Forum Replies Created
- Qlds007 wrote:Yes it was another reason and his name is ……………….. (Name and address withheld due to potential legal action).
And people thought the main man was a Director when in fact he wasnt.
Cheers
Yours in Finance
"Wasn't" being the operative word. He became director again on July 12th 2011 as per ASIC register. The director/CEO at the time resigned as director on the same day and the other original director stayed on.
I think ASIC and ACCC have a lot to answer for. A man that had bankruptcy anulled in 2003 around the same time the business was registered did not have to disclose this to potential franchisees. His bankruptcy was listed in 2001.
ACCC really did nothing to him, although he was found guilty of misrepresenting ACCC and their employees trying to sway potential franchisees from seeking their own legal advice and they let him continue on selling franchises.
The business was aimed at selling franchises to unsuspecting inexperienced Mum & Dad investors. Once the avenues were exhausted and there were no more franchises to sell as it was already oversold, he uses franchise law and bankruptcy law to protect himself.
From information from another financier, he hasn't done a personal tax return for five years, so a man that was listed as QLD richest bachelor in 2009 by BRW all of a sudden has no money and has to sell the business and go bankrupt.
Where is the money? How can you prove it has been gone when the man behind the name has not completed returns for 5 years.
Bankruptcy will just wipe the slate clean and he will be able to do it all over again and our government allows it to happen.
Oh! Forgot to mention he just purchased a $500,000 Bentley from Euro Marque in QLD less than 6 months ago.
It is highly suspect of a well planned out long term scam and although the regulators should have stopped him, they allowed him to carry on.
Stuart at http://www.prosolution.com.au is very good and also based in Melbourne. He posts on this forum occasionally too
How about Hurstville? http://www.strategicwealth.com.au Nick Moustacas
http://www.wefindhouses.com.au are excellent value. I have used them for my last two ip searches in both Victoria & QLD.
They have just moved to QLD recently, but were originally set up in Tasmania and they will have an in depth knowledge of the area as I know both the director and one of his agents have invested in Tasi themselves and the originated in Tasi.
THey work on a set fee structure too and you would be hard pressed to find a more value for money BA. Much cheaper than those out there, but they do not cut back on the service.
470k at 7% interest also becomes taxable income, so you will not get 7% and also you would have to spend some of that money on rent for your own place to live.
Currently your tax bracket would be 30c in the dollar, whereas if you earnt 7% of 470k, you would have a taxable income of $92900, bringing your bracket to 40c in thd dollar, all of a sudden making your 7% more like 4.2%. (e.g. currently your net income is $46376p.a and with your interest earnings will only become $67056, which is only $20680 you would keep out of your $32900 earnt in interest). Doesn't seem that good when the government is taking $12220 of your interest in tax.
I think over the long term your inner city department will get more than 7% growth and if you didn't sell, the equity is not taxable and you could use this to fund further projects and you would be way better off than selling. Capital Growth is not taxable unless you sell.
If you want to get out of the inner city apartment, you could rent it out and refinance to use the equity to do whatever you want with it.
I spent money on the home study course. Cost me $4000. I didn't have any idea on what I wanted to do and how I wanted to do it. It gave me some knowledge, but I didn't implement Hans strategies at all. If I could go back again, I wouldn't have spent the money on this course and would have spent it on books. (I did that too). At least it made me proactive and I have finally made some purchases.
He advises in this course to find CF+ properties within decent distance to major town centres, which are extremely hard to find these days.
As Steve says, you need to create CF+ nowadays and that isn't part of Hans strategy. He advises you should buy CF+ from day one, which are even hard to find in regional centres these days, let alone close to major cities.
Steve's 11 second solution and Hans RTP formula are both just formulas to quickly calculate a 10% gross yield, meaning that you will not have to pull any money out of your pocket to hold the properties. With rates the way they are going at the moment, even now this formula may not work in the way they advised back when it was written.
Read as many books as you can find. It will take you the same amount of time and give you a broader view of what strategy suits your situation, but it will cost you less than 10% of the cost of Hans course. Hans course is only one strategy and as I found, it may not be the one for you and you may kick yourself for not spending that money more wisely.
You may be lucky to find a good broker at some of the larger firms. I wouldn't go by a company name as they just employ workers and a good broker may or may not work for one of the larger companies (more likely not).
I could recommend Stuart Wemyss from Pro Solutions. He is based in Melbourne and his advice that he has given me has always been in my best interests, not his own.
Stuart Wemyss from ProSolutions is who I have been using and I am most impressed with his service. I am based in Sydney and he in Melbourne. I think he sometimes writes on here under StuartW.
Has a very good informative newsletter you can sign up to also at http://www.prosolutions.com.au
I decided to go through Strategic Wealth Management and have found they're easy to talk to and deal with. I am in the process of having a HDT set up now and was easily able to book an appointment in to see Nick.
In answer to my own question.
http://www.somersoft.com/forums/showthread.php?t=24292
I think I will keep looking for a new accountant.
In Australia we have a credit reference agency, Veda Advantage, formally known as Baycorp. You can contact them at anytime to obtain your own credit file for free if you are prepared to wait 10 days (?) and if you want it instantaneously, you can purchase your file for $27 (?)
Every time you make an enquiry in reference to obtaining any type of credit, whether it be a post pay mobile phone, utility connection or a home loan, etc, an enquiry is placed on your file with usually the amount and the type of credit and the lender. If you file for bankruptcy or have defaulted with a lender, this will also show on your file. Also, whether or not you take the loan up or not, the enquiry stays on your file for 5 years and bankruptcy stays on your file for 7 years. An enquiry which hasn't proceeded looks exactly the same as a loan you have taken up on your credit file.
Every lender will enquire to Veda Advantage when you apply for any type of credit to assess your application.
If you have had numerous enquiries with various lenders in a short amount of time, this will only make it more difficult for you to get a loan, as the lender will be wondering why the other lenders have either declined you, or if you are just wasting time shopping around and getting approved with as many lenders as possible, then taking the best deal. People don't take you too seriously when they see a very active credit file and they think that you are just wasting their time.
On the other hand, if you have a new credit file, many lenders are nervous about lending to you, as they have no checkable credit which they can reference on you, seeing you as being more risky. In saying that, a 20% deposit always helps as this takes most of the risk away and there are plenty of lenders with various types of loans that will lend to you with a sizeable deposit.
As for online calculators, they are just a guide. You are better going in to see a mortgage broker as they should have a large panel of lenders finding something that fits your needs and they would be better to give you a more accurate amount which they feel they could get you approved on.
Also, you can get pre-approvals here.
