This month I thought I’d write a detailed report about the progress that I’m making towards some of the goals and projects that I currently have on the go. This is my November Goals/Project Report, which goes over some of the major projects and the progress that I’ve made on them so far.
It’s my hope that you can take away something from this report that will help inspire you to achieve your own goals.
Watch My November Project Report:
My Project Breakdown
I’m now going to go into some of the projects I’m working on in detail and share exactly where I’m at with them. If you enjoy this sort of post be sure to comment below. I’m even thinking of making this a monthly report including other personal goals too, for 2015.
South Hedland Property Development
DA (Development Approval) approval is now in place.
The existing property has been tenanted at a rate less than initially planned. This has been due to the downturn in the market in WA’s north-west. We are still achieving figures that will meet our projected profits, but on the lower side. Once the new buildings have been completed, we expect there to be an invigorated interest in the area and would like to secure a long term corporate tenant into the new properties.
When the building plans were submitted for approval there was a rejection from Council in regards to how close the bathroom was located to the front of the house. The architect is making some adjustments to the plans to comply with the changes required and then we will go back to the builders to re-quote on the amended designs. The change shouldn’t actually affect the final price very much.
Flynn Street, Churchlands
The kids are moving out!!! This property was purchased for the intention of using it as accommodation for our two children while they were studying in the city. We selected this particular apartment for the following reasons:
- 6 mins drive from the city centre
- 7 mins drive to the beach
- Walking distance to small and major shopping centres
- Bus stop right outside the door to the city, shops or universities
- Close to the train station
Our son and daughter in law have decided they’d like to move back to Albany to be closer to the family. I love this idea for two reasons:
- We get to have our little grandson living very nearby
- The property will now be rented out at full market rent (our bank account loves this one too!)
There will be a couple of weeks where the property will be empty. Whilst this would not normally be a good idea, we’ve have planned it this way for good reasons.
- We are going to stay in the apartment (thus saving accommodation elsewhere) for about 10 days and will save on accommodation costs elsewhere during the peak holiday season. We’ve got a busy social calendar planned in the city for that time.
- During our stay we will also be doing some cosmetic renovations to modernize and improve some areas. This will also justify us being able to increase the rent by $145/week.
Having tenants that are not family members will put an end to one of the biggest mistakes we’ve made over the time of having our property portfolio.
In the meantime I have been working on the following things specifically:
- Securing a new tenant and completing the associated lease agreements and paperwork
- Ensuring the property is updated to comply with smoke alarm and RCD regulations.
- Selecting new carpet for all the bedrooms
- Liaising with the carpet layers in the city to lay the carpet when we are there (Murray has done this actually J )
- Obtaining quotes from tradies to replace the shower screens in both the bathrooms. The shower screens that are currently in the bathrooms are old and clunky. It’s an ideal time to update these areas.
Sub-Division Joint Venture in Brisbane
This joint venture deal is progressing nicely. It’s a quick ‘in and out’ type of deal. Buy the land, demolish the existing dwelling, sub-divide the land and re-sell both lots.
We obtained a delayed settlement on the original land lot which means the sub-division approval has gone through before we have even paid for the land.
The two new parcels of land are currently being advertised for pre-sale. The intention is to have the new blocks sold and settled on within only a few weeks of actually having settled and paid for the original lot. By doing this our money is outlayed for only a very short period of time before we receive the profits back. If projected sale prices are achieved, our return on investment will be 15%.
Investigating Other Joint Venture Deals
I’ve been in discussion with other investors who are seeking joint venture partners and if we go ahead with any of these I’ll give you details as they come about over the next few months.
I’ve discovered a great resource to create comprehensive legal documents for loan agreements, power of attorneys, partnership agreements and much more. I’ve used Law Depot to create an affordable Loan Agreement I’m considering with a potential joint venture partner and found it to suit my needs nicely for a reasonable price.
Finding Hidden Money
You’d be surprised at how much money you have lying around in your cupboards!! The last week or so I’ve been gathering up all sorts of bits and pieces and have filled our garage ready for a Garage Sale this past weekend.
It’s easy to spend so much energy on the accumulation of ‘stuff’. And yet really…. What for?? I just feel right now I want to get rid of lots of unnecessary ‘stuff’.
Because after all, the meaning of my life is held within the relationships we have and our experiences rather than the accumulation of material items.
I hope to make a few hundred dollars in exchange for my pre-loved goods. This might seem like an insignificant amount of money; and many people couldn’t be bothered doing something like this.
I don’t need to find money for a deposit or anything like that just now, but if I was this would be a great way to boost my bank balance. This is more about letting go of things that no longer serve our family. And, there are lots of other ways to put some extra cash to good use. Especially with Christmas just around the corner……
Remember: you’re trash is another man’s treasure. Note: The Garage Sale produced a great result of almost $400. Sweet
Final Lessons Learned In November
Some of the biggest lessons learned during November are:
- I have everything I need to reach my goals within me. Reach out to people who can help more often. It is wasted energy to try to solve problems yourself when there are others you know who can help.
- Planning is everything. I’ve made the mistake in the past of thinking that just because I work on our business and property portfolio from home, that it does not have to be run to some kind of schedule. Because I like a ‘freedom’ lifestyle, for a long time I’ve resisted any kind of schedule. I now accept that a planned schedule (that still includes flexibility) will actually mean I get more achieved and I’ll have even more time to do other things I love to do. This will be a big goal for me moving into 2015.
- Raise your standards! This is the only way that you change your life. Stop doing a “good” or “excellent” job. Instead, do an OUTSTANDING job. All the rewards goes to those who are truly committed and outstanding. I’ve let some good daily habits slip and I am incorporating a new morning ritual that I want to follow more often. I work out daily and want to eat more healthy foods as a default standard that I follow. You must make the habits you want a MUST and not deviate from them.
- Energy is everything. When you’re in a high energy state, everything is possible. You’ll deal with things totally differently than if you are in a low energy state. For a relationship to be successful, it requires energy. For any goal to be achieved, it requires energy. Energy is life. In low energy states, that’s when you’ll create negativity and suffer from the negative emotions. It starts with your body and emotions first thing in the morning.
- Make your vision for your life clear and compelling. Focus on that vision at least every week, so you know exactly where you are going. Your vision and purpose for your life is what will continuously drive you and motivate you towards it.
These are some of the biggest lessons that I stand out for me during November.
Overall, I enjoyed putting this November Project Report together and I look forward to doing another one in the future. I’ve found that this public sharing gives you an important ‘behind the scenes’ look at what can be involved to build and maintain a profitable property portfolio so you can ultimately create the life you want to live. Thanks for reading!
Please leave a comment below or let me know any questions you have. I’d love to hear what you think!
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Here’s to your success!