Happy new (financial) year!

It is a new financial year and half time for the goals many of us set for 2015 on SS. I'm currently reviewing my goals for 2015 and I am trucking along ok;

- Signed a contract for a PPoR yesterday
- Holiday booked to Hawaii
- Further deposit available for an IP (want to settle on the new place first)

Still plenty of the year left to achieve some good things

 

Try to not go broke,
Try to sell house for a good price..

 

@Hodor
i use to love EOFY.. because few weeks later i use to get refund from ATO.

Now its 4 figures bills i get from them... hate it

i work like a laborer on deve sites.. when i see some profit.. my friend ATO is waiting for his 30c on $1.

 

Your "friend" owes me 5 figures I'm thinking so it'll be my happiest EOFY to date.

 

@Hodor ..... would love to be in that situation!

 

Waiting for IP #2 to finishing building in September
When that's rented, buy PPOR
Book a holiday for the first time in 4 years
Spend 2 week annual leave break over Christmas probably moving and setting up PPOR

 

I am primarily focusing on the law practice expansion again this year. Four new solicitors (3 net) start next week so have been doing lots of interviewing lately. Can't believe how many solicitors have no personality and regardless of their skill level you just wouldn't inflict them on your clients or employees. I am big believer in ensuring that personality fits with the business but also that they are great with clients (sadly something many law firms don't seem to care about).

LAW FIRM

So next week

1. New Family Law Division starts (soft start but Senior Associate starts on Monday) - You need sealed consent orders in QLD to not pay stamp duty and we have been referring out a large amount of this work to others everyweek. We will be doing contested work also.
2. New Commercial Litigator starts (replacing my SA who is going to the Bar)
3. New Wills and Estates Solicitor starts, we have an existing associate but workload has grown so much that we need another.
4. New Commercial Solicitor starts, again workload sufficient that we need an extra

Moving ahead in the financial year

1. We are negotiating with someone who has their own NSW based property law firm to bring her in and open a Sydney office - anticipate September start
2. We are negotiating with someone who has their own commercial law practice on the Gold Coast to bring him in and open a GC office - anticipate August start
3. I anticipate hiring another 15-20 solicitors over the coming year
4. Moving to 3rd largest conveyancing practice in QLD
5. Spending significant sums on IT systems so that we can give even better service then we do now
6. We have a lot of towers of OTP units that will settle this year (majority of a tower settles on the same day so makes for interesting days)
7. We have a couple of broadacre subdivisions that will also settle


PROPERTY
1. 3 Aggregate via Option, DA and on sell
2. 1 splitter block, new build one house for me

 

Couldn't agree more RPI - I've come across many lawyers who are devoid of personalities. Not sure if this is a prerequisite for becoming a lawyer however it seems to be the norm ( and I work in the legal profession).

 

Good work Hodor, you're not homeless anymore!
Did you get in on the Jetstar Hawaii sale? Weather looking good over there

 

RPI, I like your aggressive expansion plan.

I'm in NSW and I used to refer family law matters in the past but have employed a really good lawyer since 2 years ago.
I want to do more contested matters in Equity division.

 

Cheers Larry
Can you tell us more about your practice?

 

There are great ones out there, but there are some who really suit dealing with paperwork and nothing else

 

My goals for FY16:
- subdivide IP2 and sell newly created lot
- finalise rezoning of IP1, complete structure plan, lodge subdivision application

 

RPI. We're a general practice and we mainly do conveyancing, family law, immigration, general litigation (including personal injury) and estate claims. Had enough working for others.

 

Sounds like some big goals been kicked.
RPI you have some really impressive plans.

Yeah we booked during the sale, going to watch someone compete in the Kona Ironman which will be an awesome experience. In need of a holiday, I haven't been overseas since 2013.

 

Trust me, after watching Kona, all you will want to do is go back and compete one day!

Good luck to your mate! It's a tough gig!

pinkboy

 

Settled on our latest IP at 2pm today!! Am I first?

Continue to invest in shares and pay down debt in 2016.

 

Grow business and ditch day job
Complete development construction by Christmas and get the new dwellings rented

 

Happy New Financial Year everyone! ;P

My only property related goal for this year is to release equity from my Quakers Hill property and purchase the 3rd IP. Fingers crossed I can do it while only working part-time!

 

Well start to the financial year wasn't too kind to me...
Booked a cruise (from bris) last week for November.
Booked flights.
Checked with the broker if I can borrow more to look into brissy.
Made redundant today.
Started looking for a new job