What to do when between buys?

[twobobsworth]

Make posts in the "coffee lounge" section of somersoft.

 

[mja]

How do you spend your time when you are between buys? (needing to save up deposit, waiting for rent + equity to grow, before buying the next one)?

Simple. Generate some momentum. You're useless if you just sit there going "Oh, woe is me. I don't have any money for my next property/the bank won't lend me any money because I don't service/the market is too hot/etc etc"... any excuse NOT to do something.

Pick up the phone. Talk to agents. Go to seminars. Go to investor meetups/meetings. Talk to your property manager. Talk to your accountant. Hell, even talk to your quantity surveyor (Hi Scott!).

By generating momentum, you'll work your brain and you might just get an idea or two to move forward.

Look at doing some small tweaks to your existing portfolio - reduce property management fees here, shop around for a better insurance premium, ask for a discount on your rate from your bank, get tenants to pay for water, find out what tenants want in exchange for increased rent and so on.

I was stuck in a bit of a rut - hadn't purchased a property since November 2007. Had a baby. Wife on maternity leave. Had growth properties that were fairly cashflow negative. Didn't service with almost all the banks due to only being on ONE income AND having a dependent, plus the negative cashflow.

After spending several weeks studying bank's servicing spreadsheets (thanks Rolf!), and being rejected by my current lenders to draw equity out (because I don't service), I have just enough servicing with one lender to buy a cashflow postive regional property that I can renovate and extract the equity to go again. The sort of properties that add to your servicing. All you need is one, then the next few properties fall like dominos. Until you hit your next hurdle and so on.

 

[wobbycarly]

I Sleep

Bragger!!

 

[Simon]

How do you spend your time when you are between buys? (needing to save up deposit, waiting for rent + equity to grow, before buying the next one)?

I go sailing

 

[steveadl]

Focus attention on other areas that may be somewhat overlooked, or at least not focused on when you're in property mode; equities, business/job, personal development etc. Chances are there's always some progression to be made in one of the areas.

 

[DCI]

How do you spend your time when you are between buys? (needing to save up deposit, waiting for rent + equity to grow, before buying the next one)?

I spend all day photographing properties, spotting great deals before they even hit the market. Trouble is I can't afford any of them.

 

[The Fence]

..play patience....

 

[craigb]

i try to create a better ballance , you know the one we try to achieve to keep the other half happy too!
Its time to reflect, study you goals ,enjoy your loved ones , and as rob said tweek your plan, and perhaps drop 9 strokes off your handy cap too!

because without this other stuff , the houses mean a big ZILCHO!

 

[kissfan]

Anything non property related. I don't want the whole investing thing to be a chore. Not saying it is, far from it. I enjoy reading, researching IP related matters but I have other interests as well.

Regards
Marty