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February 12, 2003 - 5:37 am
That’s an excellant suggestion AD. I happen to have a bf who owns an electrical store so I can get some electrical stuff for cheap. (If anyone else wants some cheap electrical stuff, email me []. And it will be tax deductable (no?) I will try that.
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February 12, 2003 - 5:34 am
In response to Jane B, the units are in quite good condition, as they are sort of newly renovated. I asked the agent if any other maintenance is required to attract tenants, like lower rent for more fix-ups, and they said no. I guess I will put out the offer of one free weeks rent and then see what happens. Otherwise, I think that you are right, I need a new agent!
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February 12, 2003 - 2:24 am
I had a similar experiance where I went around searching for some cheapish 11sec properties out of town. I was unsure of purchasing any properties as there were many on the market (most +ve geared) and most have been on the market for a significant amount of time (up to 2 years). Well, I closed my eyes, held my breath and took a plunge, purchasing the cheapest of the lots that were avaliable. This was about 3 months ago.
Within 3 weeks of purchasing it, all the other lots were sold and being snapped up for full asking price and more (I bought mine for a bargain) and the market in that area suddenly took off!
I was scared cause I was not fighting with everyone else to purchase the property. Everyone looks that the boomed towns and wish they were there a month or so before it boomed, however, if they were there like I was, they are afraid cause no-one else is buying in that town and they don’t know if it is a good town or not…
Anyways, that is my experiance and I just hope that it will give you the courage to do what you want to do. []
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February 11, 2003 - 7:05 am
quote:
I have formed an investment company, this is allowed to gear, each property has its own trust.
Hi Regina,
I have a few questions regarding this as I am planning on starting my own investment company ASAP.
1. Has your lender that you use to buy properties with your company, mentioned to you at what point of gearing they will max out your lending capacity?
2. Does this depend on the amount of positive cashflow generated, LVR etc?
3. With each property having its own trust, do you mean that each property is bought by ABC Company for XYZ trust, ABC Company for GHI Trust, etc.?
4. What are the benefits of having each property in it’s own trust as opposed to all properties in the one trust?
I hope all this is clear to understand []
Cheers,
Matt.
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February 8, 2003 - 3:22 pm
Hey there again Alex,
All i can say is; “If you get in debt make sure it is small if it big then make sure u get someone else to pay for it”
Robert Kiyosaki
There are people out there that have millions in liabilities but they don’t pay for it!!
If u only take in half the information on this website u will do alright!!
Cheers
“Everyone wants to go to heaven but only a few are willing to die”
8>)
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February 8, 2003 - 3:05 pm
hey there,
Thyde is very right!!
It sounds like u are acting on opinion rather than fact. Depending on your payments, renting sounds like an option but it would be difficult to implement any other strategies.
If the unit is worth 420K then u will more likely break even and without a property. There are just as many costs selling as there is buying property.
One thing i can suggest is that u can borrow against the capital gains by getting the unit revalued. From there u can at least have ahead start on your next, thought thru, investment.
U have to really ask yourself how emotionally attached r u to this unit?
Y did u buy it in the first place?
I am slightly confused!!
Happy hunting!!
“Everyone one wants to go to heaven but nobody wants to die”
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February 8, 2003 - 8:17 am
Hi Go Girl,
I take it from the question you are looking for someone to do a wrap, you being the money partner, as a way of learning about wraps?
I think an important thing to do is to have a full understanding of the risks as well as the rewards before you enter into a JV and ask questions on anything you are not sure about.
Once you build an understanding of the process as well as a good relationship with others who can help you, the skies the limit []
Hope this has helped,
Matt.
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February 8, 2003 - 8:00 am
Hi All,
This one is for Steve.
You made the comment that CGT is non applicable if you trade up your investment property and you are taxed as if it were income. If the properties were held in a trust with a company as trustee, would the income be taxed at the company rate of 30%?
Cheers,
Matt.
P.S. Love the information available on this forum.
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February 7, 2003 - 3:30 pm
hey there,
There are two things that u should be aware of. Wraps are to generate +ve cashflow by profiting or claiming the difference in the repayments. As you said b4 that there is a ending date, well your right. But the aim is to get back wot u invested as quickly as possible (ROI). In normal circumstances it takes less than two years to do so.
It is not for capital growth, it is used to generate cashflow without the normal drama of owning the property, such as, tenants.
The Second thing is that u still own it until the last payment is made. I tell u wot tho, on average, people refinance there homes every 8 years so the income can go on and on and on!!!
It is wot u call a cash cow!!!
Therefore, u look else where if u want capital gains!!
I hope i have helped u out and not confused u!!
Cya and happy hunting!!
“Everyone wants to go to heaven but nobody wants to die”
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February 7, 2003 - 12:56 pm
Hi Ally,
It may appear that your accountant’s thinking is not in line with your own. Your plan is designed by you and for you to achieve your own goals. Just be mindful if he starts explaining the ‘benefits’ of negative gearing
Cheers,
Matt.
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February 7, 2003 - 12:46 pm
quote:
We pay the bank 6.01%, and the investor 10% with a 2nd mortgage. We charge our purchasers 9.01%.
Hi Lance,
I don’t follow what you mean by you pay the investor 10% with a second mortgage. Is this their return or is this a separate payment?
Cheers,
Matt.
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February 7, 2003 - 2:19 am
Thanks Michael
In answer to your q’s:
1). I do have a plan
2). I do have a strategy (and no this is not the only vehicle that i am using).
3). I have an exit strategy.
I have just found that the educational tools offered dont cover the issues that i am trying to get through.
Thanks anyway
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February 7, 2003 - 1:43 am
Hi all,
On by half of all the keen investors that contribute to this website, i would like to take this opportunity to say a BIG THANK YOU to Steve and everyone that makes it happen!!!
Cheers
Alex
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February 7, 2003 - 1:22 am
Birdman and Hilary,
Thanx for your feedback birdman!!
Hilary u have brought up a very interesting point. If u were to find struggling home owners u might be able to buy the property cheap and if they don’t want to move u can make an agreement for them to rent (cheaper than their mortgage)or even provide vendor financing (wrap) for them.
In other words, u could become there saviour and, in any case, they will stay there if they want to! And remember good tenants are hard to find these days!!
Does anyone know if this is possible?
Thanx for your feedback
“The great opportunities in life are seen with the mind, not the eyes”
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February 7, 2003 - 1:03 am
Hey there,
i thought as much but i thought i would ask. Thanx for your feedback and help, much appreciated!!
One question tho, Wot tax act does wrapping come under? Is it income tax? Can u minimise the tax expenses buy sheltering it through trusts or/companies companies when using wraps?
Thanx again
Keep hunting!!
“Be proactive rather than reactive when making financial decisions”
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February 6, 2003 - 12:31 pm
hey sushi,
Its fine to ask questions, that way we both learn!! i know u can in some situations but i would ask your accountant or solicitor b4 buying all your material on the assumption u can.
I would be keen to c how u go!!
Cheers
Alex
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February 6, 2003 - 11:23 am
hey birdman,
Do u know if anyone and their dog can go to these auctions, or do u need a permit?
And if the property doesn’t sell?
Thanx again,
“Everyone wants to go to heaven but nobody wants to die”
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February 6, 2003 - 10:46 am
Thanx Steve,
I am currently doing a lot of research to get my tool kit as well equipped as possible for the times i need it.
However, should i be focusing more on equity rather than cashflow when starting out?
I have a complicated question that might seem silly but i am unsure. Can you use a flip strategy and then finance the new buyer by wrapping or do u have to officially own the property first?
thanx for your feedback once again!!!
“Do what your hart thinks as u will be criticised either way”
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February 6, 2003 - 10:28 am
hey there,
i would also like to thank AD for helping me answer some of my questions and being so welcoming!
I feel the more i help other people the more i am helped in return.
I am just waiting for the time i can help other people as AD has done for many of us!!
thanx AD and everyone that takes their time to help one another!!
“Giving is like a mirror the more u give the more it reflects back on you”
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February 6, 2003 - 4:10 am
Dear Mike
RE: MIKE: I have to say that I’m surprised at the number of you who keep your home town secret.WHAT’S THE PROBLEM GUY’S?You can’t buy all the houses in the town.
I buy in Mt Isa Qld. There is good rental return here. However I don’t believe that there is great capitol growth ( I am not expert on this it is my limited observations) . It fluctuates with the activities of the mining region.
House Purchased 85,000. legals etc end price 87,000 Renovations 10,000.00 = end expenses approx $100,600. Rental Return was getting $250 P/w Now getting $220 p/w, I could more then likely get more rent then this now but have super excellent tennants in for some years now and the gardening etc that they do I feel compensates and increase at this stage. I am not sure if this is a good investment or not but it is positive after all yearly costs and the new valuation gave me the deposit for the next one etc.
I would be interested to hear more figures from others to better understand the big picture.
I would be interested to see if I could do a wrap on it but I will need to understand this more in the future.
As opposed to a Unit in Hamilton Bris > its performance is poor
Cheers Isagold