Forum Replies Created
Boardy,
I suggest you stop using all capitals to type – this is commonly on the internet referred to as SHOUTING
As you can see from the way the caps emphasise the last word
Cheers,
Aceyducey
Alex,
It’s not that bad to not have a Trust – I know people with more than 20 properties who buy all of them in their own names.
To set up a Trust consult a good accountant. One, who unlike your current accountant has experience with property investing & investing in general & in establishing Trusts.
You can also get a copy of Trust Magic (www.gatherumgoss.com) which will give more more information about these vehicles.
Bear in mind there are different types of Trust & some types will be more appropriate than others for your needs.
Next – you can transfer your existing properties into a Trust, however it will cost you stamp duty plus any necessary modifications to loans (could require entirely new loans or simply a change in the entity – consult a good mortgage broker). Frankly you may as well not transfer them and save the money – as I said early it’s not that bad
Finally – post on a property forum anytime & you’ll get advice & explanations…their quality will vary, but on balance it should address your questions more than adequately!
Cheers,
Aceyducey
Hux001,
I haven’t been saved from litigation by my corporate Trustee as yet Hux…but you can’t put the company in place AFTER you get sued can you
Personally I like the extra degree of separation provided by a corporate trustee. It makes life much easier!
Also bear in mind that a corporation is a limited liability entity, versus you, a human, being an unlimited liability entity.
Cheers,
Aceyducey
Isn’t the easiest way to be born into wealth?
Strangely enough the concept of the full-time wage being the ‘safest’ option for making money, it’s a truth that of the 95% of working Australians fewer than 10% will retire wealthy & well over 60% will retire destitute & reliant on the pension.
Based on this I do NOT regard a full time wage as the safest way to make money
What is the safest way – I reckon it depends on the person
Some full-time wage earners do retire wealthy…so do some business owners, some share investors, some property investors (but not all – sorry to shatter any illusions people have)
Find the best course for yourself – and make it happen!
Cheers,
Aceyducey
PS: on the original question – my approach was to found a number of companies, work in a few six-figure roles & put most of my cash into good investments – then retire.
It seems to have worked for me but your own mileage may vary!
luisman,
I don’t know the exact situation here, but having bought a lot of books & tapes I wouldn’t be surprised to find the same info repeated.
The idea is that you’re learning it through a different medium – audially rather than visually – so the information sticks better. Repetition is very valuable in forcing that knowledge to stay in most people’s brains.
In any case I find that it’s too hard to turn the pages of books while driving
Cheers,
Aceyducey
Originally posted by lifeX:Hope this is valuable[idea].
It’s very valuable lifexperience
Good use of creative thinking to really increase the rental return.
I have a number of mates who do well out of student housing & one mate (who’s back at uni) who worked out it was cheaper to buy & then rent out all the other rooms to students….the other students don’t know he’s the landlord
Cheers,
Aceyducey
Originally posted by kay henry:Acey, this is a discussion forum. People have differing perspectives. Look at every topic and you’ll see a range of different responses and opposite points of view.
You can handle it, can’t ya?
Do you actually READ my posts before replying Kay?
From my last post:
And BTW – I don’t think anyone who has commented that they have goals is making any comment on the fact that you don’tKay, no chips on shoulders please. All of us are simply stating our own views.
Cheers,
Aceyducey
Something else to think about – the ‘convention’ right now is 0.25% (or 25 basis point) changes in interest rates.
There’s nothing preventing the RBA from choosing a different amount – the convention used to be 1% (100 basis points) and then became 0.5% (50 basis points), now 0.25%
In the future we could see the RBA choosing to return to larger changes (unlikely right now – the fine tuning approach seems to be working nicely) or making smaller changes – 0.1% or 10 basis points perhaps
Oh – and monthly meetings are a convention too – nothing stops the RBA from making changes as often or rarely as they like
I’d anticipate it would take a far more major event than a major terrorist strike, a recession or a war to have then change this however (based on recent experience).Cheers,
Aceyducey
Originally posted by kay henry:For me, financial goal-setting etc is not so much the way my head works. I don’t see life as an accumulation of wealth.
Kay,
Goals don’t have to be financially based.
A goal can very well be to have a picnic every month with someone you love.
Personally the majority of my goals are personal achievement ones
And BTW – I don’t think anyone who has commented that they have goals is making any comment on the fact that you don’t
BTW: I agree that our asylum policies are horrendous – but I disagree that they are the worst in the world…We benchmark favourable with a number of military dictatorships who also imprison people indefinitely, including children, and refuse them human rights as agreed under UN charter.
I campaign regularly on the topic in other areas of my life – it’s actually in my personal goals
Cheers,
Aceyducey
