Forum Replies Created
Hi,
While the RESULTS program is now fully subscribed, the answer to your question is that the seminar provides intensive training over one day, whereas RESULTS provides training and mentoring over 12 months.
Clearly there is a cost difference too.
In the end, they are different products aimed at helping investors maximise their property returns using a variety of different strategies.
Cheers,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
I think the answer lies in the need of the local community.
Sure – temp. self storage, or any temp. storage, seems like the most logical choice. Make sure you investigate insurance issues though.
Otherwise, you may find a local business has need of the land for some reason or another. Can’t hurt to ask around.
Billboards can be expensive to erect and will need planning and building permits. Look in the yellow pages under billboard advertising, or advertising and call a large local ad company.
All the best,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Make sure you check out http://www.homepriceguide.com.au
They now give some good stats for free.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Is this a property for you to live in, or an investment property?
I have a personal bias here. I lived on a main road for a few years and was assured that I would get used to the traffic. I never did!
My friend and fellow investor has a theory here that I subscribe to… an A grade house can attract a D grade tenant, but a D Grade house won’t attract an A Grade tenant.
I suggest you work out your target rental market, the potential rent, and understand that your property may be cheap now but it will probably always underperform other houses in the area as the roads will surely only get busier.
Remember though, investing is about numbers, not emotion. If the figures crunch well then it could be a great deal.
All the best,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Cam,
Thanks for your post. You ask a question that every property investor must considerat some point.
The advantages of buying in your own name are that it is quick, cheap and readily accepted.
The downside though is that you have very little asset protection and are liable to pay the highest amount of income tax if your taxable income is high enough.
In your case, because you are self employed in a high risk field, most accountants would suggest that you hold your investments in a separate entity.
That way, if you are sued professionally, then your personal investment assets will be locked away in another structure an not able to be clawed back by your creditors.
If you were to own the investment property in your own name then it would be up for grabs.
I suggest one of the two courses of action:
1. See an accountant and discuss the pros and cons of setting up a family trust with a corporate trustee. You could then be a director of the Trustee company and also a beneficiary of the Family Trust. An intro meeting will probably cost you between $250 and $500.
OR
2. Grab a copy of WealthGuardian (available at: https://www.propertyinvesting.com/products/products/11) as it explains all your various structuring options in quite some detail and also outlined my investment structure. The cost is currently $339.
Hope this has helped.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
It’s a good question…
The Wrap Kit was discontinued because it needed to be updated and I didn’t have the time to do it.
I had plans of releasing a cheaper intro vendor finance product, but again, time has been a problem.
All the best,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Depending on where you are, the question of whether or not it is big enough is more a question of the footprint that you can build.
Assuming you can get a planning permit, your could build a small one bedroom bedsitter out the back… but I’m not sure this would meet many planning codes.
The bigger issue you will have is having access for parking. Not just a garage, but the turning circle for the car. Also, you will need to be careful about having sufficient private open space for the existing dwelling.
This is why the positioning of the existing house is so important. Ultimately you will need to have two garages / carports on the site.
Re: services… anything can be done for a price. I suggest you call the local gas company and ask them what the price and process is. Naturally, it will start to become expensive if you have to run the mains a long way.
The subdivision is not so much hard as it can be expensive and time consuming.
And some final advice… the real key to success is not what you buy or build, but how much can you sell the project for as this will ultimately determine if there is any profit in the deal sufficient enough to make it worthwhile.
Hope this helps.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hmmmm,
I think going down the road of working with the council is better than bunking in for a fight. In the end, they can slap you with an infringement notice and leave you to argue all you like.
A possible strategy may be to get the tree doc out to say the tree isn’t dead…
Otherwise, offer to fund some planting of trees in the local area to make up.
Your worst case scenario is a painful financial lesson.
Let us know how you get on please.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
I’m not sure how I missed this post, but in reading the comments I would add that any person who is happy to share his or her time by helping others leaves quite a footprint.
SIS was a welcome and valued contributor. His passing is sad news indeed.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Yep.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
John was part of the MAP program as featured in my second book. Irrespective, I do not endorse or sanction him or his investing.
It is true that John spoke at several seminars I ran and presented case studies that he had invested in. On paper they promised to make attractive returns, however I cannot vouch for those profits being realised as I have not spoken to John for nearly 2 years.
Of recent times I have been contacted by people who have said that they are owed large sums of money from John as a result of joint ventures they did with him.
I suggest that you complete a thorough due diligence before handing over any money, and that you ask to speak to satisfied customers who have made profits.
Also, as with any investment, be sure to have valid security that underpins any loan made.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
G’day,
As I understand it in NSW, unless you have exchanged, anything can happen.
Ring up the REINSW and have a chat with someone to confirm.
Perhaps in the future have a clause in the contract that if the purchaser fails to exchange then your costs can be reimbursed.
Please let us know how you get on!
Bye,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Nicko,
Planning regs vary from State to State and Local Council to Local Council.
Generally, a hammerhead (HH) block will contain two titles, plus a common area for the driveway and shared services.
Each block will need its own private open space, parking and turning circles as required by council.
BTW, if you are looking for a good product that explains developing then check out Martin’s Development Blueprint at:
https://www.propertyinvesting.com/products/products/36
Cheers,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
HI knovak,
Thanks for your post. I’m not sure about the notion of having your old house become an investment property just because you used to live in it.
It sounds to me, unless I have misread your post, that you are thinking along these lines for the sake of finance convenience rather than investing merits. If I’m wrong then apologies for the error.
Remembering that any profit on your PPoR should be tax free, and given that you are moving, what is the disadvantage of selling other than sales costs?
Perhaps it is a good time to set and establish an investing plan that includes a time and money goal, as this will give perspective to your property investing. Also, it is critical that you do the numbers.
For instance, I would expect renting your home would be quite -ve cashflow. Adding this to any non-deductibe extra debt (???) on the basis of your home upgrade, you might suffer quite a drop in cash in your pocket.
If you don’t know how to do the numbers, be sure to see an accountant to help you create a financial model.
Cheers,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
G’day!
I am assuming that it is $190k (ish) for the pair, as individually they would need to have gold taps and diamond roofs to command that sort of price in the Valley.
With all investing, you need to go back to the question of your motive for investing. Since these will be neutral or slightly -ve cashflow, you will be in it for growth.
Accordingly, as part of your plan, you need to identify how and why these units will grow. Make sure you read my latest book for ideas here.
Cheaper is not necessarily better.
If you could outline more info about where you are confused then we could help more.
All the best,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Wow Duckster… I hope you get a mention in the bibliography for your help!
REIA has data that could help you as they track median house price movements and also average rents. You will need to extrapolate the data, and as such there will be some statistical errors, but it will at least be something.
You may also be able to get data from something like homevalue.com.au
Good luck with your assignment. Perhaps you could post it online so we could all benefit!
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
No probs Lee.
I have changed the title of your post in the hope you will be able to attact the reponse you need.
Cheers,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Cadan,
Aussie Tax Law requires that there be a nexus (connection) between the earning of assessable income and the incuring of an expense.
Please confirm this with your accountant, but you may be able to start claiming depreciation from the date the property became available for rent, as opposed to the first day it was rented.
Certainly, the ATO seems to concede that a business can start claiming expenses once it is set up, which may be when an ABN is issued or when a bank account is created.
As you would expect, you won’t be able to claim depreciation prior to owning the property, during the settlement period, or while any renos were being done that meant the property could not be rented.
I would expect that this timing principle can be extended to all property related expenses (inc. interest).
Again though, pls confirm with a tax accountant.
All the best,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Lee,
Thanks for your post.
When you say ‘financial advisers’, do you mean accountants, financial planners, mortgage brokers…?
These days it is a wide area.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
I agree. Give the money to the vendor’s solicitor.
I would have thought that the vendor as specified in the contract ought to be the owner of the property as recorded on the title.
If the vendor’s don’t have a solitior, give it to your solicitor to hold in trust for the vendor.
Cheers,
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
