Hi,

OK – time to go out on the skinny branches!

George was working at Break Free Events when I did some seminars with them last year. He has since left to start up his own company.

He has purchased my Wrap Library and as I understand it has gone on to do approx 10 wraps – mainly in Tasmania.

The issue I have with George is that he has blatantly breached my copyright (read ripped off my info) on his website. When approached by me he did take it down, but I’m still waiting for an apology or explaination of how it came to be that he was passing off info that I had written as his own.

Nevertheless, despite all this, I quite like George and know that he is a person that has a clear focus. As for him being:

quote:

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…considered as Australia’s Number 1 Outstanding Success, Peak Performance and Wealth Coach

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…sounds like he might have been a little liberal with the sales copy. He’s someone out there trying to make a go of things, but I’d like to see his investing results, as opposed to marketing hype, speak about whether or not he is someone who has a worthwile message.

George – if you’re out there… please feel free to respond.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Privacy is becoming more and more of an issue thesedays, so my preference would be to show only the State where people are posting from.

This will be done shortly after the new forum goes live.

Cheers,

Steve McKnight

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

Thanks for your comment and welcome to the forum.

For further discussion of this topic please refer to other recent threads about NII.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Just leaving so I need to be quick…

Generally speaking, if you replace one item with another of comparable quality then it is OK to say it is a repair (100% deduction).

But… if you make an upgrade then it is a replacement (depreciate where possible).

My first glance thoughts on:

1. Replacing a wall… structural, not deductible – add to the cost base of the house.

2. Repairing a wall (replatering, painting with same kind of paint, recarpeting with same type and quality of floor fixture)… repair, deductible.

3. Re: replacing walls with sliding doors – as you are not replacing walls with walls of a similar kind… structural as per 1 above.

It doesn’t matter whether the change adds to or decreases from the possible sales price. They are independent events compared with deductibility.

4. Study to bedroom… change again, so unless you just replaced what you took out with the same kind of material, then sorry, no deduction.

Inputs, outputs, more rent, less rent… it all doesn’t really matter. The basis is whether or not it is a repair (deductible) or a replacement with an improvement (possibly depreciable, if not, add to the cost of your property).

Of course, matters such as this should be discussed with your accountant… and it would be wise to follow Stu’s advice re: chasing up the ATO position.

Bye,

Steve McKnight

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

And your point is…

Do you think that people are blindly investing to real estate with little forethought?

Yes – I generally agree, but this is no different to the way that a lot of people have invested (in property, shares etc.) for a long time.

The issue about investing in regional areas seems to have been overplayed in my opinion.

While I totally agree that people buying off the ‘net without so much of a minute of research set themselves up for financial probelms, investing under a sensible and proven system means that you don’t have to physically inspect every property you buy.

The Lemming story was interesting (who were the Lemmings?), a phrase that is more commonly used is: “a fool and his/her money are soon parted.”

For people interested, Proverbs 10 onwards in the Bible (the wisdom of Solomon) contains a lot of good passages to consider. Here are three to get you going:

quote:

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Pro 10:4 “The one who is lazy becomes poor,
but the one who works diligently becomes wealthy”

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(this next one is for those doing wraps in an unethical manner)

quote:

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Pro 10:9 “The one who conducts himself in integrity will live securely, but the one who behaves perversely will be found out.”

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(and lastly, one for all to live by:)

quote:

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Pro 10:7 “The memory of the righteous is a blessing, but the reputation of the wicked will rot.”

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Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Soosh,

Perhaps this is a worrying trend? The herd mentality as mentioned in another post?

I fear that when the property bubble bursts it will end in tears for many investors.

Time will tell..

Bye,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Thanks for having the courage to make your posts and I agree with wilandel… welcome!

I agree that there is a lot of good information here, from quite a diverse perspective.

Rememebr though, there is plenty of opinions (my own included) and you need to distinguish these from facts.

Still, as far as a good resource, it’s hard to go past this forum for A Grade help.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Ok…

Enough of the sensational name calling generalisations (from all parties).

At one point it was interesting to see where this thread was going to go… but now we are not adding to the education of others, just point scoring.

Please only reply to this thread if you have constructive and meaningful contributions. Some of the points made here are insulting, so please be respectful of others.

Bye,

Steve McKnight
~Wearing his moderator hat~

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

Why not buy the property subject to “the completion of a Section 32 to the purchaser’s satisfaction.”?

On another matter… do I need to contact you about anything? I have so many e-mails at present I’m a little lost. If you’re waiting on me for anything please send again.

Warm regards,

Steve McKnight

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Remember that success comes from doing things differently.
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