Forum Replies Created
Hi bendbanks
Tenants from hell is one thing I am really worried about. Checking a database would ease my concerns for sure.
How does it work??
Surely a private landlord can't just log in and do a search. is there a fee or membership required on these web sites?
JulesJULES1
Email MeNonnie
Yes I agree about the Results program, although I understand it is a great program, but if you are comparing prices
and what benefits/services you will receive, then I guess the Destiny one may stack up for you.I have checked the software tool used for financial analysis that Destiny sell and it looks quite good.
Do they also source properties for you? Sounds like they do from what you said.
If they do then that may be a great help to you when your trying to get started in the investment market.If you are happy with the services that they are selling for that amount, then I think you may get your money's worth.
Just think that some of the courses around can cost $2000-$3000 for a couple of days, so it sounds like good value to meBest of Luck with it
JulesJULES1
Email MeHi Nonnie
Have you compared the price and benefits to you from the Destiny Program with that of the Results Program?
Would like to hear what your view is.
JulesJULES1
Email MeI agree with L.A.Aussie.
You can put down any amount you want to for a deposit. So don't let the agent control the situation.
JULES1
Email MeI agree. I have thought about the Investor Club as well, but I have heard the properties they sell are a little overpriced. So look into it carefully before you jump in. I guess if you will have a long time in the market – it may eventually pay off.
Jules
JULES1
Email MeI recall staying at my relatives house, which was right opposite the train line. Everyone in the family loved staying at the house, and didn’t even notice the noise from the trains. Except for the odd steam engine that would go past, but it was a great event rather than an intrusion. So it depends on who your tenants are. On the other hand the value may not appreciate as quickly as other areas.
But if you get the right rent coming in then you may not mind that.
Best of luck[angel]JULES1
Email MeI recall reading somewhere if the buyer purchases in good faith then in some circumstances the buyer can retain the goods, but I thought there was another circumstance in fraudulent transactions such as these, where because there was a fraud then good title could not transfer to the new buyer and the new buyer had to return the goods to the rightful owner.
The fact that references should be checked by conveyances and agents before selling a house, surely would enable legal action against them for failing in their duty to pick up the fraud. Particularly as Celeste says, if the bank is holding the mortgage on the property, how does the fraudster get away with it.
Maybe the RE Institute should be pressuring for Statutes to protect owners
[angel]JULES1
Email MeWow am I glad I read this. I was thinking about joining the Club and purchasing a property or two through them. Thanks to your candor on this forum you may have saved me time and money
thanks
[angel]JULES1
Email Methanks for your contribution manofaction
I have now taken further action you may be interested in. I have reviewed two software packages – trial versons- and also reviewed them against Investment Detective,I found Investment Detective quite good for Cash on Cash Return, and reliable on its stats. The screen is the easiest to follow and allows you to make what if changes. However I found that PIA better meets my needs because of the Time related Stats which is what I am after, and I want to see the flows over time. PIA has some good reports too. However the stats in PIA seem to be not quite right??? At least I cannot replicate the more complicated stats using a financial calculator or even excel. I want to prove the figures are right before I buy. The Richmastery Software is fantastic to use. The flows are easy to enter and read. The reports look a bit ordinary. But it is very expensive and is linked to online resources – which I don’t want.
I am not sure how close the trial versions are either, to the true product. As I say if I can verify the stats are correct then I would be satisfied, but the trial versions may be a bit sus anyway.
So need to think about this one a bit more.
Cheers
JULES1
Email MeI have already purchased Investment Detective but find I need something a bit more flexible and detailed.
Thanks for other suggestions
Will have a look at SomersetJULES1
Email MeUh Oh. See this response on another CGT question in this forum. Here was the answer from 007which may apply to your situation.
He states
“If it’s an IP and you have had it for more than 12 months and it’s not held in a company, then you are entitled to 50% discount on your CG.””
Just to clarify the period of time you hold the asset is not the defining period but the date of the purchase and sale contracts.
You can go to Contract on the 1st January 06 but not settle until 30th June 06 and the resell the asset with a Contract date of 2nd January 07 (settling on the 3rd January 07) and still benefit from the halving of the CGT.”
cheers
[angel]JULES1
Email MeI would have thought it would be from settlement date. But I am not sure.
Someone with more experience that I may be able to answer.
You could also contact the Tax Office with your query.Jules[angel]
JULES1
Email MeThankyou Derek
JULES1
Email MeHI
I think you should start off on the right foot, if you want a future in real estate investing. Find a good accountant to help you get started. Look in the phone book or contact one in your local area.Tell the accountant your situation and get some good advice. Don’t forget to write down any pressing questions and take them to the first meeting with you.
I think the fees are tax deductible, so that may help you.
Best of luck
Jules[angel]JULES1
Email MeHi Elka
Yes I hope I am able to get a response from the Legal/Tax/Accounting people to this vexing question, as I don’t yet have my own accountant.Yes the MISA is a mortgage investment saver account. Thanks for your response
cheers
JulesJULES1
Email MeThat is a great response from Karl.
I was thinking about doing exactly the same thing as you. However on rethinking it through I have decided that I have public liability insurance which should cover any problems encountered in the IP in terms of protecting me. So am leaving it in my own name. But in future would consider using a Trust for Asset Protection if I had lots of lots of assets.Its a costly exercise to do things the way you are thinking. Asset Protection is the main reason for using a Trust (a complicated one at that – using a Unit Trust), and not for making adjustments to the tax on your personal income.
Also – did you think about taking out a mortgage on the property to invest the funds in another IP – and claim the interest on your tax
for both properties
JulesJULES1
Email MeIf you have very little experience in property, I can see no problem with using a buyers advocate to help you get started with your investing.
Look in the yellow pages. Search some web sites. Once you find someone, ask for references from others who have used them.
Best of Luck
[angel]JULES1
Email MeHi Steve & Dave
I am sorry to hear about the end of your joint business relationship. However as we all learn and grow in business and in life, we find we need to move on to fulfill new aspirations.I have to tell you guys, that I had spent many years with a negative opinion about investing, before I started to educate myself in real estate investing. Eventually I attended your seminar (actually a few of them), read your books, and listened to your audios. It has changed my life. You have provided great tools for myself and others like me, who had no mentors, and no one to help us understand what real estate investing is all about.
All the very best for the future to both of you. And thankyou for inspiring us to do better for ourselves.
(PS: I do hope that propertyinvesting.com can continue to thrive).
Jules [angel]
JULES1
Email MeYes agree Nats12. I am in need of some tradespeople for my place in mitcham and would be interested in hearing about the list.
I need a carpenter, plasterer, & tiler.
I will be putting in a wooden deck, and fixing plaster, updating cupboards, & retiling inside. So would be grateful for any information on good tradespeople in the Mitcham, Blackburn area.
[angel]JULES1
Email MeWhy don’t you try Steve’s Masterclass. Its an excellent course for a beginner. I don’t think any course is worth the money that you are talking about.
Read some real estate/property books to get some grounding in the subject as well
good luck[angel]
JULES1
Email Me
