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Aceyducey
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@aceyducey
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Post Count: 651
August 15, 2004 - 7:07 pm
Enjoying myself & helping others to achieve success
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 15, 2004 - 1:16 am
Sonja,
Do you know how I can get in touch with them?
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 14, 2004 - 10:01 am
Originally posted by hoarel:
I don’t know how old you are or what your plans are. But for me being in my 20’s, with a 3 and a 1 year old and another unborn. 80 years is bugger all in a plan for this generation.
Hey hoarel,
33 & I plan on being around for awhile – as will my Trust.
I reckon it’s a trivial issue & doesn’t require 50+ years of forward planning.
Even if you plan your in-80-years exit now, political, economic, legal and social factors may make your exit unworkable at the time.
Australia is only 103 years old as a nation for buddha’s sake! Barely older than the first few Trusts under Australian law. The nation may not even exist in it’s present form in 80 years.
Get your portfolio working, build your wealth & worry about it when the Trust has less than 20 years to live.
As Steven Covey says – ‘Put First Things First’.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 13, 2004 - 10:04 am
Originally posted by hoarel:
I found out that trusts only last for 80 years. How are you going to pass the trust to you kids when the trust expires and they have to transfer everything to a new trust and pay CGT or sell everything and pay CGT?????
How do you get around this??
Isn’t 80 years long 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
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@aceyducey
Join Date: 2003
Post Count: 651
August 13, 2004 - 10:02 am
Surudoi,
There are regular ones scheduled through Somersoft’s Meeting Point (http://www.somersoft.com/forums).
Sorry if I just doubled the amount of reading you need to do [biggrin]
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 12, 2004 - 2:04 pm
Mark said:
I don’t like the idea of wraps because I don’t want to have to deal with the emotions of the person who I am taking advantage of.
My comment about wraps was purly my opinion. I’m sure there the sort of investment that really suits some people.
hmmm, who’s throwing insults [biggrin]
I feel that insulting people who wrap by calling them unethical & saying they take advantage of people isn’t such a good start on a forum with a large wrap element. (note I haven’t done any wraps myself, but I know many people who do – in a thoroughly ethical manner)
Mark, My (rationally arrived at) opinion remains the same. From your comments you don’t seem enarmoured of property and you don’t seem to have a goal to your investing.
Work out what you want out of life & look around at the investment alternatives.Make your own decision on what type of investment is best for you in view of your goals.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 12, 2004 - 1:32 pm
Mark,
On your first point I’d suggest that you have a standard contract drawn up that the seller can use.
Make sure it’s fair & it will cut down on the time required to reach a conclusion.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 12, 2004 - 10:27 am
Originally posted by mark76g:
A truly rational person would have said something like “I don’t agree with you and here are the figures or this is the reason why”
Mark,
I’m sorry that none of the very experienced investors who replied to your post qualify as ‘truly rational’ in your book (which is clearly the textbook on the topic).
And I’m sorry you don’t understand why many of us felt that your attitude, emotions and lack of a solid plan in your post demonstrated that you’re not ready to go out & spend hundred of thousands of dollars on property investments.
Why don’t you go find a group that agrees absolutely with your point of view (a mirror might be useful). Then you’ll feel you’re amongst totally rational people.
However I wouldn’t be able to speak for their investment track record.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 11, 2004 - 11:46 pm
Einstein once said: “If I had my life to live over again, I’d be a plumber.”
Perhaps we need to encourage more kids to follow this path
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 11, 2004 - 12:40 pm
Wrappack,
If you use a unit trust & lend your personal money to the trust, you can negative gear just as if the property was in your own name.
Trusts can accumulate losses over a number of years and spread profits across different beneficiaries, making it much easier to minimise CGT.
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
August 11, 2004 - 12:39 pm
NEWGEN,
Bad luck – but you’ve learn a valuable lesson….
You CAN trust your instincts – they are spot on!
In future you’ll be able to pick this type of issue straight off.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 11, 2004 - 4:24 am
Jerome,
Here’s my tip: Don’t do it!
Research Trusts.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 11, 2004 - 2:05 am
Milly,
Why not look at some form of staged payout of the unit over 5-10 years via some kind of installment contract.
On this basis you do the contract upfront & pay enough at the start to cover your Dad’s costs & tax…then pay him off over time.
It makes the property positive-geared…the longer the contract term for payout the greater the prospect you keep it that 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
August 11, 2004 - 1:57 am
Peter’s been posting over in Somersoft if anyone is interested in the ‘nearing from horse’s mouth’.
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
August 11, 2004 - 1:54 am
Originally posted by mark76g:
I don’t like the idea of wraps because I don’t want to have to deal with the emotions of the person who I am taking advantage of.
Mark,
Now that’s an emotionally-laced statement
So are your comments about ‘crappy places’, about the possibility of tenants wrecking the place and being bogged down for years.
I reckon that you’re not ready to invest in property.
Be careful that about buying into biases, emotional and unsupported commentary in the media – whether negative or positive.
You need to get rid of those emotions and understand the facts to make a good objective property investing decision.
Think of what rules the stock market – fear & greed, emotions. Emotion also rules poor property investors (though sometimes different ones).
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
August 11, 2004 - 1:46 am
Cherub,
The way rent guarantees can be guaranteed is by increasing the purchase price.
So you are paying for the property PLUS the rental.
Generally short-term rental properties have higher management fees & costs (more management required). Vacancy rates can be significantly higher & more dependent on the business or tourism cycle than standard rentals. Granted rentals are generally higher while the place is tenanted.
Read all the fine print before you make a decision!
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut
Aceyducey
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@aceyducey
Join Date: 2003
Post Count: 651
August 10, 2004 - 1:19 pm
Originally posted by WallFlower:
besides ‘Shakes’, what do others use as their ‘instruction manual ?’
I lost mine, so now I just press buttons to find out what they do.
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
August 10, 2004 - 1:13 pm
Aesop told fables, but they still had the power to change lives.
I believe in focusing on one thing, getting it down & then moving onto the next….it’s how babies learn – and it seems to work for them.
However if something DEFINITELY isn’t working, move on &^ come back later…..
As the saying goes: ‘try, try, try again – and then give up!’
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
August 10, 2004 - 1:37 am
Salacious,
Removing asbestos is a job for professionals (with very good health insurance).
You don’t want to break an asbestos board!!!!!
It’s safer to be a 30-a-day smoker.
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
August 10, 2004 - 1:35 am
You can leverage shares up to around 70% depending on the share & the margin lender. However beware of margin calls
Dividends are reasonably well guaranteed by the big companies – and if they fail to pay one you can always jump ship quickly….much quicker than you can jump ship on a property which proves to be hard to tenant. Of course you pay a cost to exit…but so would you if you sold the hard-to-tenant property
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.
– Jan L.A. van de Snepscheut