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  • Profile photo of kirstykirsty
    Member
    @kirsty
    Join Date: 2003
    Post Count: 5
    July 6, 2003 - 7:40 am

    And finally i’m back on line.

    The reason for my post is to express my ultimate pleasure that was the property investing masters seminar.

    Wow, how wonderful it was to meet and chat with such an inpired, enthusiastic and like minded bunch of people. I now know what has been missing from my life/investing. It’s people like you who are willing to share the experiences of their journey.

    Thankyou to all those people I met at the seminar and thankyou to Steve and all the other presenters who not only delivered essential information, but who were also an ultimate source of inspiration and drive.

    I’m so happy to be back on line and have missed being a part of such a great network of people (especially seeing as I do not have much support from my friends and family in the outside world).

    Once again, thankyou to all.
    Believe and achieve. KP.

    Profile photo of kirstykirsty
    Member
    @kirsty
    Join Date: 2003
    Post Count: 5
    July 6, 2003 - 6:33 am

    Hi cas, just some thoughts on your current situation.

    Perhaps you should get the property revalued to 1. ensure $95K is a fair price for your property and
    2. as others have already mentioned, you could draw on the equity of the property for further investments or even the required maintenance.
    (I too have no idea if you can do this when unemployed, however I do know that in a defacto relationship, if approved by your partner, you could use his income to assist you to do this).

    Also: When was the last time you increased the rent? Perhaps by offering the tenants a deal with some extra benefits you could increase the rent, thus helping you raise the funds for maintenance. Is your rental income aligned with similar property’s within the area?

    Personally: I would consider wrapping the property to the existing tenants (that way they could pay for the maintenance, though you may want to look into the initial costs of this) or perhaps offering them a lease option.

    Also remember that the profit between the buying price of $71K and the selling price of $95K will drop once you factor in the initial costs of purchasing and then the selling costs involved.

    If it were me in your shoes, I would hold and assess what else I could do to assist my current situation (exactly what you are doing by posting on this forum).

    [;)]The best of luck, I hope it all turns out well for you! KP.

    P.S. Please keep us up to date on how it’s going for you as I know the people here are always willing to help[:)].

    quote]

    Profile photo of kirstykirsty
    Member
    @kirsty
    Join Date: 2003
    Post Count: 5
    July 6, 2003 - 5:38 am

    I am no expert and am but a real estate novice. Where I would begin with this deal is by calling the company and sussing it out from there.

    I would be inclined to find out the exact location of the property/s and proceed to do extensive research on that area/s for myself.

    I would be contacting independant agents around the area as well as searching through newspapers and the internet to decifer average property values, rental values and demand within the area.

    I would not take this company and all it’s claims as true without the proof. I would obtain financial estimates from the company and run rigorous checks on these (baring in mind that numbers can be manipulated to back up their claims). In short I’d want to double check all they have claimed and some, to ensure they are not taking me for a ride.

    My main concern with companies such as this one is, even if all they have claimed is true, with all their advertising, developments, commissions and associated employees &/or agents, they’d have to be getting their slice of the pie. A slice which will more than likely be funded out of your pocket.

    Perhaps ask them where they make their money on the deal?

    So, to sum up my opinion, if your’e going to spend all that time researching the company and the deal on offer, perhaps you’d be better of searching for an independant property deal yourself? At least that way you’d be maximising your profits by cutting out the middle man!

    However, having said all this, I have not looked at the deal, I am not an expert and I have never heard of or had dealings with Cameron Bird.

    I hope I have helped you, if only a little, and remember “if you don’t fully understand a deal….don’t do it”. KP.

    quote:

    In API mag Cameron Bird advertise heavily, on back cover and inside. They claim that the following deals are a snatch:

    1. $195000 for 2 fully furbished units that net 6% – returement village proped up by Govt funding for secure rental return & large depreciation ($36142 in first 5 yeas and $143475 over life of property)

    2. Cash flow positive properties in a “regional city” 4br at $345000 fully landscaped allotments etc

    Like a friend of mine always says, “it reads well”, which is a provate joke between us. But seriously, Id like to get into QLD market.

    Anyone got any info on this company?

    Jars

    Profile photo of kirstykirsty
    Member
    @kirsty
    Join Date: 2003
    Post Count: 5
    March 16, 2003 - 9:00 am

    Thanks Robert for your help, it has been highly helpful and much appreciated [:D].KP.

    Profile photo of kirstykirsty
    Member
    @kirsty
    Join Date: 2003
    Post Count: 5
    March 16, 2003 - 7:16 am

    quote:

    Hi Kirsty

    1. The 11 second solution is if you find a house for $80,000 and it would normally rent for $160 a week it’ll be in the 11 second solution cause you take the rent of the house which is $160 and divide it by 2 and times it by 1000 which gives you $80,000.

    2.Some of the pros of using a company is mainly for asset protection, you pay less tax than you would if you owned property in your own name and when you start to buy a lot of property it will be worth to have it under a company cause it will cost you to transfer the property from your name to the companys name.

    Hope this helps
    Thanks Rob[8D]

    Robert, thankyou for you help. I was wondering if you could carify a few points for me?

    1: So the 11 second solution determines whether it is worth my while to check out a property further? Why is the rental income divided by 2? And what would it mean if the solution is above or below the asking price?

    2:Would purchasing under a company name mean you pay more personal tax as the profits filter down to you (as it is classified as earned rather than passive income?)?

    Also do you think it best to invest under a company name when first starting out? And what about the “and/or nominee” clause within a property sale contract? Do you know if using this method would allow me to transfer personal properties to a business name without additional fees?

    Thankyou so much for your help.[:D] KP [:D].

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