The year in review...

[asy]

Well, another year's gone...

I was recalling something friends of mine do every new year... (they are on the forum, and can identify themselves if they wish!!). They sit down and re-evaluate the year, and formulate goals for the new year.

I thought this was interesting, and I set myself a few goals at the end of last year. All of which I have surpassed...

I was wondering if anyone would like to share their goals for the past year, and how they have gone with them. don't misunderstand me, I have been reading the secrecy thread too... I was just wondering whether people in general are happy with where they are...

Anyway, I also wanted to wish all of my forum-family a very merry Xmas/hannuka/other...

I wish you all health, happiness and prosperity for the new year.

And, I thank you all, from the bottom of my heart for all the help you have all given me this past year.

asy

 

[JustAMum]

I was thinking along the same lines. Asy - gosh your an amazing lady! The comments I've read of yours over the last little while - all the things you've done and are doing! Its great. And your quickness of wit, etc, etc.
Now all you other GREAT forumites - Likewise I am impressed by your comments, your wit and your insights. Especially Jas, Bruce G. and GeoffW. But also the other multitude of fantastic PEOPLE. Even (and perhaps especially) those stiring comments and hardline views. After all its great to laugh and see the other side of life. Life is a problem - LIVING is about solving it. And a good way to come to a better possible decision is to be able to view an issue from many sides.


I'm surprised how in the last couple of weeks I've become addicted to this forum. I've been a forum user during the year, when I've had a chance - but have generally been too busy putting out the fires in life - and the forum is a luxury.
I must HIGHLY commend the master minds who negotiated and got this new style forum up and running. The old one was great - but the order of this new one is better. And the resouces and minds that use this forum - It impresses me - Its hard to believe. (If only there was something like this forum on the stock market)

Ok - lets try to get down to the point in question. The goals for 2002 and how they went.

At the beginning it was meant to be a 'steady as she goes', and just keep on course. But then there came that tempting opportunity to diversify into some holiday & permenant rentals up the coast, offering a bit over an easy 10% return. We even managed to wrangle my Brother (who has been talking and not acting for ages) into 1 and 1/2 of them, and another friend also brought in the area, and at least one of their friends. This surprised us - and was a warning about the danger of cassual gossip - until our deals are totally done. It didn't really affect us this time - but a timely warning perhaps for the future.

Hubbies bussiness has continued to be tighter on returns than we had hoped for, and some experimental stock market dealings continued to be quite a tad TOO experimental, while an inner city property we had brought recently and was our only non nuetral geared property continued to put cash flow strains on things. So for the first time ever we sold a property. What an experience. Lukily the market had continued to experience some gains during the year that we had that property - and it meant we got out at about break even costs. Another leason of BE VERY WARY of negative geared properties when you are on a tight budget, and be even more cautious of them if the market is begining to fall. At least for us and at our stage of life. We were so luky that this was a year of market rises.

During this last year we've also noticed far fewer tenants in need of a new dwelling. Although I've only had the smaller units change hand and not any houses. Despite this I was able to achieve back to back rentals, and for the first time found the local papers were better at drawing applicants than the Age. I even increased the rental on one of them, and got the best responses on that one.

So now we're back to 'steady as she goes'. .....^...~v...^^... ... till next year ??

How have other people found the market? How has it affected them?

Muses from Just a Mum

 

[DaleGG]

HI

2002 was a wonderful year for us and especially given the year that we had in 2001 where I came so close to retiring and giving it all away . . .

This year, we set out to continue the journey that we were on. We wanted to buy at least one more IP (and we bought 2); continue to add to our share portfolio; and reduce the debts on the portfolio as we have all along. We also wanted to reignite some of the passion that I had for what we do and continue to grow my business.

Mission accomplished on all goals!

More importantly, we watched our children grow up and add to the richness of our lives.

Thank you very much to all of you for your kindness and generosity of spirit and rest assured that you have made a difference to our lives, among many, many more!

Enjoy the festivities

Dale

 

[rob paul]

2002

HI all

Although I am an infrequent poster like ''just a mum''
I FIND i am addicted to the forum.
it has everything,humour with an australian flavour,dry wit,expert comment and advice and argument but most of all everybody is pulling in the same direction,to better their lives and the lives of others,using re as a veichle.

2002
I normally get up early, leaving the wife at home in bed and go down to my local beach at dee why (northern beaches sydney)to watch the sun rise on new years day.

I sit in the sand dunes away from the crowd ("ah the serenity,Ah the bloody sandflies)and write down my goals and any ideas I have for the year.

2002 was a mixed bag for me,a business I started collapsed immediately when a partner had a breakdown ,I bought an ip in brisbane and crows nest(syd)
redesigned my life after being unemployed,my father got sick but didnt die,and i got into the forum.
Lost a bit more hair but gained a few more kilos
i would rate the year about 6/10

2003
well ill let you know this time next year!!
aiming for a 7+

if you see a guy, at five o clock in the morning,talking to himself with a notebook feverishly swatting mosquitos and sandflies sitting alone in the sand dunes on the northern beaches
dont call the cops!!

cheers all and I hope to contribute more to the forum in 2003

robert paul

 

[bbruham]

G'day all,

Hello JustAMum,

My 2002 year was a nothing year.
Did not do a thing all year. the house repairs, cleaning out the garage etc, nothing. The other half thought I had run out of steam and bought me those mens vitamins that make you get up and goooooooo.
Investing, no new properties either. What I did do, and I wish I didn't, was to tip a bucket of money down the toilet ($50,000),
put into managed funds. Now worth $35,000. I went for top earnings, international fund with high % returns.
That serves me right for being a greedy little pig!
Who wants to be wealthy over night, get rich on thoses very very quick rich schemes? Meeeee!!!
Stuff taking ten years, if you can get there in two.
So 2003 is going to be different. Definately one new property.
But where? Newtown- Narrabeen Peninsular - QLD Sunshine Coast, these are the three areas I'm looking at.
I'll be on the Sunshine Coast in February.
Narrabeen Peninsular, the bulldozers are knocking down rows of old weatherboard weekend cottages. Up go the townhouses and units. Possibly too late for narrabeen.
Newtown, still waiting for a reasonably priced terrace in Kepto street to come onto the market.
Maybe another taxi plate! No, one is enough for anyone, unless you work on managing your taxis full time.
I was thinking of "retiring" from my Gov't job, snatching my superannuation then returning to my job. Unfortunately I'm told
having a work record like mine I'm now gov't unemployable.
Five harassment convictions. Directly asking the minister for transport for a pay rise as I was more than one million dollars in debt. Showed him a payslip that showed I don't pay tax, I'm too poor to pay tax.
The heads of the department were furious that I had the gaul.
No new friends there.
(Still waiting on that pay rise).

Bruce G.

Winners make it happen.
Loses let it happen.

 

[Lotana]

For me 2002 was very special. Due to a well-publicised downturn in IT I became unemployed 4 months ago first time in 21 years. This gave me more time to do other things apart from work. I now spend much more time with my wife and the kiddies, to our joint enjoinment (excuse the pun). This was also a year when I set up some medium to long-term financial goals, finally restructured my finances to get rid of non-deductible debt, and started a structured IP portfolio. I wish I were a bit luckier on the share market, but at least I was not alone there.

Happy New Year to everyone on the Forum!

Lotana

 

[Ken]

My 2002 was a bit strange. Having bought 3 properties in 2001, making a total of 4 ip's, I started the year with 3 being rented out, 1 in the process of renovating myself.

My plan for 2002 was to finish the reno, rent it out, and then look to buy at least 1 property.
Year started well, had plans approved for the reno, (upgrading a loft to a bedroom) early on, got quotes from builders for the big stuff, had the money, then Murphy stepped in.
My PAYE job required me to work more weekends.
The tenant moved from the first IP that I bought, this was negative geared in the NW of Sydney, took some time to retenant, at a lower rent, this ate into the reno money, had to put reno on hold. This tenant left, could not find another, decided to sell. Repayment to settlement took rest of reno money.
Even more weekend work required by my employer.
While this was happening, started ball rolling to refinance, valuation on other 3 properties had doubled in 15 months from what I payed for them, all of a sudden I have doubled my available equity (including ppor).
My paye company was half taken over by an overseas concern, full buy out is only a matter of time. Major expansion is to happen, this is all being planned by the 'experts from overseas' without any input from us. With our upper management busy kow-towing to the 'gods' from OS to ensure their own positions, at the expense of their own experts (who expanded it to where it now is, so it was worth buying in the first place) I start to question why I have worked so hard and shown such loyalty to a company that obviously doesn't value this, Maybe I would be better off working this hard for myself (lightbulb on above head)!!

Which brings me to my plans for 2003.
Purchase a local business, my daughter will run this, I will assist in the management (purchase negotiations proceeding)
Set up a local business which my son will run (in process of feasability studies)
Finish the renovation, get tenant, increase LOC on ppor.
Invest in tourism venture in rural NSW (dependant on prospectus)
Take my 4 months long service leave.
Buy, reno, sell at least 1 property during that time
STOP WORKING FOR SOMEONE ELSE.
It feels as though the work situation, and the buffer of the available equity was the catalyst to kick my brain into gear, I feel like I have been in neutral for years, and am wondering why. I am seeing opportunities everywhere.
It should be an interesting year.

All the best to everyone on the forum for the New Year, and look forward to catching up at next years freestylers meetings.

Ken

 

[Mr Ed]

Hi all,

Been reading all of your posts over the last few months. I’ve noticed that this forum has started to become part of my daily routine, have even taken upon myself to read all of the old stuff in the archives… man is there some reading there…

2002, what did it bring. Well we did achieve our personal goals for the year which were…

*Embark on more property education
*Buy a renovator in Brizzie
*Spend more time with 8-year-old son
*Get more experience @ snowboarding
*Take up water skiing
*Spend more time with wifey
*Get rid of consumer debt
*Reno Canberra place to get better yield

Well that was the goals set in ’01 and we achieved all of these. But a fair bit of it was a character building experience.

Did the Jeff Doidge & Paul Eslink Course in Brizzie that gave us some education on the Brisbane scene. Bought a place up there (Wilston) estimated the reno would be 50k ended up being 70k equity was getting low so did reno on ACT place to help there & also to get a better yield (place had slipped & attracted footballers as tenants). Obviously had no tenants in either as we did the reno’s (both took longer than expected), then when we did get them finished couldn’t get tenants for the BNE place for another 9 weeks. So bit the bullet on the rent and took a 50 dollar a week bath just to help the cashflow.

Then there was the problems with the finance, the broker went on annual leave as the BNE place was finished. We needed to pay him but broker hadn’t submitted the application yet ???? (oh did I mention that he was my wife’s cousin). Well he didn’t get a Xmas card this year, come to think of it we haven’t spoken since…
Anyway both places are now tenanted agents have all taken there advertising costs out and cashflow is about restored. By the way BNE made a 40k net gain from the Reno (that’s the bank valo) and the Canberra place 67k gain from the Reno. Big lesson learnt here…

Don’t use Family in business transactions
Don’t Reno without funds sitting in account
Don’t Reno 2 places at once
Don’t borrow @ 90% to do reno’s (damn mortgage insurance is a killer)
Always have surplus funds just in case it dosn't rent for a while

Anyway that’s now all sorted and we have gained much more character.

Spending more time with wifey this year was easy to accomplish as we had our 10 year wedding anniversary so thought better do the right thing & bought an eternity ring and trip to NZ for a couple of weeks without the kids (first time ever). Had some other goals to complete so we went to the snow over there didn’t we…

Consumer debt reduction had to be tackled this year and we now only have a 2k credit card (was 12k) and no store cards (all paid off with our wages no re financing here we are so proud of ourselves), so all our debt is now tax effective. (that feeling alone was one of the best goals we’ve ever achieved)

More time with the 8 year old is being accomplished as he likes the water so this summer we are water skiing with some family friends twice a week. So all goals were met in ’02. Albeit we aged considerably.

We are currently sitting here (after this post) and working on ’03. Rach would like more time to herself with some tennis lessons. Financially I’m thinking on putting funds away & getting into the share market as I think it’s at the bottom of it’s cycle and the property near or over the top. I’ve calculated that if we can accumulate 60k worth of shares over the next 36 months (some big help from tax returns here), and we lock the BNE interest rate in we can negate a 2% rate increase, so reducing our exposure to rate fluctuations.

Got a bit more work to do on this theory.

Anyway that’s ’02 covered and ’03 is on the drawing board. We might even post ’03 goals that way we have committed to them just that bit more. I know one goal will be to read the forum daily.

All in all ’02 was a good year for us as we grew as investors and as people and had a lot of laughs through it.

Ed & Rach.

 

[brains]

hi all and happy new year.

The year 2002 was business as usual for me.

I like writing things in lists so here goes,

2002 upside:

gave up smoking

substantially increased my knowledge of and purchased 6 IPs

got my business turnover to a point where i dont have to be there and can concentrate on purchasing IPs and surfing

spent a lot more time with wife & daughter ( maybe too much according to them.......haha)

updated my car to a new model.


2002 downside:

dropped $35k on the stockmarket

put on weight from giving up smoking.

didnt get around to going to my wifes country of birth (Italy) for a couple of months as we had planned.

didnt go skiing for the first season in ages.

couple of personal dramas, but whats life without them.

So nothing major in 2002, but 2003 will be a different story, i will be getting into IPs seriously and contemplate selling my business which will be like losing a part of me. And I will make that trip to Italy or i'll never hear the end of it.

Wayne

ps: congrats to Asy for the RE purchase, it will be what you make it and by my limited knowledge of you that will be quite a lot.