Forum Replies Created
Mate that post is outstanding, thanks for taking the time to share your insights, all the best…
Hi Antonio,
By moving your family home out of your name and into a trust, you are effectively selling it to the trust, you would have to pay stamp duty again making it quite expensive, its not reccomended.
Can I suggest getting Wealth Guardian from this site. I found it a tad expensive, however if your like me Education is priceless and I really did learn alot. Personally I knew nothing about stucturing or trusts beforehand. Now I have an understanding of how I want to structure my investments to ensure asset protection and tax saving And the pro’s and cons of different set ups.
Although I am still relying on a good accountant to help me finalize these details.
Fyi I intend to utilise a discretionary trust. Will reply in there near future after I have finalized.I think Dazzling was alluding to the fact you cant accuratly comment on the nsw market like that as a whole.Or any market for that matter. For it to be accurate it would have to specify which area of the Nsw market was overvalued 36%. Inner city units, brown houses, orange houses etc…Incidently i noticed in last weekends papers (cant remember exact details) that several of the richer suburbs where still perfoming quite well. With auctions selling well over reserve… Will see if I can find…
cheers Thomas
Interesting post this, always wondered if there was any point to a pre nup… I certainly dont want the other half walking away with all my money. But like others theres noway we will break up… Or will we???? People being people theres no guarantee that the other half wont find something better or harbour resentment untill it blows up in my face. Were in a solid commited relaionship and have eyes for no other, however I believe in this day and age statistically things dont look so good. So many broken relationships and Most splits are on bad terms which means the other halves usually go for everything they can get. It would be stupid not to try to protect yourself.
But for me there is noway id go after a prenup. IT undermines the TRUST…I live in Nsw but worked interstate for 2 months in Ormeau earlier this year. Ormeau is roughly half way between GC and Brizzy and while working there I noted several interesting facts.
1.First thing is the peak hour traffic into Brisbane is real bad. Four lanes means nice flowing freeways. However it all comes to a grinding holt more then 10k out of Brisbane. Ive seen it first hand. Not to mention I work for a transport company that runs any AM deliveries into Brizzy 2 hours earlier to avoid this headache.The whole corridor relies on this one access route. I would only expect it to get worse as population grows.
2.The industrial estate where my company operates from (lahrs rd), they were one of the first there. There are construction sites everywhere at various stages. With an even larger number sites up and operational. Talking to locals appears that this area will be a mecca for industrial sites Due its position in the corridor.
Also noticed that Carlton United Breweries was 1 min across the road. It was huge.
3.Appeared to be considerable number of industrail areas along the road from Brizzy airport to Ormeau. Every town was flanked by business’s. With plenty of infrastucture.
4. In terms of national transport and our Business, the corridor is well placed, it sits halfway between Cairns and Sydney. ( Theres alot of produce transport work in the top end)
5. Ill finish by again pointing out that the corridor is serviced by 1 road. I would rate its traffic snarls similar to Sydney at peak, However the corridor is massive! With potential for heaps more growth. God knows what the traffic will be like in 5 years. Definitely not this place to live if you work in Brizzy…
ThommoMay sound stupid but have you tried offering them an incentive, is there a cash figure you are willing to pay them to leave and still make the numbers stack up. Perhaps tell them im either going to use this money to get a solicitor to remove you or you can take the money and run either way i will have you out of there… Personally I like the ARNIE solution run through there guns blazin'[axe][arrowhead][bomb][dead2][dead][xx(]
Im sure ive made the right decision. My long term goals are financial freedom, this will not be gained by pursuing the career path im on. Im already on 80k.And i only work a flat 40 hrs. But a higher position requires 60 to 80 hour per week. Longer hours are not what im looking for.
To do both would be pointless at this stage as uni would make me time poor and would restrict cash reserves.
Good point though bruham, uni vs steves program?Commonsense would suggest Uni, but it will not get me where i want to be…. So 12 more months wont hurt.I gotta admit the program is pricey and the signing up scenario was a deadset shocker and completely unfair not to mention the opportunities in the market dont seem that great. But at the end of the day if participating in the mentoring program saves me from 1 bad deal. Then it has paid for it self. More so I have the option to go to uni part time. It would be an expensive & hard slog for 4 years before i realised a gain and could use it in my chosen career. Basically I see the mentoring program as another educational opportunity that will realise returns from day one. Irrespective of wether i go to uni or not I will still be investing in some shape or form. So I will defer the option of uni and pour my efforts into Property Investment and my education of it. Potenitially i wont even have to go to uni….
Purely as a suggestion, The market is reasonably flat, and your only talking about a 2 year period.
Why not just slap the whole lot in the bank. If your earning that type of an income be serious and save part of it. 400$ aweek has to be easily achievable on that type of a wage if not more. (correct me if im wrong) You would be receiving around 1300 to 1400 aweek in the hand.
If bricks and morter is your thing Build yourself a solid knowledge base over the next 2 years & take get the best interest rate you can.
Take advantage of the low risk returns (at least 5.4%) & Come back with bigger buying potential.
Now ill probably get shot down for all this. But the way i see it your gunna need your assets readily available. Because your on a HOLIDAY!!! Thats what back packing is!!!!!!!!Diggo, are you those figures correct, or is it 2000$ monthly from your job and 400$ from investments.
If they are truly correct sounds to me like you may not need to concern yourself with property at the moment. Perhaps you should concentrate on your current returns and increasing them.
Why the interest in property? are your current investments high risk?
Looking at the figures you probably only work 1 to 2 days a week. and gross 28800 annually, thats brilliant for 16.Thomas
Nice one asdf! u too Munjy!
Yes definitely i want best bang for my buck!
The reason i started this topic was to test it. I want people to comment on the idea and pull it apart based on there experience.
Funnily enough A year ago after reading Steves first book I swore i would never buy a house to live in as i believed i could save and build an investment property portfolio that would easily out perform in the long run.
Seems most replies have come from renters, and im one too, however todays market is a different ball game and instead of following the crowd im throwing out a different ideal. Theres an opportunity to make money here for all first home buyers. Up till now ive been saving and now its time to act!
So i have taken a look at todays market from my situation to try and plan my entry. The market is stagnating and is likely not to move forward for a while yet. So like everyone else i need to buy IP that is under market value that I can improve to acheive a profit, And while everyone else is doing it and being taxed, potentially I can do my first 2 tax free!!! No stamp duty no capital gains tax!!! And not pay much more then my rent!!!Again dont hold back hit me with everything you got!!!!
Perhaps i need to be more clearer on my issues I dont have a problem with renting, but as a potential first home buyer in TODAYS MARKET, It makes alot of sense to take advantage of the first home buyers grant with no stamp duty. And because i intend to live in it there is no capital gains tax to pay. So by taking the money I have now I can increase that figure over night by increasing my equity.(Correct me if im wrong) I intend to hold for 12 to 24 months. The result of this is.
1) I can still invest in other properties
2) My rent money is now going into my property not someone elses and it is tax free.
3) On sale of the house I can always go back to renting
4) Provided i have bought intelligently I can realize a tax free profit in 12 months
5) My girlfriend is a first home buyer too so potentially I could do it againPlease feel free to comment
Thanx for the input so far guys much appreciatedP.S Megan the reason i asked the 250k to 500k question was very simple. Because I plan to take advantage of the one off free stamp duty in my name obviously there is more stamp duty saved at 500k then at 250k. Your comments made a hell of a lot of sense!
Steve,
As mentioned previously by “Investor in Training” there are some critical considerations required as to whether to take advantage of the first home buyers grant with no stamp duty plus the fact the market has slumped vs renting.
Being a first time investor I personally have reached the conclusion that now is the time for me to buy. Instead of rent. Prospectively i can take the money I have now, buy in to a property below market value to live in, (ensuring i buy intelligently and well under my borrowing potential). I will still be able to invest. With the added bonus of increasing my equity from day one(RULE NO 1:the deal must make money from day one) and not loosing rent money and its all tax free.
I would definitily be interested to hear your views on this in the news letter. As times have changed and i believe it to be a fundamental starting point affecting a large number of first time investors.