The car house!

[quoll]

Why do you invest?

It's a simple question but I have multiple reasons for it and I just wonder why others do it? Many are looking at retirement, as am I. But I also see it as a way to pay of the mortgage on PPOR and as a means to purchase expensive luxury items, nice car.

Currently we have purchased for retirement income and extra now income, I will buy a house and designate it as the car house to sell for CG to buy a nice $100k car one day. I also would like to get a house or two to sell quick and pay out the PPOR mortgage. Have looked at developments but haven't got the equity or cash flow to do that yet. Also tried share trading and other buy/sell stuff but really I'm too lazy and would like to spend time with wife and kids.

Has anyone got any other ideas on how to achieve the nice car, no PPOR mortgage, without selling property? I'm on a good salary but not one that can pay for a flashy car or get rid of the mortgage in less than 15 years.

We also look at being able to help the kids get into their houses once they grow up and want one, if ever.

Quoll

 

[abcdiamond]

Why do you invest?

I suppose for Retirement, and to leave something for my daughter, to give her a head start in life.

Has anyone got any other ideas on how to achieve the nice car, no PPOR mortgage, without selling property?

Not many ideas from me other than; start your own business and then sell it when it has a good value ! But it's been easier with property.

However, for those of you in business, or thinking about it, try to purchase your business premises, and let your business pay you the rent. Then one day, you get the CG on that property also.

 

[quoll]

abcdiamond
Have you read the Millionaire next door? I always think about that book when I think about helping the kids out. Still not sure how to teach them about money and help them out but I reckon I've got a few more years to work it out. They are only 6/10/11.

I might do a search see if anyone as posted about how they helped out the kids or have been helped by their parents.

Thanks
Quoll

 

[Kristine..]

Originally posted by abcdiamond
However, for those of you in business, or thinking about it, try to purchase your business premises, and let your business pay you the rent. Then one day, you get the CG on that property also.

abcd

That's just what I've done.

When we bought the Bank I was the tenant, paying rent to us.

With the shop I bought on Saturday (yesterday), I will again be the tenant and pay rent to us.

It works for me!

Cheers

Kristine

 

[abcdiamond]

quoll

No, I havent read it, is it worth reading then ?

My daughter is only 7, but i'm teaching her to be tight with money !!

Whenever she wants something I always ask her if it really worth it. She generally agrees it isnt, and then gets her mum to buy it for her when they are out together

Giving her a house later on, is my security in knowing she will have somewhere to live almost no matter what happens. Now I just have to work out how to ensure she keeps it !!

 

[abcdiamond]

Kristine

It worked for me too. Instead of renting a shop, I bought one, paid myself rent, and then when I sold my business, I also sold the shop, and made enough for another decent house.

But I never considered myself a Property Investor at that time. That only became obvious to me when I got tenants for the previous PPOR. I didnt ever actually decide to became a PI, it just happened.

You say you bought the "Bank", which bank ?

 

[Kristine..]

Hi abcd

I bought a Challenge Bank when the Bank of Melbourne took over their balance sheet and then of course Westpac took over the lot.

The Bank was built by Hotham Building Society around 1984. It was also a Statewide Building Society and possibly a RESI Building Society, too.

Lovely modern building, built line to line on the title, grills everywhere, tempered glass front. Very classy.

Trouble was, Challenge removed their insignia carpet, and also the Chubb!

Party Poopers!

I've still got it. It is the Jewel in the Crown.

Cheers

Kristine

 

[Aceyducey]

Originally posted by quoll
Why do you invest?

Because it's a nice simple business that delivers excellent returns for the effort required.

Cheers,

Aceyducey

 

[Mondie]

Acey has summed it up very well.

It doesnt take up a significant part of my time and lets me get on with the things that are important in my life, whilst being able to leverage my income to make good returns. Its fun too

 

[bundy1964]

Originally posted by abcdiamond
However, for those of you in business, or thinking about it, try to purchase your business premises, and let your business pay you the rent. Then one day, you get the CG on that property also.

Another one who wants to put me out of a job

bundy

 

[abcdiamond]

Originally posted by bundy1964
Another one who wants to put me out of a job

Sorry Bundy ..

 

[bundy1964]

Interesting point is that I have never found stats on % of commercial OO compared to renters.

Block 1 is now 4 renters to 1 owner ( was 5 to 0 ) and block 2 is 1 renter to 7 owners.

I would think there are more renters than owners by my looking around Adelaide only, not counting the few who rent with other structures in place. Most of gen X seem to like rent over ownership and I won't complain about that

bundy

PS sorry to hyjack your thread quoll

 

[quoll]

abcdiamond

The millionair next door is worth a read. (go and buy one now!)

I think the stats point to wealth hanging around for 3 generations and by then it is so heavily dispersed to individuals who don't have any idea that the 4th generation is no longer wealthy.

bundy

I don't mind about the thread hyjacking. Most discussions are worth reading. It does seem like we are heading toward more renters, they like the cash flow and spending money.

Cheers
Quoll