Hi Macnatt
This may sound harsh is is not meant to be.So a few questions for you
If there is an emotional attachment is this costing you money?
Either this is an IP or PPOR?, you decide and then treat it appropriately.
Is it really worth transferring this one to a trust?
How long are you going to continue to pay all that cash out for a property you ONCE had an emotional attachment too?
This is bricks ad mortar, whatever HOME you had when you lived in it you TAKE with you when you go.
Wht are your goals in terms of investing?
Does this property fit that criteria? If not get rid of it.  There is no such thing as a "Cardinal sin" in terms of selling.  EVERYTHING is availabel for sale at a price, you just have to determine what price you will let it go for (make it reasonable).
If you are in the BUSINESS of investing in property, then treat it as a BUSINESS otherwise it is just an expensive hobby.
And lastly I strongly suggest you see your accountant and ask the question about whether he/she thinks this property will build you wealth in the longer term – assuming that is what you are ultimately trying to do.
Warm Regards
sue

Hi Kobe
I agree with Jeff there are always people like me who are looking for money partners / JV partners to do deals with.
I guess it depends on how much experience you ahve with doing deals, ie whether you might be looking to partner with someone who has the experience you may not have or whether you are looking to do deals on your own. The first step would be to define what you are trying to achieve with that cash, then work out the best strategies to go forward with.
Warm Regards
Sue.
Adelaide SA

Hey Marc
I found this post to be paricularly negative, are you thinking about Reasons for doing it or Reasons for not doing it?
I believe Lea was attempting to provide examples and in all cases people need to take responsibility for their own actions and do their own due diligence and this includes reviewing the risks involved with any investment against their own personal risk profile as well as their goals for investing.
I also beleive that in providing examples, it facilitates an opportunity for those struggling to find these sorts of deals to see what sort of thing is out there if they have the right glasses on.
I’m quite sure most people would not be crazy enough to just ring up and buy on a wing and a prayer based on a link to a website and that newcomers to the forum have enough interest in property investing processes to investigate the viability of the links for themselves.
Regards
Sue

Hi all
I agree with all the recent posts on this on how to make it all work.
One thing struck me in reading some of the posts from the people who are struggling with all this.
It is all about mindset, if you think it can be done or if you think it can’t be done you are right on both counts.
To suggest that people like Steve and others just pluck this stuff off the shelf is crazy, there is no such thing as a free lunch and these guys have all built a plan and worked the plan to succeed where others find it too hard, too time consuming, feel they need to concentrate more on their J.O.B. s etc.
As someone here said. Have a vision and a goal and a purpose, work out the strategies needed to get there and then jsut work the strategies. If you follow what Steve and others are doing and use some inititive to think outside the box then it will happen for you too.
But one thing I can promise you it that if you don’t do any of the above and start to take baby steps towards it, guess where you guys will be in 10 years time.
You need to do the legwok.
Hopefully one day we will see you all on this path we tread.
Warm Regards
Sue

Hi Vic
I replied to your email rather than here. It is a long story.
Sue

“All things are possible until they are proved impossible – and even the impossible may only be so, as of now.”

Pearl S. Buck
1892-1973 Novelist

Hi Nathan
I sent you an email
Sue

Hi Again
sorry forgot to answer your question, I am only looking in the Adelaide Market at the moment.
I have one devel on the go and am looking for renos
Sue

Hi waynel2

Do you want to actively manage this portfolio yourself or have a more passive role? . If you want to actively manage this yourself ( always my preferred option) then have a look at Steve’s latest book “0-260+ Properties in 7 years” as he sets out how to achieve this.

You seem to have a lot of “lazy equity” lying around in the one you already have, sometimes the best way to utilitse this is to draw out equity but other times it is better to sell the lot, cash up and buy more. Steve’s book also talks about this and combined with the “property Clock” he outlines how best to strategize all this in various markets. More debt is not always the answer to buying more property.

Warm Regards
Sue

Hi Meatgroup
Have you made the wrong decision? Not sure, I guess that depends on how you look at it.

Have a look at my other post on the subject of where to find positive cashflow deals, and in particular the bit at the bottom about the questions we should ask ourselves when looking to property for investment purposes.

Here’s my take:
I choose to rent rather than buy a PPOR as a PPOR is a “Lifestyle” choice not an investment decision.

I agree with Bridgebuff on the subject of holding “non income” producing assets.

I also do not buy property in the “hope” that the Capital growth will emerge “someday”. Who knows when that might be.

If you are looking for growth then take up Steve’s mantra of “buy a problem + a solution = profit”. ie do quick renos ( less than 6 months) get the profit and do the next one, thereby building cash reserves.

Alternatively, follow Martin Ayles example, buy an old house, build two or three on the back reno the front one, sell the old one and one or two of the others and pay down the mortgage on the remaining one at the back, rent it out free of mortgage, thereby creating an income as well.

If you are looking primarily for income producing properties, then buy stuff that is positive cashflow or has the potential to be so once a cosmetic ( no not a full on restoration) reno is done then rent it at a higher rent, thereby the value increases and keep it as income.

You really seem to me to need to work out what your PI goals are then then the choices will narrow as to how to get that done.

You are right in that the vacant land also “eats up servicability”. and I’m not sure the ATO will look kindly on you trying to minimise your Cap Gains tax by splitting the profits the way you suggest. I believe that needs to be done prior to settlement if you want to avoid a double slug of Stamp Duty.

With your income and some cash in the bank, it seems to me that more IP’s are very much a possibility and you could be in a very nice position reasonably quickly if you play your cards right with the IPs in the beginning including setting up the appropriate structures to maximse your opportunities – see you accountant for advice on this one.

I also would not be buying vacant land as I see more benefit (read cash) in building on them and selling.

Hope this helps and keep asking those questions, there are loads of people here to answer them. Alternatively, PM me as I’m always happy to chat about this stuff.

Warm regards
Sue