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Steve did provide a cooling off period in which a full refund was offered if you did not want to proceed. I have always found Steve honest and genuine in all his seminars and products and am impressed that the teacher in him is helping people achieve their goals. Good on him for continually coming up with new and crative ways to teach
Depends on how many deposits you can afford. Borrowing money in a Trust with a company as Trustee will see that your loans are in the company name (a seperate legal entity) and you would be the gaurantour for the loans. This way when you get a second loan from a different lender you are not limited by already having debt in YOUR Name. It is under the company so therefore it leaves you with more options. Do a search on the topic and consider buying Wealth Guardian as great introductions to structuring
Dannyboy, I’m thinking along very similar tracks to you at the moment and what I have come up with is the following steps.
1) Work out how you want to invest, you should be aiming for positive cashflow so this can build and gradually replace the fact you are working less hours.
2) Set up a Trust so you can have more borrowing power.
3) Work out how how much you want to spend per deal. A calculator can be found on http://www.realestate.com.au which can give you an indication of how much a bank will lend you on what income.Hopefully this will put you in a position to find the right balance of income to finance your deals and the time to find the deals as well.
GoodluckIn the example you gave of $50k being reduced to $40k you are effectively ‘saving’ $3,000 in tax. Eg you are not paying 30% tax on that $10,000. Other factors come into play but from a basic view your loss is reduced to $7k for the year
Tell your boss to “go get stuffed” that will make leaving your job a MUST!!
Just been to Steves Masterclas in Melbourne, I thought the books were good but this was a whole new level. Well done to the team at PI.com especially Brent on organising the day. Now lets see what I learnt….
If you plan to stop working in 18 months how will you fund your debt? Since your Properties are negetively geared then you won’t be able to keep your properties as your cash flow will dry up. If you were to sell the negetively geared properties and access the capital gains you have made you will be able to start afresh and look at positively geared investments.
You may also run into the problem of getting loans if the bank sees you don’t have a job, it seems to be a rule that you may have a lot of money but no job, no loan. That is unless you are a proven investor!!Hi all, thought this might be a good way to enter the forum after being a reader the past couple of months. I’m 23 and living at home as are most of my friends I went to school with and play sport with. I beleive it has become more difficult to afford moving out in most circumstances. Although I must admit I have friends who struggle to wash dishes when we go away generally we are independent in most adult ways but maybe not financially.
Through High school I did paper rounds, then worked at Coles and saved so when I was 19 I could buy a car and a few bits and pieces along the way Back to $0. Through 3 years of Uni I worked part time and earnt $200p/w, first year paid uni fees upfront and so a lot of money went there. Decided against it in subsequent years and so now have a $10k HECS debt hanging around, at least the interest rate is cheap.
I think people who’ve taken this path of a 3 year Uni course would find it hard to move out before 21 without government assistance because running a car alone cost me $3k a year (33% of my earnings).
I was on the verge of buying a house earlier this year after being in full time work for 18 months but decided to invest instead and try and get ahead of my generation in a sense. I figure that way I can repay my parents. I currently rent from them and have always been tought good values. The goal is to have a good +ve cashflow from investing and move out within 2 years. If goes well earlier!!
