Forum Replies Created

Viewing 20 posts - 1 through 20 (of 2,396 total)
1 2 3 4 5 … 120
  • Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    December 31, 2004 - 4:48 am

    Hi all

    Congrats on the new book Steve, and to all the Mappers for their success – especially will and del (only ‘especially’ Will and Del cos I’ve ‘chatted’ with Del heaps through this forum)

    It was a bit of a bummer having to wait until Christmas to read it – guess that’s what happens if people need to know what you want for Christmas…. [biggrin]

    Anyways, I guess my question (and the reason for checking back in after so long away) is the same as the others. To confirm my ignorance…

    When it is said ‘Gross positive cashflow’ in the book, would it be realistic to substitute – Annual rent for the same term to come up with the answer?

    Hope so, cos then my results look equally as impressive[biggrin]

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 22, 2004 - 6:56 am

    Rodie

    The best ‘strategy’ I have found of getting out of debt is explained in John Burley’s book ‘Money Secrets of the Rich’. It’s also got other fantastic ideas in it, so I recommend you start there – after you’ve done as the others have suggested with regard to boundaries and stuff[biggrin]

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 22, 2004 - 6:44 am

    Henry, check out mortgage hunter’s website for the info on the FHOG for your state.

    If you buy a house after 2000 (ish, can’t remember exact date, but know that it’s not really relevant as 2004 is definitely after) and do not ever live in it, when you come to purchase a home that you will live in, you are eligible for FHOG. In some (maybe all?) states you will not be eligible for the stamp duty savings though.

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 22, 2004 - 6:41 am

    Thanks for your excellent responses Peter.

    I’m pleased to say I’ve finally finished your book (will be re reading shortly), and really liked the part where you explained your opinion on negative gearing and positive cashflow. It reaffirmed what I’ve been doing for the last 10 years (only 5 of them seriously though)…

    I don’t think you’ll get kicked off this forum though [blink], there’s quite a few of us that enjoy spending time here, but aren’t quite on the ‘positive cashflow is the ONLY way to go’ bandwagon.

    SIS, once you read Wealth Magic, you definitely need to buy the latest one – $10 Mil property in 10 years… Also, talk to Jet – he’s done quite a few of Peter’s courses too….

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 14, 2004 - 7:24 am

    Hey Peter

    Glad you could drop in. I’m in the process of reading your book – normally I finish a book in a day, but I’ve been doing a lot of babysitting which is full on – I love the stories of your ‘grads’ that you’ve got in the book….

    One quick question – it says all over the book that your ‘other’ books Wealth Magic and Little Pot of Gold. I’ve not seen Little Pot of Gold anywhere…. (I just put my thinking cap on though, and I see it on dymocks web page). Is it not as readily available in all ‘good book stores’? From the price tag I’m guessing it’s a pocket type book?

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 3, 2004 - 12:19 am

    afghangirl, Calron’s original post actually outlined details of a specific deal that he had, and was asking for private investors.

    Hence my initial reply. And then the discussion re advertising – which it was really. The current post I think is a good one, as it’s a general question, but is also open to people contacting him for details if they are interested in investing.

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 3, 2004 - 12:13 am

    You can do a diploma in financial planning by correspondence – but I can’t for the life of me remember who offers it. If you contact the financial planning assoc as Stu suggested, they’d probably be able to tell you.

    To actually ‘qualify’ I think you only need to have done modules 1 and 2 of the 8 part course…..

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 3, 2004 - 12:09 am

    robert, if you signed the contract to sell in this financial year, you have now got a whole year to make plans to minimise your taxable income.

    One way of doing this is to prepay your interest in June of next year (for your other IP), thus basically doubling your interest payments which are a deduction.

    If you signed the contract last FY, there is nothing you can do to avoid the tax now. Best speak to an accountant in either case – they are best placed to offers suggestions as they should then have your full situation..

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 3, 2004 - 12:06 am

    electron, you could purchase your new acreage house, and keep your current one as an IP. I would immediately make your current home into an interest only loan, with an offset account, and have all extra money sitting in that account.

    when you do buy your acreage, pay all surplus cash (including extra rental) into that loan to pay it off as quick as you can. then use any extra equity to borrow to purchase CF+ houses – or even neutral ones if you have income to service all debts etc.

    Otherwise, do as yack suggested, and sell current PPOR – tax free, buy your new house, and then turn around and invest in properties.

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 11:55 pm
    Originally posted by SteveMcKnight:
    May I just add that the amount of depreciation for accounting purposes (matching expense with income) is rarely the same as the amount of depreciation that can be claimed as a tax deduction (using rates as set out by the ATO).

    Any difference is reconciled through the ‘tax reconciliation’, which is a document that equates taxable income back to accounting profit.

    Hi Steve

    Huh?[confused2] Can you please explain?[biggrin]

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 11:53 pm

    Acey, are you talking about the Search function on the left under Forum Boards (which I have always had great success with), or the one on the top right of each page – which IS lousy…

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 11:51 pm

    Lucifer, where do you get 15% CGT from?

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 11:47 pm

    Hey Kay

    Nope. Got no money :(

    I’m taking a look/listen at Hans Jakobi’s at the moment though – and i’ve had about 5 phone calls, and 4 letters from jamie McIntyre asking why I haven’t bought his home study kit yet! I think I’ll pass as i”ve got all the Peter Spann stuff which seems to be pretty much the same, and at least he calls writing covered calls just that – rather than ‘renting shares’!!

    If I was in Adelaide I’d go to this one though – Dr Tickell has some excellent ideas on health. I saw him a couple of years ago, but lost the bit of paper with his name and book title on it. Now I know it again, so I can go looking[biggrin]

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 11:39 pm

    Jeff, it definitely is something a solicitor should know – or be able to find details of! Yours may not have dealt with them before though…

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 11:06 am

    Good call Acey[cap]

    Caz, if all it needs is carpet, paint, and cleaning, it should be easy enought to get rough quotes from cleaning, carpet, paint companies etc., then work out is it worth it. Instant equity is always a good thing – are you sure you are not in a position to purchase? If it’s been on the market so long, perhaps a lower price is even possible?

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 11:02 am

    Wow Grreg, I’m intrigued how your brother could be done out of money when he was a seller! I’m wondering too if I’ve spoken with those same detectives at Cheltenham..[thumbsdownanim

    My Dad bought a chainsaw from ebay, which duly arrived, but will cost $300 to repair!! the seller basically told him to get stuffed, and hung up on him the second time he rang up…

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 10:45 am

    Cel, I would always use DV, as you get higher amounts back in the first few years, plus as time goes on, the $$ are worth less thanks to inflation, so in effect you will be getting less of today’s $$ back in future years….

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 10:08 am

    Sir Peter

    I think you are in a great position to purchase more property. Although your Oxford property seems to be costing quite a bit each year, your Perth prop should be paying for itself, and has a nice chunk of equity….

    If you spend a bit of time looking (as Simon has suggested) and buy a property that is close to positive, your overall Aust portfolio should still be positive as you’ve got a good head start with the Perth place. You could then either pay down the second loan until it is positive, or purchase another property of similar return (so that your overall Aust is still CF+), and go from there.

    In 3 years the rents are bound to rise, either making the props positive by themselves, or if you’ve been paying extra off the loan, increasing your return.

    Either way, you have time on your side (plus a nice chunk of equity and good cashflow).

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 2, 2004 - 9:57 am

    ted, I think there was a similar question a few days ago…

    Basically to get a corporate tenant, look up relocation agencies in the yellow pages and/or contact companies and ask them if they have an in house section that finds leases for their workers transferred interstate. I’ve also found that some real estate agencies handle them – but you have to ask, and also have a suitable property. If you can get a corporate, it can be an awesome return.

    Cheers
    Mel

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429
    August 1, 2004 - 6:58 am

    tedman

    How long is the building proces? I think it would be rare that you could get subject to finance if building was not due for completion for 12 months or more, however it can be done.

    You would need to get your solicitor to check the contract to see if it could be onsold. I think most allow it (I have done several), but some may not.

    Why do you wish to onsell prior to settlement? Is it in the hope of making money – a rarer occurence these days from OTP…

    Cheers
    Mel

Viewing 20 posts - 1 through 20 (of 2,396 total)
1 2 3 4 5 … 120