Forum Replies Created
Thanks for the heads up Skippygirl.
Thanks Forklift,
Will go and check it out. [biggrin]
Can you Sal, Sac. payments to a trust?
Hi Guys,
Quick question about trusts etc…
I’m looking into establishing a Hybrid Disc. Trust, possibly with a Corporate Trustee added later, and am curious about deductable expenses, ie travel to IP’s etc. Can the trust claim these if you are a listed trustee?
I’ve focussed too much of my time previously on establihing a company, only to find out that it may not necessarily be the best option for me. Unfortunately I am still green on the whole trust thing, so if anyone can shed a bit of light on this it would be greatly appreciated.
Thanks,
[blush2]
Mark.Hi Investor,
Might want to remember you are still purchasing a property to make money. If the market cools and prices fall, yes you can guarantee your client won’t exercise the option and you’ll be able to bank their fee for it, but will this cover the capital loss in the property purchased that you still owe?
During the downward trends, it may be more benefical to increase the duration of the option – say between10 and 25 years. It should be easier to sell an option on anything with this duration as the chances the prices will increase within this period are a whole heap better than in a 2 year period (for instance).
If the client can see the light at the end of the tunnel, they will be more inclined to stick with the option. This in turn may continue your cashflow from the property for a longer duration than the first instance and produce one of the win-win situations we are all looking for.
Good luck with it all,
Mark.
Hey MKC,
Not too sure about your neck of the woods, but in the NT you cannot get rental insurance on commercial properties…
Something to think about anyway if it is a smaller business occupying the premises.
Good luck with it all,
Mark.
Thanks heaps Richard.
Any recommendations on where I can find out more about trusts etc or books/articles to read?
Hi Solomon,
If I remember rightly, he made enough money from his first deal to avoid having to go to uni and to begin his career..
Mark.
Hi Katie,
You’ve landed here, so you’re doing something right. [exhappy]
I’d recommend to keep reading, researching, saving and always keep an eye out for potential deals.
The Rich Dad series of books by Robert Kyosaki are awesome. Start with Rich Dad, Poor Dad and then move on to Cashflow Quadrant. By the time you’ve finished these you’ll have an even bigger fire in your belly to make this happen.
Remember Money is great, but Knowledge if power!!!!
Keep doing what you’re doing, and I’m sure great things will come your way.
All the best,
Mark.
We’ve all come across our fair share of negative nelly’s in our time, whether it be friends or family, and I think some of the driving emotions behind these reactions are envy, fear, self doubt and disappointment. Notice how only one is actually linked to their feelings for you….. coincidence???
If you are happy with the research you have done, confident you can make this work for everyone involved and the numbers stack up, that’s all that matters!!!!
If your friends or family cannot accept this, simply dont talk to them about it. Eventually they will ask how it is going – naturally to see if you have failed for self validation – only to be served a big dish of humble pie…..
If this happens enough, no doubt they will begin to appreciate he choices you have made along with those that you will make.
You have done more that the majority of Australians by giving it a shot, don’t let negative people ruin this for you.
[strum]
All the best,Mark.
Way to go Peter.
All the best for these and your future ventures.
Mark
Hi Terry,
Depending on the detail you would like, there is a huge range of Software Packages available. A relatively basic package, from stores such as Harvey Norman, should set you back approximately $100. These should give you a rough idea on how the finished product will look from different elevations etc..
From there you can go up, up and away into the thousands and purchase a CAD Based pacakage which Architects and Property Designers use. These can give you an indication of how the finished product will look when completed, furnished and landscaped.
I’ve tried a few of the basic packages, and for me they still leave a lot to the imagination, therefore I am now looking for something new.
If you have a look at the following web site, you should be able to find something suitable to your requirements and budget.
I’d also recommend purchasing Microsoft Project, if you are looking to spread your wings into Project Management or Propert Development at a later date. Some Architects and Propety Designers use this to forecast and oversee their expenses prior to, and during a build.
I hope this helps……
All the Best,
Mark.[strum]
