Hi,

Thanks for your feedback.

This site was created in the hope that messages such as this one would be written.

Investing is not an outcome, it’s a journey.

When you feel like you are beginning to be re-educated and having your boundaries challenged then you are on the verge of a significant breakthrough.

It’s just an issue of when you find this site. For instance, I received a call today from someone who has just purchased a property for $237k that rents for $270 per week.

The caller wanted some advice about how to build wealth through property.

It’s a pity they didn’t call before buying.

Karen, work through your finance issue by talking it over with them directly. It doesn’t matter really what I think… I’m not the finance company.

One word of advice though… you are in control, always!

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

You should get legal opinion on this, but I’d imagine the offer is no unless you have a prospectus.

There are laws that regulate how public offers are made and I’d imagine that putting an offer in a paper certainly be classified as a public offer.

This raises a very interetsing issue. I have noticed that John Burley and Dolf De Roos have been looking for investing partners lately. They are doing this via their websites.

It seems to me that as self-proclaimed sophisticated investors they are on very dangerous ground. After the High Court ruling re: Joe Gutnick saying that it is where the online information is read (as opposed to published) that counts, making offers to Australian investors from overseas locations will still need to conform with Australian Law.

I haven’t seen anyone talking about a prospectus confirming to Corporations Law requirements in the offers.

Only please send money to be part of a massive jackpot of property profits.

Hmmmmm – steady as she goes is my advice.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

We are currently looking at upgrading the forum to a newer version and I’ll investigate the possibility of your recommendation being implemented.

Thanks,

Steve McKnight

P.S. Anyone else with a wish-list for the forum, please post it here!

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

Thanks for your post and welcome to the PropertyInvesting.com community.

Sometimes there is no need to sell, since that will trigger sale costs (such as real estate agents fees) and also capital gains tax will be payable.

An alternative idea may be to renovate (spend the $4k) and then seek to have the property revalued and refinaced.

You can then access your equity to go and do the next deal and so on. Be sure not to spend your redrawn equity on lifestyle expenses though as you will lose the interest deductibility on the portion you spend.

As for your sons in the property… sounds like you might have confused a lifestyle (family) decision for an investing decision. You’ll probably only make that mistake once []

Thanks again for your post and don’t be shy about making more in the future.

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Sooshie,

Love the story… a free wealth assessment in the comfort of your own home.

Did you ask how many properties he owned?

Thanks for the contribution! Great post.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Sounds very interesting.

You’d want to think about rules for getting money out if someone no longers wants to be a part of the set up.

You’d probably set it up via a unit trust.

The success of the venture would depend on attracting people who were like minded.

But it’s different and I quite like it as a concept.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Looks like you are either going to hold off, or alternatively buy Rick’s product.

My Wrap Library has been so popular that it has sold out.

I plan to do a major edit and then release a 2003 edition. Hopefully it will be ready by the end of March.

I respect Rick as a fellow investor. We both see the benefit itn wraps but approach the issue of making money differently.

Rick looks to be cashed out and as such as to re-create his business every few years.

I take a longer investing timeframe and seek to keep the income stream for 25 years if possible.

Both work, both seem to achieve the results we are looking for. You need to decide which style best suits your needs and then act accordingly.

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

You can usually glen this information from rates notices. Just ask the purchaser for a copy, or you might like to call the council. They may or may not tell you depending on what their privacy policy is.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Insurances over a property investment include:

1. Mortgage insurance- payable depending how much yuo borrow. Paid once at the start of the loan.

2. House- covers the building from fire etc.

3. Contents- if you are providing furnishings then you might like to have them covered. Might also like to consider insuring glass breakage, accidential damage from leaking washing machine / dishwasher etc.

4. Landlord- usually covers you in the event of tenant damage or if your income stream dries up (for a limited period of time). Personally I don’t have this as I believe that it is an avoidable cost if you properly qualify your tenants and have a good rental manager.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

The answer is to start looking.

Maybe you could get some stats for median house prices of your state branch of the Real Estate Institute where you live.

Alternatively go to the REIA… they sell data for all States.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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