Forum Replies Created
I thought the TMIC was owned by Allco/Mobius.
Note: Tax Rulings can be recinded if the operator fails to carry out all duties as orginally set out or goes into receivership.
Simon has made a very good point…it is very important to note that you do not buy these as an investment or to make money as such…you buy them to shift a tax problem from one year to another.
As Simon mentioned the tax rulings on them can be revoked (or in some cases where questionable to start with) and then you are in a world of pain.
There is one well known scheme that unravelled and the tax dept were actually pretty kind to people and wrote letter saying “we won’t charge you penalty interest on the amount you had claimed on the investment but you will need to send us a cheque for $300,000 within 7 days”
To be honest they are tax based scheme and the trees have no real valyue for the first 10 years, after that they have marginal value.
Keep in mind for some products offered as much a $6000 from every $10,000 invested goes to the promoters pocket. Also whilst some programs suggest you own the land your trees are planted on the land is worth less than $1000 per hectare and you effectively have a 10m x 10m patch with 6 trees on it.
As mentioned above there have also been problems with promoters going broke and leaving trees to die.
That being said if you are high income earner and you have exausted all traditional means of managging yourself into a better tax position then trees are worth looking at.
Sos a search for the following ‘gnome loan” or ‘westpac swiss loan scandal”
Has anybody ever seen a book called “The Rich House” written by a person called either Mike or Matthew Robinson ??
A friend of mine mentioned it a few years back but I could never find it in the shops.
Cost of interest on 2nd loan > cost of LMI
2nd mortages are not that common in Aust
LMI is dirt cheap in real terms
I thought the statistic was that Perth had more millionaries in prison or facing charges per capita than any other city….I guess most of them are out on parole now.
Isn’t it funny how when I ask a question that is pretty simple but needs an answer based on fact i get 1 reply (thanks kwilko) but when in other threads people are happy to post endless replys about something they don’t undertsand based on opinions they hold that are incorrect and then get agreesive when somebody tries to point out their errors…human nature at its best (worst)
We have a concrete pool with a salt water clorinator and a kreepy krawly…total time /cost per week to maintain is 2/5’s of bugger all.
As for $20k..beware…the cheapest $20k pool I have ever seen ended up costing $30k.
I do know two people who have recently dug up pools at places they have bought mainly because the pool was badly situtaed and got no sunlight = bloody cold all year.
We use ours a fair bit and love it…in fact it was teh reason we bought the house.
Any investment that returns 2% per day is always going to be kosher…i suggest that you get all your money and all or your relaatvies money and quickly get into the program before its too late.
translation…its a pyramid scam…do you really think there are legitimate investmenst that have returns like that???…if so give me a call… I have a harbour Bridge and Opera House for sale cheap as well.[baaa]
Looks like CBA are cutting their commission as well….looks like the newsagent model is getting better everyday.
What is everyones view on what will happen as the baby boomers die? IMHO we will see the greatest transfer of wealth in history over the next 20 years as the BBs die and thier kids inherit the wealth.
I know that there will be many properties (deceased estates) for sale as a result but on the other side people like myself will be out there buying with our ears pinned back fueled by a sudden explosion in our capital base i.e. $500 to a million of cash thanks to dear old mum & dad their frugal thinking.
Don’t underestimate the volume an velocity of this effect.
Now that ANZ has cut the brokerage paid to Mortgage brokers one can only assume the other banks will be having a long hard look at the amount they pay.
As such any business that has a low & fixed cost base that can also do some referrals at the margin will have legs.
Thanks ….maybe that is something that should be clarified for the broader audience in his PDS or Prospectus. I’m also guess that he would need to add something on how the money will be used.
Can you just clarify …..are you looking to “lend to” or “borrow from” these retired people??
regarding Morgate Insurane: The point you need to be careful with is that many banks write sub 80% LVR loans on balance sheet without LMI and then some time later move them across to a Securitisation structure and buy wholsale LMI on a pool of loans.
Net result : even though you are borowing from a lender on what appears to be a non securitised basis there is no guarantee your loan may not end up in a securitsation deal at a later date. Plus the bank does not have to inform you.
Forgot to answer your question:
“Seems clear enough to me, do I also detect an element of gloat and condescenion in dealing with ‘foolish’ private vendors. Well, do I? “Yes I do, the way I see it is that they had the option of using an agent to protect their interests and choose not to…so they are open slather. If I ‘chose’ to do my own dentistry I would only have myself to balme if something went wrong.
I must say my views are biased by the fact that I have never met a smart private vendor….I guess by defintion smart vendors use agents.
Nothing you have said changes my view.
“IMHO, it could easily be argued that you are in fact conducting commercial trading with, and exploiting these private vendors, who are your consumers of the types of deals where you have formed the opinion (it seems) that they are at quite a disadvantage to you… “
I bought two bloody houses off two different morons, I lived in both houses…there is nothing commercial about the transaction.
To suggest that I was exerting undue pressure on somebody by giving them a 24 hour deadline shows that you are a long way off the pace when it comes to property transaction…would you suggest I say to the vendor “here is an offer, hang on to it for 3 or 4 weeks and if you can’t use it to lever out a better price out of somebody else (ie use it to my detriment) then please call back at your leisure and accept my offer…but please no hurry”
How would a normal property auction fit in with your thoughts on pressure and putting people on the spot?
My thoughts and actions are based on everyday reality of life and the deals that we all have to do from a micro to a macro level everday…I really wonder how you function from day to day if these concepts are outside your sphere of understanding.
Pity help you if a buyer turns up on your doorstep..what are you going to say??…. “there is somebody else coming to have a look at it later today” or some other flimsy cliche.
You are with out doubt the most delusional person I have ever encounted on a forum (and you are up against some pretty stiff competion on that front)
FYI…I sleep well at night knowing that I know more than you.
Ausprop is on the money..you may be able to get a result as good or better if you have a talent for marketing, negotiation and selling. Three things that not many people are skilled at …especially all three together.
The places I bought were as per Ausprops description, the vendor did not belive what the agent had told them and/or thought they could do a better job…the properties became stale, so I offered what I thought was fair (given the circumstances) and bingo…..they had the freedom to reject my offer if they really thought they could do better.
