Hi Piscies,

Just watch out… a coy does not qualify for the CGT discount. It needs to flow through to an individual.

SIS has the right idea… you can have a corporate trustee for a trust and so long as the cap gain flows through to an individual the CGT discount applies.

Cheers,

Steve McKnight

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Remember that success comes from…[Read more]

Hi,

I’ve moved your post to this forum…

I started by reading and attending Kiyosaki events, and then read and studied more broadly.

Seminars

Travelled the world to see:

R. Kiyosaki*
J. Burley*
R. LeGrand*
D. Campbell*
R. Aaron*
D. Kennedy*
R. Allen*

Books

Read a lot (one day I’ll compile a list), but for starters:

George Clason : Richest…[Read more]

Hi,

Yeah mate… just be careful though as you’ll lose the 50% CGT discount if the income is taxed as ordinary income.

You need to weigh up the pros and cons.

See ya,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi Rebecca,

HK came unstuck in a big way because, after an ASIC investigation that didn’t come up with any dirt, he advertised that he was “ASIC Approved” to try and get more people to his seminar.

This, of course, was a stupid play on words and in fact was the ammunition ASIC needed to bring him unstuck. He was made to refund people who…[Read more]

Hi,

It’s not hard to ‘secure’ property.

Pay a few thousand for the option to buy it at an agreed price and, hey presto!, you’ve secured it.

I’d imagine that HK did as he proclaimed, as the ACCC must have investigated this on the basis of if it did not occur then it would be false and misleading advertising.

Cheers,

Steve…[Read more]

Hi,

lol

Thanks to all for replying; this was not meant to be a chance for me to ‘pat myself on the back’.

Hey Peter… thanks for the comments about the book and indeed your review of other books too. It’s a very helpful analysis and goes to show there’s more than one way to skin the property investing cat!

Karen… I’ll hunt out your post…[Read more]

Hi redwing,

Great post… I’ve just moved it to heads up where it would be more apprpriately placed.

Thanks for your continued and much appreciated involvement here on the forums.

Happy New Year,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

What I should also say is that most businesses fail because they have supply but no demand and need to use debt to fund losses.

What I try to do is let demand drive supply.

In your context, you need to have orders before going down the track and outlaying too much $$$.

As Richmond says, you’ll need a prototype, but sell the concept rather…[Read more]

Hi,

I’ve moved this to ‘PropertyPlus’…

Well, IMHO,

A. If it meets you’re investing criteria for required ROI = keep it.

B. If you don’t have a required ROI, set one and monitor the situation for a few months.

C. If it does not meet your required ROI, either look for ways of increasing the return or else, if all else fails or you just want…[Read more]

Hi SIS,

Happy New Year mate!

Drats… I was hoping I wouldn’t be asked that. Sadly, there is no easy or definitive answer (like buy and sell XX properties and you’re a trader).

It’s a matter that needs to be discussed with your tax adviser to determine if you are in the business of buying and selling property.

quote:

So how do We Distinguish…

[Read more]

Hmmm….

I must have missed something here… a good post turned (in the words of Tony Greig) “Nasty”.

Richmond has my unqualified support – he does an ace job in difficult circumstances.

Think happy thoughts… and be nice to the other kids in the playground [^]

6 month lease

This seems like a Vendor’s each way bet to me. If they do sell…[Read more]

Hi Ivan,

Thanks for your post… welcome to the community and I’m delighted that you are enjoying the book.

I’ve moved your post to property plus as it is more appropriate there.

Sure – I could find 1000 reasons why it won’t work… but the key for any new business is to focus on reasons why it will work.

I think you would be offering a…[Read more]

Hey Piscies133,

Can’t you answer here in general terms so that we all might learn?

I would have thought that the best person to answer this would be a mortgage broker who has access to a variety of loans.

IMHO, provided you can prove your income and reliability of your job, and provided the security of the loan stacks up, I can’t see there…[Read more]

Hi MC,

Stagefright hey… lol []

Anyway, Simon is right. The cost(s) of selling the property (including legals, agent commission, advertising etc) is all deducted from your ‘profit’ with the balance most likely being taxed as a capital gain.

The only exception is if you are in the business of buying and selling property, in which case there…[Read more]

Hi,

Yeah… but you can’t then access the money until you retire. []

Plus you’ll get taxed on the way out too, so the return on offer is based on the best case scenario and not on all the facts.[]

Alas for the pros and cons on super…

Happy New Year!

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Properties for sale…??? Are they positive cashflow – if so, on what basis?

An initial deposit of only a few thousand isn’t anything hugely special.

Perhaps outline more information and in the interests of discussion there may be quasi-advertising, but so be it.

Bye,

Steve McKnight

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Remember that success comes from doing…[Read more]

Yep,

I understand… it is a little confusing.

The new forum will be released soon and the categories will be more obvious.

For the time being… general property questions here… specific requests for help about situations in property plus.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

I moved your post to its correct forum.

Don’t know any of those organisations. As a different course, maybe being a JV money partner might work for you.

You’ll own the property and receive +ve cashflow and someone will do the leg work for you.

Maybe worth thinking about…???…

Cheers,

Steve McKnight

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Remember that success…[Read more]

Hi,

Seems unnecessary IMHO. Surely the same affect could have been gained from more subtle means.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
**********

Hi,

Thanks for your post and welcome to the community!

Your Qld plan doesn’t sound too aggressive to me (yet everyone is different), so I think that you need to perhaps rethink how you can maximise your wealth building opportunity.

Aggressive in my book (for someone in your position) would be to buy the block, renovate the front and subdivide…[Read more]