Forum Replies Created
A stupid question….
What does “external refinance” mean?
Thanks
Hello,
Why don’t you ask if ATMs are safe?
Someone could stand behind you with a gun and steal all your money.
An ATM could have “problems” and forget to dispense all your money.
I’m sure you use an ATM despite these risks…..
SLANDER?
Why is is slander to state a fact?
If you say “person x at bank y advised me their may be tax implications regarding cross-collaterisation”, that is a simple fact.
We live in a sad world where people are afraid to speak the truth. You let large companies rule over you which is rather hopeless.
Hello,
IMHO the lender is lying to you. They prefer cross-collaterisation so will make up any story to keep you from changing it. If you could tell us the name of this lender I would greatly appreciate it.
Tax in simple terms is based on your income (in the broadest definition ie including capital gains etc). Tax is not based on what security you have for your loans. An obvious example is that you can use your own home as security for an investment loan. This does not destroy your capital gains exemption, land tax exemption etc.
As Herman mentioned there could be mortgage stamp duty fees – I suppose they can be claimed on your tax return. Thats the only affect I can see.
Cata,
Could you please explain the “trust register”? Is it something special or just the trust’s minutes piled into a folder?
Cata,
Thank you for answering the questions provided. However, could you possibly please provide some reasons behind the answers?
Eg it is apparently better to have a company as a trustee, not yourself…. why is this so?
Thanks
Hmmm a rather important question….
If I buy one of these books can I claim it as a deduction on my tax return?
And if I can which specific section of the Tax Pack applies (assume I’m doing my own return)?
Thanks for the advice.
What happens if I loan money to the trust, and someone sues me?
Should I lose litigation and am declared bankrupt, can the creditors “demand” the loan be repaid?
When a person goes bankrupt, I understand that the creditor can “undo” transactions in the last 5 years if they were designed to avoid paying debts. Could that possibly happen if I “loan” money to my own trust?
Thanks Jenny.
Thanks Hutch for that plan of attack.
Or course if you are buying interstate its not so easy to walk up to the power box and check the date.
But very handy for local purchases.
*lol* sorry RedWing. That was a genuiune mistake I had no idea.
Thanks for your help Redwig – electricity company is a good idea.
Hi gr,
Thanks for your advice. However excuse my ignorance, could you explain a little further?
What exactly do you mean by a “real estate company”. Is that just another way of saying real estate agency?
Also if I go to any old real estate company (say LJ Hooker) and ask for info from rpdata – I presume they would want to charge me a fee or something? How exactly would it work?
Going to the council and asking for the occupation cert is a good idea.
Also does anyone know what the tax office requires as proof of construction date?
Thanks
“tow truck driver contact”
Could you please explain this a bit further!? I would like to hear exactly you “lean” on bad tenants…. would be great advice!
Thanks heaps G7
Hello,
Its good to see you are treading carefully and learning about property before you buy it.
Unlike some people who have posted on this forum heheh.
It is true, probably 99% of residential property is negative geared. That means you lose money, the outgoings are higher than the income.
Why would anyone put up with that? There are many reasons but going for capital growth (selling property for big $$$) is the main reason.
Good luck in doing your research and don’t rush – I think the market is heading sideways (if not down) for at least the next 2 years.
Steve,
I personally fail to understand how people would “love” property investing (except maybe it massages their ego).
I guess Steve is at the stage where he pays people to do all the hard work so its easy for him.
However I don’t find the hard yards very enjoyable at all. You have to research the town. Research the property. Check out the tenants. Negotiate a price. Repeat that many times as vendors always want the highest price (this may change in future). Screw around with banks. Hope the building inspection finds no nasty suprises. Pay lots of stamp duty.
As for Kerry Packer et al, they ARE workaholics. Their whole life is defined by their job. They know nothing else.
Keeping up property investing (eg in the USA) so you can advise other people is fair enough.
If you enjoy helping other people improve their wealth I understand that completely.
What philanthropic things are you doing? I am interested to know.
nkibel thats a great idea!
Pretend you are a buyer and see which agents do their best to sell a property to you.
You then know who should be selling your property.
Thanks for that.
Hello Steve.
Here is an easy question for you:
When do you plan to stop buying investment properties?
We know you have bought over 150. Surely you have an income now that allows you to forget about investment and to “retire” eg move onto more enjoyable things?
If you answer along the lines of “oh I enjoy property investing” I would argue you are a workaholic who needs to get a life.
I want to know when Steve will stop!
Here is a Guru that is supposedly an expert. Yet he is still buying, buying and buying.
Shouldn’t he be living off all the brilliant decisions that he has already made?
If he has to keep on buying property then really investment is just another job since apparently you never stop.
Also it makes it harder for us to find good deals when Steve goes and takes a whole bunch of them.
I would like to ask Steve when he plans to officially “retire” from investing and live off the passive income he talks about so often.
