Forum Replies Created
Lankson
That was a great post, I love hearing people say the light went on for them. I was also pleased to see you have enough foresight to realise that just because it can’t be done now doesn’t mean it’s not possible. Good on you and good luck.
I also wanted to suggest that you both read a book called the richest man in babylon, it turned a light on for me in terms of getting my financial future straightened out.
Good luck, I look forward to your further contributions.
Cheers
Leigh K[
]Carve your own path and lead the way …
Oh Del
That is so said
…
[][]Cheers
Leigh K[]Carve your own path and lead the way …
Yeah and did you see that ENJO came out on top of all cleaning products last week.[
][][][]Sorry justhad to put that in[
]Cheers
Leigh K[]Carve your own path and lead the way …
Hi Mini
WOW 543 … you go little dark headed fella[
]Cheers
Leigh K[]Carve your own path and lead the way …
Gracie
Welcome to the forum and good on you for giving it a go. Take your time to understand positive and negative cashflow property investing so that you DO make an informed decision.
Like you, my husband was paying alot of tax, in the top bracket, and we “thought” that we needed a neg geared prop … well that’s what our accountant said. So we bought a unit in January and found the forum in Feb. This whole past year has felt like a burdon paying the loan for the unit, and even more so since we have bought positive cashflow properties. Even though we receive rent on the unit we still have to fork out the short fall. And there are months that we really feel the pinch.
So it is going to go on the market in Feb 04 for two reasons, paying a lot of tax means we are earning alot of money (although we now have other tax effective structures in place) and also because it will free up a large chunk of our PPOR equity to buy more more more CF+ properties.
Oh yeah we don’t have that accountant anymore!
Cheers
Leigh K[]Carve your own path and lead the way …
Congratulations Everdine
That first one is an incredible feeling and it takes a while to get over it, but 2,3 and 4 come along alot more easily.
I have just bought number 4 which means we have achieved our initial goal of 3 – 4 IPs between June 1 and Dec 30.
Well done, enjoy the ride and keep us posted on your success.
Cheers
Leigh K[]Carve your own path and lead the way …
Bear
Interesting situation with the new offer, a bit like Dicko and Mark Holden I can’t beleive that I am agreeing with Billfromoz, but don’t complicate the deal, I think you are on teh right track but find the simplest solution. BTW do you kno whow much they “need to do the deal” now. this sometimes helps with negotiation. Don’t forget the agent jsut might be sqeezing you. Standing your ground if you are confident can go in your favour ( and not ).
Unfortunately no I am not going to be at the seminar, I did not get my invitation.
Have a great time though, speak to heaps of people hear there advice filter the stuff that works for you and move on to the next person, you will learn stacks.
Cheers
Leigh K[]Carve your own path and lead the way …
[
]KayI might have something for you around the 75k mark, email me TheENJOLady@hotmail.com
I would like to know where you are and what regions you are interested in buying in. Are you wanting to visit a property or do you want photos?
BTW, it is one i own I am not an agent!
Cheers
Leigh KCarve your own path and lead the way …
I would like to take this opportunity to say CONGRATULATIONS to Melbear for being a super mentor to all newbies.
I don’t know how many times I have seen her patiently reply to the same old questions and always gives a full non sarcastic answer.
Good on you Mel I alwasy enjoy your posts.
To the newbies don’t take MJKs comments to heart you will understand where he is coming from one day. But remember how you feel about it now so you know what to do and say when it is your turn.
Cheers
Leigh K[]Carve your own path and lead the way …
Back to Fullouts original question,
It would depend whether the unit you live has been treated as an investment property, meaning you pay rent as income to them and they claim costs as a tax deduction. If so then it is an investment property. If not then you are living in your families home and you “may” be CGT free.
Of course check it with your accountant.
Cheers
Leigh K[]Carve your own path and lead the way …
Hi first timer and Pocah
Mel is right about reading to learn, the thing I found when I started trying to learn about trusts is that my eyes would roll back in my head or I would fall asleep trying to get my head around it.
Then Steve brought out the Wealth Guardian and this was a completely simplified explaination of all the different types of investing structures. Which lead me to have a simple basic understanding of trusts.
I then read Trust Magic by Dale GG as mentioned by Mel and this blew my mind, for one the issue of renting your own home was very exciting. So I highly reccommend reading both those books in that order to get you up to speed.
The cost of setting up our trust was about $1700 just off the top of my head.
Cheers
Leigh K[]Carve your own path and lead the way …
Hi Silverbullett77
It depends why you want to have a trust, is it for tax minimisation, asset protection or both?
We set up our family trust after we had prepared our property investing plan which ment identifying how many properties we want/need to own to meet our goal. To this end we were in a position where a trust was the right thing to set up. So we set it up before we went any further withour investing.
Transfering assets to a trust is the same as selling them they do incur stamp duty and CGT.
CHeers
Leigh K[]Carve your own path and lead the way …
BEAR
Well done, I am so pleased that you posted that to let us know. I knew you would you sounded so determined.
Good on you, I am sure you will love it. And I am really please to hear you are going for a deal, let us know how it goes.
Cheers
Leigh K[]Carve your own path and lead the way …
Hi Bill
I thought that was very interesting and will endeavour to do this research.
Only one thing
ps. I loathe the “due dilligance” phrase… from here on in…it’s doing your sums, your homework, your research. An excellent tool for those just beginning…it will keep you out of the market.You put up a helpful suggetion and then end it with this “stuff”. What are you really about?
Cheers
Leigh K[]Carve your own path and lead the way …
Hi Pelican investments
NO book is ever going to map out everything you need to do, and how to do it…..
Very well said.If anyone TRUELY beleived they would become a property investor by just reading a $30 book they are seriously deluded. It seems to me that too many people visiting the forum of late want to have the answers, the deals and the effort handed to them on a platter with a nice glass of Chardy to boot. (Sorry I am just thinking about having a Chardy that has nothing to do with this[
]).The point being that property investing does take time, it does take effort it does cost money and it is rewarding. But nothing is more rewarding than doing it on your own merits. If you need to learn more then go and learn it, if you need to go for a 4 hour drive to find a good deal then go, if you need help ask here for it but don’t expect to have a freeby.
Investing is for everyone, some will be better than other and some will learn the hard way but carve you own path and lead the way!
Pin
(I am definitely NOT a “believe it will happen and it will happen” type person. Rather, make heap of mistakes and learn from them. If there is a will there is a way…. )
I think where there is a will, demonstrates an attitude to win and when you have the right attitude, it will happen.Cheers
Leigh K[]Carve your own path and lead the way …
melbear
Correct me if I have misunderstood my guy, but our “bank bloke” said that they will no longer be taking guarentors anymore for any type of loan …
Anyway, Mikey! you need to find some spondullies and I think a smart young thing like you can get really creative … as mel said partners, what about finding a hot deal and selling it to an investor, put your thinking cap on – when you open your mind to the greater possibility the way will be made clear. Profound huh, just made that up. There you go – selling new proverbs.
Good luck pal
Leigh K[
]Carve your own path and lead the way …
Fudge & Fields
I am with fields, i mean, sure the more positively geared the house is the better, but you know, more important things should come to mind such as location etc.It all depends on why you invest, certainly the older members of teh forum invest for positive cashflow – afterall this is the home of positive cashflow investing, and yeild is important to us, we want an income. And you are right that location is important but not so much from a growth perspective for us. Thats why everyone promotes due diligence so strongly.
You are both saying go for growth, but if rates rise and property slows isn’t growth going to slow and rental demand increase. I think if you can buy +cf in this market with a good yeild now then any rate increases and slowing growth will be easier to manage. I have 1 -geared unit in Rosehill NSW (near Parramatta), we haven’t had a rate rise on this property yet but I already begrudge forking out MY money to pay for it. I hate to think of how we will go when our current rate buffer at the bank is reached.
My husband and I set up a company trust a few months ago to purchase our properties and we are in the business to MAKE money[
]Cheers
Leigh K[]Carve your own path and lead the way …
hi Fields
You are making an assumption that we all have buy and hold +cf properties. Many of us do wraps which doesn’t come into the same scrunty that you are suggesting.
not in outer towns such as Nhill (victoria), which by the way has a declining population…and empty houses begging.
I was in NHILL yesterday and dig not see any begging houses[]there’s neither for sale or for lease properties in abundance. As for a declining population, it is neither declining nor growing they have a stable economy with 3 main sustainable industries in the town.Each to their own strategy and learning process I say!
I was also wondering who else thinks interest rates are going to be 10% in 3 years?
Cheers
Leigh K[]Carve your own path and lead the way …
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