Welcome to the forum, I glad you have found a resource to help with this unfortunate situation.
I am please to let you know that I have found the information for you.
This is an excert of the ruling and below is the link to the ruling.
Marriage breakdown
In certain cases where an asset is transferred from one spouse to another after their marriage breakdown, any CGT is deferred until a later CGT event happens (for example, when the former spouse sells the asset to someone else). For more examples of how CGT obligations are affected by marriage breakdown, see chapter 8.
Stamp duty is definaltely caluclated on the fair market value even if the buyer and seller agree on a below market price. I am not 100% certain on this without looking it up, but stamp duty is exempt in a no consideration sale only when the property comes from a deceased estate (I suppose that gives you one option[}]) and the vendors intend to pmake it the PPOR. Now I read that on the NSW Office of State revenue website under duties, but like I said I am not sure if I am recalling it correctly.
Basically there is very few ways of avoiding stamp duty, so just assess if going ahead is going to improve your investing position.
Hang in there “green”Bear, it is all a learning curve.
Maybe you should start building up a database of serious people (that maybe only get onto your list for a fee) that you contact when you find deals rather than in a forum that leaves you open to a large portion of tyre kickers.
Also tyre kickers are not as bad as they seem, we all do it to the agents juts to check out what is in the market and to see what other investors think is a good deal. It is a way of measuring ourseleves.
OK I need to put an end this as I now feel really bad about unburdening myself in public[]
Steve sent me a personal message yesterday explaining his reasons for allowing the dynamicduo to have advertising space. Initially I wasn’t going to make this public for, I’m sure the sames reasons that Steve has chosen not to make it public. BUT, the DD provide Steve with alot of assistance behind the scenes and Steve feels that letting them put their deals up is a small way he can return the favour to them.
So I apologise to Steve for making him feel as though I was attacking him (not his words) and to DD.
Thought I would start a thread on everyones favourite property books.
Mine are (in no particular order)
Reno kings “10 golden rules” and “secrets of prop investment”- dirt cheap, fantastic info, packed with finding, buying, managing info. Have found much info in here worth a mint that is not mentioned anywhere else.
Ricks wrap pack- excellent (cant comment on steves as I havent read it, and cant buy the new one yet!) ps- when is the new pack going on sale????????????????????????????????????????
Penguin’s “diy manual” – truly a bible to allow us hubbies to dig ourselves out of the various holes we have dug for ourselves.
Noel whittakers “making money made simple” an oldie but a goodie. Good common financial sense. Strange, but now when I read his newspaper articles, he is heavily into borrowing for shares, a tactic he expressly discouraged in his old book. (the cynical would say that as a financial advisor, he would love the 1% commission available, but can only charge hourly rates on property investing!)
Rich dad/ poor dad by Kiyosaki- loved this book, fascinated by it, until I read a rebuttal on the net showing that most of the content was probably not true, and unlikely to have happened (example- no one has actually been able to track down his “rich dad”!). Still, a fascinating read, but take with a grain of salt.
And, last but by no means least, 0-130 properties. An excellent book, with the benefit of showing how to own a massive number of cash positive (but slower appreciating in cap gains) properties, rather than owning one or two neg geared properties (which will usually appreciate faster) I think that this book has fundamentally changed the way that we view property investment.
For any kiwi readers willing to search through second hand bookstores it could be worth your while trying to find yourself a copy of Jones on Property by Bob Jones (out of print). This book influenced my decision to get right out of residential property and into the much more stimulating genre of commercial. Bob Jones is sarcastic, witty and thoroughly inspirational. He somehow managed to finance and build a six story high rise in the Hutt area (north of Wellington) when he was in his early twenties, circa 1962.
Property Investment by Martin Hawes (Shoal Bay Press) is another good read, a “How To” book filled with plenty of good common sense ideas, and some not so common.
I enjoyed this book also, it’s been about a month since i read it. not ‘very’ detailed on facts about how to achieve financial freedom, more about how he achieved wealth, as i said though i enjoyed it.
Real Estate Mistakes
By Neil Jenman
You’ll think twice about ‘auctions’ after this book.. heck, you’ll even run from them !!
An insight into ‘some’ Real estate agent’s and their code of conduct ( or lack thereof ). I’m looking forward to reading “Don’t sign anything” Just finishing this book
Maximum Achievement
by Brian Tracy
“haven’t started it yet”, funny thing is, it was recommended to me and i went out to get a copy, only to find “it’s popular” , Angus and Robertsons and Dymocks were out in neighbouring suburbs, i had to drive into the CBD to get it.Reading this next..
It’s By Brian Tracy and the blurb states-
Looking for a book to jump start your life ? Look no further. Brian Tracy’s Maximum Achievementis a awake up call to the wonders within us all. It’s straight to the point and straight to the heart.
A step by step blueprint for success and achievement including proven techniquies, drawn from psycology, religion, philosophy, business, economics, politics, history and metaphysics. A book for high performance winners
The one minute millionaire
Robert Allen and Mark Victor Hanson
Recommended by Minimogul, an enjoyable read especially the parable, I believe the best way to start the day is with a jog or walk too, charges your brain and sets you up for the day . A book that gets the grey matter working
9/10
Think and grow rich
Napoleon hill and W Clement Stone – I think
Haven’t read it for a while, it’s in the box- This book is a classic always being reprinted and it Definitely gets you thinking about the power of your mind
10/10
As the name implies, variations, depreciations and tax related matters
7/10
Ordinary Millionare$
Jim mcnight (don’t know if he’s Steves relly)
This book was an enjoyable read by a Uni Professor, it’s about property millionaires and the techniques they used to achieve their individual success stories- I recommend buying it, it’s motivational too, but that’s just me, I get fired up by others doing well, makes me want to do better.
10/10
Borrowing to Invest
Noel whittaker and Paul Resnick
Again as the book implies a wealth of knowledge on loans and strategies and usefull to boot
9/10
Making Money made simple
AND
More Money
Noel whittaker
First bought his book at least 10 years ago, they’re that good I’ve even bought updated versions. Gave my Dad and my father in law his Living well in Retirement book for last XMAS. A great read on All aspects of investing, a great financial adviser who pointed me out to The richest man in Babylon another book I’ve given many copies away to friends as it’s plain old common sense and very easy to read
10/10 for all of them
0-130 properties
Steve Mcnight
Enjoyed the book, read it in 3 days and it’s lead me here where I’m learning more, very motivational, makes you want to get out there and do it ! actually it makes me want to get Steve to get out there and do it for ME!! He’s much better at it!!
10/10
‘Nothing Down for the 90s’ ? Written by Robert G. Allen of ‘Multiple Streams of Income’ and most recently ‘The One Minute Millionaire’ fame.
I thought it was a good read (been awhile though – I like his book ‘Creating Wealth’ better). It’s very American, but if you take out the strategies that don’t work here, it still gives good ways of buying the properties. No money down does not mean no cash, it just means ‘not mine’. Gives a few good tips on how to raise some cash when needed.
Australia’s Money Secrets of the Rich.
John R. Burley
My Rating 9
I agree with muppet. one of the best books on ‘wealth creation’ to quote an icky jargony term
Real Estate Riches
Dolf de Roos 8
as well as educational, it reads quite well too
From 0-135 in 3.5 years
steve mcKnight
my rating – 9
very readable bits interspersed with hard-core diagrams and calculations sections. it may be daunting to people who don’t like numbers, but then again if you can’t do the numbers, you shouldn’t be investing.
and besides, there are these new-fangled gadgets called calculators these days….
The NZ InvestorÕs Guide to Making Money in Residential
Real Estate
Dolf de Roos and Jan somers
9.5
although a slim book, it was the first one i read, after watching an interview with some all-black who’d suddenly got pots of money after being low-socio economic all his life. it was a money programme and the guy was talking about how he’d just started learning about investing and the best book he’d read which explained how it works simply was the above book. i raced out and bought it the next day and I loved how it gave a case study of an average family with some equity in their own home who leveraged it into a million dollars in 8 years (i.e. after eight years they owned property worth 1.8 million bu only owed 800k.) it was the first time I started to really get how property investors use the banks’ money to make money.
Rich Dad Poor Dad
robert kiyosaki
rating 10
i could go on and on about this book – but the main thing i feel is that reading this book ‘re-programmed’ me for financial success, considering that I was pretty much the opposite at the time of reading the book. As soon as i finished the book the world seemed different, and full of opportunities which i started to see everywhere, and which i had never seen before. What i got out of the book was a state of mind I call ‘entrepreneur consciousness’ . Life-changing? well, life is more than $$$. but it was life-changing to me in the $$$ department.
The one-minute millionaire
Robert Allen and Mark Victor Hansen
rating 10
So much more than a $$$ book. On one of the first pages, they say ‘the object of this book is to create one million enlightened millionaires (who give 10 percent to the community.) we believe this has the potential to change the economic future of the entire world.’
After reading about the number of jobs the average millionaire creates (6) and thinking about the increased energy to the economy, I can totally see that being possible. they further explain this ‘butterfly effect’ as it’s called.
the book also aligns the ideas of wanting to be wealthy with living in integrity with the world and doing only good, which was a biggie for me.
Also, it’s just plain old empowering. the rubber band trick alone (put a band on your wrist and snap it every time you have a negative self-image thought, wearing it every day for 30 days without taking it off) was worth the purchase price.
Residential real estate investing : a beginner’s guide
Thornton, Clifton
My rating: 8
Recommended. Quick, inspirational read
Bugger the real estate agents! : we’ll sell it ourselves and save thousands of dollars
Semple, R. J. (R. J. (Bob))
My rating: 7
Good tips for selling home, but not 100% relevant to investing
Streets ahead : how to make money from residential property
Wakelin, Monique
My rating: 7
Makes too many assumptions about the reader, including retiring at around 60-65.
Investing in property
Clitheroe, Paul.
My rating: 7
some very useful tips. easy to read, but on the other hand not very detailed.
Real estate riches : how to become rich using your banker’s money
DeRoos, Dolf.
My rating: 9
Excellent book! Very recommended. Covers residential and commercial property.
Don’t sign anything! : how to protect yourself from the tricks and traps of real estate
Jenman, Neil, 1955-
My rating: 9
MUST READ! Incredible eye-opener into real estate agents & institutions. The author has a very cynical view of the real estate industry. Would have rated higher, but I don’t agree with the author’s investment philosophy.
How to create an income for life
Lomas, Margaret.
My rating: 8
Not a bad book, but I felt a bit let down by the fact that the author only has $1.2 mil worth of real estate after so long.
Your real estate jargon explained : tricks, traps and insider hints
Bell, Anita, 1967-
My rating: 7
quite useful little pocket book, sometimes humorously written
Secrets of property investment : secrets 1-5 : successful strategies for creating wealth through property investment
Doidge, Geoff.
My rating: 6
quite vague, but a few useful tips
Property power
Barnes, Leonard.
My rating: 8
Emphasis on timing market cycles for a buy-and-sell strategy.
How to sell your home for more : (and buy your next for less)
Wood, Ray, 1960-
My rating: 7
Real money real estate : winning the real estate game
Sugars, Bradley J.
My rating: 9
Great book! Featuring NLP, motivation, etc… More than just a real estate book.
More wealth from residential property
Somers, Jan (Jan B.)
My rating: 7
very detailed set of analyises for property investment
Making your home your gold mine
Crabb, Tony.
My rating: 6
somewhat lame
Buyer beware
Ryder, Terry.
My rating: 7
similar to “don’t sign anything” by neil jenman
How to maximise your property portfolio
Lomas, Margaret.
My rating: 7
i believe her thoughts on depreciation are erronous. a few good ideas in here though.
Property investing for lifestyle
Hewat, Tim, 1928-
My rating: 7
More of a history lesson than any thing else. Has a unique chapter devoted to (property on) golf courses.
The property investor’s handbook
Airey, Graham J.,
My rating: 8
good book, very detailed where other books are not; eg GST
The wealth power of property : you can be a property multi-millionaire
Johnson, Fred,.
My rating: 7
Property on the net
Airey, Graham J., 1966-
My rating: 6
more of a reference book. quite out-dated also. *didn’t finish this one*
The Penguin Australian home buyer’s guide
Humphrey, Nicholas, 1971-
My rating: 7
clear, step-by-step explanations
Buying and selling off-the-plan in Queensland
Blue, Christopher
My rating: 5
too boring to even finish reading. aimed at developers.
It’s easy to be a property multi-millionaire
Turnbull, Craig.
My rating: 8
inspirational book
Building wealth : story by story
Somers, Jan.
My rating: 7
full of short investment stories from 101 people. good and bad stories.
The Australian landlord’s handbook : managing residential rental property
Bilosh, Suzi.
My rating: 7
good book on diy landlording
How investing in commercial property really works
Roth, Martin.
My rating: 7
mostly about comercial, with a few other things too.
From 0 to 130 properties in 3.5 years
McKnight, Steve.
My rating: 8
book about positive cash flow real estate
I agree witht these guys, don’t sell if it isn’t costly you everything, set up a LOC and use the equity to fund future purchases, remember you only need 20% plus costs.
I hope that once the properties have all been sold, they can put up on this forum what the deals were. I for one would like to know what the figures looked like. Once contracts have been exchanged I can’t see what the hassle would be to post the details.
Whatcha think?
‘Eat rich food, barbeque a yuppie’
I agree with Rugby,
It would be interesting to see what other people on the forum consider as enough of a good deal as to offer it to our peers.