Hey MilkTruck,

Welcome to the Forum.

Nothing like a little controversy or for a first post, hey?

I wonder… are you normally a Liberal or Labor voter?

– Steve

Mentor. Guru. Expert. Etc.

People are always chasing down someone to hold their hand and guide them through the maze, and fair enough, because there are plenty of bad role models out there, or no role models and people are making it up as they go along.

It seems to me that some people like to figures things out with minimal help. I say, sincerely, ‘knuckle down’ because that is certainly the more difficult road. That said, sometimes it is necessary where there is no one available to help you, or no information handy.

Surely the smarter way is to leverage the knowledge of others, and by doing so, seek to fast track by avoiding their mistakes and accelerating your progress based on their ‘secret paths’.

Your mentor could be an author, or it could be a coach. It depends on what you are looking for and how hands on you want the person to be. What I would recommend is finding someone who is experienced in the ways you are seeking to adopt / emulate.

And do your research. The wealth creation industry is filled with people who talk a good game but have never been on the field.

All the best,

– Steve

Good point about the ‘single post’ promoting discussion, but it wasn’t a set up.

I always think twice about responding to posts I have an interest in, but as it was one of the only posts that didn’t have a response, I wanted to contribute.

– Steve

Hi Nathan,

A couple of issues here…

1. If you are doing this as a business (as you seem to have indicated above), then profits are ordinary income, not capital gains. This means that you will pay income tax on all your profit when you sell. Be aware that if your taxable income spikes in any one year then you will be pushed into a higher tax bracket. Some good tax advice would be well worthwhile.

2. Remember that there will be GST on the new property. You ought to get good tax advice on this to ensure the amount of GST you have to remit is as low as possible. It may be there is specific wording needed for the sale contract to facilitate this (such as GST calculated on the margin scheme, if applicable).

Sounds like a trip to the accountant is on the cards.

– Steve

A quick post to let you know that we are still working full time behind the scenes with more upgrades.

Next on the list is a member dashboard to replace the current welcome page after sign in that contains a range of useful information about latest information.

– Steve

Hi,

If you made a post selling these items then the best thing to do is to make a reply saying they have now sold.

We don’t like to delete old posts as it messes with the continuity of the forums.

– Steve

We tried to ‘hide’ the email as such to stop bots scraping the forum.

I’m not against returning back to displaying email addresses, but it is an issue that it is not working with gmail.

As I said, I’ll get the team on it and see what can be done.

While I have you, can you take a look at this post for me – it’s finance related:
https://www.propertyinvesting.com/topic/4990398-help-needed-40/

– Steve

Hi and welcome to the forum.

There are many finance experts on the community, and I hope one can help you.

I do not have the appropriate qualifications to comment specifically, but as a general comment I would have thought:

1. An unpaid default is going to be a significant red flag to a lender. Even paid off it is going to take some explaining.
2. It would be sensible to approach the developer to ask if they have a relationship with a lender they could recommend.
3. You should also contact a mortgage broker in your local area to see if they can assist

I find it odd that a financier cannot assist because completion is >90 days. I would have thought that provided the contract is signed and enforceable then you should be able to see finance pending the completion of the building and certificate of occupancy.

– Steve

Hi,

Some replies:

1. Self rating

Agreed. You should not be allowed to rate your own posts. We’ll get on that.

2. Links

Currently when posting a link the poster can nominate that the link open in a new window (or not). We are changing that to be hard-coded always open in a new window.

3. Signatures

I made a post about signatures in this same forum.

No, we are not losing signatures, but we are reformatting the way they are displayed to prevent abuse and to tidy up the way they look. You can see what I have done below under the new formats.

We dumped the old signatures from the old forum as a placeholder, but now have introduced a new system that you can set up and modify through your ‘My Profile’ area (in the blue bar that the very top of the page).

Check it out and have a play around.

– Steve

• This reply was modified 11 years, 9 months ago by  Administrator.
• This reply was modified 11 years, 9 months ago by  Steve McKnight.
• This reply was modified 11 years, 9 months ago by  Steve McKnight.