Hi Christopher, there are a heap of us that deal with wither the set up of or administration of SMSFs or Finance on this forum. There is a wealth of info on the internet on SMSFs including benefits and risks. Put simple, SMSFs are flying and one of the growth sectors of finance, for good reason including lower tax rates, compulsory super and choice and flexibility. In answering your question, it depends on your strategy.

Cheers, Ivan

WaitNoMore wrote:

What about the new East Werribee Project. Near by property’s should benefit.
Definitely not Melton.. Boaganville with heaps of land and new House land packages from 249k…??!!

There is always a special scent in the air in Werribee, has this changed?

Cheers, Ivan

This may sound a little strange however, my mentor was and is my father. Those who know me may be aware that I have a european heritage, which means I like bricks and mortar (literally! I love building too and my old man was a bricklayer by trade).

I started my investment journey at 18 – almost forced but saved an amount by working my butt off from the age of 14 and hiding that cash away. Saved up for a deposit and with a sibling bought a 800 sqm property in Melbournes east. Purchase price was $160k and some years later its now worth $1 million in land however we subdivided and I still own a town house as an IP.

Although I was young, we would buy, hold and develop, with a building background in the family, there was no failure just success. We would turn a property in 18 months and make a signifcant profit. I can’t say at 18 or even 22 that I knew what +ve cash flow meant but I definately knew that borrowing to invest has its benefits and it worked for me. Continually I pushed myself in terms of IP and even a beach house know that in each scenario I would achieve capital growth and if rented a significant yield. Obviously with increased value the yield is lower.

During this time, I never once went to a website or a seminar, I had successful investors around me, they are my mentors and now I have the pleasure of sharing those experiences with my clients many of which are starting their journey. No No, I am just an SMSF guy, but I can share the fundamental principles to assist my clients in wealth creation whether they are 25, 35 or 65 it does not matter, they just need someone to assist them on their property journey. See thats the best part of my job is working with people and partnering with clients to achieve success. I chose property however, I have been in investment management for over 15 years and know investments back to front as well, but love my property portfolio over shares.

Bit of a rant but a different view from someone who had different mentors but I am sure there are many of you with a similar story of ‘family’ and ‘friends’ as mentors.

Hope that helps

Cheers, Ivan

Jamie Moore wrote:

<div class=”d4p-bbt-quote-title”>Mark Coburn wrote:</div>
IMPORTANT: Always look at where your advice is coming from and who is paying that advisor, if it’s not you paying them then they are not working for you.

Not sure if I agree with that and I’m not being argumentative :-)

For instance, I get paid by the bank when arranging a clients loan but I don’t give a stuff about the bank – only the client. The clients are the ones that I’m serving – and their ultimately the one that’s going to spread the word about my business.

Cheers

Jamie

Great to hear that Jamie.

Dealt with a clueless broker on a SMSF deal recently. He had no idea on SMSF deals (quite a few brokers are in that boat), and took the banks side rather than the clients best interest in the review of the mortgage docs (personal guarantees) and bare trust, which the NAB proposed changes to benefit the bank and would have resulted in a non -compliant fund.

I was so disappointed with that, he was more concerned about the r’ship with NAB…..Glad I will always protect clients best interests even if I lose a referrer.

Cheers, Ivan

Engelo – good stuff mate, keep on being aggressive with the marketing and communication, stay aussie and try to take the above from whoever he is constructively.

My only constructive feedback is button up the shirt bro!

Whether Toledo is right or not, i’m not right to comment.

Cheers, Ivan

Property plus wrote:

Hey everyone,

Quick question, I am looking to do a renovation on a 2 bed unit that I bought 12 months ago. I would like the kitchen and bathroom to be updated, however the property is 8 hours drive away.

How do you guys organise a renovation when you can’t be there at the time?

Cheers.

Hi there, we do all reno’s ourselves, but if that was me – I would go up there for a weekend and organise 3 builder quotes (small builder in the area). Alternatively, get 3 kitchen blokes and plumbers to give you a quote. Assume you will have no planning issues as its internal.

Cheers, Ivan

Hi Gumtree, it is possible however depends on the facts. Transfers can be made of ‘business real property’, and if not need to look at in-house assets rules, which is a disaster if you breach. In any case, best to sit down with an advisor and thrush it out.

Cheers, Ivan

Hey Jased,

Happy to provide the recommendation here.

Give Simon from Edgestone Developments a call, you will see they are doing a heaps of multi-townhouse developments around the Waverley area. Simon can be reached on 0422 232 276. Has the track record you need – particularly in the SE of Melbourne.

Cheers, Ivan

Hi mate,

Love Sunshine Coast, have a number of clients invested up there (Buderim/ Coolum), so i’m heading there to meet with developers etc and of course surf and sand – strange that so many people are let down by their accountants.

Can’t recommend one up there – all of the ones I met actually have their finger in the pie, so there was no independence/ integrity.

Cheers, Ivan

G’day Shannon,

You sound like a hard marker but I understand you position in moving to the next level.

Redwood Advisory are Chartered Accountants specialising in SMSF Property and only do tax advice for existing clients including structuring – can’t recommend ourselves in any case!

Depending on your suburb I can recommend Ash Ross from Ian Ross and Associates, they are located in Mount Waverley and will be able to maximise your tax position and have a heap of property development clients. Tell them Redwood sent you.

Cheers, Ivan