Should I go to a seminar?

Hi again

To newbies, seminars are all about:
1. Getting the information
2. Meeting like-minded people

To experienced investors, who also love to keep learning new information, they’re more about the networking. A lot of experienced investors who don’t really need to go to a particular seminar go anyway just so they can keep building their network of “doers, not just talkers”. The amount of JV’s (Joint Ventures) that are entered into over drinks at the longer seminars is awesome.

For example, Rick Otton will charge you around $5,000 for his 3 day “Boot Camp” the 1st time you go, but only $1,000 each year thereafter.

Re free information, you should also become a regular purveyor of the forums on:

http://www.somersoft.com.au

Go on, do it, and after you’ve done that, check out Rick Otton’s sites exhaustively, clicking on all his links:
http://www.webuyhouses.com.au
http://www.rickotton.com/wrapcamp.htm
http://www.financiallyfree.com.au/rent-to-own.htm

At the outset, as you decide to build your Investing Team of advisors, decide to only link with +CF savvy:
~ Accountants
~ Mortgage Brokers

Also, WRITE DOWN the job description /definition of each member of your Investing Team who’s pivotal in helping you build your wealth /portfolio. For example, one of my mentors defined her accountant as:
“My accountant is employed to make me money. He’s too skilled to pull my dockets out of a shoebox (I pay a Bookkeeper to do that). I meet my bookkeeper at least once a week, and my accountant only twice a year. The agenda when I meet my accountant is clear: Make me more money. If you don’t, I’m moving on.”

And geographic distance shouldn’t be too much of a consideration in selecting your accountant. One of the most respected accountants posting on this forum is Julia at:

http://www.bantacs.com.au

Do a thorough search of her posts under her “Julia” avatar by clicking “Members” in the top LH corner of this page, and you’ll quickly see how authoritive she is. Make your own decision, but she’s top shelf, okay? She operates out of Brisbane /Sunshine Coast.

Pay $168 for Dale Gatherum-Goss’s books on Trusts: “Trust magic” and “Tax Battles”. This will be some of the best money you’ll ever spend.
(Do a Google search on “Gatherum Goss” to get his website). If you’re REALLY determined to become wealthy (and I hope you are), seek advice SOON about setting up your Family Trust asap (but only do it if you’ll have quite a number of properties over the next, say, 5 years). All up, it’ll cost around $1500 – $2000 and will save you potentially hundreds of thousands of dollars over your lifetime, as well as let you distribute annual profits to all your kids, nephews etc (paper entries only, if you so wish, but you and your hubby benefit from the tax deductions) [biggrin][biggrin]

And please, budget on paying a Quantity Surveyor around $400 to do a Tax depreciation schedule every time you buy a new IP (but first check with your accountant re the Capital Gains implications of claiming depreciation on a house that was/is/will ultimately become your PPOR). Tread warily before claiming depreciation on your Alice Springs home when it becomes an IP without first talking it over with your new, +CF savvy accountant (there’s a lot of broke accountants out there who know bu**er all about investing).

Whew, that’s enough for now, I’m exhausted! [blush2][cap][blush2]

Greg