Forum Replies Created
I can see why steve is upset at the comments as some of the statements made are patently untrue, others I can sympathise with. I personally would not get involved with wrapping as I feel that you are taking advantage of other people, others may not feel this way and I have no problem with them conducting business in this way its just not for me.
I think it is fair to say that Steve is attempting to make a buck out of selling himself as a property expert, listen to what I have got to say, buy my books, attend my seminars and you will prosper. The property millionaire thing is a bit sensationalist and probably dosn’t endear him to people such as Terry Ryder who consider themselves to be the traditional purvayors of sensible and credible information on property.
One question always springs to mind when people who purport to be experts in a field and claim to be able to make such riches from their knowledge, why waste time flogging books and seminars and all the other products when their is so much money to be made in property deals.
Could it be that the income from these activities is greater than that of what allowed the person to gain fame in the first place ?
Also questionable is whether a system that was succesful in one set of market conditions is successful in another, ie are you following the last big thing instead of the next big thing ?
I like the majority of you do not know steve, for all i know he may be the most generous selfless man that has ever walked the earth, he could also be someone who is going to milk this ride till the death to gain what he can.
As always the truth probably lies somewhere in the middle.
Ben.
If you are concerned that it will cause you problems if the rates go up and you have bought for the long term I would definately lock in rates. The 3 year rates seem pretty good value to me.
Ben.
Nice comeback mini !!!
[
][][]I guess their are unscrupulous ways as well, as discussed in this article.
http://www.jenman.com.au/NewsNews1.php?id=117
This is not a recommendation just thought u would be interested to see how some people may be doing it.
Ben.
Chiara,
I would be very wary of such an arrangement, sounds like someone is trying to cash in on the property mania engulfing everyone at the mo.
Be very very careful as there is no shortage of people out to fleece average punters out of their hard earned in property circles these days.
Ben.
“Did anyone see henry Kayes add in the sat SMH? He is going to make some millionares in 6 months or he will donate $1mil to charity! This is in aid of clearing up the recent bad publicity.”
Yeah, I saw that, I think he used the term “control” $1m of property as well.
I bet he would rather lend them the money himself to buy one of his properties than donate $1m to charity !!!
Don’t u just hate email, I’ve had dramas sending important stuff like that too (never as important as a job app though)
U still have time to apply to other schools though.
Good luck with the next one I’m sure you’ll get an even better one !
Stay positive.
Ben.
Not a bad idea maybe something for when the new site is up and running.
Maybe other property professionals could also be listed so forum members could contact them if they needed their services.
Ben
Maybe some of the participants will be able to let us know what the goals are.
Ben.
Rod,
I beleive that Steve would welcome the publicity, the higher his profile the easier it would be to sell books run seminars etc.
It will of course alert more people to positive cashflow property which will make deals harder to come by, but if he can make money in an easier more lucrative fashion, why would he be bothered.
Please don’t see this as cynical I would probably do exactly the same thing in his position.
Ben.
Always enjoy reading your input Terry, well done.
Ben.
Hi Vic,
Im 33 and bought my first IP when I was 24 and it was the best thing I ever did. I have acquired 3 more and a PPOR since then, all largely funded through the cash flow and cap gain in the original IP.
Ben.
Ripp,
It’s amazing to see people crawling all over properties at home opens, it seems every man and his dog is into Ip’s at the moment and I must admit it kind of worries me as to where we will end up.
Ben.
Ripp,
I think the housing boom as we know it, vast increases in prices across all types of property right around Australia is at or very close to an end.
The days where you can practically buy anywhere and anything and make a large cap gain in short period of time are numbered.
To make property profitable in the near future you will have to be extremely selective, and examine the sub market very closely. We have alraedy seen some markets beginning to fall (Melb & Sydney appartments) and a rise in interest rates or more favourable returns being found elsewhere (share market) may extend this fall to other parts of the market.
As is always the case the experienced and well financed will continue to do well while the inexperienced and over leveraged will be the ones who suffer.
Ben
Hey Caddy,
This a very good question and one that all investors should be considering.
We have not purchased any IP’s over the last year and have channelled our funds into lowering our overall debt to make sure we are comfortable as the interest cycle and market eventually turns.
I hope everyone factors these issues into their thinking because as night follows day, low interest rates eventually increase and booming property markets turn into depressed ones.
Those who are unprepared will find themselves in financial difficulty.
Ben.
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quote:
Here is a little trick to get some tax free money (and it is legal). Rather than just owning your property free and clear and letting the taxman get a chunk, why not re-mortgage. Using your example, say you pull out another $80,000 cash. This cash is tax free, because you have not sold. Now the rent you are collecting is taxable, but is written off against the interest you are paying on the loan. So now you just got $80k tax free legally.”Dan,
Let me be a bit clearer, the interest on the equity you redraw ($80k) can not be used to offset your rental income as you stated above, you correctly point out that if you borrow this amount to invest in an income producing asset then it would be deductable.
ben.
Dan,
The issue to remember if doing that is the $80k is no longer tax deductible.
Ben.
Michael,
If you give us a few details about what you are considering I’m sure you will get some responses.
Ben.
Land Tax is raised on the unimproved value of land (land content only) owned by a person as at the 30th of June each year. The tax is raised on property you own but do not live in.
PPOR is exempt. The tax rates are different in each state as are the thresholds and the values are determined by the valuer general (each state may call it something else).
The property u own in the same name is agreggated so in that sense its a bit like income tax … the higher the value of the land the higher the tax rate.
Ben.
Wilko,
Even if this guy is genuine I can’t beleive that you wouldnt get more value from reference books and the experience from people on this forum. Keep your 10K and put it towards an Ip when you feel youve got the experience.
Ben.
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