I’m up for another, and the venue last time was great, although a bit far for some.

It’s my turn to buy JB a drinkie with an umbrella in it.

skippygirl

Helena,

Go girl, you’ll be amazed at what you can achieve. May I suggest, as part of the learning process as others have already advocated, that you start with a plan. Boring but vital.

You must decide on your vision, goals, the person you want to be, all of that, and then head off on the path of taking action to create and achieve what you…[Read more]

Thanks Scott, will do.

Skippygirl

Sebastian,

One thing the Vic Govt requires re substituting the nominee (ie your Trust) is that you must have INITIATED establishment of the trust BEFORE you signed the contract, or else they will charge double stamp duty I’m told.

If the turs is established after contract sign date you might (in Vic) need to supply a letter from your…[Read more]

You could evaluate the possibility of lease-optionin git or selling it on a terms contract to give you positive cash flow and some capital gains. A negative gearing rescue, I think it’s called.
There are quite a few people on this site who are very experienced at it, why don’t you do a search, find their posts and ask them for some time and buy…[Read more]

We went to an Investors Forum seminar in Melbourne some months ago. Ended up taking 5 hours by the time McEwan did his presentation and then fielded questions. The run sheet he uses was described in the other threads.

He got me offside at the start when he bagged all other authors/speakers from Somers to Burley to Kiyosaki to everyone. He…[Read more]

Just my $0.02 is that, I tend to go with Robert Kiyosaki’s main point which is that one must continually educate oneself financially, for life. Not only by reading books and going to courses but networking with people who are doing what you are doing and have achieved what you want to achieve. Then the Napoleon Hill “conceive, believe, achieve”…[Read more]

Felciity,

So do you mean you don’t connect the power when you buy the house rather you let the new buyer connect it? What if you want to show the property in winter or at night with no power?

skippygirl [hair2]

Hi lozza,

I’ll take a stab…..the buyer should arrange the electricity and gas connections or alternatively you connect it and then they switch it to their name once they have possession.
Same with the phone – I would think the buyer should simply arrange a connection – it’s their house.

Cheers
Skippygirl [hair2]

Hi lozza,

I’ve heard of quite a few people vouching for ezi-debit. From the talk they gave at a VFA meeting I think it is $1.10 per transaction which your buyer pays and it is set up with a simple form the buyer signs and you submit to ezidebit and you match it to their payday.
From memory they will alert you to any failed transactions within 24…[Read more]

Thanks everyone, appreciate your info.

Ezy I will email you direct, thanks.

Cheers

skippygirl

You could try Garth Melville at Company Solutions in NZ – supposed to be a whiz accountant re Aust-NZ IP’s.

skippygirl [biggrin]

Bid,

I’ve read “Trust Magic” and it says yes any UNEARNED income your children might receive from the Trust will be taxed at the exorbitant rate if it’s over a cetain amount. But any EARNED income is not taxed until it meets the first tax bracket threshold etc.
Hence, I have made accounting records to pay my child for delivering flyers for the IP…[Read more]

Hi Camel,

What about using a lease-option or rent-to-buy? From what I can tell there is technically NO finance provided.

You have a long term lease together with a call option to buy the house at a fixed price. You pay for the option upfront, and this can be as low as 4% of the option exercise/strike price.

It just so happens that the lease…[Read more]

Hi saskatoon,

Yes I’m going to work those magic trust tricks of Dale’s to death. I have already employed my daughter to help me print off letterbox flyers folding and deliver them, which she did on her scooter. Also, my travel costs etc in buying and re-marketing or managing the IP’s.

However, the learning I’ve gone thru about matters like the…[Read more]

Hi Kathryn,

Houses don’t sell for two reasons only:
1. Not enough people know it is for sale and/or
2. The price is too high.

Have to review both.
Skippygirl[biggrin]

Hi Steve,

Good newsletter, thanks.
I like to bear in mind some of good ‘ol Earl Nightingale’s words of wisdom (“Lead the Field”).

“Success is the progessive realisation of a worthy goal.” So decide what your goal is and work towards it. He also advocates being successful every day of your life ie work toward your goal one day at a time, as the…[Read more]

Alison,

I have recently set up a family trust with company trustee to hold our IP’s for asset protection purposes as others have described. Sought advice from the accountant, read Trust Magic and borrowed several books from the library.

I can’t see many taxation benefits because all the income from the trust has to be distributed to the…[Read more]

Breakingout,

As others have described, it can take lots of effort to effectively research the market (that’s what you are doing by looking for deals and learning as you go). I spend hours most evenings working on RE. Sooner or later “lag” kicks in, a bit like “reap what you sow”, and there’s a deal.
To use an analogy I’ve posted before, it’s…[Read more]

Hi blondie_bec (no relation to Bec??)

It might be useful to focus on setting up sound money habits first, before you begin to invest. Some people can have 10 IP’s but have poor money habits which means they will never be accumulating, reinvesting and being good stewards of their money.

I recommend John Burley’s “Money Secrets of the Rich”…[Read more]