and that was just the smallest of the debts.
This $ 10 and $ 20 per week positive cashflow investments won't ever cut the mustard, especially on the big stuff.
It almost seems that {hold for long time / sell / pay CG / finally pay off Bank} is the only way to actually get the Bank off your back.
We may sit for a while and try using excess cashflows to pay down another debt and see how it goes, but at this stage it seems like a wicked waste of that valuable cashflow.
Of course, being X-colled up the wazoo, even after we've paid out the debt, we don't see the title deed. The Bank simply kept it as before. No change there. Very disheartening. No chocky milk to celebrate that.
I can now see why Brenda and Les offloaded the entire portfolio at the end of their property journey.
Even though we don't have a choice, this is why I like paying P&I.
There is a light at the end of the tunnel.
There is a date when the property will be ours free and clear.
We may never qualify for another conventional mortgage, so we're unwilling to sell all of our properties.
I can see your logic kathryn, but cannot agree to it.
I'd rather save up the pennies before entering the tunnel, and then when the timing suits me, instantaneously scoot thru the tunnel and out the other side. Less chance of rockfall and getting trapped in the tunnel that way.
I suppose the disappointing aspect for me is, now having come out of the tunnel on the other side, I can report that the light is very dim indeed. More of a cool hue than a glowing warmth.
I guess it is because I'm an optimist.
I can't change it, so figure I might as well embrace it.
Can certainly see why it is better to race thru the tunnel though.
I hate banks having any control over us.
We have another mortgage coming up for renewal in a few months.
Hopefully it will be smooth sailing.
