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  • Profile photo of wilsonkaywilsonkay
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    @wilsonkay
    Join Date: 2002
    Post Count: 52
    October 20, 2004 - 12:33 am

    Hi Guys & Gals,

    Thanks for your replies. I don’t mind paying tax because it means I am making money, however obviously I do like to minimise this wherever possible. :-)

    oh well…so be it!

    Regards,

    Tim Wilson.

    Profile photo of wilsonkaywilsonkay
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    August 12, 2004 - 12:11 am

    Hi there,

    Being that you are only relatively new to IP my suggestion would be that you do some further education before making more purchases. One of Steve’s courses or resources available on this web site would be a good start. This will come at little cost, and will ensure you feel confident about the direction in which you are heading.

    You are in the fortunate position of having enough equity in a property to raise deposits for potentially several additional properties, so education could really pay off in the long run.
    A word of caution. It is time to be making sure you are buying the right types of properties, using the right strategies, due to where we are at in the economic cycle (i.e. property prices peaking).
    Also, with many years of experience, be careful of what you listen to from Real Estate agents. Do your own homework.

    Congratualations on your action to date. Sounds like you are moving in the right direction.

    Regards,

    Tim.

    Profile photo of wilsonkaywilsonkay
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    @wilsonkay
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    June 8, 2004 - 2:52 am

    Because not everyone can seperate their emotions from fact!
    I mean heck, it’s the great Australian Dream to own your own home and since we don’t like waiting for things we go out and get ourselves a mill stone around our necks by the way of a mortgage.

    Renting makes a lot of sense to me providing you save your money to pay cash for a house later on down the track. ummmm..but I am not sure if the wife would agree :-) She likes to make nests.
    It’s different for everyone.

    Profile photo of wilsonkaywilsonkay
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    @wilsonkay
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    June 7, 2004 - 12:15 am

    Thanks everyone for your responses. I appreciate it. I am still of two minds though.

    Regards,

    Tim.

    Profile photo of wilsonkaywilsonkay
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    @wilsonkay
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    January 24, 2004 - 10:06 pm

    Hi Pisces.

    Thanks for your reply.
    A Cattery is boarding for cats. The business is called The Cat Comfort Motel, and surprisingly is quite profitable.

    I am unsure of the minimim land requirement for sub-dividing in Rural Zoning for this coucil; however I will endeavour to find out and get back to you.

    Thanks for your time.

    Regards,

    Tim Wilson.

    Profile photo of wilsonkaywilsonkay
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    January 23, 2004 - 4:19 am

    Hi Yack,

    Thanks for that. All good points. The thing that gets me about that is the land in question is on the outskirts of a small town (Latrobe Tasmania), and not far from a major highway. I can’t see that it would be all that usefull for rural purposes anyway, not anything seriouse at least.

    Anyone else have some wisdom to impart?

    Thanks.

    Tim Wilson.

    Profile photo of wilsonkaywilsonkay
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    November 17, 2003 - 4:28 am

    Hi Still_in_school,

    Not sure whether this will be of any further help to you but:

    To be a mortgage consultant in Australia you need to be a member of MIAA (Mortgage Industry Associate of Australia) http://www.miaa.com.au. To apply as a member you need to have completed one of the pre-requisite courses which are listed on their web site.
    A good one that I know of is a Diploma of Mortgage Consultants offered by AAMC (go to http://www.aamc.net.au). Personally I wouldn’t waste your time and money with any other course.

    Something to note is that the industry is becoming increasingly regulated which means there are many more requirements to meet now than there used to be…..which is a good thing….hopefully stops all those dodgy loan writers, and will sort out the bad brokers from the good ones!

    You will also need professional indemnity insurance.
    I suggest you check out joining a mortgage aggregate like AFG for example, as thier are many benifits in doing this.
    I would also encourage you to question your motivations for becoming a Mortgage Broker. There are hundreds of them popping up every day. It seems that the only ones that survive are those that are focused on the people and solving thier problems rather than those focused on making a heap of $$$$. So I suggest that you need to make sure that your motivations are to help people, in turn you will make the money.

    The mortgage broking industry is changing rapidly at the moment and will continue to do so over the next couple of years. It seems that the industry in Australia is following the trend in the US. Currently around 40% of mortgages are written through brokers, which is double what it was two years ago. In the states it is a lot higher than this, so i believe we will see a lot of groth in the mortgage broking industry in the next 2 years.

    Also, if you are seriously looking at becoming a Mortgage Consulting (broker) I would highly recommend you do yourself a favour and check out http://www.thelifestyleplanner.com. Buying a franchise in this company will make your career as a mortgage broker much less hassle and greatly rewarding. The Lifestyle Planner will be the future of the mortgage broking industry, so check it out!

    Regards,

    Tim Wilson.

    Profile photo of wilsonkaywilsonkay
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    September 19, 2003 - 3:14 am

    Hey great to hear you are coming to Tassie – more the merrier I say – word had to get out some time didn’t it[:D]

    Tim

    Profile photo of wilsonkaywilsonkay
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    September 18, 2003 - 4:58 am

    My feedback:

    – Yes I have – to two.
    – I thought it was fantastic :-)
    – Absolutely worth every sent I paid – I wouldn’t waste/spend your money elsewhere
    – Yes, and much much more, in regards to what you get out of it, don’t forget this depends on what you are prepared to put in. :-)

    Profile photo of wilsonkaywilsonkay
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    September 18, 2003 - 4:50 am

    I would immagine you would need to seek taxation advice from your accountant. Not having done it myself I am not sure of the issues here – however I imagine there would be!

    Regards,

    Tim

    Profile photo of wilsonkaywilsonkay
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    September 18, 2003 - 4:50 am

    I would immagine you would need to seek taxation advice from your accountant. Not having done it myself I am not sure of the issues here – however I imagine there would be!

    Regards,

    Tim

    Profile photo of wilsonkaywilsonkay
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    September 18, 2003 - 4:47 am

    Now I know what they get up to at those Real Estate agent courses :-)

    Profile photo of wilsonkaywilsonkay
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    September 18, 2003 - 4:45 am

    Terry,

    Normally yes. It depends on where this passive income is coming from. i.e. if it came from IP’s rented then the bank will accept up to 75% of this as income.
    Not sure about other asset classes.

    Regards,

    Tim.

    Profile photo of wilsonkaywilsonkay
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    August 28, 2003 - 2:51 am

    Hi Everyone,

    I thought I might as well throw my hat in the ring as well :-)

    I am an IT consultant during the day, Lifestlye Planner at night and property investor in my spare time ;-)

    Life is to short to be doing only one thing at any one time – so long as you are doing what you do well!

    Enjoy your day.

    Cheers

    Tim Wilson

    Profile photo of wilsonkaywilsonkay
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    August 22, 2003 - 3:22 am

    Hi Shane,

    Yes, the numbers for Queenstown would stack up, but if you had been there you would probably understand why!
    It’s an old mining town which is now more of a tourist destination now than anything else. i.e. stagnate if not declining population growth, and very little reason to live there.

    I would suggest you should stick clear of Queenstown, but feel free to check it out for yourself.

    Regards,

    Tim.

    Profile photo of wilsonkaywilsonkay
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    August 19, 2003 - 1:23 am

    Hi Mitivated,

    Yep I have to agree with Tas Investor on this one, at least from a long term view point.

    While Devonport is (and will continue to in the short to medium term) experience some good growth in property prices there are other areas of the state out performing Devonport.
    After some research I believe that has to do with a fundamental of population growth in these areas.

    One thing Devonport does have going for it (other than the ferries) is a large planned expenditure for the redevelopment of the CBD waterfront over the next 10 yrs should it go ahead. So this is encouraging, particuliarly in regards to commercial property **hint**.

    Having said that I expect for there to be some very good opportunities in the Devonport area in the coming years for residential and commercial, if you are to position yourself properly to take advantage of them.

    If you are planning on buying from interstate, I suggest you come and spend some time checking out the area for yourself so that you get to know it (as if you lived there), otherwise I fear you may get burnt!

    Tas Investor – we should catch up again sometime.

    All the best & God Bless.

    Tim.

    “Poverty is not an option”

    Profile photo of wilsonkaywilsonkay
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    May 28, 2003 - 12:28 am

    Hi David,

    Good to see you are getting on board and educating yourself at such a young age – you won’t regret it!

    While I am not in Hobart, I do operate in Tasmania based in Devonport. So feel free to drop me an email ([email protected]), or call me on 0429 655 630. I would be happy to have chat with you.

    Regards,

    Tim Wilson.

    Profile photo of wilsonkaywilsonkay
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    May 7, 2003 - 10:51 pm

    Hi Nick,

    Yep, based on the advice I have also recieved you are right on the money, however I would urge caution. Is this something from an ethical standpoint you really want to be known as doing? You’re integrity is worth a lot more than $7000 – believe me!

    Regards,

    Tim Wilson.

    “Poverty is not an option”

    Profile photo of wilsonkaywilsonkay
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    May 5, 2003 - 11:09 pm

    Quickly – in summary, yes it would make it look like a genuine offer and this is part of the reason.
    The deposit will consist of part of the purchase price, you are correct in that assumption. Also be careful, as some RE agents will try and push you in to paying a higher deposit, mostly this is because they want thier money sooner. But maybe I am a sceptic! :-)
    Also – 10% is standard, but you really determine the deposit you pay. Depend how you want to work it.

    Regards,

    Tim Wilson.

    Profile photo of wilsonkaywilsonkay
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    May 5, 2003 - 10:53 pm

    Hi Terry,

    Thanks for clearing that up.

    I guess at the end of the day, so long as you ensure you (or your company) is able to service the loans addequately then I guess there is no reason for alarm.
    Also we are finding that a vital aspect of this is to develop a close relationship with a financier – almost a “I’ll scratch your back if you scratch mine” approach. Reguliar communication is also important. We try and send all of our business to the one financier, and this seems to make it a whole lot easier with questions, bcause they alread know the answers.

    Regards,

    Tim Wilson.

    “Poverty is not an option”

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