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September 26, 2003 - 6:48 am

Greyman

Firstly congratulations on your 1st post.
I keep telling you guys head north to the Sunshine State the home of sun, sea and positive cashflow properties. Feel free to email me with what you are looking for and I will try and point you in the right direction

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 26, 2003 - 3:10 am

Jay

Option 2 sounds like the way to go with the 2 children as secondary beneficiaries.

Double check with our Accountant as i am unsure whether you are both employed or self employed or what other write off’s you may have.

Good luck and happy investing.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 26, 2003 - 3:02 am

Urgeman

Hang on before you rush out and buy that first IP.
You don’t mention which area you are in but say it was regional Australia. In Regional Qld you are spending <100K for your first house so the $7K FHOG represents 7% of your purchase price. In addition the exemption or reduced stamp duties could account for another $3K making a saving of 10% of the property value.

Why not get into your own place pay it off as quick as you can yet at the same time purchase +cash flow properties and use the surplus cash to reduce your own non tax deductible home loan.

The FHOG is unlikely to last for ever so at least its a step up the ladder to your own dream home.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 26, 2003 - 2:47 am

Jay

You don’t mention whether you have children so we will assume they are a possibility.

You have 2 main choices:

1) To purchase the properties as Tenants In Common with 99% share in favour your partner and 1% to yourself. This gives you both necessary asset protection as well as tax effective distribution of income.

2) You consider a Trust structure. Depending on your circumstances (Whether you need the money at the end of each Tax Year) you and your partner maybe the Individual Trustees (A Company Trustee is an alternative) and the beneficiaries will the 2 of you as well any children or relatives.

Whilst we can all give you general advice on this forum we are not fully aware of all the facts and circumstances of your individual situation. Like anything check with your own Accountant before proceeding.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 25, 2003 - 10:10 pm

Frank

+ Cash Flow definately not a thing of the past.
MiniMoguls comments about 10% of properties having a positive cash flow doesn’t suprise me. Thats only 1 in 10. From the deals we look at it would certainly be more than that.
Be positive do you research and if necessary engage an expert to give you a kick start.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 25, 2003 - 8:47 am

Rx

You merely need to telephone the relevant local authority. Rates are calculated on the UCV and will vary dependant on the value of the land and the services provided in the Shire. Which area in Qld?

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 25, 2003 - 4:20 am

How’s this just gone to Contract on 7 vacant blocks of land inline in regional qld town for $11K each. Have 4 relocatable homes to go straight on them at $30K and $8K on reno per house. Total – $49K. Estimated rent – $155/week.

We have called this one the 7 sec rule because if it takes you any longer to think about it you shouldn’t be in the business.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 25, 2003 - 4:14 am

Hi rx2

One of the Companies I am a Director of does nothing else but buy, renovate, strata title and then sell off or keep units. Depending on what State you are in and what you are trying to achieve they may be a few differences.

Happy to try and assist if you want to email me.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 24, 2003 - 8:41 am

I agree with Rod forget the capital cities especially Brisbane.

2 deals we purchased last week were $45,000 renting at $125 / week and $67,000 renting at $165 / week. Needless to say both in regional Qld and in both cases we are holding a registered valuation well in excess of purchase price. We will rent out and wrap at a later stage to maximise return.

Keep looking there are plenty of deals out there if you look outside the square.

Cheers Richard
richardatfhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 22, 2003 - 4:00 am

Guys

I am assuming we are not talking about wrapping merely buy IP’s. Certainly from a Qld perspective there is no Land Tax payable when you wrap.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 20, 2003 - 1:25 am

Slow boy

We are based in Milton and have been in the industry for over 20 years. If you would care to contact me off the forum please email me and i would be happy to see if we could assist.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 19, 2003 - 6:13 am

Leonid

I agree with Westan be a devil and treat yourself to a trip to Qld. We don’t bite and the weather is bloody marvelous

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 19, 2003 - 5:13 am

caddy

Is the Land Tax bill in respect of a property you have wrapped? Or is it merely an IP. If so what entity are you holding it in. If you care to email me I can provide you with further details.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 15, 2003 - 6:44 am

Hi luckyone

Wise Investments is based in Spring Hill, Brisbane and the principal Lionel Morris was the #2 behind Kevin Young in the Investors Club. If you want anymore infrmation please email me.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 15, 2003 - 4:42 am

Suby

Why not try Steve @ Cabreras on the North side. He has personally been involved in many wraps himself.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 12, 2003 - 4:56 am

Cellebelle

Hi you can try Steve at Cabreras 3888 6399. He will come to you and has done many wraps personally.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 12, 2003 - 3:56 am

???????

I agree with slatzagain. We have been involved in over 120 wraps in Qld and wouldn’t purchase in Crestmead. For half the price you can get capital growth and positive cashflow.

Email me if want more information

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 12, 2003 - 3:45 am

Alfred

Might want to try Steve at Cabreras in Burpengary.
He is excellent for setting up new structures and has been personlly involved in many wraps himself.
Just make sure that whatever entity you set up you can obtain finance in that entity. Email me if you need help.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 12, 2003 - 3:42 am

Hi Ventura

You don’t mention which State you are but would be happy to have a look at the deal if you want to email me more information

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender

September 12, 2003 - 3:40 am

Hi Aore

I agree with Melanie’s comments about seminars in general. Based in Milton we have wrapped over 120 properties in Queensland ourselves and roughly the same again for our Investors. Save the money and use it towards your next property. Same as Melanie happy to give you a overview of Lodoc loans if you need it.

Cheers Richard
richard@fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender