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Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
July 24, 2004 - 1:13 am
Bennido,
The vendor finance association is a good source of links to knowledgeable solicitors for lease options.
http://www.financewraps.asn.au
The Association also does great work with various government organs to ensure that the principles of lease-options & wraps are understood by the lew makers.
As investors we need to support these type of industry groups or see our options rapidly diminish (and no I’m not a member myself, but I have friends who are).
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 10:24 pm
Originally posted by setmefree:
These kind of scams obviously work. There is a sucker born everyday. Sometimes I just wondering how some people are so naive !! Just look at all the american TV religious programs : praise the lord, and give me a dollar.
There’s a seminar in that…..
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[biggrin]
Cheers,
Aceyducey
PS: This is NOT A REAL SEMINAR!!! However Martians did really invade earth in 1938 – honest.
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 12:58 pm
Originally posted by Marisa:
The problem is trying to repeat this……[strum]
Sounds like a decent deal Marisa…but only 15-18% after the reno?
Frankly we look for where we can add at least 25-30% to the value of a property inc reno after costs or it’s not worth our time.
What we do is look for rundown places we can buy well below the bottom end of the market & reno up to the market midpoint. That way you don’t hit the ‘best house’ or ‘worst house’ syndrome. We also look for places with twists…that can be dual-occed, subdivided in the future, offer something in demand or at worst fit the demographics dominating in the area.
Deal flow is one of those big issues that many property investors struggle with. It’s something a consultant, VC or similar type understands well. You have to both work in your business (on a current reno or deal) and ON your business (setting up a string of further prospects & deals).
The way to achieve the levels the top investors have achieved is to not do each deal slowly & perfectly & then look for the next deal, but to do deals well and repeat fast, where possible doing tasks in such a way that they advance both your current deal (or deals) AND the prospective deals in some way.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 7:46 am
hmm – so who’s paying for the sperm?
Clearly Australian men are no longer virile enough.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 7:45 am
If you buy a few of these CF+ places in small towns with good cashflows, also buy a few places in high capital appreciation areas (probably CF-).
Use the cashflow from the cheapies to offset the more expensive ones…..
You make your profits on the capital appreciation. Then at the the appropriate time, sell the expensive places & pay out the cheapies.
Of course there are other approaches…but balancing your portfolio is one workable one in this scenario….
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 7:32 am
Hey all – this is tomorrow if anyone is still thinking about it – or missed the notice until now.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 3:34 am
Celivia,
It appears you are reading my post in a very different way to which it was intended.
From my converations with Kay/Cat I understood that she’d bought her first investment properties in 2003, if that’s incorrect I’m happy to withdraw that part of my post & apologise for the comments.
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 3:31 am
Did the guy return to the pavement after being shot at twice?
If not, perhaps Czechoslovakia needs a steeper penalty….like taking the person’s family hostage until they swear off J-walking.
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 3:29 am
Yup, this transaction is very, very, nonlegitimate
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 2:11 am
Without commenting specifically on Wilandel’s comments….
Is becoming a ‘reference’ for anyone’s books and programs such a big deal that it’s worth censoring yourself & potentially compromising your own feelings & beliefs?
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 12:18 am
Silver,
Your information is inadequate for an informed opinion to be expressed.
However it sounds VERY dodgy so far.
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 12:17 am
Originally posted by kay henry:
If I reduce the income to 80k and the taxable income to say 35k, that’s about 8k tax paid, which is only 10%- still negligible, in my terms.
So where does the $45K in income that isn’t being claimed as taxable income go….to save how much tax?
I’m not sure whether to laugh or call the ATO fraud division [biggrin]
Note that I personally have virtually zero personal income…everything is earnt through my companies & trusts & I pay myself only a minimal wage.
But Kay, I believe you’re a wage slave….and the same options are not available.
I suggest you see a good accountant before you have too many years to clean up behind you.
As I understand that you’ve only been investing in property for a year it shouldn’t be too much of a mess yet.
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 12:07 am
Visit all the open houses in the town & turn on all the taps.
Wait a week.
Return to the town – any areas underwater will be flood-prone.
If this proves too hard to carry out, strategically located rain dances can achieve a similar result.
Cheers,
Aceyducey
PS: Be careful when referring to council records…some ‘100 year’ flood-prone areas are now getting floods every few years….you gotta love a variable climate
Local lenders (aka: local bank branches & residents can give you a good idea of the flood areas.
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 23, 2004 - 12:02 am
The easiest way to turn a negatively geared property into a positively geared one is to pay down debt.
Phil, in your case you could sell one property & pay down the other….or use funds you have elsewhere to pay down debt in both.
When considering selling both properties look at the costs for you in doing so…..REA fees, legals, CGT, etc.
What do these total?
Then what would it cost you to buy back in? Stamp duties, legals, inspections, etc.
Add this all up.
Now – how much does it cost you to hold these properties?
So taking that total cost figure, how many months of negative gearing would it take to equal this cost?
This is purely the dollars – what about the time required to sell your current properties & then to locate some good ones that you can afford to positively gear & have similar capital appreciation potential????
On balance, is it really worth selling your properties to buy back in?
Here’s another alternate strategy: use your available equity and cash to purchase a couple of cashflow positive places that will offset the cost of your negative gearing. Don’t worry about whether these places offer much in the way of appreciation (though preferable if they do) – just use them to balance your portfolio.
At the end of the day, IMHO, it’s better to have a balanced portfolio with some high growth properties (which are more likely to be negatively geared) and some cashflow properties (which are likely to have lower appreciation) than a portfolio full of rats & mice cashflow positive properties with little appreciation potential!
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 22, 2004 - 2:28 pm
Originally posted by kay-wit:
Are you in the top 2% of intelligent people?
Yes
That’s an easy question. Give me a hard one….
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 22, 2004 - 2:27 pm
African Queen
LOTR
Rock Horror
Princess Bride
Logan’s Run
Rollerball (the original)
Whatever movie I go see next
Books:
Everything by Lois Bujold
Everything by Orson Scott Card
Everything by Terry Pratchett
Everything by Piers Anthony
Everything by David Brin
um – lots more but not on the tip of my tongue…my issue is keeping up with all the good books, I barely fit in three a week these days
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 22, 2004 - 2:22 pm
The problem with reducing your income from a high figure to a low figure is that the money has to go somewhere….
So by reducing, say, from $80K to $20K – you’re not getting 83c back on every dollar over the $20K – you’re spending 100c in the dollar!!!
Also, if you reduce your income that far you’ll only be legitimitely able to borrow via lo-docs or face some serious fraud issues at one point or another.
Negative gearing is fine in small quantities, but having too many tax deductions is a sure way to reach bankrupcy!
If you want to increase your income, increase your income.
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 22, 2004 - 2:18 pm
You can always try…
Why should the vendor accept the offer though?
You have to think about how you can make your offer attractive to them….how soon do they need the money???
Do some research
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 22, 2004 - 1:06 pm
I agree with much of the ethical platform espoused by Neil Jenman, but I’m not comfortable with his media-headline grabbing approach.
I’m also not comfortable in his interests in the Real Estate industry….The Jenman system gains when he successfully maligns his competition & there’s too much gratification in it for him for me to be comfortable with his self-presentation as a ‘consumer advocate’.
His Jenman system has itself had some issues in the past & I’m still not satisifed that it is adequately policed to ensure that Jenman acreddited agents ALWAYS behave according to the principles of the system.
I do like the principles of the Jenman system, however again I’d never buy from them as an investor because they cut down on the advantage
I’d consider selling through them in certain instances.
I do admire Neil Jenman for having the strength of will & belief to stand up for what he believes in (rightly or wrongly).
Cheers,
Aceyducey
Aceyducey
Participant
@aceyducey
Join Date: 2003
Post Count: 651
July 22, 2004 - 9:06 am
Apprentice,
Freestylers closed down awhile ago.
You can find out background about this over at Somersoft.
Cheers,
Aceyducey