Forum Replies Created
Steve, Thank you again for putting on the Mega Conference.
Every year I always find nuggets of information, new mindset altering speakers, as well as inspired speakers. I especially liked Daniel Flynn, to see someone come across such adversity and continue on because of the size of his dream was truly inspiring.Mark
Hi Alistair,
Informative cartoon.
I agree the voice-over is obviously computer generated but depending on how much time and money you want to spend you could dub over the original audio using real people.
The conversation itself needs a little refining only because the generated voice is "reading" the script exactly as typed and not as fluid as people speak.Well done though for thinking outside the box.
MarkHi Mike,
Thank you for the report, very informative. You are obviously busy with doing the reports & it is much appreciated.
MarkHi Kiwi-Fulla
It sounds like it may be time to realise some profits to use for the next purchases. Steve calls it the multiply by division.
The way it works is sell off 1 property that has had some capital gain and use the released equity as deposit to buy 2 or more properties. Repeat process.
If you were to refinance the IP’s this has the potential to make them -ve and refinancing the PPOR would increase yourepayments, and this may not be OK for you.
Mark
“Is this taking us CLOSER to our goal?”
Hi Ros
Structure is a complex issue and ultimately you should consult an accountant that is familiar with property. A first step would be to purchase a book on trusts. I would recommend Steve’s “Wealth Guardian” as it is reasonably easy to read and covers lots pos the pros & cons of trusts, companies, individuals when purchasing and owning property.
Mark
“Is this taking us CLOSER to our goal?”
Hi Carlin
One way of improving your negotiation skills is next time you purchase something, anything negotiate it. It doesn’t have to be a property, negotiate on the next appliance purchase and learn on small deals first. Experience is a great teacher.
Mark
“Is this taking us CLOSER to our goal?”
Hi Mark
We have bought and used Wealth Guardian and it is extremely good at explaining the Company, Trust structure and the advantages and disadvantages of other structures. All this without the accountant fees.
Worth every penny.Mark
“Is this taking us CLOSER to our goal?”
Hi Sanjiv
Are you buying the land and building? Or is it just the building and the park is to rent it out? I had a similar experience with a caravan park. I owned the caravan and the park rented it out. It was located on their land. It was a good return as I remember, about 40% but I could not borrow against it.
At an 8% return it doesn’t seem enough to cover your costs and the building would depreciate as well. If you don’t own the land then there is little chance of capital gain.More due diligence required.
Mark
“Is this taking us CLOSER to our goal?”
Hi bamute
Buyer Beware is designed for investors hence some of the templates are for assessing the financials of a property and the quality of the tenants.
The ones that would probably interest yourself would be “Property Analysis” which is a straightforward checklist of things to look for and a quick way of jotting your impressions of the property. The second is the offer template that you can fill in and present to the agent.
Al the templates are logical and include a book on how to fill them out and what to look for.
Having just the use of these templates would save many hours and more importantly potentially many thousands because you missed a vital clue as to the condition of the property.
While you may not get much use from the investor parts I am sure you will benefit from the others.Thanks
Mark
“Is this taking us CLOSER to our goal?”
Hi Daniel
It’s great that you can have the vision of owning your own home and the forsight to be able to save for it. I am sure you are well on the way to achieving it.
One suggestion I would like to make is why not consider an investment property or several and then in a few years pay cash for the house you wish to live in.
Keep up the progress.Mark
“Is this taking us CLOSER to our goal?”
Hi salsachinita,
What outcome did your father want for the investment? This will help in determining the next step.
Presumably you and your father bought this property as an investment. Given this would he be willing to take a profit if you bought him out of the deal? You could then own the property outright and do what ever is required.
If not then it could be messy as to refinance would require his consent which he doesn’t seem to be willing.Another otion is to move out of the flat and allowing it to become an IP again. This would take some of the emotion out of the deal.
I would suggest talking to you father about what your plan is about the next investment and how it will make money even with an increase in debt.
Unfortunately you have muddied the water and not only have the IP as PPOR but also your father involved. Sometimes mixing business with personal and family can be confusing so maybe it is time to clear up the confusion.
I hope this helps.
Mark
“Is this taking us CLOSER to our goal?”
Hi
I wanted to agree with Brent. Yes a small part of the resources have been given out free as a sample of what you get with the full RESULTS program. This is only fair that people have a taste of what is to come. I am in the premium group and I have a few small complaints but no one is perfect. It just proves the addage do you want to be right or do you want to be rich. Instead of picking holes in the program embrace it, learn from it, that is when you will get the maximum benefit from it. If there are complaints tell Brent, Steve, Dave and something will be done about it.
For me I have gotten my moneys worth. To look back on how I was thinking at the start of the program and how I am thinking now it seems like a lifetime ago. This is not just a property investing program but a journey in life. I have challenged some comfort zones and looking forward to the next leg of the journey.
Mark
Is this taking us CLOSER to our goal?
Hi mspartal
Weather it is a good deal or not depends on why you purchased it.
1. Negative geering. Loose money now – save tax = good deal
2. Positive geering earn money now = poor deal
3. Add value & sell = unknown
4. Dip toe in water with first property = good dealOn rough figures you will be loosing about $10,000 per anum. The question is are you going to get more than this in growth per year?
The main questions are why did you purchase it and how are you going to make money
It’s great you have made a start.
Mark
Is this taking us CLOSER to our goal?
Hi Warrenwilliam
Another resourse is Steve’s Wealth Guardian it is agreat resourse and simplifies a very complex issue. Ultimately you will need to see a good accountant that has experiance in property.
It probably is too wide a question to cover in the forum but if you search the forums you should find some information.
Mark
Is this taking us CLOSER to our goal?
Hi Bluegum
My belief is that you have the right to inspect the property as many times as you wish. I drive past some of my properties approx once per week but the overseas ones I do a personal inspection once per year and the property manager does inspections at 6 week to 3 monthly intervals.
Ultimately it is up to you on what you are comfortable with but also speak to your accountant as going to the US every month to inspect your $40,000 property may seem a little excessive.
Mark
Is this taking us CLOSER to our goal?
Good idea Mint Man, here are mine
LOC = Line Of Credit, which is a loan against your house, or other property, that you can use for day to day transactions, ie purchases, paying fees etc as well as wages, rentals. the idea is that when there is money in the account you will not pay interest on the balance. See a mortgage broker or bank for more detail
LVR = Loan to Value Ratio. What percentage of the value of the property (usually the purchase price) the lender will lend you. 80% is usual for residential
Yield = Gross income from property (rent) divided by the purchase price.
Thanks
MarkHi Moneymaker
Property 1
Sounds a little risky if as you say the council won’t let you rebuild, and insurance may be a problem but I would double check the info direct with the council. As for insurance I would check other insurance companies as I and others have had insurance on properties in Darwin (cyclones and king tides are relatively common).Property 2
Why would you want to exclude an area that has “undesirables” (don’t answer that I know why) but this is where a lot of the +CF properties are found. Just ensure you have good tennants and you look after them and you reduce your risk.Just a few points for you but don’t forget sometimes you have to risk to succeed but do minimize your risk.
Mark
Thanks for the spreadsheat it seems great.
My only comment at this stage is that the sheet seems huge as ther are lots of blank cells and I noticed there seems to be an old working sheet burried in there too starting in cell A65403.
Thanks again
MarkThanks Rob
but already thought of that but it would only let me buy one or two properties there as I would run out of properties here to refinance. Also it may also affect the tax paid in NZ ie not sure if I could offset interest paid in Ais against income in NZ.
Do you know a broker in Aus (preferably Melbourne) who deals in NZ?Mark
Hi and thanks for the forum.
I am trying to purchase +CF in NZ and was wondering if anyone can help me find a bank or a source of finance in NZ, broker etc. I have got properties in Aus and cash for a deposit on NZ property but the banks in NZ don’t seem to want the buisness. I’ve tried ANZ, Westpac, Kiwibank, National Bank of NZ, and trying HSBC at the moment.
Any help would be appreciated.
Mark
