Forum Replies Created
Gerard,
There are a lot of good products out there and the one that I have seen that is good ….
http://www.abr.com.au Anyone else using anything at present ??Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Jason,
Welcome to the gang. To answer the 11 second question….. Do a search on this site under 11 second solution and you will find some quite detaioled discussion about it. Hope this helps.Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey David,
If you got an independent valuation what would it be worth ??? That is the true value of the property that the bank will care about. Just remember though that if you start getting into ideas of refinancing those deals up then you are starting to skate on thin ice.
For Loan applications and therefore more money all you can use is fair market value. This may also indicate an option for your owner to potentiall cash you out and you go on to the next deal ???Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Hui,
What are you astually after. I can’t follow what you want from the community. Could you clarify a little please ??
ThanksEnjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey C-money,
Welcome to PI.com.
Sounds like you have the right attitude for success. Just remember that when others are saying you can’t then believe in yourself. There are opportunities out there but in this current market they more time and due diligence to make sure they work. Spend the energy and keep on educating yourself so that you can go ahead in leaps and bounds. Feel free to drop a line anytime.
[email protected]Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey TJ,
Mate I understand what you are after but I couldn’t say that there is a fast and safe way to purchase property. IF you know your market well I believe you can jump on a bargain using prior experience. When you are talking about new markets I do not know any way that you can do a quick appraisal that would not sacrifice your Due diligence. I would rather walk from a deal I was uncomfortable with rather than maybe (stress maybe) pick up a bargain. There is always another property around the corner and I would never go without my process to ensure a good buy.
Hope this helps.Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinBelow is an example of a property that would be cashflow positive. At a guess the rent would be around $100/week. This was found using the http://www.realestate.com.au search engine and limiting myself on price across a state. I went to other states as well and found similar properties.
Now I will admit that they are not 4 b/room brick and tile jobs within 15kms of the city (large metro areas) but they are there. try putting in a broad search limited only by price (cheapest first) and see what comes up. Most are in Country areas but it is surprising what you will find. I have bought 2 properties in the last three months that are cash positive in a place wherer there is well over 100,000 population.
Whatever you do BKW do not give up. I went through exactly the same thing when I started and Steve did not give me any answers then (direct places) as I will not now. Believe me they are still there you just have to look harder or become more creative. Remember
any property can be positive when it is wrapped. Just depends what you are after out of your investments.Hope this helps.
GREAT RENTAL
$39,0002 Bedrooms plus sleepout, new roof, lockable under, Handy to schools and shops.
Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinWell BKW319 I will have to disagree to some extent. You talk about raising money for charities if you want to help people. I personally give more than 10% of all my earnings to charitable organisations so in this way I also get to help people not only through renting or wrapping the property but also by sharing the profits. I cannot wait for the day when I can right out large cheques to such organisations and also give more of my time to help them in a practical way. My aim for property investing is to free me from the 9-5 and let me choose my time usage. Now the harsh reality is that I need to make money to do that. If I can make money and help people all the better.
So yes making money is important but if it is your primary aim and an end in itself then I believe that you may achieve that goal but miss the point.
For me it is about affording freedom that allows me to spend my energies in the wisest possible way and there is nothing wrong with a little philanthropy along the way.Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Tom,
The easiest way to get a really rough idea of market price is to use something like http://www.homepriceguide.com.au This will give you 3-4 month old data but it is interesting to see comparative prices. The other way is to call local agents (4-6) and ask what they have similar to the one you found. The last stage then is to go pound the pavement and have a look around. You never know the next door neighbour could be an avid junk collector or any number of other problems could physically challenge the property. Don’t be put off though. Try and solve the problem.Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Rick,
This part of the world is running hot. Many people forecast great growth through the SE corridor. I guess it depends what you are after it certainly is not cash positive unless you Wrap.Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinWow. There are some awesome calls here. For me Scott the fear is where the fun is. Property is a passion for me and that is where I find the most solace when I do get nervous and or fearful. I look at the poeple I am helping and the benefits I am recieving. What a buzz. When you buy shares you get a bit of paper. When you buy a house you are able to provide shelter for someone else maybe even a home. I think that all these others have said it before me so I’ll leave you with just one more truth. I am an adrenaline junky so I really work my best when the heat is on. For me I am looking for bigger and bolder deals to test my mettle. I think that Del said it with doing what you feel comfortable with. Just remember every avalanche starts with one small movement of snow or dirt. So it is with property, try it out and let the avalanche build.
Hope this helps.
Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinActually Leigh my beautiful wife and two lovely girls deserve a good break. They sacrifice a lot for me to be able to do what I do. Thanks for the thoughts.
Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinHey Leigh is that Dale Gunther-Goss or Gatherum-Goss ??
Just a nother thought. Another personal favourite of mine is “The Richest Man in Babylon”. Now I am fairly certain that this is fictional but does that matter. Not on your life. This little book was a real eye opener and I will be giving many copies away to friends. Also another one I liked was “One Minute Millionaire”. Another great fictional story but encouraging and challenging none the less. I suppose throughout history people have used parables to teach a lesson. Jesus Christ used them all the time and look at the masive following he has today. I guess we all like to learn through stories of others. It somehow makes it personal and achievable (applicable even).
Have a great week everyone. I am off to Sydney and Newcastle for a holiday. (So I may be a bit irregular with postings).Later Days….
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Kirsty,
It is always a good idea to set yourself up properly. While there are “standard” ways to establish a property “empire” some may not fit into that structure. Saying this I believe it is a must for investors to talk to a good accountant and solicitor to ensure the structure works for you. Get a quote for their time and a quote for their recomendations and use referrals from others who have been happy.Hope this helps you out.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesI think that the most frustrating thing about this whole situation is that the High court can rule in agreement with the lower court and the ATO can then go back to parliament and have the law changed anyway. So after all the trouble and money if the ATO really wants this one stopped they can just legislate and change the way it works. I realise that we need government and a judicial system to be separate but doesn’t it just make you a little mad that things like this could happen.
The reaon the ATO does not like this scheme. They would potentially lose millions (I mean lots of millions) and no government wants to lose its cahflow. Never underestimate a persons (or people) desire to maintain their cashflow.
Just my thoughts..Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Gavan,
Mate you have a few options open to you. You can take the slow and steady road and save for further deposits or revalue the current property and use the equity. Both these options are sound and will get you there. I personally think you are very lucky in that you have had to get creative early. Some people (me included) are supposedly “lucky” in that we have sufficient deposits for ultiple properties and therefore have not had to get very creative. To be honest I believe the sooner you run out of money the better……I here you thinking, “Is this guy mad???” Well yes but that is another story…..
Why the sooner the better. Well it makes you go creative early. Once you have learnt the skill of doing a no money down deal then how money properties are you limited to ?? Think about it. No (or very low) money down means that you have a virtually unlimited potential for acquiring properties. The person who has deposits and gets stuck in the need for deposits ( I was) doesn’t look outside the square. I now try and do no money down deals first then go the traditional method second. Now how to do this. Well read the book “Nothing Down in the nineties” bu Robert G Allen. But in a simple 20 second blurb…..
Seek the vendors who will leave money in the deal sufficient for the deposit on the mortgage. You can ask them to vendor finance you. Some people ask for a cash back at settlement (check this out with your solicitor). Meaning that the vendor gives them 20% (or whatever) at settlement therfore leading to an effective no money down.
You could seek to take a lease option over the property from the seller. I guess the long and short of it is there are many ways to do these transactions and you are lucky (believe it or not) that you have got here now. If (and I mean if) you have the tenacity to find a solution then you have unlocked a very big door. There are potentially no deals that are to big.Be encouraged Gavan you stand on the threshold of really discovering the success that people like Burley, Kiyosaki, Buffet, and even McKnight have discovered before you. When you only use OPM (other peoples money) then you are never limited by the deals you can do (as long as they are cash positive).
Hope this helps.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesPersonally I visit him once a year but I do talk to him 8-10 timesa year as well. With the electronic age we live in it is easy to keep in contact.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Mr jones,
If you set up the structure with a trust (discretionary or family) and had a company as the trustee and you as company director then as director you could claim it as a legitimate expense for educating yourself about the business your comany carries out ?? Would this not seem fair.You need to talk to a good solicitor or acct about this but as to your point on the trust being reliant on another person (director of company) why would that not be you ??
When the Trust is claimed against and you have a corporate trustee the company is liable and it is a $1 or $2 company without assets therefore not worth suing.Like I said check this out with a good solicitor.
Hope this helps.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesHey Mr Jones,
Had to add 2 cents here. I think that having ot buy 20% off at times is rather pointless. For example a deal I am currently looking at. Duplex (half) for sale – Vendor wants $85K willing to give 3 month settlement. Other side of Duplex sold 9 months ago for $95K. This side is actually better (eastern side, excellent garden)and the values have moved so it could be resold for $105K withour to much trouble. So do I offer 20% of $85K. No I am happy to buy the place for the price and then decide what to do with it.
The other thing here you must realise is that I have a fairly good feel for the market and can see what value the property has. I Also research the recent sales to see what has asold and how much. I do my due diligence. If a house sells for the right price then buy it. I have lost a few deals over the last year trying to be cleverer than I really am.
The other positive is that I get a call from my agent whenever a good deal rolls along. She knows I won’t lowball but will be aggressive. Got a call last Friday about a listing from the Public Trustee that had just come on the market (11am). I got a call about 11.15 to say come on out. I was out there by 1:30 and had a contracton the table agreed to by 3:00. It is this sort of relationship that makes both her and I money. That is a good thing. The list price for the Place was $100K and I offered $95K because I could see the potential. (1/4 acre block , two street frontage, easy subdivision, reno profit worth over $20K). For me to try and bragin harder would have lost me the deal as late that afternoon a backup contract was placed for full price unconditional.
Again not a huge discount but my guess is that I will do very well out of that property when it is worked.
Hope this helps.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, OdesI think the B man is trying to say is that if you have found all the legal options to reduce your tax and still have to pay a bucket load of tax then you must have made a fortune.
For me I cannot wait until the day when I have to sign a cheque to the tax office for $1,000,000. This means I must have made a bundle because I know my acountant would ensure this was the absolute minimum tax payable. eg. $1,000,000 in Tax would mean earnings well above $2,000,000…..Hope this helps.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, Odes
