Forum Replies Created
Well said lawsjs,
The bank has treated me in a horrible way. They have no representative like an account manager who I can make a deal with. Its like being foreclosed by an automated computer program its all call centre staff and nobody is responsible.
To think its not possible for the bank to send me a simple email saying hey we notice you’ve cancelled your insurance heres whats going to happen if you dont re-instate it is a joke.
I find a lot of americans scold and talk down to me on these kind of issues in a Judge Judy kind or fashion.
Everybody knows how annoying it is when a big phone company hides trap fees in the fine print of its contract and then blames you for being irresponsible and not reading the terms.
The general public need protection from large predatory companies.
In fact if I think back the cause of the problem can be traced to one ignorant member of there staff. When they first started to charge insurance on to my mortgage I called them and got the wrong explanation of what was going on. Had that women been articulate enough to tell me the full story I would have raced out and got a new policy right away.
Why cant I hold her responsible for causing me all this trouble.
Mark.
Ive been down this road road before. When I say I cant borrow I really mean it.
I have no Bas no statements no accountants letter. Its just me trading on the internet under my own name.There is no physical stock and no record of what im doing. The ATO just has to take my word for it.Old style low doc loans were just a signed declaration. No BAS, No Accountants letter no GST statements and no tax returns.
As far as im aware those products are long gone.Ive had other mortgage brokers look into this for me and come back and say they cant do anything.
Personally I hate the whole stupid fiat money system. The bank invents money out of thin air at a ratio of 10-1 against its deposits and then lends it to people based on the fact that they can barley repay the interest payment based on their supposedly secure job.
I wish the government would grant me a licence to create money out of thin air on a computer and then lend it out to other people at high interest. Just for being the record keeper of a big fat IOU between two people id get to levy a 7% fee called interest on the borrower the overheads of running my business would be <1% and the rest would just be profit.
If I got tired of that I could borrow somebody else’s falsely created fiat money on the international money markets and then re-loan it out to some poor hard working Aussie at a big markup and no risk to myself.But I cant change the system.
I have two loans and I have to use them as wisely as possible.
Theres no point in saving when the money supply is being expanded by millions every day it makes a mockery of the idea of hard work and saving. The only real point of saving is to get a deposit for a loan and play the borrow and speculate game with everybody else.
Wow this is confusing.
So I cant claim on a house somebody is already building. Ok that makes sense.
I can claim on a house my company has purchased the land for and then employed a builder to build on. OK
If I sell the house I have to give the GST back.
So the real question is what if I dont sell the house but I say my intention was to sell it.
Assuming all my books are in order and I dont live there I dont see how the ato can dispute my intention.
I could list it on realestate.com at a stupidly high above market price so it just sits there forever.After five years can I sell and keep the GST ? The account said it was possible.
What if I hold until the day I die ? or hold so long that inflation turns my gst debt into a trival amount of money ?Thanks,
Mark.
You seem very negative about this idea. If its legal the why wouldn't I do it ?
Just to clarify this seem to be the best way to use it.
Suppose I want to build an investment property. I get an accountant to set up the right structure. I buy the land as ABC company. ABC company then employs a builder to build the house for say $200,000. It claims back $20,000 GST and then I rent the property out to somebody for at least five years before I sell. That way I get to keep the GST refund ? when I sell. And I can just wind up the company when im finished ?
Or as Scott suggests mabey I dont need a company. Registering for gst myself might have other implications though ?
Is the only requirement from the ATO that myself/ABC company built the property with the intention of selling it ? As long as I dont live in it this seems like a pretty easy one to fullfill.
Am I missing anything here ?
Thanks for the advice .
Im still a bit confused.
The two properties im buying are positively geared but the depreciation and other write offs should still add up to more than the net
profit from the rent at the end of the year.I could form a unit trust with a corporate trustee to hold the properties but it sounds like the only real benefit I will gain is bankruptcy protection. I dont really have anybody else I want to distribute the income to.
Mabey im better off just buying in my own name. What are the main reasons people use the trust structure ?
Its in San Antonio texas.
I stopped using the site back in November 09.
The support and information given on the site was terrible. I actually travelled to the US and wasted 2 months and thousands of dollars going
to deed auctions. The site was no help at all. I paid for a supposed special level of silver support but there was hardly anybody on the silver support forum and my questions were answers in a very superficial way that didn’t really properly answer them.In the fine print when I signed up I didn’t realise I was entering into a direct debit contract.
Even though I changed my visa the bank informed me I couldn’t stop the payments. Even if I shut down my account.
The payment would still go against my name and the bank would consider me liable for them.They can only be disputed after they have been taken.
I stopped using the site back in November 09.
The support and information given on the site was terrible. I actually travelled to the US and wasted 2 months and thousands of dollars going
to deed auctions. The site was no help at all. I paid for a supposed special level of silver support but there was hardly anybody on the silver support forum and my questions were answers in a very superficial way that didn’t really properly answer them.In the fine print when I signed up I didn’t realise I was entering into a direct debit contract.
Even though I changed my visa the bank informed me I couldn’t stop the payments. Even if I shut down my account.
The payment would still go against my name and the bank would consider me liable for them.They can only be disputed after they have been taken.
The company is called north island holdings.
My guess is its not an Australian company.One of the bigest problems is that its very hard to prove that the support forums were not even available for months as they
are back now.I wonder if anybody else managed to get out of it.
Mark.
The company is called north island holdings.
My guess is its not an Australian company.One of the bigest problems is that its very hard to prove that the support forums were not even available for months as they
are back now.I wonder if anybody else managed to get out of it.
Mark.
I cant get credit cards or personal loans because I have very low figures on my tax returns. Im self employed and I dont put in BAS.
Hi Terry,
Im a profressional gambler
I started off a few years ago as a card counter at blackjack but these days i play internet poker.
I tried sports arbing about a year ago.There are plenty of arb programs you can buy for a low monthly subscription.
I signed up to a uk based company called arb alarm. I think it was about $50 per month.The software constanly fed me trades and the I had to log into the two bookies and manually place them.
I gave up after a month out of frustration. I made a small amount of money for a large amount of hours.
Large arbs of greater than 5% tend to last less than a minute because there is so much auto software out there.
So most arbs are about 1-2%.
I had to open accounts with about 30 internet bookies and the logistics are a nightmare. Some places take a week to pay so afer you make your 1% that money is locked up for a week and cant be used else where.
Some destroy you profits with withdrawal fees.
And sometimes the browser freezes while you are in the middle of placing the second half of the arb leaving you with a naked position.Sports arbing is real but im guessing the company has worked out it will make more money by selling the software than by using it because of the logistical restrictions of moving large amounts of cash around quickly between the bookies.
Hope this helps …
Mark.
Hi Ip,
Thanks for the info ….
Follow up questions ….
Whats the difference between renting the rooms in a normal house out to say 3 seperate people on three different leases or renting out the strange combo house that I desribed above to three different people on 3 seperate leases.
People lease out rooms in their houses all the time at what point do they become considered units.
What if the rooms have ensuits and kitchenettes.Thanks,
Mark.
I want to focus on property and im trying to figure out the best stratedgy.
Hi,
Im looking around for my next move and your post caught my interest.
If theres a shortage do you think its possibe/proffitable to build a house in one of these towns and sell for a good profit.Are there any problems like a shortage of builders of zoned blocks of land ?
Thanks,
Mark.
give90 wrote:where in the states have you bought? i am much the same position as you are and i am looking at going to the states on and off long term.San Antonio in Texas
Interesting… can anybody fill me in on the deatils of low doc loans..
I have been making a good second income by trading from my PC for the last couple of years. I would like to do this full time but I’m relucatant to quit my boring office job because I am affraid it might mean the end of my borrowing power forever.
What are the criteria for a LO DOC loan ?
Are there higher interest rates ?
What sort of deposit do they require ?What sort of proof of income do they require?
They must want something …
If I was sleeping on a park bench and eating from the garbage and somebody gave me say $50000 could i role up and put it down as my deposit for a low doc loan ?Thanks in advance for any good advice.
Mark
Hi,
Can you elaborate on question 2.
What if somebody (not a family memebr) is in financial trouble and you make them an offer say 20% below the market with say a 30 day settlement.Can you go to the bank with that and use it at part or all of your deposit ?
Thanks …
That response really isn’t very helpfull.
What are you trying to tell me ?
I have put a fair bit of time in to researching property.
My comment about wraps was purly my opinion. I’m sure there the sort of investment that really suits some people.
But as for my comments about crappy places I can’t see it any other way. I’m not saying people in cheap housing are any worse tenants than those in expensive housing. But I just can’t see a way I could make cash flow positive investments work in Australia. With the travel costs the hassel of maintaining a property in a far away area, the risk of the tenant doing damage or not paying rent there really isn’t that much in it unless I got really lucky and landed a spectacular deal.
I remember looking around in brisbane for a commercial property with an sold lease that returned 9-10% net and being laughed at by the real estate agent “Sure they exist matey, but if one comes in I’d buy it me self and if I didn’t somebody in the office would.”
“I’m not ready to invest in property” Now thats an emotional statement. You make it sound like getting married.
A truly rational person would have said something like “I don’t agree with you and here are the figures or this is the reason why”
So do you have any useful advice ?
