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  • Profile photo of JoshCJoshC
    Member
    @joshc
    Join Date: 2010
    Post Count: 5
    June 21, 2010 - 12:15 am

    More great input, thanks guys, I appreciate your opinions.

    Before joining this forum my initial plan was purely to have a few -ve geared properties to get something back for the tax that I currently pay. Like with anything though, as you receive more information you question your plans and end up starting all over again. Not that this is a bad thing at all.

    Our overall goal is to at least replace one of our incomes with profits of investments and small developments. My wife is a town planner so we would like to utilise her skills with some development/ redevelopment work.

    Greg maybe you are right about the trusts. I see their value and purpose, but I also think, at this stage, that a few properties covered by adequate insurance in my name will give us a start.

    Trustee, we will definitely be building a portfolio in Australia first, but long term hopefully in NZ aswell. Children are definitely on the cards in a few years, we would like to have our initial investments setup and running before kids so we know exactly what our position is when we do extend the family.

    Overall we wont be looking for property until we know exactly what we want and how we are going to structure and manage it. Hopefully with the input from this forum and our own research we can get there.

    One question on my mind at the moment is, there is a chance that we will relocate to NZ one day, what happens to our trusts and investments if this was to happen?

    Cheers
    Josh

    Profile photo of JoshCJoshC
    Member
    @joshc
    Join Date: 2010
    Post Count: 5
    June 17, 2010 - 2:24 pm

    Again thank you all for your input and recommendations. I value education and training highly, it is a huge part of my job and I enjoy becoming more knowledgeable.

    In regard to some books being “out of date”, Im glad you have mentioned that as I was questioning myself if some were still relevant. I guess they all probably still hold information that can be put into practice in some shape or form.

    Charyn, thanks for the info about APN, Jenny actually used to be my family GP when I was a teenager, I had been told by someone else that she had moved into property but I didnt realise how much, I will definitely look her up.

    Thanks for the well wishes, Im looking forward to the challenge!

    Cheers
    Josh

    Profile photo of JoshCJoshC
    Member
    @joshc
    Join Date: 2010
    Post Count: 5
    June 16, 2010 - 2:00 pm

    Thanks Guys.

    When it comes to books I litterally judge them by their covers, and to be honest I have seen 0-130 in 3.5yrs on the bookshelf and thought "pfft whatever, just anouther scam or pyramid scheme" haha, sorry Steve, just seems too good to be true and you know what they say…….

    In regards to talking to my accountant, I have mentioned a few things in the past about buying property in NZ and claiming on my aussie tax (my wife is from NZ and would like a slice of home in the portfolio) and to be honest his comments didnt really fill me with confidence, so Im not sure if he has the experience that Im looking for. He has been a great accountant thus far, though I would like to seek second advice as a minimum.

    Thanks again for the info guys

    Josh

    Profile photo of JoshCJoshC
    Member
    @joshc
    Join Date: 2010
    Post Count: 5
    June 16, 2010 - 12:14 am
    Scratch wrote:
    Josh,

    I am guessing you have read Steve McKnight’s book if you are on this site. If not get it and read it, its like a bible. Another book I enjoyed reading was ” How to achieve wealth for life, through property investing “, Tony Melvin and Ed Chan – these guys also have a book on Trust structures, ” How to legally reduce your tax “, it goes through the basic trust structures but be wary of their TM Property Investor Trust, I have recently read a few threads on here that indicate the PIT is not all it claims.

    cheers

    Shane

    Thanks Shane.

    I havent read anything yet.
    Basically have had the thought of investing in the back of my mind for quite a while but have done nothing about it yet. I have had a bit of time up my sleeve of a night over the past few weeks and just started looking into options. Im aware of the basic concepts but thats it. There is a list of books on Gatherum-Goss’ web site that they recommend reading, but to be honest Im not much of a reader unless it is really interesting or I know it is worthwhile reading, hence I asked for recommendations.
    Thanks for the recommendations and Yes, from what I have read about the C&N PIT thus far it doesnt seem to have the integrity that Im looking for, however I wont rule out possibly making an appointment to see what they have to say and offer in person.

    Cheers
    Josh

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