Forum Replies Created
I have been investing in tax liens through Tommy for the past 12 months and can tell you it does work. I don't hav e a lot of uninterupted time so liens suit me perfectly. It really is simple.
JudithHi Melbproperty,
It depends a lot on what access to investing cash you have. If you are limited then the Results program would be a great start to teach you disipline, research and all areas that you will need to know to ensure you embark with the most information and confidence to save losing your shirt on your first deal. If you are cashed up then I would suggest looking at Carli Crutchfield's program. I have been through the Results program and found it invaluable. I have seen Carli present twice and am very impressed with what she has to offer.Judith
Hi Jenny,
Have to get my car serviced so will make it for Wednesday so I can be down in Perth. Book me in please. It will be great to catch up again and I will tell you all about my USA trip and Tommy's mentoring. Maybe I can get a presentation together for another meeting.See ya
JudithHi Greg,
Yes, I did do the mentoring with Tommy and can highly recommend it. It is expensive but the knowledge gained and the profits possible make it worthwhile. Have you any plans to go over?
Sorry I do not wish to elaborate on any perceived problems as they are, at this stage, just that.Judith
No problem Richard.
It does not work under any system in Australia. It is all done in the USA. You first need to obtain a tax ID, either ITIN if you intend to operate under your own name or an EIN if you set up an LLC (company). You can then purchase liens or deeds direct from the Counties with the potential for quite considerable profits. I personally have purchased a deed on a 1/4 acre corner lot for $2600 that was valued at that time at $25,000. I also have several liens earning 18% interest compounding annually that will be paid to me in two years at the outside. Many liens are paid ahead of time and this is where some good quick money is earnt. If you re-sell properties purchased as a deed even for 50% of the market value, you have a nice quick profit. If you choose to hold a property you have the option of renting out if it is a house, building on if it is a lot, reno etc just the same as would be done here. You do need to have funds available to sent to the USA as operating capital. I could go on for pages but suggest that everyone think about attending Steve's conference in May next year to hear from an expert.
Judith
Richard, I was at the first and so far only training organised through Property Investing.Com that included Australians and there were only 5 of us there. I know all are buying tax liens and deeds so cannot imagine who has contacted you and reported that they are trying to get their money back. There is a perceived problem with a part of the program but it has nothing to do with the actual training. It is a problem that Steve has been made aware of and I believe he is seeking answers. Perhaps it is to do with this part that people are trying to get money back. Tax Lien and Deed purchasing can only be done in the USA and is something that anyone can do with the right information. It can be profitable but like anything else, you need the proper information for it to succeed.
Judith
The man is obviously in desperate need and is trying to do something for his family. Skip over his posts if you find them annoying. Please try and give the guy a little slack.
I can see that you must be fairly new here Allmine by the number of your posts. If you continue to log on here you will soon find that your doubts as to value for money on anything offered were entirely unfounded.
Best to you
JudithMany of the mining companies are now opting for fly in fly out so do your due diligence for mining areas. Get on to some real estate agents and ask to be placed on their e.mail alert list. I get lists a couple of times a week and have seen a few worth looking at but then I'm not buying just now. Lists also give you a feel for prices expected if it is difficult for you to spend too much time actually driving around.
JudithMy Accountant always advocates paying an amount into a super fund to further reduce overall taxable income. Not sure of the ins and outs as we haven't needed to do this yet but he says it is better to pay yourself super than to pay CGT. Hopefully you have a good Accountant that can advise you on this.
Cheers,
JudithThe first thing you would need to do is obtain an ITIN. This will allow you to open a bank account, have a property registered in your name and obtain a mortgage. An ITIN is a number that allows non residents to carry out varied transactions and an application form is available through the Internal Revenue website. You would also need a bank account that has on line services so that you can keep track of returns as Property Managers over there are not used to giving quarterly accounts.
Take the time to go to Steve's Mega confernence. You will not be sorry.
Cheers,
JudithWe are building on our subdivision which is a survey strata but we are not able to collect plans from Council until sewerage and power have been connected. Power was no problem but sewerage is a nightmare. Think it is finally sorted and hope connection will begin within a couple of weeks. Bank will lend $20,000 up front but second progress payment will not be paid until title issues approximately 2 months after sewerage compliance forms are lodged. The whole process has taken just on a year so far. We have a second much larger development on the go which is progressing much quicker with a more sympathetic Council so it really does depend on location to some extent.
If I knew then what I know now……….you know how it goes
Not sure of the attitude now but a few years back when we looked at a unit with a 6000 postcode Banks would not lend usual percentage. I think they would only lend 60% but can’t quite remember. This tied up too much capital as did buying off the plan for too long so we forgot that idea in a hurry.
If I knew then what I know now……….you know how it goes
Anywhere along the Madora Bay area pay attention to the brickwork. Strong salty winds erode the mortar right out of the joints particularly if the wrong type of mortar has been used. There is one brick fence that you can see right through as there is so much missing mortar. There is also a particular grade of roofing steel that must be used close to the sea. Always obtain proof that this has been used.
If I knew then what I know now……….you know how it goes
I have it on very good authority that a flight path will be constructed over Forrestfield and another over Midland. Midvale seems a better proposition to me although folk do seem to get used to halting conversation mid sentence as a plane flies over.
If I knew then what I know now……….you know how it goes
There is almost nothing available for purchase at a decent price in Toodyay and rentals are just about non existent. We have over 8000 sq mts and will be building units over the next several years hoping to sell as many as possible off the plan. We had anticipated a $130,000 price tag but have been told that they will now sell for more like $160,000. The 5 services minimum a day fast track train is coming as is a swimming pool which will make it very attractive to commuters and yuppy weekenders wanting to attend the many festivals held throughout the year.
If I knew then what I know now……….you know how it goes
LOL. Not quite so easy. You are right in that you first need to ascertain the zoning of the property but from then on use a Surveyor. We use Guidice Surveys 93356222 and have found them very helpful in walking us through the process.
If I knew then what I know now……….you know how it goes
We are currently sub-divided a block in Perth which is conditional upon services being provided. This means underground power $1500 and water sewerage connection $5000 plus plumbers fee. This is a Planning Commission requirement and nothing to do with the relevant Council. Release documents are to be lodged with Planning once the work has been carried out and the title will issue in 6-8 weeks
If I knew then what I know now……….you know how it goes
Good advice Tools. My husband always marks half the diameter of a tile off from the wall and marks with a chalk line. Tiles are then laid with the side point on this line. He fills in around the walls with cut tiles so that any “out of square” walls make no difference as the fill in tile is cut to size. He always fixes skirting first. Bunnings is the place to go for Jarrah and they operated many of the mills here in WA. Westwood Timbers in Welshpool is also a good place to shop but if you are looking for service and helpful advice I can recommend Johns Building Supply in Star Street Welshpool and have dealt with them for over 10 years. Not necessarily the cheapest but will go the extra mile and will always help you load and tie down any purchases.
If I knew then what I know now……….you know how it goes
Glad you have it sorted Purple Kiss. It never ceased to amaze me how slack the legalities are in WA. Something like you have had to put up with would never happen in one of the States that have Solicitors handling property transactions. For those in other States, can you believe we do not even have Requisitions on Title over here.
If I knew then what I know now……….you know how it goes
