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melbear
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January 15, 2004 - 7:58 am
Thanks All. SIS and Sooshie are next for Platinum. Sooshie one to go, but has vanished. SIS, well it’s his aim, so possibly today.
Arty, I don’t see your picture in the pose that you have outlined. You first, me second. And then we’ll chase up guru and Terry. []
Cheers
Mel
melbear
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January 15, 2004 - 2:21 am
Do you have kids Kay? Is that why this topic has come up?
I’m confused.
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Mel
melbear
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January 15, 2004 - 1:57 am
Leonid, I think that a trust would be the way to go, with you and/or your wife as trustees (or directors of trustee company) so that the borrowings are in your name.
Then if there are profits, distribute them as is decided amongst you all. Although I do think that you and/or your wife should get some distribution if you are taking the risk of the loan etc.
I would speak to an accountant regarding this, and how the best way to approach it is.
Cheers
Mel
melbear
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January 15, 2004 - 1:51 am
ANUBIS if you use the funds as the deposit, then you haven’t yet borrowed. Obviously something else must have to happen to prevent the fund then borrowing.
Although I had discussions in another post where a super fund can own jointly a property that has a loan against it – as long as certain steps are taken.
Picja, can you outline how the scenario works of using a super fund for the deposit. I have heard some of it, but missed the crucial part of it when it was explained at a seminar.
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Mel
melbear
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January 15, 2004 - 1:45 am
Bruce, definitely ask your accountant, cos buying in joint names would suggest that only one can be claimed as a PPOR, rather than one each.
these are my thoughts, and I’m not an accountant, so I’d definitely be asking all the questions – in fact, the question I’d ask my accountant is ‘How can I do this to acheive what I want?’
Cheers
Mel
melbear
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January 15, 2004 - 1:39 am
Bear, one thing you could do with these people is to have a contract drawn up, where they pay you $500 to start with, to cover costs etc. and if, through no fault of yours, providing the property met their criteria, you get to keep.
Cheers
Mel
melbear
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January 15, 2004 - 1:33 am
I am in property and any investing for enough income that I don’t have to work unless I choose to.
At that point, I will continue to invest until I am at the point where all my family is taken care of, and at the same time I will be hoping to help others in whatever way that I can.
At that point, investing will definitely be sport![:p]
Cheers
Mel
melbear
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January 13, 2004 - 12:39 pm
Matt, don’t get stroppy. this is where I am coming from:
SIS said
‘Dont take it too serious on tax free income, if you do get caught you will get into a lot of trouble. This is something some banks will see as extra cash money you have available, but not all and most lenders will accept this.
The only way i know people have got round this is, that their primary job is taxed and is a real proof of income, the secondary job (cash in hand) is something the bank might consider.’
You replied with
‘don’t worry sis, i have a trick or two up my sleeve’
after mentioning previously ‘tax free income here I come’.
This leads me to believe that you plan on earning cash money and not declaring it. As I said, it’s semantics, and could be completely not what you meant, but it’s how it’s come across.
Finally, nobody said you couldn’t have an opinion. I did not bag you for agreeing with Kay’s opinion – I was just questioning if your opinions were similar, or if you agreed that Kay could have her own.
Cheers
Mel
melbear
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January 13, 2004 - 12:33 pm
Hi Philip, welcome to the forum
My first question for you – have you got a plan?
You sound like you’ve got lots of different ideas that are running round in your head. I would pick one at a time, and get something happening, and then slowly move into the others.
If the amusement machines will give you cashflow, maybe go for it – that’s what this game is all about – I don’t want properties – I want money, properties are a by product (but i do like them).
Cheers
Mel
melbear
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January 13, 2004 - 12:30 pm
Originalsin, the method i’ve found is to ask ALL real estate agents in the area what the rate is – either by ‘thinking about moving to the area’ or as a purchaser.
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Mel
melbear
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January 13, 2004 - 12:27 pm
That’s smart thinking Terry. I reckon that idea has been in my head, but never really been crystalised before. []
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Mel
melbear
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January 13, 2004 - 12:12 pm
Ask him who would be pocketing the $5000, himself or his vendor?
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Mel
melbear
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January 13, 2004 - 12:10 pm
You’ve got 6 years after moving out. However if you moved into another house that you own, you need to choose which one was your PPOR for the period. Then if you sell the second one, you have to pro rata for the Capital Gain.
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Mel
melbear
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January 13, 2004 - 12:04 pm
Matt, mate, I’m sorry but in the instance of not declaring your income, I think you’re going to be doing the wrong thing.
Kay’s opinion is that wraps are unethical – nobody’s disputing that she can have her opinion. You ‘fully agreed’ with Kay. Were you agreeing that she could have an opinion, or were you also stating that your opinion is the same – ie wraps are unethical?
As Felicity said, from the above – you are of the opinion that wraps are unethical (albeit legal in most states), however you are willing to participate in the ILlegal acitivity of not declaring your income.
Yes, it’s probably a matter of semantics, but that’s the way it is.
Mate, you’re still a young fella, don’t go down the non declaring road – it will be harder to prove income when you want a loan, and it just doesn’t look good. Besides, there are so many legal ways to ‘print’ money.
Cheers
Mel
melbear
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January 13, 2004 - 11:55 am
Hi Kay
No, I wouldn’t class the ‘Club’ as part of the two tier marketing – but it’s more that they go on about their ‘bulk buying’ powers gives us discounts blah blah blah, and 007 has just confirmed for me that there is no discount, it’s bought at valuation – although again, I guess it depends which valuer you get on the day.
Herron Todd White valued the ones that we bought at between $10-20K less than what the club was selling them to us for.
As I said, my bank started getting them valued – at about the same time, the ‘Club’ set up its own Home Loan Centre – so they really are a ‘one stop shop’.
With that article, that did stop two of the clubs ‘schemes’ (for want of a better word). One was sort of like landlord protection, except it paid out to you if you just had a vacancy (at some % of the rent), so you still had your normal landlord’s insurance, and this covered extra. Not bad if you needed it, but disallowed by ASIC. I can’t remember the other, but think it was along the same lines.
So it’s not the fundamentals of the club they’re having a go at, and it’s definitely business as usual.
Cheers
Mel
melbear
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January 13, 2004 - 11:48 am
Good guess Sue. I didn’t figure it was that hard – it’s obviously the doting parents with my beautiful (but oh he’s a shocker – babysit today, he doesn’t like to sleep![!]) godson.
Westan, I think that was your penance for becoming a pseudo kiwi – no computer, and having to spend all that time with your family[:p]
Cheers
Mel
melbear
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January 13, 2004 - 6:49 am
Hey SIS, I know shorthand too, so you can dictate it to me, and I will type it up – or we can use the story you’re making up this week, and expand on that[]
Cheers
Mel
melbear
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January 13, 2004 - 6:47 am
Originally posted by kay henry:
If it’s a girl, call the other one kay too :o)
kay henry
[:p]
Cheers
Mel
melbear
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January 13, 2004 - 6:45 am
Gilad, I’ve seen many house prices of less than $100K. I guess it depends if you are confining your search area to x kms of major cities.
I’m not buying at the moment, but there are others on these forums that are, and are still finding the positive cashflow. If you search through some of the recent/older posts, you might come up with some good tips.
‘Good’ properties rarely make it to the internet, you need to be talking to the agents (talking, not emailing as well!)
Cheers
Mel
melbear
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January 13, 2004 - 6:43 am
So that really proves that the Investors Club have not secured a discount – cos that fee is about what they got out of our purchases – and the units came in at well below that price when being valued.
So much so that the bank I went through decided after that to get all properties valued rather than accept contract price as they had done in the past.
Of course the Investors club will outsell local agents – they have so many people lined up ready, convinced to go, but just waiting for some properties to become available etc. – a captive audience you would say.
thanks 007, that’s confirmed everything for me about the Club.
Cheers
Mel