All

What's with human nature these days.  I thank Steve very much for his books. I first became a property investor when we were moved for my husbands work.  Thankfully our PPOR rented very quickly and for a good price.  This got me thinking, so i went to the bookstore and found Steve's book 0-130 properties.  This was the start of what I call my Stay at home career. 

I was stunned when reading the manner in which some of these posts have been written.  For our family, who rents and owns IP's, Steve's guidance, ideas and encouragement  through his books have been fantastic particularly when faced with tenants who trash a house (all covered by insurance), or one that doesn't pay.  I find it good at these time to go back and remember why I am doing this.  For me it so I can be with my children, take them to their various activities, go on holidays and have a safe vehicle to drive. So thanks Steve and all those who post positive thoughts.

As for trusts.  I am a little against having assets that are untouchable.  I have had some experience in the court system, and seen too many times people doing things, or not  doing things that have caused injury to others.  Because of these untouchable assests the victim can be left high and dry.  When I purchase an IP I pay an electrician to put in a safety switch, check it out and certify it.  I also put in new and more smoke detectors.  If a handyman does any work at the home, I pay for them to change the batteries.  These things add to the costs which is why I look at buying property that are around 10-12% return.  These are just a couple of things we do I think that reducing the risk by looking after the safety aspects of the home which should minimise risk enough that I have done everything "reasonable" to make the property safe.

Thanks Steve and I hope the family is coping during a stressful time.
JL

John,
Your local council values your land for rates.  Ask them?
JL

I'm with you Tracey, unless you are intending to buy at Auction, just sign a contract that is conditional. 
Jodie

To partially answer your questions, Steve saved deposits by having his (although limited from what I have read) and his partners income – as accountants – to purely be used on investment.  He and his partner – David Bradley – lived from the wages their wives brought in.  So if you think about it, unless you go into business with someone, you would not expect this type of return, although I'm sure it is possible. 
And remembering that all his properties were +ve, therefore the more he purchased, the easier the deposits became, because there was more money coming in the door.
On the trusts issue, I can't help??

Nice Dave,
I'm yet to have the courage to do this.  Maybe a year or two.
Well done, they look good.
Jodie

Chris,
If you are that desparate for money, why not get a part timer on the weekend?  Better still, why not join the Army reserve.  The income is tax free, you will be helping the country and it would not take long to save the $7000 you say you need to buy.
This is legal and you can have fun doing it.
Jodie

Milly,
I had the opposite. We have been lucky that we rented a house to a third party.  The guy they put in it trashed it after only 6 weeks.  We got paid rent for the next 6 months while the $49700 worth of repairs was done.  We didn't even need to ask. The guy was evicted but got arrested and put in jail for another incident prior to all the paperwork being actioned.  This was a really fortunate thing as he was causing the neighbours grief and I am sure he would not have left of his own accord. So 6 months rent with no tenant.  Our insurance company did not like this, but still insured us (thankfully, otherwise I could not sleep at night).
Jodie