Forum Replies Created
Breakfree/Sebastian
A trust is not a separate legal entity, unlike a company – which is like a person, without a soul (or something like that[biggrin]). So the trustee will hold the assets ‘in trust for’ the beneficiaries of the trust. I suppose it’s simpler to ‘set up’ a trust for legal/tax purposes rather than to list the whole plethora of beneficiaries etc.
Basically, your asset protection is still there, in that the trustee is not the owner of the assets either, but is rather looking after the assets for the beneficiaries listed in the trust deed.
As GP said, if the trustee is sued personally, it should be easy to prove that they do not own the trusts assets, and therefore they are not available to the litigant. But, you can also sack the existing trustee, and appoint another one, so it becomes even less of an issue.
If the trustee is sued ‘as trustee’ of the trust, then I believe it’s more difficult, and you would definitely need to seek legal advice.
Cheers
MelI’ll answer this one, seeing as all other answers so far have been ‘no guru’…
The one that I recommend above all others is tony Robbins (it’s funny that his ad came up on this thread as I was reading it…).
Of course, you have to implement what anybody teaches, but I think the biggest issue I had (and I reckon that most people have) is what you think, what’s holding you back (that you don’t even know is holding you back), WHY you think the way you do, and ways to ‘think better thoughts’.
Since studying Tony, I’ve attended a
couple, ok a few investment courses, and learning the strategies was all well and good, but even now (like 130 properties etc.) I still have moments of ‘well, yeah, it worked for them, but it wouldn’t work for ME cos of x, y, and z.’ Which I think is crap really, to take Steve as an example, cos I was investing before he was, and had a bigger base to launch from, easily had the same income to draw from (including partner, family etc. who also invest), but I just don’t believe that I could achieve those sorts of results…..Cheers
MelHi guys
Reading some of these posts has just given me a thought [confused2]
We all say that we can pretty much learn all this investing stuff from books, and I agree with that to an extent…
But, NOWHERE in any books have I read, did I learn that it was possible for me (and my partner) to purchase 10 properties in the space of 2 months (OTP) avg purchase price $325K, AND be able to settle on them a year later. My income $50K approx – partner $80K approx. Yep, we had some costly ‘learning experiences’ along the way, and it didn’t all work out beautifully, but we did it.
Until learning that, no matter what I’d read about others buying 1 every 3 months, let alone per week, I didn’t think I could buy more than 1 every couple of years – based on what my friendly bank manager told me.
So, do I think there’s places for seminars – absolutely, anybody who has read my posts will know I’ve been to many. Is it for everybody, of course not. But I would think even Steve’s seminars (which I have not attended) would give more insight into the ‘how’ he did it rather than just reading his book. It’s so easy to read that it’s been done before, but the nuts and bolts are harder to come by – just ask Kiyosaki for any details ever[biggrin]
My .22c
Cheers
MelG’day
My advice is to do a search of the forum for Richmastery and Brad Sugars, Phil Jones and David Hows (?).
Also do the same search on propertytalk.co.nz, and maybe even over at Somersoft.com.au
Cheers
MelLOL Monopoly
It must be that unmentioned chemical – it fuddles the brain – not to mention the fingers, I’ve spelt just about every word in this sentence wrong![biggrin] (that must be the leaded Coke’s problem as I don’t drink unleaded)
Cheers
MelYou’re right – guys just don’t get it..
Dear Friends,
It is important for men to remember that as women grow older it becomes harder for them to maintain the same quality of housekeeping as they did when they were younger. When men notice this, they should try not to yell.
Let me relate how I handle the situation. When I got laid off from my consulting job and took “early retirement” in April, it became necessary for Nancy to get a full-time job, both for extra income and for health benefits that we need.
It was shortly after she started working that I noticed that she was beginning to show her age. I usually get home from fishing or hunting about the same time she gets home from work. Although she knows how hungry I am, she almost always says that she has to rest for half an hour or so before she starts supper. I try not to yell, instead I tell her to take her time and just wake me when she finally does get supper on the table.
She used to do the dishes as soon as we finished eating. It is now not unusual for them to sit on the table for several hours after supper. I do what I can by reminding her several times each evening that they aren’t cleaning themselves. I know she appreciates this, as it does seem to help her get them done before she goes to bed. Now that she is older she seems to get tired so much more quickly.
Our washer and dryer are in the basement. Sometimes she says she just can’t make another trip down those steps. I don’t make a big issue of this. As long as she finishes up the laundry the next evening I am willing to overlook it. Not only that, but unless I need something ironed to wear to the Monday lodge meeting or to Wednesday’s or Saturday’s poker club or to Tuesday’s or Thursday’s bowling or something like that, I will tell her to wait until the next evening to do the ironing. This gives her little more time to do some of those odds and ends things like shampooing the dog, vacuuming or dusting. Also, if I have had a really good day fishing, this allows her to gut and scale the fish at a more leisurely pace.
Nancy is starting to complain a little occasionally. For example, she will say that it is difficult for her to find time to pay the monthly bills during her lunch hour. In spite of her complaining, I continue to try to offer encouragement. I tell her to stretch it out over two or even three days. That way she won’t have to rush so much. I also remind her that missing lunch completely now and then wouldn’t hurt any, if you know what I mean.
When doing simple jobs she seems to think she needs more rest periods. She had to take a break when she was only half finished mowing the yard. I try not to embarrass her when she needs these little extra rest breaks. I tell her to fix herself a nice, big, cold glass of freshly squeezed lemonade and just sit for a while. I tell her that as long as she is making one for herself, she may as well make one for me and take her break by the hammock so she can talk with me until I fall asleep.
I know that I probably look like a saint in the way I support Nancy on a daily basis. I’m not saying that the ability to show this much consideration is easy. Many men will find it difficult. Some will find it impossible. No one knows better than I do how frustrating women can become as they get older.
However, guys, even if you just yell at your wife a little less often because of this article, I will consider that writing it was worthwhile.
Signed,
Gary
Gary’s funeral was on Saturday, January 10th. Nancy was acquitted Monday, January, 12thCheers
MelOriginally posted by Monopoly:
Thanks for clarifying that for me. So that means that your 149,000 property will actually cost you more in AUD and your rent each month will be less.Monopoly, surely in AUSD the property will cost more, but the rental will also be MORE rather than less?
Cheers
MelIf the agent wasn’t planning on charging any more than the first agent would have charged you, then it’s fair enough that they get their full commission. For all you do know they may have spent a lot of time searching the area for properties for this buyer (so not necessarily for you specifically, but he has found your place in his search)..
Although, you could probably negotiate with him/her, I suppose the worst they can do is say no, and you can decide whether to sell or to build as planned….
Cheers
MelI thought ice cream was made out of pig fat?
Jo, a Kiwi that I worked with a few years ago now told me that she read about the harmful chemcials that are in Unleaded Coke to make it Diet, and that they are far worse than drinking leaded Coke – can’t remember what exactly, but she certainly stopped drinking it in a hurry!!
Oh well, I’ll still have my can of coke a day, although at the moment I’m drinking soda squash for a change[biggrin]
Cheers
MelRussell, not sure where it is covered on the site – but Julia used to post here a bit. Maybe contact them and ask the question? Julia seems very helpful….
Cheers
Mel[offtopic]Hey Westan, does that mean you have to move
housecountry again[ohno]Cheers
MelRay, fjficm’s property probably isn’t CF+. Not all people on this site subscribe to the CF+ is the ONLY way to go for ALL properties.
I would suggest (my opinion) that it has been bought cos it’s affordable, and in an area that is still showing a bit of growth…
I will be corrected if my assumptions are wrong I’m sure[biggrin]
Cheers
MelNewgen, I believe vals have a ‘life’ of 3 months, so if CBA/Colonial were to accept you attempting to reval within such a short time period, they would need a new val done.
Cheers
MelBrendon
Typically the larger experienced development companies who can provide a capital guarentee will offer around 12% with a small bonus on completion.There are a lot of ‘smaller’ developers out there who cannot provide this level of guarantee. Therefore the ‘risk’ to the investor is higher, and so must the return be. This does not mean that they are not as good as Mirvac or Multiplex, merely that their capital base is not as large… Of course, if they can provide such a guarantee, they will surely offer far less of an interest rate…
Cheers
MelSIS, Re Dolf de Roos
Definitely. It included his books, and the video ‘Twists’, and the software.
To get back the value I paid, I only needed to increase my total rent by $20 a week across 10 props ($2 a week) to get the cash back, and barely anything at all to get the ‘extra value’ out of a valuation.
For info (and you can download from his website without having to buy the tape/CD) he includes a ‘Finance Application’ which is extremely similar to the one that the Richmastery lads now promote – AND charge you for!!
Cheers
MelSebastian, sorry, Nope!!
The trust is not on the title – trusts cannot own anything in their own right. The trustee will be on title – as it is holding the assets ‘in trust’ for the beneficiaries.
However, changing trustee should not cause CGT or SD, as the beneficial ownership of the asset has not changed…
Seek legal/taxation advice…
Cheers
MelHiya Melodie
there’ve been quite a few posts on this subject in the past – including some helpful sites where you can list your property if you do go private.
If you do a search (from the left of the page) you should come up with a few matches…
Cheers
MelAh Gatsby – you are in the wrong job – unless you make the people you look after laugh too[biggrin][lmao][laughing]
Cheers
MelStelep, are you calling your debt ‘bad debt’ in that you lost a whole shedload of money, with nothing to show for it, or ‘bad debt’ in that it’s not deductible debt.
I would argue that it is deductible debt, so in that sense it is ‘good debt’, however the investing ‘went bad’ so in that sense it’s more ‘dumb ass’ debt!!
To convince your brother, maybe you should see if you can take on a smaller portion of your available equity as debt in your own name, to invest in a cashflow business/house/commercial etc. I guess you’d need to show him a deal, and how it’s going to increase the cashflow, rather than be riskier – which I guess is his ‘issue’.
I could certainly understand him being wary – a $550K hit is a rather large one!! Luckily you obviously have got yourselves into an excellent equity position, or you would be in deep sh*t.
Cheers
MelOriginally posted by depreciator:
When he’d finished, I asked him very patiently, if it wasn’t too much trouble, whether he’d be able to call the valuer and ask him if he visited the unit how he managed to miss the third bedroom and the second bathroom.There was a long silence.
That’s priceless!! I wonder if that guy/girl got any more business in a hurry from that bank!
Cheers
Mel
