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melbear
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May 22, 2004 - 10:30 am
Originally posted by Aceyducey:
Look up Dale Gatherum-Goss. He’s an excellent investment accountant. Tomy Commisso is good, but can be a bit too aggressive for some peoples’ taste
Acey, can you explain too aggressive? I was thinking of switching to see Tony, but am unsure what you are suggesting?
Cheers
Mel
melbear
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May 22, 2004 - 10:23 am
redwing, tell your friend’s son to look for a version of Kazaa Lite K++ – it’s the same program, but without all the annoying popups, and annoying stuff that gets into your system.
Also definitely tell him to download adaware from http://www.lavasoft.de – in fact I recommend everybody does this – it’s amazing what sort of things you can see are hiding in your computer, sending info to various places. I had one that was called ‘Optimizer’, which instead of the 404 page not found, automatically redirected me to a site where I could choose from a number of categories to see if what I really wanted was there! Quite bloody annoying, but gone now.
Cheers
Mel
melbear
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May 22, 2004 - 10:19 am
Originally posted by Michael R:
$5 acre for prime land overlooking Crested Butte [ski resort] in Colorado.
The land is owned by the US Government who are in the process of selling a number of acres to a mining company.
The mining company found a legal statute which allows them to acquire the land for what it was valued at in the mid 1800’s.
— Michael
Mining company will certainly be cheering that one![buz2]
Cheers
Mel
melbear
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May 22, 2004 - 10:18 am
Scott, hubby is a Scotsman – she met him over there, and brought him back [], so it was his first ever Aust tax return…
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Mel
melbear
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May 22, 2004 - 10:16 am
You could always approach one of the Strata Managers and have a chat to them.
I don’t know how you go about appointing them without the consent of some of the other owners. I know friends of mine were going to do it – they owned 3 of 4 units, and had no bc, but were about to change this as the 4th owner was being a pain in the butt about insurance etc. They didn’t go through cos eventually the other owner sold them the unit….
Cheers
Mel
melbear
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May 22, 2004 - 10:12 am
Pisces, that may be your assumption, but it has not been mine.
And where was it that ‘I’ or even Kiyosaki said
‘Slug us with another tax, it doesn’t matter as I am smart enough to take it into my stride’ is a recipe for disaster.
Cheers
Mel
melbear
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May 22, 2004 - 9:38 am
Sally
If your rental income exceeds all expenses (inc. interest, rates, land tax etc.) then you have a CF+ property. It’s not just based on the 11 sec rule, as there are other expenses which may vary.
You would not have a COCR calculation as you have put no cash in!
Cheers
Mel
melbear
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May 22, 2004 - 9:11 am
when it comes to being comfortable with debt and finances, I’m at a 10, that is with my latest purchase I’m at a 74% LVR (I thought it would have been higher as it’s 105% borrow on $800K purchase!), and I have huuuuuge debt levels. I only wish the banks would lend me more money – but now I have to get creative…
When it comes to other things like staying calm and rational when two or more of my dogs have decided they hate each other and want to rip each other apart, I’m at about a 1 for nerves of steel, however I will jump right in and physically separate them (have the scars to show for it too!!) – pure adrenalin I think.
Cheers
Mel
melbear
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May 22, 2004 - 8:24 am
Rob,
My friendly bank manager told me that the bank can in fact take the property or extra security if prices crash. Think commercial, and apply to residential.
However, they are far more reluctant to do this to residential homeowners, as it gives banks a bad (worse?) name, and they don’t want that sort of publicity. Possible, definitely – likely, not really.
Cheers
Mel
melbear
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May 22, 2004 - 6:06 am
$800 for land?????? wow[biggrin]
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Mel
melbear
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May 21, 2004 - 11:40 am
Hey Glenn
I say I agree with you….
I always consider either my tax return, or my deposit saving (by borrowing the lot) as ‘spare’ money that I can use to comfortably ‘offset’ the negative cashflow I may have in those initial years, exactly as you have explained it.
Personally, I’ve not ever put down a deposit, however my ex did when we got in a bit of s**t with a late settlement, but I’m working on refinancing to get that money back out….[exhappy]
Cheers
Mel
melbear
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May 20, 2004 - 10:57 am
Bear, for venue details, have a look at http://www.powwowevents.com.au
For hotel deals – check out http://www.wotif.com (.au?) and http://www.lastminute.com (.au?) or http://www.quickbeds.com.au
Hope you find somewhere, and that Lyn is getting better[biggrin]
Cheers
Mel
melbear
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May 20, 2004 - 10:42 am
Jeff, I get your point.
However, my point was that for anybody who had studied with, say Tony Robbins, would completely recognise that Jamie McIntyre had ‘adapted’ his strategies and rebadged them. Jamie says himself he’s only ‘been around’ for about 5 years if that. He also acknowledges Tony for one thing (that Tony himself definitely developed – ie the six human needs), and then tries to flog something else – RPA as completely his own invetion. Understood that you learnt it as OPS, and you’ve acknowledged it, rather than teaching it as PSO, or OSP and making it look like your idea.
I’m not going to run to IP or RRI and say that Jamie’s stolen ideas, I was just making the point that it annoys me.[evil4]
Cheers
Mel
melbear
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May 19, 2004 - 12:00 pm
I thought the rules had changed so that you had to live in the house for a continuous period of 6 months, beginning within the first 12 months?
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Mel
melbear
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May 19, 2004 - 11:45 am
Ace, Lease Options are quite legal in SA. It’s the instalment contract that is not.
With a LO, you have not sold the house, just sold an option to purchase, with some other details thrown in….
Cheers
Mel
melbear
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May 19, 2004 - 11:25 am
Negative cashflow – yes now thanks to the boom. Beforehand very possible to get positive cashflow. I had 3 until I started buying OTP monsters that had massive CG but not so the rents…
Cheers
Mel
melbear
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May 19, 2004 - 11:21 am
I think julia http://www.bantacs.com.au deals with os investors and this sort of stuff on her website.
A quick point on returning to OZ – a receptionist of my doctor returned with her spouse in January (couple of years ago) after working os for 4 years or so.
She encouraged hubby to get a job, and when it came to doing his income tax return, they counted all his uk earnt income for the financial year – and TRIPLED the $$ as that was the exchange rate at the time. No matter that cost of living meant that $40K was equal to UK40K, they got hit with a massive tax bill. Something to research when you do come back home…..
Cheers
Mel
melbear
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May 19, 2004 - 11:17 am
Seb, I note you mentioned ‘associate’ rather than family member.
In this instance I would seriously consider a unit trust rather than a discretionary. If anything does happen (like a falling out etc.) then it’s very clear who owns what, and a lot easier for either of you to withdraw ie. sell your units, than it would be having a discretionary trust.
I’m not sure how the hybrid part would work – if it would solve that problem……
What I have done when investing with friends, is set up a unit trust, and have my family trust own the units in that trust…
Cheers
Mel
melbear
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May 19, 2004 - 10:57 am
SW, the land tax is on the value of the land – as defined by the government valuers!
Rob, I thought it was 2.25% stamp duty on sale?
Cheers
Mel
melbear
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May 19, 2004 - 10:52 am
Originally posted by The Mortgage Adviser:
Regarding the purchase price, if it is below the market value of the property (as in the example), mortgage insurance will be based on the valuation price but most lenders will only borrow based on the purchase price. They like to see what they call ‘hurt money’ being put in by buyers.
Rob
Rob, I bought a place a few years ago for $20K under valuation, borrowed 90%, and was hit with MI because it was a 90% lvr on purchase price. They didn’t give a toss about the value.
Cheers
Mel