Destiny Financial Solutions

19/03/2023

At some time in your journey, you may well buy a dud property. How do you know when to let it go? In this video, I explain. Be sure to subscribe for free while you are there!
https://youtu.be/wavDwPfTZSM

15/03/2023

Gloomy news is, for me, the fodder which makes me more determined than ever before to get ahead and prove the sceptics wrong! Warren Buffet said that ‘Most people get interested in investing when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well’

When everyone is buying, all seems well. Our decisions to do so are confirmed as being right because we are all talking about it. The past few years have provided such a period of buoyancy and good fortune for most Australians that pretty much anything you bought as an investment did well. This made us all forget about the basics, especially where property is concerned – the basics being that the importance is not just about market timing, it is also about time in market.

The doom and gloom at the moment is that property prices are about to experience a spectacular fall. While I agree that overheated areas and high end property will indeed feel the impact, as overcommitted property owners who tried to climb the social ladder while the going was good, buying property they couldn’t really afford, need to divest themselves of these costly assets, I am also of the firm belief that bread and butter property in lower priced areas will in many ways survive the storm and retain, and even grow, their values.

The value of property in the coming two to three years doesn’t matter. Since you should only ever buy property with a view to holding it for 10 years, what you should be concerned about now is getting property which will pay for its own expenses through a good yield. Then, after 10 years it is most likely going to be that the property will have grown from its original price, even if it fell a little in the meantime.

And let’s not forget that, as we near the bottom of the market, fewer people will buy and more opportunities exist. Watch your own bottom line, be sure that you can afford interest rate swings and plan, and then implement, a solid personal budget. Then wait, and let time do its work, just like we always used to do in the past.

13/03/2023

The media has a lot to answer for, for its ability to influence investor behaviour. In this video I talk about just how much of an impact the media has!

https://youtu.be/SlnhLxQ3d9c

07/03/2023

Losing your job will impact immediately upon your ability to borrow and begin, or continue, a property portfolio. Curiously, this is not usually because you can no longer afford your investment loans – if you have owned a property for some time it is likely that the rents have increased recently, and the property is most likely looking after itself and paying its own costs. Rather, it is because you may no longer be able to afford your own loans and personal expenses, and if your property was to become vacant, the risk that you are unable to remain financially solvent grows.

If you do lose your job, notify your lender immediately. A good place to start will be to find out if you can take a repayment holiday from your current loans. If you have been making any kind of additional repayment, it is likely that your loan is in advance and a few months off may be allowed. In addition, if you also have investment loans, find out if you can capitalise the interest for a few months too – that way the cash flow from your property can assist you to manage your daily personal expenses.

It is a fact that losing your job will put a stop to investing for a while. Take this time to be patient, sit on what you have already accrued and wait until you are once again employed before trying to add to your portfolio.

27/02/2023

My latest youtube upload looks at a viewer question about subdividing! Be sure to subscribe while you're there!

https://youtu.be/ihEGWI1ct68

24/02/2023

Every year I attend the property expos, speak at functions or host seminars, and every year it seems the same people approach me to tell me that they heard me last year, felt inspired, but then after they got home they simply could not bring themselves to get started. They admit to thinking about it a lot, but the action never seems to occur.
If you know that you have the capacity to buy property, and you also have a desire somewhere deep inside to do so, you must recognise if you are a procrastinator. The worst thing for procrastinators is that they usually experience very deep feelings of remorse when they miss the boat and realise at a later date that they had the capacity to get ahead, but missed it.
If you are a procrastinator, then you must develop the habit of writing down your goals, developing the steps required to achieve them and then putting these steps as a must do on your calendar. Devise penalties for yourself if you don’t meet the date set and rewards if you do. Start to take control of your life by scheduling the tasks which must be completed in this way, and soon you will own an investment property.

29/11/2022

14/11/2022

here is Part 2 of my Vidcast about Landlords responsibilities!

https://youtu.be/_yqtJixW6vg

07/11/2022

Watch Part 1 of my vidcast about landlords responsibilities now!
https://youtu.be/U3X0emMMGAE

31/10/2022

In the second part of my tenants' rights video, I look at tenants' responsibilities.

https://youtu.be/XN-26gl86a0

24/10/2022

In Part One of my tenants' rights video, I explain what you need to know about your tenant's legal rights.

12/07/2022