Harryson

1) have a look at Steve’s “Wrap Secrets Revealed” product, it is excellent and full of detail.

2) search on WRAP in the previous posts and read to your hearts desire []

the Bruce

Hi Birdman

I don’t see any problem with dissolving it if you are gong to keep all of the units.

You should stil be able to organise a bulk deal on purchases as already existed, and then you will not have to pay for the manager.

Mmmm,. however, it sounds like one of those “you need to take your own legal advice” questions []

cheerio

the Bruce

Hi Hui

You have a stack of options from where you now stand, you just need to be able to focus in a little more on the area of your interest.

It would be a great idea to go to the next Australian Property Masters event later this year. Many of the concepts surrounding your questions are discussed in depth.

Having said that, thinking of in costs…[Read more]

Shaun

Wrap Secrets revealed is Steve’s flagship product, (though I heard a whisper that it is close to being out of print).

It has some great practical stuff in it that should save you grief and angst. I have often referred to it on matters re: wrapping and it has been an EXCELLENT resource.

I have also heard that Rick Otton has a “Wrap Pack”…[Read more]

Ally

your accountant can give you great accounting advice, as I am sure that it is her/his area of expertise.

However, unless she/he is also a succesful property investor the advice they give you about property investments may not be as well founded []

Ultimately whatever advice you take, you have the responsibility of making the final…[Read more]

Hi Betsy

I reckon that Steve was on the money (pardon the pun) when he spoke about refinance.

Q: Why would you sell an asset?
A: Oh, you mean that I don’t have too !!??

What I mean is that provided that the investment property is paying its’ way (I assume that income net of all costs is positive) WHY would you sell it??

Why not just use it to…[Read more]

Hi Sushi

good on you for starting !!

It is a fun and sometimes bumpy ride, but actually taking control of the financial part of your life is a huge experience. (hugely good that is)

I agree with Harryson & AD,
1) research research research,
2) build the team (business partner, solicitor, accountant)
3) research the market
4) do a deal (i.e. buy…[Read more]

Adofunk

ask your lender if you can have a copy of the valuation.

we have had siutations where some lenders would not do this and we had to pay the valuer extra $’s if we wanted the written report

cheers

Bruce

Dr B

1) Well, it depends !

Our particular circmstances dictated it was best to use a company as trustee of a discressionary trust.

BUT (a big but here); structuring is a complex matter as there really truly are many many possibilities depending on your particular circumstances. Probably the best contact here is the accountant Paul Harper from…[Read more]

Hi there Watto !

long time no type….. []

Our experience with this is:

i) Yes they DO want to know as it changes the amount of risk that they are undertaking, and in fact you would be in breach of your mortgage contract if you did not tell them!

ii) As per any loan; they have the property valued to assess its’ security value and determine the…[Read more]

hi Jamie

Welcome, welcome ! []

On the limited information given we will have to go with a generality, so think about this …
Would you rather have you eat from your investment long term, or would you rather have it eat you ??

Having said that, you need to really, really know that your research and decisions are based on facts and not…[Read more]

Hi Tmac

make sure that you present well and know what you are talking about.

Steve McKnight wrote a really good topic called “Unlocking the Vault” in his Wrap library.

cheers

the Bruce

Hi Adrian

welcome the greater community known as P-I-dot-com []

Good on you for posting! It is hard trying to get to somewhere from nowhere, but as you have just taken the first step it is now closer []

I have heard that due to legislation enacted in SA that selling using a WRAP style transaction is illegal. However, lease options apparently…[Read more]

Hi Arnaldo

Welcome to P-I-dot-com []

We now have building and electrical inspecitons done on all of our properties.

Where we live there is less problem with pests than some states, but would consider that as necessary depending on where you live. Our building inspector does however look for some of those things as he goes.

Electrical…[Read more]

Nathan

maybe I sound a little “conserv” here, but I really think that it is better for you to understand the elements of the contract (i.e WHY those specific clauses are used) than to just use a generic one.

So, my call on this is to say get as much info as you can then sit down with the legal part of your team and put together something that…[Read more]

Hi Adonis

I bought the ebook ages ago and it is a very informative read

the Bruce

Carolyn

our advice has been that GST is not payable as we are dealing with residential real estate which is specifically excluded from the act relating to GST

the Bruce

IB

another take in this is: if you are intending to buy more than one property it is possible to set up a trust (say between yourself and partner, children, etc) with you as trustee.

This is considerably cheaper than setting up the company as well.

If all goes well and you do need a corporate trustee, later on you can resign and appoint a…[Read more]

Hi Nathan

In some states (certainly Victoria due to the sale of land act) it is illegal to access the equity of a property that you are selling via a long term sale.

In a lease option arrangement this does not apply and you may access increasing equity by means of increasing your loan.

howzat ?

the Bruce

Dave

I am with AD & Carolynne here.

During the Sydney Seminar a lot of folks asked me where we bought properties.

I deliberately did not answer with “this” or “that” town as that response really misses the point. WHERE you buy is a function of WHY you buy, not the other way round !!

So after thinking a lot about it, my best (and I believe the…[Read more]