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Thread: Now What?

  1. #31
    Join Date
    Nov 2003
    Location
    Dannevirke, NZ
    Posts
    158

    Default

    Hi,

    Austin our kids sound like they are similar ages and your adventure up north gives me the giggles. More for the fact I can imagine what a 6 hour car trip can do to kiddies, let alone dragging them along to propety inspections. Because of this we only look at IP's close to home, 2 hour drive at the most (max time our kids can be in a car without killing each other... and us killing them ).

    The advice everyone is giving about expanding your financial intelligence is crucial. We are learning new things about PI all the time, and is all still very exciting. I also had a tough time convincing my wife to look beyond keeping the money in the bank mentality. That was four years ago and she is now more enthusiastic about investing than I am. We consider ourselves infants in the property game and it's a never ending learning curve.

    Orion stated:
    Get yourself educated and you'll prove to her you know what you're doing.
    I had to do this and you obviously have to as well. Eventually she came around but it took time. We look back and know it is the best thing we did for our family's future. Now we use other investment vehicles but property got us kick started. But remember knowing the theory side of things is great but doing the practical side is the ultimate, and property is no different.

    On a personal note I believe to go it alone in your situation would not be healthy for your relationship. I believe you can't make these crucial financial decisions without your wife's input. I know 'cos we went down the exact path you're on 4 years ago (at that stage we were 24, living in Auckland, had a 2 yr old and a new born, and spare cash was non existant). Arguments over money is not pretty and I believe if it becomes a problem (deciding to invest) it is not worth the hassle of disrupting the family harmony (gees I sound like Dr Phil - without that annoying Texan accent).

    Wada

  2. #32
    Join Date
    Feb 2004
    Location
    Newcastle-under-Lyme
    Posts
    3,066

    Default

    Hi Austin

    I agree with Doctor Phil It isn't worth the family disharmony. My wife and I make all our investment decisions together and if one of us says no then thats that. That said I do most of the ground work, but we talk and plan everything together and always inspect properties together.

    How about a stealthy attempt to convert her to the ways of positive cashflow investment with a board game...

    Try Cashflow or perhaps Kierans game (I haven't played it, but it sure sounds fun)

    We have found Cashflow good for at least the basics in terms of helping educate some of our friends...

  3. #33
    Join Date
    Jan 2004
    Location
    Whangarei
    Posts
    5,867

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    I agree with Graeme... remember that financial advisers are inherently biased because they only make money on fees or commission and they are not into real estate! It's practically against their religion. I've been involved in that industry since 1994 so you're hearing it from the horses mouth.

  4. #34
    Join Date
    Mar 2004
    Location
    Thames, NZ
    Posts
    477

    Default

    Hi all,

    An intersting update.

    My wife and I have decided against the land purchase and will advise the agent tommorrow ( no contract has been signed yet).

    And the biggest surprise is that my wife has finally seriously considered the option of rentals, providing that we look at positive/neutral type IP's (or close to it).

    I believe it is to do with some of the very good postings received on our current venture some of which I have read out to her.

    I do feel sorry about missing out on the opportunity of the property at Coopers Beach, but at this stage I think we need to walk before we run.

    Having an IP will leave us with more disposable income and choices for investments (hopefully more IP's).

    Thanks everyone who has contributed.

    Thanks Drelly for your feedback on investment advisors, I agree.

    I have a friend who's accounts manager is very savvy in investment and financial analysis and has done this type of work for many years which include receiverships, corporate take overs and fixing sticky problems for people who are financially in the mud and he is a director for Wizard home loans. I had the opportunity to have a chat to him yesterday. I told him that we were going to have a chat to an ANZ financial advisor...he just laughed and said they don't really know very much at all.

    He himself is successful and has agreed to have a chat with both of us at no cost. With our brief chat yesterday he has generally said that the best thing for us at the moment is an IP. I told my wife who is happy to have this meetingwith him, which will I believe give her a better understanding of the benefits of purchasing an IP and the word will not be from me .

    Again thankyou very much for all the feedback it has made a difference, you are really a great bunch.

    Onwards and upwards.

    Lawrence

  5. #35
    Join Date
    Feb 2004
    Location
    Newcastle-under-Lyme
    Posts
    3,066

    Default

    Congrats Lawrence
    Im glad she has come round.

    Keep us posted where you are at

    Cheers David


 

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