Archive for July, 2007
I was once caught in this trap. The feeling that there will be a divine signal and everything will come into alignment. It would trigger the ‘do it’ in me, ‘the time is right’, ‘buy it now’.
When I started seriously looking into property investment in 2005 and 2006 I said to myself I have time. The big boom has just finished, I can now take my time and learn everything there is to know about property and once prices have come back down a bit I can get in there and get some. The learning part was great and it helped me avoid making some serious investing mistakes, such as not using a Trust to buy my properties, but the waiting for prices to come back down was a mistake.
As I waited for prices to level off, time went by, followed by some more time. And while this time was going by, strangely enough in most places property prices were going up (of course some places faster than others).
In the end I saw the error of my ways and stopped waiting for the planets to align with the perfect property deal. I bit the bullet and hired a Buyers Agent. That in many ways took the pressure off me as I knew I had an expert working for me. And when the time came to get the biggest loan of my life I felt great!
Remember the saying… . the best time to buy property was 10 years ago.. the next best time is today!
Here’s an article I found on waiting for the perfect time. Read it, it applies to many things in your life!
Waiting for that perfect moment in life to do something is wasted time! Trust me. Just do it. Making mistakes is the greatest way to learn in life.No comments
Are you struggling to make those extra cash payments into your investment property loan(s) every month on your negatively geared property? Or is worrying about this exact problem stopping you from taking that first leap into property investment?
Then never fear. As some of you might know you can apply to the tax office to have the amount of tax taken out of your pay packet every week lowered to match your expected return at the end of the financial year.
Basically you are given your expected tax return negative gearing benefits through out the year rather than a lump sum at the end of the financial year after you’ve put in your tax return.
It’s called the PAYG income tax witholding variation (ITWV) application. So with the help of your accountant (or do it yourself if your handy with numbers) you can fill out one of these forms online or hard copy and get your self a bit of payment relief every week. Be sure you try and estimate as closely as possible, as any money you over estimate will have to be paid back once your tax return for that year has been made final.
The latest Property Investing teleseminar from Micheal Yardney and co is now available. This time they are talking about catching the next property wave. Want to know where, when and how to buy? This Online stream or MP3 download could get you on your way.
Micheal Yardney and Ed Chan will also be conducting seminars around Australia in July and August about this very topic. For dates and more information on the seminars click here.
If you became suddenly ill or hospitalised or even dead would your family know what to do with all your affairs?
Do your family members understand all your financial dealings? Would they know where to start in paying your bills?
These are all important questions that you should sort out now while you are fit and well. I’m sure we’d all hate to see our hard earned investments disappear or go down the drain just because we hadn’t planned for the unexpected.
Heres a list of some things you should have easily on hand in case the worst should happen:
- Up to date medical insurance information
- An updated will
- Power of attorney information
- Life insurance information
- A basic guide to your bank accounts – numbers, passwords
- A basic list of bills in case someone else needs to help you pay them
- Spare keys for both house and car
- Details of all your investments and what needs to be done to look after them
Also think about people to notify of where these details are stored. Either papers stored somewhere accessible, on a certain computer or USB drive or even somewhere password protected on the web.
Anyway its something to think about. Sure you might think I’ll be dead so I won’t have to worry, but think about making life a bit easier for your loved ones left behind.
Check out the full article on this subject here.No comments