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melbear
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@melbear
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February 18, 2004 - 10:54 am
I think you’re dreaming SIS! If he wants me to do all his cooking and cleaning….
Let’s just say he won’t be doing much else either![]
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 10:52 am
Wow. Interesting comment Steve. The way Hans tells it he’s been investing for years and years. Although I saw on the back of one of his books that he attended a Kiyosaki seminar in the early 90’s (I think) which got him ‘on the road’ so to speak.
I got an introductory pack from him and he seems to advocate the same sort of rental returns as you do.
His $3K pack is about 10 or more volumes I think, plus videos etc. It all sounded good……… but then they all do with their promises.
He also offers (if you get in quickly – apparently there are still places available though – and I first saw it before Christmas) a ‘free’ personal consultation with him worth $500.
Cheers
Mel
melbear
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February 18, 2004 - 10:48 am
Good on you Bear. I was hating to think that you had reached the exalted state of Moderator, and then run away from us[:p]
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 10:47 am
NO SIS, at the moment we’re even. Well, now I’m actually one ahead.
Did you ever buy that magazine you were telling me about a while ago?
Cheers
Mel
melbear
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February 18, 2004 - 7:35 am
By professional house valuations do you mean a valuation by a registered valuer? If so, then yes the banks care. However, unless you have a really good relationship (and perhaps not even then) they will only accept a valuation done by the valuers on their ‘panel’. To find out who they use, call and ask.
Cheers
Mel
melbear
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February 18, 2004 - 7:30 am
For transfer of the other properties into the trust – yes, CGT will be payable.
Why don’t you just let the trust use the equity in your properties to borrow to fund itself? This is one case where cross collateralisation is OK.
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 7:26 am
We once were approached through our solicitor by an agency who ‘had a buyer’ for a townhouse we had just settled on. We were interested in selling, so I said, sure, you can show the buyer through. Next week I saw that they had an ad listed in the Real Estate section of the paper!! That really rather irked me as I didn’t agree to any deal – it was ‘the buyer’ or we were keeping it.
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 7:21 am
If you cannot see it being overwhelmed, put in an offer on your terms. I don’t know of too many deposit bond companies that would want to give you a ‘deposit’ in two stages, or even one for 30% deposit.
If you are serious about this place, I’d ask around a few other agents and ask what the normal tender process is. If it were me I’d really want to know that I was the successful bidder before I had to hand over my signed contract. The whole thing sounds iffy to me.
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 7:16 am
This one Muppet – from Rugby’s link.
First-time host the United States beat Kenya 29-22 in the Bowl final, Australia won the Shield 33-31 when Kenya missed a last-second conversion, and England beat Canada 55-0 in the Plate final.
I too love it when South Africa loses [] Go the Kiwis.
I can’t beleive I just said that!
Cheers
Mel
melbear
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February 18, 2004 - 2:42 am
Originally posted by Pisces:
One good enough reason for a developer to delay commencement of the construction is because he hasn’t made sufficient of the plan sales and is therefore unable to obtain construction finance.
Pisces, very true, but in the case I have mentioned not relevant. There are about 300 units, and almost all (approx 280) were sold within first month – behemoth agency down here who went to investor clients first generally – did a ‘ballot’ pre release to the public.
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 2:36 am
Originally posted by james:
What degree did you do? I don’t even think you can do an arts degree in 90 hours.
Be so very literal if you like. You can then miss my point entirely, which is that *I* learn better in a total immersion state, which is what seminars are.
They haven’t implemented anything external. Everything is inside their heads. This is all well and good, but if you need to fly around and have a rah rah guru make you feel good, then I feel sorry for you.
Whatever. I would have thought that everybody could agree that the main ‘issue’ we have to face everyday is not what to do, or how to do it, or what others do, but how we think, and how that little voice in our head that talks to us all day is often very negative. Far more negative than even you James. So, yeah, of course it’s inside my head, and that’s been my greatest breakthrough from attending Tony’s events. WHAT I think. Why do you think that even Steve (as Mini alluded to) does a ‘fear breaking’ little event at his seminar. He could stand up there and tell everybody exactly how to do what he’s done, but chances are that unless your little voice tells you that you can do it too, you’ll come up with all sorts of reasons why ‘it worked for him, but it won’t work for me’.
I think if you go to one of his seminars and then need to fly somewhere to go see another one, then you are wasting your money. These people often do it because they like the atmosphere – which is missing the point of what he is trying to teach you.
I’m so sorry to have to point this out, but there are at least 5 TOTALLY different seminars that Tony runs. Sure, you could only do the firewalking one, but you miss out on a heck of a lot of inner growth if you don’t attend one or more of the others. Why do you think he has set up ‘Mastery University’, with several different courses, in different locations? Let’s get out of this mentality that you are so perfect. Puhlease don’t trot out that he’s doing it for the money.
If you want atmosphere, go to a rave.
I guess that’s all I can expect from you then isn’t it?
Cheers
Mel
melbear
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February 18, 2004 - 2:23 am
[] ROFLMAO Mini and Pisces []
There really is nothing more I can say.
Cheers
Mel
melbear
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February 18, 2004 - 2:09 am
I would say – don’t go there unless you have the time and interest to independently research the area etc.
If you are in such a good position, I would read some books, make some phone calls, surf the net, and identify areas you want to buy, and get out there and talk to the agents, and look at some properties.
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 2:02 am
That’s an awful lot of $$$ for advertising!! You will also have to pay the ‘letting’ fee that the agents otherwise charge for finding the tenant which is usually a week’s rent.
Cheers
Mel
melbear
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February 18, 2004 - 1:56 am
I wouldn’t touch them with a barge pole at that point then.
How many people are going to be cashed up enough to have 30% deposit PRIOR to a bank loan?
I would find out if they are ‘their’ rules, or standard tender rules for your state. Besides that, you can offer what you like in the tender I would think. You can say ‘here’s 5% deposit, here’s my price, here’s my terms’. They could always say no. You also need to stipulate that your cheque cannot be cashed until all your terms have been agreed to.
Cheers
Mel
melbear
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February 18, 2004 - 1:50 am
Originally posted by Lucifer_au:
Usually a trust is used to avoid have to pay the full 30% CGT that companies have to pay (individuals & trusts only have to pay 15%).
Sorry guys, but have to correct this. Super Funds pay tax at 15%. Trusts do not pay tax, but rather have to distribute all funds to beneficiaries (or unit holders if unit trust). The tax is then paid at that individuals marginal rate. Individuals tax rates vary from 0%, 17%, 30%, 42% and 47% – so no 15% for them either.
If the trust does not distribute all income at end of year, the trustee will pay tax on that remaining at 47%, so you are better off distributing it. If you have nobody left in the lower tax brackets, you could always have a company as a beneficiary, and they will be taxed at 30%.
WAF, to start a trust, I suggest you get hold of ‘Trust Magic’ from http://www.gatherumgoss.com for an understanding of how, why, what etc. And then talk to your accountant and/or solicitor to work out what would be best for you.
If you are only going to buy a couple of properties, then a trust is possibly not necessary (depending on your line of work, and possibility of litigation). If you plan on building an empire, a trust would be a good plan.
A Line of Credit is a loan against your property. Say the value is $200K. You could get a LOC for $160K. This then operates like an overdraft. If you spend money, you pay interest on that. If you don’t, you don’t. In the wrong hands (ie impulse spenders, bad money habits etc.) they can be a disaster. Speak to a mortgage broker. There could be other options that are just as good. Try Mortgage Hunter.
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 1:41 am
Terry, I think the ‘easy’ *cough, splutter* bit was the rise in value from $1M to $3M. I think it wasn’t a long time either!
Cheers
Mel
melbear
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February 18, 2004 - 1:19 am
I haven’t, but I will buy it. there has been a bit of feedback elsewhere on this site that it’s a great book. For other good books, Leigh K has compiled a list
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=6845
Cheers
Mel
melbear
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@melbear
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February 18, 2004 - 1:08 am
Shouldn’t it count that the Aussies won the Shield in the rugby? [] We at least emerged with a trophy, unlike the Kiwis….
Cheers
Mel
melbear
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February 17, 2004 - 3:27 pm
Yes, but AMS the laws were changed only recently stating that the kitchen was now part of the building. I think it’s crap also. Who DOESN’T renovate their kitchen at least once in 40 years?
Jason, I would definitely consider getting a QS to look at your properties. Probably one who will give you a money back guarantee, or double money back as Terry suggested. They will tell you from the outset if it is worthwhile. It’s better than your accountant, as the QS can pick up lots of things your accountant wouldn’t know – especially not having seen the place.
Prop 16, unless you want to get your tax back on a fortnightly basis, I wouldn’t do my QS until June (in fact, I still haven’t done some that I need for tax 02/03 year) so that you can claim it as a tax deduction in that year.
Cheers
Mel