Forum Replies Created
I have to agree with Jenman on that comment alone, if it relates to owner occupiers looking for a HOME and opposed to an investor looking for a HOUSE.
For those of you who know me – me agreeing with Jenamn does not happen that often… so sorry if I scared any of you…[8D]
PEte
…Beware of the dreamtakers…
Firstly…. congrats. You are definetly moving in the right direction.
Making yourself look good for a bank is like dressing up for a blind date – you have no idea what they will be looking for…
Just keep finding good quality deals and trying to ‘sell’ them to the bank on the deals merits alone….
Keep trying…
Pete
…Beware of the dreamtakers…
Firstly – what are your goals?
Capital Gains or Cashflow… this will determine the area to look at.
Secondly, what good would giving out ‘good’ area info do, as once that market is flooded how would you go about finding the next ‘hot spot’.
Its better to teach you how to fish rather then just give you fish….it means you will be able to replicate it in the future…
Pete
…Beware of the dreamtakers…
The best bet is sit on the net and search for poperties that meet teh 11 second solution…its not easy but jsut keep looking…
Pete
…Beware of the dreamtakers…
You guys are in a sensational position – well done
Treat this forum as a mentor, any questions or thoughts simply post them here, we are all willing to help…
Best of luck
Pete Williams
…Beware of the dreamtakers…
There is no point teaching you where the fish are, its better to teach you how to fish..
If you knew where +ve cashflows were, you could head there and buy no problems – but what happens once that area is ‘fished out’, what would you do then, when you don’t know how to find the next ‘hot spot’….
Sorry to not give you exact details, but it is all part of the journey….
Pete
…Beware of the dreamtakers…
Everything is worth looking into to.. but yeah make sure your eyes are wide open….
Let us all know how it go’s
Pete
…Beware of the dreamtakers…
Thanks STU…
Very informative….gets me thinking…
Its good to know these things when you go to ‘market’ your property to financiers….
Pete
…Beware of the dreamtakers…
What are you trying to do? If it is to replace your income with passive income the negative geared properties are working against you.
It comes down to your goals, are you wanting to stop working and live off you I.P’s? If so then you need to be holding +ve cashflow places.
Paying off the loan to make them positive is one way to go. Do the math, what would the return by investing the money into the -ve geared places versus using the equity/cash to buy +ve geared places.
Its simply a matter of getting the best Cash on Cash return you can.
Pete
…Beware of the dreamtakers…
Delight….
1. Is the house worth buying? It is more than 55 years old.
Hard to answer – what are you plans for the property buy/hold?2. If I won’t push through the sale, what will happen to the money that I spent for the pest and bldg. inspection? Can I tell the agent to tell thenext buyer that the pest and bldg. inspection were done and I will just sell the report to them, is it possible?
Sorry, the $$$ have gone for good. You can try and sell the report – but would you buy the report if you were the next potential purchaser??? I know I would want my own.
3. How about my $200.00 holding deposit, how much can I get back from that?
Depends I guess on your terms with the vendor. What where the terms on the contract?4. Or maybe I will make another offer. How much do you think? The listed price was 85K and given to us for 83.
Show the vendor the report and give them multiple choice. A/ Fix all the problems or B/ Discount the purchase price by the $6 000 of needed work. Just negotiate.5. I am not even sure if I can onsell (wrap) the house for 105 or 110 K, my other problem is with lo. doc. the bank will only lend me 80%,with 7.4% interest rate.
An 80% lend is perfect, they catch is to try and find a potential wrapee willing to pay 9.4% maybe the answer is to only take a 1% spread and make it more attractive to the wrapee. BE WARNED THOUGH – that once there is a wrap and caveat in place you will not be able to re-finance your underlying mortgage.Hope this answers some questions…
Pete
…Beware of the dreamtakers…
Touchy area – section 115-25 states that a CGT discount is not available where a new CGT asset has been created.
However, I don’t think they mean to include a new house as that type of asset, they mean contract assets, such a leases/stock that are created on realisation of the underlying issue… to technical to explain here..
Just check with your account…
Pete
…Beware of the dreamtakers…
I agree it is note easy, but keep in there. The internet is a great resource, just keep searching and applying the 11 second solution…
Good Luck All
Pete
…Beware of the dreamtakers…
Does Country House & Land Sales have a website ?
…Beware of the dreamtakers…
Leverage your time – use a mortgage broker
…Beware of the dreamtakers…
O.K.
Firstly – a Mortgage Broker is the way to go, its simply leverage, let them do the dirty work and find the finance
Also the use of trust/company structures helps in getting loans – as once one structure is maxed out, you simply replicate the situation. Check out ‘Wealth Guardian’
But, what happens in reality once you have a proven track record (130 +ve cashflow dwellings) banks call you when they don’t meet there quota.
Cheers
Pete
…Beware of the dreamtakers…
THE BEST GAME IN THE WORLD….
Don’t even debate about purchasing this, correction – investing in this product/game. It will change your life – I promise.
Have you played it before? Also where do you live as we should all try and get together for a cashflow game (re-live the old days hey Brent)
Pete
…Beware of the dreamtakers…
argyle610 – glad to hear you liked the book. In response to your queries I will try and answer a few for you..
quote:
If one knows where the pot of gold is or knows where it’s hidden, why would he tell everyone about it?Its simply a perception of abundance in this world rather then scarcity. It is just a paradigm shift.
quote:
I have doubts that properties you talk about still exist. Perhaps when prices drop. But l will be doing some searching. But, so will everyone else.
Steve and Co have bought over 30 in the last month. Just jump online and apply the 11 second solution – they are out there, just take a little effort to find.quote:
You talk about having a 20% deposit, but how do continue to raise that kind of money to continually to buy properties? Cash flow?Read Robert Allen’s – Multiple Streams of Income, it has great ideas of how to get other income streams. Also you need to sacrifice something’s in life to be successful maybe you need to sacrifice a holiday to start investing.
quote:
With 130 properties why would you want to tell others and kill the goose that is laying golden eggs for you?Again, it is the abundance mentality. Share the wealth.
Pete
…Beware of the dreamtakers…
Good Luck Mini….let us all know what you come up with…
Pete
…Beware of the dreamtakers…
Do they have a website????
…Beware of the dreamtakers…
Great start guys!!!!
I am very impressed to hear all your goals etc…
‘Tas Investor’ – really like your idea, i am going to try and introduce that idea into my goals…One thing however, I think some need more clarity is needed. Having a goal of ‘not working’ is fantastic but I feel they need more definition.
Seeing as though I am asking you all to give your goals I should give you mine, so…
– $1.5 Million in property by Aug 31 2004, throwing off $75 000 passive income
– Sell 900 pieces of MCC Crested carpet by Nov 1 2003 (www.sportinglimitededitions.com – backgrough info)
-Continually make Chrissie (my girlfreind) feel like the most loved girl in the world
– Get back to NYC by Nov 30 2003 and Costa Rica in April 2004 (Chrissie lives in NYC currently)
– Be the feature of a TV segement (achieved 2 weeks ago), Radio Segment (achieved last week and again 5 mins ago) and a newspaper article (should be achieved 2moro), by Nov 2003
– Learn spanish by April 2004 (for Coast Rica)
– Be flexible enough time and $$ wise to freely travel between Melb and NYC at will by Aug 31 2004This is a brief outline of my goals, I have kept a few ‘secret’, but this the type of definition I am interested in..
Cheers
Pete
…Beware of the dreamtakers…
