Forum Replies Created
How formal…
I was hoping for a BBQ where we knaw into chops and skull beer and talk a whole lot of BS before leaving for home happy as Larry with a few roadies in hand.
Now that my dreams have been shattered, I’m guessing that it’ll be the same scenario minus the inclusions.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Sunday the 11th of September 2005 is just around the corner.
I take it we are meeting at the Gladesville office courtesy of Roy and GPS.
What time? And what food/drinks do we still need?
Cheers,
Jacob.P.S. Don’t make it too early as I am on public transport.
‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Thanks for feedback. Margins are too tight – means that in this case, we can’t make enough money on a reno/sell, but we do think the property would be good to buy/hold, however our current $ position won’t support a CF neg property, so we are seeking any creative solutions on how to still take advantage of a good property??
I have someone in Mt Isa that is a keen property investor. Are you looking to purchase? If so, why do people look for Wraps when they can go find a property themselves… especially if they know where they want to buy.
I think I have misunderstood your question or the Wrapping concept altogether.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Yeah all over it, if all goes to plan I’ll be there.
Just make sure you bring them Tim Tams.Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
‘The Young Investors Movement’ – At a pub near you!
You’ve been pushin for a live PI club in a few posts Dutchess. Sensational idea and hope you get one rolling down south. From Sydney myself but if you ever hold a meeting down at Philip Island, i’ll be there!
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Answer:
Well I have either lost everything or have never had anything so I can only answer that I would use my strategy that I’m now inventing. My short term goal is to have a small commercial property under my belt by mid October and then have an investment/PPOR under my belt by mid February (something that I could rennovate whilst occupying – nothing too major though). Then take it from there and work on bigger deals and the right strategy for each individual case.
Question:
Sea Change or Tree Change?
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Your best bet would be to be in touch with OSR and find out from them exactly what the course of action should be. Usually it is sorted with the lender when purchasing, so you might like to try them first as they should also know.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Yeah you should be eligible for the first home owners grant, pay no transfer duty, and pay no mortgage duty.
Anyway I’m sure it will all work out in your favour, after all you have purchased and have tenants moving in, what more could you ask for aye?
Good luck and all the best!
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Hey Simon,
I think I might of been getting a little carried away. But be good if that was the case though, hehehe.
So they are actually privately funding my investment, but not making money on it. I’m just using their stale equity as a mule to jump start my investing process.
Be in touch shortly to see what sort of rates you might be able to organise.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Sensational!
‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Have nothing to say on Hans Jackobi and his secrets to real estate course, re: Positive cashflow…
But the way I see it, anything can be made positive cashflow with the amount of money you inject into the purchase. The more money invested (your own), then the less borrowed and thus smaller loan repayments. Therefore you can manipulate your investment how you like, positive or negative. But then there are other factors to consider such as COCR and deductions and other variables, so it’s best to weigh up all options to determine the appropriate investment decision for each individal case.
As to Hans Jackobi, looks like he isn’t broke and making money on a few levels, so he might know something I don’t. And I’m sure someone on the forum will have experience with Hans Jackobi, and thus might have better suited input.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
I don’t really know what just happened there but if you have read the above, I guess the QLD Office of State Revenue would be a better site to check for concessions relating to your property: http://www.osr.qld.gov.au/
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Hey Rach,
That’s awesome, and yes daft it would be indeed.
Congrats on your purchase and hope it works out for the best.
Are you in QLD since you bought in QLD or just worked out that way?I should be buying in Sydney, NSW and should be ready to enter the market for a residential property end of 2005 or start of 2006 (that is my short term stance on things).
Don’t forget about the First Home Owner Plus Scheme that provides exemptions on transfer duty and mortgage duty on homes valued up to $500,000. Check the following as it is a down the line fact sheet outlining everything:
http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/fhb_factsheet.pdf
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
FFComm,
Please don’t respond with a ridiculous comment like that as I have already outlined I am not eligible for a personal loan, not with a financial institution anyway.
Through discussion with Simon, it is clear to me that a valid option would be for someone with equity to take out a LOC of $40,000. Then organise a solicitor to draw up a loan agreement between myself and the other party outlining that I am paying interest to them (this way it becomes deductible for me and they should also be able to deduct their interest paid initially). Now I have the finance to purchase my investment and have the limited deductions I predicted, the party involved in helping me with finance get a deduction aswell and thus a nice little bonus for helping me out.
Now that this is the case I guess I should seek the services of a solicitor in the know how that would be able to work through this deal and organise not only the loan agreement but also the contracts in relation to the investment. Any solicitors in Sydney willing to put their hand up?
And I take it my accountant should know what to do with such an arrangement in regards to tax/investments/deductions and all that jazz. That is something that I will follow up once I have some word on finance.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Hey Rach,
That is my understanding of the FHOG. You have a year to move into your new place of residence and then must live there for atleast 6 months to keep your FHOG. It is exactly what I am going to do, it would be stupid to let the FHOG pass us by so use it while you can and exploit it to your benifit because it’s all legal.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
Hey Simon,
I have sent a private message. I was going to post my response on the forum for open discussion as many heads make light work. Could you please post my list of concerns and reply or just send me the email back so I may post it (either or)? I guess it not only opens up finance issues but a few legal/accounting issues that may be a bit more complex than just obtaining finance for an investment.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
I think if we run out of room or breath or need to wash them Tim Tams down…
I hear they serve cold beverages at the Bayview, a stone’s throw away I believe.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
It seems to me that turning 21 is a huge thing for most kids and so I put it to ya…
They should be out or just about to leave when they turn 22, otherwise they might aswell be turning 17 again.
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
No way I will be accepted for a personal loan or a credit card with that sort of limit, as I do not earn enough money.
So if I find someone willing to put up security for my loan such as equity in their home, it would be possible to get a 100+% loan for my deal?
Simon, people have only spoken highly of you in regards to brokerage matters, are you the good commercial broker I should speak to or have you got someone else in mind?
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
