Forum Replies Created
Don’t know if the rules have changed since I set up my SMSF but stipulations were that the fund could neither loan nor borrow money period. On the other hand, the fund could participate in a JV and therefore inject funds into an aquisition. This would necessitate the fund becoming a “shareholder” in the project, proportionate to the percentage of purchase price/development costs injected. Professional advice required however. Good Luck.
S2ss, you need to consult a professional to rearrange your debt. Given you have equity, paying out your credit card with a much lower interest loan is a priority. Do it now! Good luck, Geoff.
Thank you Derek, should save lot’s of time reviewing posts. Geoff.
Speaking of a venue. We are to marry next January on a beach, somewhere between NSW central coast & Forster. We need a beach house for a week but are not willing to pay the $3k – $10k that appears to be the going rate. Anyone have or know of a beach house (or one minute stroll from beach) that has great entertaining area and around the $1k mark? Thanks, Geoff.
G’day Cruiser. I have set up my own super fund through my accountant. Yours should be able to do the same. If you would like the details of my accountant, email me.
Geoff.
Sooty & Ness – details are that HGWELLS asked for interested parties to attend a get together to meet & greet at Blackbutt Hotel 80 Orchardtown Road New Lambton tonight at 6.30pm. All welcome, see you if you can make it. Geoff.
I’ll bring my other half also, if she’s not on arvo shift. We are both on the case anyway. Look forward to meeting you guys. Geoff.
I can make it HG. If enough can – suggest we book a table in the restaurant for however many, in the name of HG Wells of course. Geoff.
Sorry Simon, you beat me by 7 secs. I live in Cardiff & would be only to happy to travel to New Lambton. Monday/Tuesday nights are best for me. Geoff.
Yep, I’ll be in it guys & gals. Any thoughtson where & when?
Thanks again Nats, the property is on the NSW Central Coast (Woy Woy peninsula) and would get the returns without effort. This end is not the problem, how do we get her in is the question.
Thanks Nat for your reply. The strategy would be to develop & hold as inheritance for children. Your development figures scare me. I had envisaged 3 x 2br units @ maybe $75k – $80k each tops! As you say, the $$ are the question, hence my post.
Tas, you have solved your own problem, demand is outweighing supply. Why would you not consider selling the property yourself? If you don’t live near the property, perhaps your property manager could conduct a couple of inspections for you (a carton perhaps?) In USA @ Britain figures suggest that up to one third of properties are sold by the owner. Can’t imagine why. Think about it and good luck. Geoff.
Hi Sunnigirl, I’ve read with interest the posts from our learned friends on this topic. To be frank, I expected more from the forum than most have stated. You were right to a) attend the info night & b) question it’s validity on this forum. Not one of the respondents has purchased this product known as the Wealth Building System & they will tell you for good reason. What I find offensive is that they blast it to hell without knowing it’s content. I believe the advice you have been given here is, in essence correct – research, research, research as cheaply as you can. What I suggest you do, is research parent company, Nouveau Riche and ascertain their validity & history. If you are comfortable with Networking, I believe you will not find a better product to run with. If you are not, I found out how to put $6000 cash in my pocket in the first 5 mins of the product. Guess I get some CD’s, books and crummy old software thrown in. Oh well, can’t beat bad luck. Like you, I’m a beginner and find this sight fantastic. Good luck and keep asking questions – cheers, Geoff.
“How I bought a +ve cash flow property every 8 days – in my first 3yrs” – the real figure is 8.4 days Steve, if you haven’t done the calculation.
Thank you Anna, I hope my valuer asks me the same question. I guess the formula, if any, stays with the individual appraising the property. Thanks again, Geoff.
Thank you once again Nathan – I’ll just roll the sleeves up and see what happens.
Cheers, Geoff.Thank you Nathan, I guess by the lack of response this is not an exact science but one based on feel. The obvious reno’s will do the trick but I was more interested in a formula of how much you value add by completing any one of the reno’s. i.e. remodel kitchen $10k on house purchased for 250k in x suburb (appreciating @ 10% last 3yrs) = $y capital gain. Thanks again for post. Geoff
Hello Ad, thanks for the invitation – I too am like Rissa and finding my way through the first steps. I have purchased some information that (for copyright reasons) am unable to post. I am obviously in a position to refer however. I trust this is neither unethical nor offensive. Must say I enjoy the dialogue and will continue to learn through this forum. Thanks again. Geoff.
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Hey Pynecone,
why don’t you throw some of the options up here on the site so we could all look at what you suggest. Have you got any real deals that you have done that could encourage us all ?
Look forward to your reply …Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David Brink
