Hey guys

It’s a 3 bed terrace house with parking, and a smallish backyard – too small for the three young kids – and a similar house 8 houses up just rented for $560 per week.

My friend will be doing a ‘clean up’ so it’s easy to rent it out when he moves out.

Cheers
Mel

Spider

The problem with that is that if audited, they would go back through the ‘money trail’ to find out what was used to buy it. They would see that the loans that are outstanding on the other IPs were used to purchase the (now) PPOR, and therefore disallow the portion of those loans that was used to finance the PPOR.

It’s all about purpose…[Read more]

My (ex)partner had the same scheme going for his two kids. I convinced him to kill that off, and cash in the money, as by investing it in shares and property we would get a much better return than what the education fudn would give us.

Lucky he did too, as kid 1 didn’t bother going on to Uni, and kid 2 has been a pain in the backside, and was…[Read more]

Peter Spann’s company freeman fox http://www.freemanfox.com.au also have a financial planning arm, where they happily discuss shares and property with you.

Cheers
Mel

crj, have you submitted an offer and had it accepted under your terms?

My first thought was that I wouldn’t be too happy if I was the other bidders, but then my second thought was that how would you as the tenderer be sure that they didn’t just take your bid price as your max bid. That to me says exactly how much you are willing to pay. Are you…[Read more]

Wrappack, I thought that if you had under 20 investors, and under $2Mil to raise, that you didn’t need to get an ASIC propectus? If you could stick under these figures, you could save yourself a lot of hassle and grief.

Also, if you can secure the site, and get DA approval, why not sell to a developer and pocket the profit? Or form a joint…[Read more]

I think they might James.

When I was on hold waiting for Baycorp, they were saying something about now being able to access New Zealand financial records as well when assessing the borrowing history.

So I guess it won’t be on the same report as such, but the Aussie banks can certainly then see your NZ borrowings. Can only assume it will also…[Read more]

It’s my understanding that the banks don’t look at your credit limit as a ‘debt’ as such, but that they look at the total limit available, and calculate the 3% (yes SIS, it’s the min payment or something) as a monthly payment, therefore affecting your servicability.

Cheers
Mel

Hey Redwing

A Trust would be set up for long term needs, rather than short term income splitting.

If you are a 30% PAYE earner, then a Trust probably wouldn’t make any difference in the tax minimisation way. However, I’ve set up my trust for 3 reasons.

1. So that when I ‘depart this earth’, my beneficiaries don’t have to worry about CGT, and…[Read more]

There’s a note in the wardrobe telling him he’s going to be killed?

I’ve heard this one before, but do you think I can remember?

Cheers
Mel

Is it the very start of the innings?

If not, end of one over, start of next, both have hit a 6.

Cheers
Mel

Hey Huey

I’ve always wanted to ‘buy an income stream’ for charity, rather than giving them a big chunk of money. Although I suppose they could probably do more with $100K right now than $10K this year, $11K next etc. etc.

I’d like to help out street kids, by setting up a house where quite a few could live, on condition that they attend some…[Read more]

Jake, check out

https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=7466
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=5291
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=5446

There’s a whole heap more if you do a Search on ‘Burton’.

Cheers
Mel

Hey Redwing

I’m still learning stuff from HK, as I’ve got all my notes, and a set of DVDs of all the seminars he has run – about 8 sets all up I think.

Basically, I guess you could say the main thing we learned was that we shouldn’t listen to a bank manager who will maybe tell us that we could probably, if we were lucky, scrape through and buy…[Read more]

Huey, you definitely still look young and beautiful. Your husband is telling the truth! []

Cheers
Mel

Hi guys

Sorry, I was off celebrating my birthday and trying to do my filing so I can do my tax return from last year – oh yeah, and I had a book to read too. You’ll be pleased to know that I finished my 600 page book in about 2 days!!

Bron, I’m guessing that you mean learnt from the forum? If I remember rightly that was what you asked of the…[Read more]

I have problems with that first lot and I don’t even drink (often anyway [])

Cheers
Mel

Del was on tele? Oh no, I missed it. A Gold Member (congrats!) and a TV Star! Wow, just like Mini. []

Cheers
Mel

And don’t you blokes ever forget it.[]

Cheers
Mel

Originally posted by Rugbyfan:
Hey Chan$

You made 500 posts on the 16th of Feb. You are now at 599. At that rate you will have 1500 and 5 stars in 81 days (16th May).

Only 2 days later, and he is already at 729. Might have to recalculate the 1500 date Rugby.

Cheers
Mel