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Paddle Your Own Canoe

Discussion in 'Living Room' started by MTR, 21st Jul, 2015.

  1. MTR

    MTR Well-Known Member Premium Member

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    Hi All

    I have mentored some aspiring property investors during the years and of course all share same common goal to become seriously wealthy/financially independent.

    However, what I have also noticed that concerns me is that some tend to get caught up in what other's are doing without actually realising that they are placing way too much stress in their lives.

    Its not a race and its not an even playing field, its important not to lose sight of this, otherwise you may not get to the end, as it will be far easier to just give up.

    By this I mean you need to work with what you have and what is going to work in your life today, this will be dependent on many factors such as risk, cash flow, income, equity, strategy.

    It is not difficult to buy property, however it is more important to establish a strategy so you can keep moving forward and that does not crush your spirit.

    MTR:)
     
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  2. EN710

    EN710 Well-Known Member

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    Can I be your mentee? :rolleyes:
     
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  3. Be Developer

    Be Developer Property Developer Business Member

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    Great post @MTR

    I was about to post "run your own race" thread.

    Since we started @Be Developer , I have met few investors and some of them were just following other investors like a sheep, regardless of their own circumstances.

    I recently met an investor that had no agenda except increasing number of properties she can buy n hold.


    When I asked her what's a goal, she said I want to own 100+ properties like Nathan....:):)

    I didn't really feel the need of educating her but she was running Nathan's race..not her own.

    What Nathan has done, he can do it as he has strong income, power of network and storng ties with REA and lender (In some cases)

    In order to replicate what Nathan has done, she has collected mix bunch of dud properties and if she sellls those properties in today's hot market..she may not even end up with $250k cash. That's over 9 years worth of investment journey and $$$$$$


    Moral of the story is, look at your own circumstances, income, future expenses, lifestyle choice before blindingly following a heard.

    For me, I run my own race, do what suits me,my budget and life style.

    I don't burn down my cottage ,just because someone else across the road is building McMansion.

    Disclaimer; I don't know Nathan or not promoting of what he does and doesn't.
     
    Last edited: 21st Jul, 2015
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  4. MTR

    MTR Well-Known Member Premium Member

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    Good post
     
  5. sash

    sash Well-Known Member

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    Now that is sad...if someone just threw dart at locations in Australia in the 5 major cities in OZ they would have done better than $250k in equity....what were they thinking.

    A case of idol worship gone wrong me thinks...:rolleyes:

     
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  6. Be Developer

    Be Developer Property Developer Business Member

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    10k BA fee for 90k purchase.

    Rubbing the salt on wound:)

    Clarification, equity may have been approx 350k..i factored in selling cost,legal cost and tax.
     
  7. sash

    sash Well-Known Member

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    10k ....Ommie Gawd...its sick maan,,,,

     
  8. Be Developer

    Be Developer Property Developer Business Member

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    @sash

    Hard to which party..

    buyer or BA or both!

    Hearing that we think we should up are fees...we been working for peanuts;)
     
  9. sash

    sash Well-Known Member

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    Maybe we should start a disruption business just like what the "Cloud" is doing to businesses and the IT sector.

    Anyone for $6500 full service BA business...the only catch is $2500 is non-refundable to ensure that not too many tire kickers take up the service?

     
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  10. LibGS

    LibGS Well-Known Member

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    I'd hire you for
    $6500 seems pretty reasonable. I'd be interested.
     
  11. Be Developer

    Be Developer Property Developer Business Member

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    @sash

    Sounds good...

    I think paying 10k for sub $150k property in middle of nowhere is really fools act.

    Good on service provider,but pity for buyers!
     
  12. sash

    sash Well-Known Member

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    LibGS....thanks for the confidence...I was being naughty and said this in tongue and cheek.

    I would need proper certifications to be a BA though I do successfully buy my own places for great prices. Something to ponder for the future....I feel that 10k is really too much...if someone is paying say over 800k that is fine but 10k for 90k is ridiculous....only my humble thoughts.

    Ethical business is good business...disclose interests and gotchas up front. :)

     
  13. sash

    sash Well-Known Member

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    Yep......but how can someone be so gullible....the mind boggles even for me $10k is good sum of money. That is much more than I paid for my 3 week holiday to Turkey...!

     
  14. Be Developer

    Be Developer Property Developer Business Member

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    @sash

    Agree.

    Lets not keep thread to its point.

    Run your own race
    Or
    Paddle your own canoe.


    You and I can discuss other topic at meet up.
     
  15. MTR

    MTR Well-Known Member Premium Member

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    There is always a non refundable for any BA service
     
  16. MTR

    MTR Well-Known Member Premium Member

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    Yes please
     
  17. sash

    sash Well-Known Member

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    Right...I get back to paddling my Canoe.....row row row your boat...gently down the stream.. :p:D

    See you at Wenty tomorrow....

     
  18. sash

    sash Well-Known Member

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    Ah another point...of contention.....expenses vs service delivered...another chestnut...

    Better stop now...I hear the gnashing of BA teeth. :)

     
  19. MTR

    MTR Well-Known Member Premium Member

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    Stop it Sash, you ratbag.....joke....I would like your feedback on this.
     
  20. sash

    sash Well-Known Member

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    Be careful...this dirty sewer rat bites.....:D

    OK ...so enlighten me? How much are BA's making non-refundable.

    Here is what I think is fair.....for BA's time is money..obviously...they have expenses and they also need to ensure that they have serious clients who will buy. It is a question of balance.

    So...in my opinion...if for argument's sake they charge 10k...are you saying that they are making the whole 10k non-refundable? That maybe a bit rich....what if they can't perform? Then the client has lost 10k?