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  • Profile photo of Robbie BRobbie B
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    May 17, 2005 - 2:18 am
    Originally posted by upandcoming:
    … I also blaim the banks and finance companies.

    Did anyone twist your arm or was that letter they sent you scary enough to make you think that if you did not accept the offer of finance each time, something bad would happen to you?

    It explains a lot about your attitude regarding banks.

    Robert Bou-Hamdan
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    Profile photo of Robbie BRobbie B
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    May 17, 2005 - 2:14 am

    Stuart, you seem to be the man regarding Trusts etc. I was under the impression a Trust could not borrow. When you say “Trust’s name”, do you mean the Trustee’s name on behalf of the Trust?

    Robert Bou-Hamdan
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    Profile photo of Robbie BRobbie B
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    May 17, 2005 - 2:11 am

    Interest only is the way to go. You can always pay more if you have no non-deductible debt and want to reduce your liability.

    I would also look at a loan with free redraw or an offset account. A lot depends on your individual situation how your structure your loan.

    Regarding paying monthly, if you are paying interest only, this is probably the most suitable. If you intend paying down the debt quickly, I would look at paying the half the monthly prinicpal and interest payment each fortnight (inflated fortnightly). This has the effect of taking a few years off your loan.

    100% is ok if you are looking for deductions and mortgage insurance will only apply if it is secured by only one property.

    You need to provide more information to get a clearer response or sit down with a mortgage adviser / broker and discuss your situation in depth.

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 17, 2005 - 2:04 am

    Regarding Steve’s books, I have never known him to provide formal advice or sell property. He just tells his stories and people like listening regardless what they think of the methods – myself included. Steve is a fully qualified accountant and is more than entitled to provide advice though.

    The likes of HK and The Investors Club (who hold no apparent qualifications) put together clever marketing campaigns to hard sell the less sophisticated investors looking to get rich quick without doing any work themselves. There is a huge difference between the different seminars.

    Regarding large companies and comparing them to ‘battlers’, I think this is comparing apples and oranges. Those ‘battlers’ get paid from these companies and pay tax from their income. The company pays that tax as well as tax on their earnings. If you want companies to pay more tax, you will have more people on welfar.

    Also, the way companies reduce their tax bills is a great advertisement for education. Do you think they go to a seminar to learn how to reduce their tax or employ properly educated professionals or pay huge dollars to achieve their desired results? It is not like the entity uses our roads, medicare or other services! Good on them for reducing their taxes. They can employ more ‘battlers’!!!

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 17, 2005 - 1:20 am
    Originally posted by Luci:

    If the guy in question thought that his money was wasted, he would be suing HK (who I believe had a money-back gaurentee of some sort) rather than claiming a tax deduction.

    A guarantee is only as good as the person or company giving it. You can’t get blood out of a stone and there is no point suing a bankrupt.

    And to reiterate the point – if the ATO is happy to take tax on the property earnings, then it is hypocritcial for them not to allow tax deductions for expenses incurred in the business of earning that money.

    I admire the ATOs decision. I do not know what, if any, qualifications HK has, but for most spruikers in the market, they do not have any at all. I personally consider those paying these individuals to be giving non-deductible donations to an individual or organisation that is NOT a not-for-profit entity.

    If people looked to education instead of trying to find ‘THE ANSWER’ in a single seminar, they would be much better served.

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 3:36 pm

    Leo, let me know if you need any protection!!! :)

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 2:29 pm

    Inner city units in Melbourne are not in high demand. Many of their prices have dropped dramatically and there are a lot available. No-one can tell you what growth will actually occur but I would expect there to be no growth or further negative growth on those units.

    It is rare to find a residential unit with such long leases and so many options for the tenant. It could be a problem if the tenant is not the best. It might be great if they are a good tenant. It sounds like some sort of management agreement exists which I would be asking the real estate agent about.

    Good luck.

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 2:23 pm
    Originally posted by St Johns Ambience:

    …the 106% loan… I’m glad I was able to get one of those back in 97 on fairly low equity.

    This makes no sense. The idea behind a 106% loan is that you don’t need any equity.

    I do not support these products nor do I put them down. They have their place.

    106% is ideally for the high cash flow individual who has never saved and wakes up one day thinking they better stop partying and buy a house or two.

    They are considered relatively short term finance to allow someone the opportunity to enter a market without needing to find deposit money or fees. It is good to know these are out there.

    Robert Bou-Hamdan
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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 1:26 pm

    I will take a guess at Victoria..

    http://www.aussielegal.com.au/informationoutline~nocache~1~SubTopicDetailsID~1057.htm

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 12:50 pm

    Sorry, I know it is a serious matter. I use property managers who deal with this. They tell me there is a specified time period before you can serve a properly formatted eviction notice and then a reasonable time period before you can call on the sheriffs to have them removed.

    If there is damage etc. once the tenant is out, then you will have to book another date with the Residential Tenancies Tribunal especially if he disputes the bond.

    You might also need to obtain an order for back rent.

    I think the best thing to do is talk to a local property manager for the right advice and process.

    What State are you in?

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    May 16, 2005 - 12:23 pm

    Is the property in Sydney?

    Would you like me to go around there and have a word to him for you?

    We can chat about the Godfather movies!!!

    :)))

    Robert Bou-Hamdan
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    May 16, 2005 - 11:10 am

    I guess I will just have to wait. I am sure I will find plenty of info about you and your teachings by searching.

    I might see you next year.

    Good luck with it all.

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 8:47 am

    The mobile number is 0400 646 647.

    You need to replace the 61 with a 0 in Aus.

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 8:44 am
    Originally posted by MichaelYardney:

    Do we provide ongoing follow up
    Definately– ongoing lifetime follow up by phone and email plus two free seminars a year with private small group meetings afterwards.

    Attendees become part of the inner circle.

    I knew you would. Good for you! There are too many churn and burn type seminars out there.

    Do I make money out of presenting seminars?

    Sure I do buts its sort of irrelevant to my overall position.

    I don’t make $350,000 out of the seminars. There are huge costs

    I know how much it costs to run these things and set them up. I would still expect you gross before tax in excess of $250,000. I am jealous!!! :)

    So when is the next $55 special in Sydney? I seriously want to check it out!

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 8:31 am

    You are certainly correct about this situation not being excluded in the FHOG documentation, but I would be calling the FHOG experts themselves. I have never heard of anyone getting in trouble for doing what you suggested.

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 8:08 am

    hehehehe…. you are good!!!

    Robert Bou-Hamdan
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    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 7:59 am

    Are you implying something Mr Michie??? :)))

    Not that I would care anyway. I don’t care what people think of me. I like to just post my own views and opinions about things regarding economics. I also like giving them a bit of stick in return.

    Robert Bou-Hamdan
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    May 16, 2005 - 7:56 am

    Hi Pete,

    I don’t know why you are asking your question. I never said that a low doc is cheaper than the same loan taken as fully documented. There is a third choice – the same as the full doc loans! There are two lenders who do not have low doc products but do have low doc policies which apply to their standard loans without loading the rates.

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 7:48 am

    I thought you might enjoy having a dig at my apparent economic knowledge handicap. I was wrong!

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

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    Profile photo of Robbie BRobbie B
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    May 16, 2005 - 7:39 am

    I knew you couldn’t resist throwing a link in David. :)

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

    Investor Links

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