Thanks for all your help everybody especially depreciator. I’m tending to think that the self contained flat might be the way to go as the block may be slightly small to subdivide. Howvever I will check out both possibilities.
I am excited about the Sydney visitor idea as I had a similar thought a few weeks ago but discounted it because I thought there may not be much interest out there. With Enmore theatre just down the road from us it could well be a winner and would certainly be a good use for a piece of land at the back of my property that is just growing weeds.
Does anybody know if there are any kit home builders for granny flats/self contained units as I looked into building something there about a year ago and was told by an architect in the area that builders were charging exhorbitant fees e.g. $150-$200K for a 50sqmtr property. I didn’t believe him but he assured me that that was the going rate!
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
If you are running the wraps through a trust structure is the capital gains tax rate 30% or do you assume that you have distributed that profit to a beneficiary and the tax rate is their tax rate?
Cheers
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
I have a friend who is doing this and achieving 12.75% net before tax (after interest payments on LOC loan he took out) on about $290,000 invested. He is making just under $37,000 and has a future profit sitting there of around $85,000.
What’s more he is hardly doing any work himself to achieve these results.
He is thinking of writing a manual on the subject. Would anybody be interested?
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
I must admit I have never bought commercial property but shouldn’t the returns on commercial be up above 10% for the added risks you are taking on. By my calculations you are only achieving a little over 7%
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
I am a little concerned but I think they are mainly targeting people who try to run their regular everyday business through a trust e.g. doctor’s practice, mechanic etc. However the lines are a bit blurred as “income from personal exertion” can cover a lot of things including wraps etc.
What do you think Steve?
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
I have had some very promising responses indeed to this post. I will be looking to close this offer by the end of this week (15 February 2004), so please email me on:
I have purchased/attended the following:
1. Rick Otton’s Wrap Pack
2. Joe Alts Wrap Your Way to Wealth
3. Dolf De Roos’ Property School
and avrious other wrap seminars etc.
As you can see I have spent quiet a bit of money and am willing to do a swap with someone who has Ed Burton’s stuff.
Cheers
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
Have you considered that maybe writing a ‘book’ is the wrong thing to do from a financial perspective. I am assuming you are going to sell said ‘book’ through a publisher where you will get maybe a 5% royalty (if you’re lucky).
I was always told never try to sell ‘a book’! Even a 12 chapter book will sell for more if you rip out each chapter and sell it as a 12 part course.
Just something to consider…
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
You might want to also check out the Westpac Rocket Professional Package offered through Wizard. I got a LOC at 5.97% with no monthly fees and a bank account with Westpac with minimal fees also. I think the application fee was $300 for the year.
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
I believe it was the old ‘Buy it now carrot’ that works so well in all businesses []. There was a discount if you put your money down on the night. This is fair enough though, as I was given the option of cancelling the next day if I wanted to.
I guess it’s a bit like wraps – if you don’t get any money from the prospect in the form of a deposit or “document preparation fee” than they can be talked out of the deal and weren’t really committed in the first place.
I’m looking at index option trading with this guy because he has very good testimonials and he doesn’t promise exhorbitant returns – average will be about 3% a month (with low risk) which is pretty good in my book. I want something that will bring in the bacon while I am property investing as I am looking to eventually get out of my current job.
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith
You can’t actually use a lease-option in QLD as the only person who can enter into this form of agreement is the government. You can however use aan ‘instalment contract’ which is essentially the same thing.
“Most people operate under a false ceiling which is 3 feet high” Stuart G Goldsmith