Forum Replies Created
Hi mech81, definitely after. You can have a subject to 14 days building inspection satisfactory to the buyer.
Otherwise you fork out to do the inspection and the vendor accepts an offer / contract from another person, that way you’ve done it for nothing! Good luck!luke86 wrote:I have used Deppro before, I am pretty sure they have offices in every major city. From memory their depreciation schedules cost about $500 to get done. Would like to hear if there are better organisations out there (esp. in Sydney).Cheers,
LukeHi Cattyby, I have used BMT Tax Depreciation Specialists who was recommended by my property mentor. Great service and got heaps back in depreciation! Even if you have already got a depreciation schedule done, if BMT can’t get you more that your current report, they don’t charge, which i think is great! Good luck!
Wow, what an opportunity! Would definitely rent seeing as (correct me if i’m wrong) you won’t be paying rent at the place you’re house sitting, so definitely opportunity to earn some rental income there! From what i understand, income tax may be payable on the rental income earned, however any mortgage repayments may then be tax deductible, because in effect your place becomes an investment property!
Definitely seek advise from an accountant about this. My experience with financial planners is they don’t really deal in property as its not a product on their list to recommend on. Think an accountant would be most appropriate in this circumstance. Good luck!Hmm. Noticing a lot of personal toned and moderator edited posts here. And just realised the original post was almost a year old now! I agree with PositiveMindSet, and am also noticing that the “dump” posts are from people who contribute nothing else to the general population!
Think4yourself99, I am a client, mind you a happy one too, and I want to know what you’re warning about paying more than i think or misinformation or false promises of coaching?
I have implemented the strategies learnt, i have been in action and learnt so much, i have gotten coaching everytime when i’ve asked for it, and like PositiveMindSet, I’ve had my questions answered even late at night! I have not been asked to pay more than the tuition, there’s no upselling to other courses or books or dvds, so what exactly are you on about?
Like i’ve said before. I believe it is completely up to you to make something of yourself. And you can either look at the positives and opportunities and continue to grow and learn, or play woe is me and broadly and publicly blame others for your lot in life, which i believe doesn’t serve anyone here. If i were you i would get in contact and get some great coaching around what’s stopping you in being successful.
PositiveMindSet, please allow PM so can contact you to hook up for a deal! Am interested!Are you talking about call options on-selling to third party for a higher price than what you secured at?
If so, yeah very good. I would say that it is very important to make sure you have the option agreement done up properly by a solicitor!
ALF1 wrote:All the same. East coast wealth creation gurus who just want to flog you something and make some REAL EASY money from the novice's out thereMate i think that’s not altogether a fair comment to broadly generalise everyone as flogging stuff and making easy money. People either learn through making mistakes of their own which may be very costly and detrimental or they learn from other people’s mistakes as taught through guidance and mentoring. I look at what i’ve invested in myself to arm myself with proper knowledge and information and i know that i have certainly avoided making mistakes that would have costed me an arm and a leg otherwise. In any case, my return on my investment is far greater. That’s how i look at it anyway.
Hi Charlie_B,
So if not for tax deductibility reasons then perhaps consider getting PPOR now. Like what Qlds007 said, there are certainly strategies you can use to borrow up to value of what you are looking at. Another strategy i’ve used is a family guarantee (used as an “investor”). Say your parents or someone in your family has equity in their home you can use a portion to secure a property. Obviously, doesn’t matter whether you do deals with family, friends or not, make sure to always have business agreements in place so everything is clear and above board. Have used and seen this strategy used with great success. Besides, its more fun doing deals with other people. You get to leverage your time and money so that everyone wins! I’m sure the finance gurus on this page may be able to assist in explaining more about this. All the best!Hi Chris,
Like Jamie M & PositiveMindSet, i agree that you ought to contact the seller directly. Do you know if the property is owner-occupied? If so you could simply knock on the door and ask. Or if it’s rented the tenants may be able to provide more information such as the property manager or maybe even the owners contacts as it may be privately leased.
Other than that, if you have access to RP Data or equivalent you may be able to find owners name and details.
When i have done this before the sellers were shocked to hear but at the same time very appreciative of the feedback and have preferred to deal directly with me on the purchase so it ended up working better for me in the end (we negotiated directly and secured the property at a cheaper price taking into consideration no agents commission was payable).Jamie M wrote:Have you had a depreciation schedule prepared? This will bolster your tax return and assist with paying down some of that “bad” debt. Also make sure the rent you’re currently receiving is in line with the current market.Nice one Jamie.
Hold! Southbank is a very nice area. I had a place there too behind the melburnian and now regret selling it (even though i made good money on it!)
jacaranda77 wrote:Hi Propman1. I absolutely agree with you. Not worth the money. Infact a complete waste of time if you ask me. I get more from Dymhpna's absolutely free 3 day seminar. I've never heard her knock anyone and have the need to be the tall poppy. I would definitely not recommend LG to anyone.Hi jacaranda77, i went to Dymphna’s seminar too and also spent i think it was 4-5k on the package of books and dvds. Great that she works for you and not knocking her at all but i had way more success with LGW by far. I was contacted by one of Dymphna’s representatives who’s a finance broker, who from what i gathered didn’t know much about helping me implement the strategies Dymphna spoke about. It never went any further than providing me with basic general information but nothing specific to my situation.
I’ve also had meetings with Luke and his staff and it was great! They offered different ideas re: my deal and i thought it was great that they all took the time to meet with me. But, you can’t please everyone hey?Think4yourself99, i agree with you that it is a measly 5,500 dollars. What i have gotten for my 5,500 has been so much more. I actually got my value back on the weekend itself and have since gone on to replicate it over and over and over and using the education and support to invest in property in a completely different way than i had previously been over the years. Theres a lot more speed in which i am now making money from property so for me, you’re right. It is a measly amount to invest in myself and my knowledge. Whether you get a return on your investment is completely up to you to use the knowledge. I know i have!
Mate, i also agree with you that he had some issues with staff. I have dealt with and spoken with these staff members who proudly told me that they had on their own accord approached and then been accepted to go on board with the company. Then, to hear them leave and go back to their day jobs is such a disappointment. I know of one particular staff member who has failed miserably as a investor as well as a coach. One of the guys i did my workshop with is owed money from this guy and turns out that he owes money to quite a number of people. I understand that a action is being brought against him from a group of people to repay these debts. I told my mate to contact the company regarding this and it turns out the company has been dealing with cleaning up the mess that is left behind from staff who have no integrity and misrepresent themselves!
Look, in any case, i believe that you can never please everyone. But for now, until i have reason to complain, i am still a very happy customer and from what i have achieved from the education and support i would be happy to pay 5500 a year! But unlike most other courses, there is no annual membership / renewal fees or upselling to the next course etc etc so i really don’t understand what the moaning and complaining is all about.
Happy days!!!Hi Charlie,
I would also agree with Jamie and Angelsinsydney. You could then look at using FHOG too (if applicable to you) and achieve what you want now, rather than having to wait 10 years for a PPOR. Unless of course your accountant is suggesting you get an IP for tax deductibility reasons? I guess it all depends on your financial situation. Perhaps ask your accountant why he/she recommends you to do this?
All the best!Very nice! Sounds like a self-motivator who’s got drive and determination to succeed. I believe it is important to work with people who are like minded not just in ideas but also attitude. Good work.
Well said knowurstuff and positivemindset.
I am actually a client of Luke Gilford as well as Gilford and Jones legal and have had nothing but exceptional experience with both the companies. Ruth did an amazing job for my legal work and the process was unlike any other experience I have had with lawyers in the past.
I have bought and sold property before. There wasn’t anything wrong with what I was doing before but i was interested to see what someone else who I have heard has been very successful could teach me to do differently. I have since doing the course well and trully made my money back in the tuition and more. What’s tops about their program is it is not advertised and marketed to hundreds of people at a time. I have the opportunity to get personal and specific mentoring on the deals i am interested in. My best mate did the course and wanted me on board with him to do deals. I have also had the pleasure of meeting with other like minded people who have done the workshop and are like me very happy customers and we are all together doing deals and making money from property!
If you have done the workshop, you will know that what sets me a part from the likes of you (shewolf and propman) is being in action and using the knowledge acquired and actually applying it. If you invested the amount of time in applying the knowledge and using the resources they provide to support you as you did complaining how its is someone else’s fault for your failures, you would be a millionaire already.
You’re a champ Luke, love your work and your team and thank you for your support and mentoring.
