Prevention is better than cure!
Do you remember when the GST was introduced into Australia? It was July 2000. Since then, most working singles and couples could have managed to secure (at least) half a dozen well researched residential investment properties. If you did this; congratulations! No doubt, with falling interest rates and a seriously growing housing shortage… the global slowdown would be delivering you more benefits than challenges right now!
Reaction is all too common! Why wait for drastic times to push us to those “drastic measures” that the politicians keep spruiking?
Doesn’t it make more sense to conduct our financial affairs during the good times in preparation for those drastic times… that always find us sooner or later?
Now while we can’t change the past, it is unwise… perhaps irresponsible… not to learn from it!
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Over the past 8 years or so speaking with all types of people on the subject of investing in property, many, generally new to investing, ask me the “what if” questions. My broad base of experience has meant my answers have generally put their minds at ease. Two questions, however, that I lacked a good solid answer for were:
- How good will your portfolio be if we have another world war?
- How good will your portfolio be if we have a worldwide recession or depression?
Well, with regards to Q 1, I still have no concrete answer for, and hopefully never will. With respect to Q 2, however, I can now (i.e. only now) say from experience… “It’s all ok”!
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It was said recently that (when the chips are down) there is ‘no greater motivator than winds of disaster blowing up your butt’.
It may be a little descriptive… yet nevertheless so true! You see, it’s not what happens to us in life that determines our future, but rather how we respond (not react) to that which happens. Of course each of us are affected in some way by circumstances, but how we respond is our own choice! We should never allow ‘circumstances’ to control us… or deter us from our focus in life!
Consider the story of Colonel (Harland) Sanders…
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People of integrity expect to be believed; and when they are not, they let time prove them right! It’s exactly the same with wisdom.
Parents expect (or at least hope) their teenagers would listen to and act on their advice. When they don’t, they allow time and experience be the child’s tutor and settle the matter.
Driving to inspect a property the other day, a friend lamented: “The frustrating thing is that you warn your kids against making unwise decisions. They ignore your advice and when everything comes apart, you are left bailing them out”.
From time to time I experience this same frustration in my role as a Property Mentor; except I don’t have to bail anyone out afterwards. I set out to steer individuals away from potential (and sometimes certain) financial peril, to a life of prosperity, possibility and options. BUT when people are not open to hearing anything that differs from that which they have already concluded… sadly, and all too often, I have no option but to stand back and watch the results of their poor decisions unfold.
IMPORTANT Reality Check!!!
As tempting as they may be, “I told you so” are unproductive and unnecessary words. That aside, I’d be lying if I said I haven’t been tempted to use them more than once.
We are currently in a global downturn and while fear and ignorance drive most people to react… my very strong suggestion is that you do not react, but rather respond! How you respond… especially during these uncertain times, will have a major bearing on your quality of life… five, ten and twenty years from now!!!
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NEW house sales fell in Queensland at a rate almost 10 times the national average in November, according to a Housing Industry Association survey.
New home sales fell nationally by 1.1 per cent in November after a 3.1 per cent rise the month before but in Queensland they dropped 10.1 per cent.
Sales fell as the economic downturn and tighter access of credit took hold, the HIA survey shows.
>>> New house sales plummet in Queensland by 10pc | The Courier-Mail.
WOW, what an exciting year 2008 turned out to be! We started by moving our office on Australia Day. When the removalist arrived at the new location ready to unload the guys who had constructed the office partitioning were still sanding down plaster board… and there was dust everywhere (and I do mean EVERYWHERE). They had not started painting at that stage. Suffice to say that the turbulence of the last 10 days of January, culminating with Katrina and me jumping on a plane to head over to Fiji to be part of my former business partners’ wedding, set the tone for what was to become a very “different” year.
I’d like to share with you two of the slides I use in my presentations around the country. These slides emphasise two of the messages I echo… and 2008 has confirmed their validity. They are:
- “You Need To Do Something”
- “38 Years Of Economic & Social History: 1974 To 2008″ and property proved itself to be resilient… regardless!
In your household, I hope history continues to repeat itself ONLY IF your are making significant and measurable financial progress… each year that passes.
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WOW, Christmas is almost upon us yet again; hasn’t 2008 come and (almost) gone so quickly? It has been a tumultuous year. The fallout from the subprime issues in the USA gave way to a credit crisis… with went on to become a global economic crisis. I believe the Australian property market is poised for good things; as clearly demonstrated in my recent Web Seminars titled “What In The World Is Going On With Property“.
NB: If you missed out on participating in one these Web Seminars you can now watch it online; click here.
The Global Credit Crisis & Property Investors
As property investors the good that has come out of the recent global turmoil has been a massive reduction in interest rates. I am now so very close to being cashflow positive across my property portfolio… and interest rates are still falling and likely to stay very low for years to come!
The downside for property investors is that lenders have tightened their lending criteria making it harder to secure funding that it was previously, in some instances. With interest rates falling, however, serviceability has been made that much easier creating opportunity for many who previously could not secure funding to now qualify.
The Global Credit Crisis & Property Developers
The impacted on developers has been massive. Companies large and small have all been affected. Many developers have gone broke or just closed up shop, others have shelved projects indefinitely and are waiting until they see evidence of investors returning to the market. Others have soldiered on but have had many new funding hoops to jump through put in front of them.
Banks have been scared to lend to each other, so regardless of whether you are an individual looking to borrow money to buy a property or a developer looking for the funding necessary to complete a project… 2008 has seen a real tightening of lender willingness.
Waterside Residential:
We have received the following update from the developer…
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WOW, Christmas is almost upon us yet again; hasn’t 2008 come and (almost) gone so quickly? It has been a tumultuous year. The fallout from the subprime issues in the USA gave way to a credit crisis… with went on to become a global economic crisis. I believe the Australian property market is poised for good things; as clearly demonstrated in my recent Web Seminars titled “What In The World Is Going On With Property“.
NB: If you missed out on participating in one these Web Seminars you can now watch it online; click here.
The Global Credit Crisis & Property Investors
As property investors the good that has come out of the recent global turmoil has been a massive reduction in interest rates. I am now so very close to being cashflow positive across my property portfolio… and interest rates are still falling and likely to stay very low for years to come!
The downside for property investors is that lenders have tightened their lending criteria making it harder to secure funding that it was previously, in some instances. With interest rates falling, however, serviceability has been made that much easier creating opportunity for many who previously could not secure funding to now qualify.
The Global Credit Crisis & Property Developers
The impacted on developers has been massive. Companies large and small have all been affected. Many developers have gone broke or just closed up shop, others have shelved projects indefinitely and are waiting until they see evidence of investors returning to the market. Others have soldiered on but have had many new funding hoops to jump through put in front of them.
Banks have been scared to lend to each other, so regardless of whether you are an individual looking to borrow money to buy a property or a developer looking for the funding necessary to complete a project… 2008 has seen a real tightening of lender willingness.
Seashells @ Clifton
We have received the following update from the developer…
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To make sense of the property market we must separate opinion from fact. Opinions will always be heard… just in greater numbers now perhaps. If you are prepared to “drill deeper” and dissect the evidence available; the facts will speak for themselves. There’s no reason for allowing the conflicting voices of opinion to keep you confused!
In the current round of Web Seminars we are offering, I highlight four key factors that are a MUST… if you expect to draw any credible conclusions.
1. Record Population Growth
2. Investors Have Fled The Market
3. Home Ownership Unattractive
4. New Construction Has Stalled Badly
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Over the past two weeks of this series, I have focused on offering a fuller understanding of a very misunderstood four-letter word. This four-letter word… DEBT, can engender quite negative emotions in us all.
‘English is a crazy language’… say many with a native language other than English. Let’s look at another four-letter English word… LOVE. In English we have just the one word, love, but the Greek language, which has had a huge influence on English has four words… all translated love!
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