A good accountant is worth his weight in gold, but a bad accountant is like a lead.

It is properly too late to change the structure on your existing properties, but make sure you set up any future purchases correctly.

Also consider how your properties are performing. Use Steve’s template at the back of the book for this. If they are not doing…[Read more]

Thanks all.

Millions could you give me some more details on the book (eg author)pleaes.

Cheers

All good points Sanjiv.

With the property agent I would investigate them with each property.

Remember that Ray White, LJ Hooker, etc are only franchises and the property managers are often only employees.

You can find this absolutly fantastic person in one town, only to find the PM from the same real estate group in the neighbouring town is a…[Read more]

Books to read:
Margaret Lomas, Jan Somers, Neil Whittaker, Steve McKnight, Property Investor Magazine, Dolf de Roos, Monique Wakelin, Neil Jenman, Terry Ryder, Robert Kiyosaki, Peter Spann, “Think and Grow Rich” by Napoleon Hill,
“Millionaire Next Door” by Stanley and Danko, “The Richest Man in Babylon” by George Clason.

Be especially careful with Sanjiv’s point 4. Devellopers always seem to do this in their favour. Insist on an independent benchmark.

Good point Richard.

Remember Quiksilv. Most properties have a yield of about 5% but costs of about 10%. If you rent you do not get the capital appreciation, but that is only a problem if the property prices go up.

Wylie’s idea certainly has a lot of merit as well.

You have to way it all up and make a decision that BOTH of you are comfortable…[Read more]

No you do not need a company.

A trust is similar to a company in many ways but with a different set of rules. My accountant gave me two pages of pros and cons.

Main disadvantages are the setup (about $1500) and running costs (about $1500/year) as well as you can only offset losses against future gains (that means you cannot negatve gear them to…[Read more]

Do you want to do all the work yourself?
Than be prepared for long hours and no free time.

And is it your PPoR or an IP?
It is a lot harder to renovate PPoR as you tend to do it better than practical.

One of the main tricks is to add perceived rather than actual value.

Examples for this is obviously a repaint, perhaps modern handles on…[Read more]

Sue we should ask Steve for a commision. I have been advertising his book as well. But the point is, he is really making sense .

As it is the newest book that I know off, Steve has taken the change in the property market into account.

I think Sue is completely correct. You have to choose what you want. But be careful, when you make your…[Read more]

Sue

A note of caution. I believe that wrapping is illegal in SA and we can only do it in other states.

Hi Markerman,

I believe that the closing costs are closer to 6%, especially if you get the property valued and building inspected. The costs are a summary of: Building Inspection, Registration of title, Stamp Duty on Loan and Property, Loan Application Fee, Mortgage Registration Fee, Title Search, Valuation, Adjustment of Rates and Land…[Read more]

I agree with Richard. If you have the drive, do not quit.
The banks may be a little tougher in the beginning, but you already have 4 cf+ properties.
You may need some financial creativity, but a good MB should be able to help you.

It also seems to me that you got some money from hubby’s life insurance. You will be a lot better off to buy…[Read more]

You are asking yourself the right questions. But there is no right or wrong answer. It certainly sounds to me that you do not have loads of capital. This makes it trickier, but not impossible.
I would start by contacting a good MB (Mortgage Broker) to check out what your best strategy is to maximise your equity and know exactly where you stand…[Read more]

Sue,
I can still see properties that can produce a profit, but I have not seen any high % yields.

I have found nothing in the residental market and only a few dodgy ones in the commercial sector.

I think without a lot of experience I am hesitant to venture into the commercial market, being unsure of how to attract good lessees. I just…[Read more]

Why not build something and either rent or sell it?

I personally would not like to have a non income producing asset on my portfolio unless I was very, very, very convinced I would get CG in a reasonable short time frame.

You did not mention where the block is, but apart from Perth the market seems to be fairly flat.

Good luck

Hi Dee,

I think you made a wise decision. A friend of mine also said she likes to stay slighly on a low side of the achievable rent, as she believes it is off-set by lower tenant turnover.

I do not know about centrelink payments, but advise you to give them a ring. Pleas let us know once you find the answer.

I think that 12-18 month is a good…[Read more]

Are you looking for your credit reference?

Then try this site:

http://www.mycreditfile.com.au/my_credit_file_product_information/my_credit_file_product_information_default.aspx

If you are not in a hurry you can a free copy in about 2-3 weeks, otherwise invest $25.00 for quick response.

Good Luck

Remember Mat,

Positive Cashflow is not bought, but made.

There are a few examples on this forum, I am looking as well and am getting closer to one.

Good Luck

These are excellent thoughts Sue

I love this post.

There is no ‘educational’ information, but a lot of great stories and attitudes.

Keep it up