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Viewing 20 posts - 541 through 560 (of 2,376 total)
  • Profile photo of redwingredwing
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    @redwing
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    HI GR

    There’s a seperate thread running on this at the moment, we’ve taken some guesses. Michael Yardney would be the best person to ask that I know of, other than the promoters of the PIT themselves..

    A consult with them would shed the light

    REDWING

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    Profile photo of redwingredwing
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    @redwing
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    Dazzling try this link to REIWA or maybe try various other sites, Spiderman at Somersoft posted some great links.

    WA

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    Fast Reply-
    You will have to apportion everything come tax time in regards to tenants and yourself.

    How many tenants, how many rooms etc..and ensure you do it all ‘correctly’ IMO.

    If its your PPoR it’s going to be expensive to now put in a trust and maybe not worthwhile, insurance would be though..

    Are you collecting rents etc yourself, do you know the tenants well..all things you need to look at
    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    Saturday Paper published all the results in a great liftout again Calvin.

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    Give DOLI in Midland a call and see if you can get any assistance, I’ve always found them helpful.

    The other properties close by zoned higher density should help your case from what I’ve heard..

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of redwingredwing
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    @redwing
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    Hi Marisa..Did you ever follow this up?

    I’ve been looking at Steve NAVRAS posts a lot and will definetly go to his upcoming Perth Seminar

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    reading the above posts reminds me of a saying “everyones your brother until the rent becomes due”..

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    I think Michael has been “sworn to secrecy” see other posts on the forum..

    ;o)

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    Have a great lo doc with Rams for a HDT, sadly..they no longer offer it..

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    FESA have some great publications out at the moment..

    My IP’s not in danger, unless tenant burns the place down…which brings me to an earlier post of mine regarding most of us being “under Insured”..time to check your policies

    I think AIMI (is that right?) has a good calculator

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    I can only say that I think highly of Michael

    He’s a smart cookie and I like his new car..even if it was only for the day

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of redwingredwing
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    @redwing
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    Your an interesting guy coastymike..

    Dont forget, your Russian friend is cheaper than divorce.

    hey Terry..where are you?

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    I’d disagree with Michael (and I respect him immensely) about it being the best book, as it gives an overveiw but no specifics…

    however, thats just me..

    I liked the book and would say its worth buying..but so are both of Dale’s books and Ed Burtons.

    Michael

    Any chance of getting Ed to comment?

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    What areas Marisa?

    I find that most PM’s soon leave the job or company so a good one never lasts too long.

    Thats where the “Manage Intensly” part of BAM comes in, it’s your IP and ultimately your responsobility..keep on top of em and keep em honest..

    as an aside..has anyone in WA used Joyce???

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    It’s a problem when you get’emotional’ over a property..though most of us do it!

    At the end of the day the property is worth “exactly’ what you are prepared to pay for it..if you cant afford it..fine, walk away; I’d love Kerry Packers house, but I cant afford it…I’m happy to accept that fact.

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of redwingredwing
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    @redwing
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    maybe try.com.au ?
    for gyspsy

    Sorry DrX no IP’s in SA (one day maybe as I often think about it)

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    Was it a discretionary trust that you wanted set up, by your post it doesn’t look like it, the question I have would be who set it up (wrongly) for you and put you in this pickle…your regular accountant?

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    I dont like the fact that you never own the land..

    However, if you’re comfortable with that aspect its possibly worth looking at; are you looking in a high tourist area or somewhere in a city where it is just cheap accomodation?

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
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    Profile photo of redwingredwing
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    @redwing
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    Originally posted by Prakman:

    Hi Ganakars,

    Yes welcome to the frustrating world of WA property investors. With the crazy of boom of late, it is now almost impossible to find properties returning 5% in the metro area.

    If you are looking for 8%+ returns maybe you should perhaps look at Kalgoorlie or Karratha, you can find properties there easily returning 8-9%. The only catch is that someone in your position, even at those retuns will still find the property negatively geared.

    For example:

    Purchase price: $250,000
    Rental Per Week: $400 per week
    Management Fees : 12% inclusive of everything
    Rates: $1600 (shire & water)
    Borrowings : 100% + purchase costs
    Interest Rates: 6.5% fixed for 3 years
    Insurance Landlord & Building : 500
    Depreciation: NOT IN EQUATION

    The numbers would look like this:

    Rents: 200*52 = $20,800
    Interest Repayments: 265,000* 0.065 = 17,225
    Rates & Insurance: 2,100

    Therefore Total Cashflow:

    20,800 x 0.88 = 18,304 – 19,325

    Giving you a Loss of $1,021 provided that your property is tennanted for 52 weeks.

    So for +vely geared property, you must get at least 10% return which are extremely difficult to get!!

    Get when there’s a will, I am sure that there’ll be a way!!

    Good luck!

    Prakman

    How about when you add tax variation and its tax benefits as well as depreciation into that mix prakman?

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Profile photo of redwingredwing
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    @redwing
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    Originally posted by Ron Burgundy:

    i saw my acountant last week about helping me set up a trust to start buying proprty in. He tried to talk me out of it. basiclly saying that all the insurances we pay would cover accidents etc etc
    He must’ve been thinking asset protection only…there are other benefits
    I always hear the more experienced investors say they consider them a must, so i figure its good enough for me too. when i told him this
    He suggested a hybrid trust for its flexibility and quoted me about $2k
    Hybrid Trust..ask him to explain its structure
    1. is this a suitable structure for a young investor starting out?
    A hybrid Trust?
    2. is the price reasonable?
    If its what I’m thinking , with a pty ltd overhead as cata suggested then yes, if your accountant isn’t regularly doing them or doesnt undersatnd them then please donmt use him IMHO

    3. if not, can anyone recommend an accountant or solicitor in Sydney that would advise me better and charge me fairly.
    Search the forums, find someone that “clicks” with you and you get along with..
    4. Is it true that you are inellible for land tax exemptions when you own prop. through a trust.
    Dunno..ask cata, coasty mike or Dale Gatherum Goss
    5. do you pay a lot of yearly fees or just a set up fee?
    See Catas response above

    Not an expert as with the above just my opinions

    thanks for help
    Ron

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

Viewing 20 posts - 541 through 560 (of 2,376 total)