An interview with Lizzie

lizzie said:
Thanks guys ... and thanks for the kudos too.

There were a lot of things I didn't include that have happened along the way - like tenants bolting (albeit the bond covered their departure) ... or the Pasha Bulka flood that went thru one of my other IP's and ended up with $10k payout from insurance - and cost me only 1 weeks work and $2,000 to repair/repaint/recarpet ... but everything is just a case of "deal with it" and keep positive. Everything happens for a reason.

I am sure all your stories are just as inspirational - and look forward to hearing them all one day.
Click to expand...

I love the approach you take to things like that. Really positive.
 
Haha - and on a re-read of the interview, I realise I'd missed a few IP's along the way. They were obviously ones that didn't give me either grief or thrill me to the back teeth.

But you get the jist anyhow :D
 
lizzie said:
but everything is just a case of "deal with it" and keep positive. Everything happens for a reason.
Click to expand...

Great wisdom in those few words alone Lizzie. I just spotted the interview page so will have a read soon. Thanks for taking the time to share your story. :)
 
re trust

In the interview you mentioned you now buy under your own name as trusts had some disadvantages, however another reason investors use trusts are for asset protection. Can you please share what method you use for asset protection with property purchased under own name.

Thanks
 
As two people working in very low risk industries we don't see convaluted protection is required, that severely disadvantages us in other ways.
 
Every adversity, every failure and every heartache carries with it the seed of an equivalent or greater benefit...................but you already knew that Lizzie. ;)

Thanks for your candid sharing.

Onward and upward :)
 
lizzie said:
As two people working in very low risk industries we don't see convaluted protection is required, that severely disadvantages us in other ways.
Click to expand...

Being a property investor with potential tenants who may trip over a carpet, slip on the driveway etc may adjust your wages risk profile?
 
Thanks for sharing your story Lizzie. Your resilience is inspiring!

I noticed that you said you see units as being less trouble. I was wondering if you could explain your persepctive a bit more. I have always been a bit wary of units because I was worried that body corporate issues would be a hassle. But maybe there are benefits that I havent thought of.
 
gottabespotless said:
:D Love it! You smart lady, you! ;)
Click to expand...

Haha - yes hubby and I were having this discussion the other night when talking about the budget for our new build. He hasn't shopped/bought anything since I came on the scene, so is still living in a "cost" world of 10+ years ago.

He thought I was joking when I said "there is the actual cost, and the disclosed cost - and the two are not necessarily the same."

AD - I find units easier because we buy very basic (but solid and in good structural condition) units in great locations. Brick but not rendered. Stairs and no lifts. No amenities asides from a bit of lawn out the back and a few clotheslines. Not much maintenance.

With the houses we were forever after tenants to look after lawns/gardens. If anything went wrong hubby would think that he would have to fix. Houses tended to be bigger and hence families with kids/pets - the units are only two bedders and not considered pet-friendly (although we would consider pets if asked).

They are just more set-and-forget.
 
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lizzie said:
AD - I find units easier because we buy very basic (but solid and in good structural condition) units in great locations. Brick but not rendered. Stairs and no lifts. No amenities asides from a bit of lawn out the back and a few clotheslines. Not much maintenance.

With the houses we were forever after tenants to look after lawns/gardens. If anything went wrong hubby would think that he would have to fix. Houses tended to be bigger and hence families with kids/pets - the units are only two bedders and considered pet-friendly (although we would consider pets if asked).

They are just more set-and-forget.
Click to expand...

Thanks very much Lizzie. You are right about the garden issue. I have had problems with that too. And the two times I have had single, no kids, no pets tenants they have been great. So it makes sense that a 2 bedroom unit would be less hassle. I will keep an open mind when I look for my next IP.
 
lizzie said:
AD - I find units easier because we buy very basic (but solid and in good structural condition) units in great locations. Brick but not rendered. Stairs and no lifts. No amenities asides from a bit of lawn out the back and a few clotheslines. Not much maintenance.
Click to expand...

Thanks Lizzie for taking the time to do the interview. I'm just wondering with the basic 1970's units. Do you find that the internal area is quite small and also do you look at 1 bedroom units?

Cheers,

Joel
 
Lizzie

You have mentioned how you prefer properties which are cash flow neutral or positve - do you mean before tax or after tax?

Also, how do you manage interest rate risk i.e. do you fix it (esp in times like these)?

Our properties are either close to neutral or positive - but if the rates go up to say 8% they could end up costing up to $4K p.a. each, so will have to possibly fix rates (when its time).

Thanks
Mona
 
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