Forum Replies Created
Hi Guys
Have been stuck in neutral so far this year.
Looked at the RE mkt a few times and found a deal almost 40% under market in Melbourne.
Badly needs a reno – BUT the deals are out there, just keep looking and crunching the numbers.
Q. JP, so when is Man U going to re-emerge.
My year to date has been as flat as our team. DOH
For those of you heading to Syd for the Mega P C have a great time.
I can’t get the time off as the Boss says I need to comp0lete to renos.
As Steve has said…..Oh the aggravation.
It’s all of the pain and delay in reaching pay day that hurts.Best
LesHi LouieFin's Mum
You'll never walk(invest) alone again.
Welcome to the family/community of Australia's property investors.
Get out there and read everything you can on property investment.
You'll amaze yourself at how fast you get a grasp of the bare bones of this product.
To educate family, friends and work colleagues register in Steves Property Investment Cert IV course like I have and really turbo charge you Ed'n.
Start off by borrowing every book you can from the library about investment, Steve McKnight, Margaret Lomas,Jan Somers (the PIONEER), Noel Whittaker (He covers all tpyes of investment products. He has the integrity and morality of Steve. AND you can also subscribe or borrow the Australian Propety Investment magazines (two in OZ)
Of course the Internet will take you on a knowledge ride of a lifetime.
Enjoy and have the Nuerofen at the ready – Your on your way.
Regards
Dear Homemade, JacM and Jalugera
I've done a few in Norlane as well.
TLC renovation on existing 3BR home and subdivision.
Selling the land to a builder via architect/draftee contacts. (Cuts out RE agent commission/advertising)
It is a very low entry price and minimises risk of loss.
Of course it also minimises the amount of your return.
To date havn't lost a buck and it is a great way to start.
Recently made $20k after all the dust had settled on a unit in Solar Drive Whittington, which arguably eclipses Norlane & Frankston in the undesirable stakes.
Get educated.
Get your team together.
Do your due diligence.
Get started.
Regards
Hi Sebastian
Welcome aboard.
There are no short cuts in this game.
I call it a game cause I loved playing Monopoly and inevitably won at it.
The property game is like Monopoly excepts that there is a lot more at stake.
There are no Chance cards, you've got to make them up or take them when they present themselves.
Community Chest is Joint Venture partners that you will meet and together, attain success on future projects.
The library is the original free source of all knowledge.
The Internet is amazing with the free riches that it can provide you.
Attend seminars, and even if you gain one extra titbit of knowledge it's been worthwhile.
This is also a forum where you can actually meet/greet and form friendships with like minded people.
I would recommend that eventually (sooner than later) that you invest in yourself by registering in Steve's Certificate IV in Property Investment.
You will gain an amazing amount of knowledge by completing this apprenticeship.
Again, welcome to our world and enjoy the ride.
regards
Hi EJay
I would suggest that you need to get better educated.
There are sharks out there willing to give you plenty of advice & pocket a commission for the privilege.
You get to take all of the potential risk on the biggest investment outlay of your life.
AND the product may not be the best for your personal situation.
You need to obtain the knowledge.
Knowledge is power.
Knowledge will overcome fear of the unknown.
You'll be able to quickly identify which R E agents, Accountants, Financial Planners and Developers know their stuff.
Potentially the ones that passs the grade may become a part of your future investment team.
Get appropriate lyeducated and put yourself in the driving seat, for life.
A Cert IV of Property Investment is available on this site.
Just do it.
Regards
Hi Cal
You're only 26 and looking at a strategy to set up a portfolio of ten properties within the next ten years.
Instead of one strategy why don't you enrol in Steve's Property Apprenticeship Cert IV?
You'll end up with an unbelievable amount of knowledge, like minded contacts and more strategies then you can point a stick at.
For an apprenticeship which only takes 16 months and delivers all of the above benefits, plus some, you'd be mad not to invest a few bucks into educating yourself.
I'd be really surprised if you still pursued you buy off the plan strategy.
Maybe you should look at the NRAS properties available in Gladstone?
On top of full depreciation claimable on the new house fixture and fittings, the Government pays you $99K as a rebate over the first ten years that you hold this property.
Regards
Welcome Jason & Daniel,
Rolton & Lomas are okay but if you want to get into the real thing.
READ STEVE MCKNIGHT.
THEN ENROL IN HIS CERT IV PROPERTY INVESTMENT COURSE.
Regards
Hi Marty,
Freckle is right, you appear to be rushing things a little bit.
Ensure that you/your project manager have the capacity to manage these deals in a timely manner.
If you fail to deliver on promises/proposals made to your JV partners, you'll burn the relationship for future.
I have travelled down this road, and have still yet to meet a timeline.
I work full time attached to a handful of peanuts in a bell jar.
This really restricts my capacity to site manage, inspect and meet my subbies so as to discuss/prioritise work required.
Currently I am project managing four renovations and three sub divisions.
I have four Joint venture partners.
My funding is sourced from friends who at my age >50 are at the peak of their income earning capacity.
They have come on board due to personal relationships going back 30 to 40 years and some credibility that I have earnt in property from a number of previous successful projects.
My guarantee is that my JV partners will recover all of their investment including interest on funds that were borrowed.
Profit is only a guess, as the buyer (if you get one) actually determines the market price of your product on the date of sale.
I provide them a discounted (and discounted again for the unknown) profit margin that they could expect.
They get to sit back and enjoy the stress of being a partner in a property venture that escalates their education to a new level.
I would suggest that if you are not enrolled in Steve's Certificate IV in Property Investing, do your self a favour and get to it.
This course covers all aspects of how to make a buck out of property without the risk and believe me there are a lot more ways to it, then skinning a cat.
You will also get the opportunity of meeting and greeting like minded individuals who may well come on and join your JV's.
I currently have two friends who are looking to invest again.
Please leave your contact number with Jason Heatherington, office Manager of Steve's McKnights Property Investing & I'll give you a ring to discuss further.
LUVING PROPERTY
Regards
Hi Vin
My apologies to get back to you so late.
The tickets were snapped up on Wednesday.
I should have posted the fact.
I'll make a note that you get first call on anything in the future.
Y I P forum was great.
Regards
Hi Madmax
One other option not mentioned is to approach some well heeled friends and cut them in for a portion of the action or agree up front that they get an above bank return say 8-10% p.a. or a cut of the profits.
This financing has worked a gem for me on the past five purchases.
I have 6 institutional lenders who have all told me no no no over the past two years.
But my friends who have looked at the deal scenarios I have offered (always worst case scenarios only) have lined up and funded all of my recent purchases.
Good luck
PS Failing all else, contact Mel Gibson and pull on his nostalgic strings by telling him "Have I got a deal for you……."
Regards
Hi Freckle,
Yes it reminds me of the strange rule of nature strip giveaways.
If it's for free, people don't rate it.
If I you stick a price on the item, voila it's gone within 24 hrs.
And don't hold your breath if you expect to find an envelope stuffed with cash placed in your letter box.
As an extra bonus i'll extend an opportunity to meet and greet John Kovacs, the managing director of NMBData.
NMBData is Australia's premier website for deceased estates and foreclosure properties. Hmmmmm.
Regards
I'M WITH freckle on this one.
Sign up for STeve's Cert iV in property investing.
GO to the library and borrow and read Kiyosaki's stuff.
BUT if you ever want to confidently make a buck in the Aussie property market, get the knowledge and qualification courtesy of Steve's Cert IV.
Regards
Hi Guys,
Yeah landlord insurance is a cost that you just have to bare.
And if you are really unlucky you don't ever get to lodge an insurance claim. DOH
Now we must remember that insurance is tax deductible which is one plus.
One big claim on one property and you get to recoup all of your previous premiums, plus some.
Good luck if you can obtain some type of group discount.
I have had some luck with rolling all car, home and investment property portfolios with one insurer.
My parents and brother came on board so as to use the group discount.
It takes a lot of effort but if you get to shave a few points off of the policy…..every dollar counts.
Regards
Moved six years ago.
Chucked nothing out.
Maybe that's why I have never been able to park my car in my spot of the double garage.
Half my stuff is also distributed in the garages and garden sheds of my brother & parents.
In addition, I have a heap of stuff in a garage at a renovation I'm working on which I move from reno to reno.
You just never know when you are gonna need that that stuff.
Trouble is, I'm having trouble remembering where certain item's are stored given I currently have four depots.
I keep on telling Nicky (wife) that one day we'll have a mega garage sale that'll dwarf anything going.
But one day isn't here yet.
LES
Hi Steve,
I use a great broker who has gotten me out of a few tight spots over the years.
I'm in the WIld West suburbs of Melbourne.
If you're in my region I'd be happy to put you in touch.
Regards
G'day Richard 1983
Welcome aboard this is Les 1954.
Get reading and educate yourself.
Can't get any cheaper than at the local library.
Anything by Ton Melville and Ed Chan, Noel Whittaker & stick with this site.
Once you've increased your knowledge you'll be able to rate the professional advisors
yourself as to whether they have the credentials/experience that you need regarding your strategy.
This all takes time.
Take baby steps first before you learn to walk then run.
Question everything until you understand…..there are no dumb questions when you have your hard earned at risk.
TerryW would be my first port of call.
You and your partner can take it from there.
Regards
Hi Sarema,
Jamie is correct. Spousal transfer is the way to go.
One spouse (Highest income earner) applys for a loan to purchase their spouses half share.
Purpose of the loan is to take 100% ownership and rent out as investment property.
Tax deductible loan and allowable by ATO. Stamp duty payable on transfer from one spouse to the other.
Remember to obtain a couple of R E agent market valuations of the former PPOR.
The spouse who received payment for sale of their 50% holding now uses that as deposit on the $850K
purchase of new PPOR in both names.
Regards
Hi Mark
I'm with moxi10 on this one. Any low cost improvements that you can do on your PPOR will add real value and you and your family get to benefit immediately from the small improvements that you have made. Renovating properties most weekends, the last thing that I want to do is to work on my own home. However, she who must be obeyed (Nicky) like every good wife behind a husband pushed and cajolds me to get off my A – -. Result, satisfaction at a job well done, lots of cash saved, real property improvement in value and you get to enjoy the benefits whilst living there. Not to mention, happy wife equals happy life.
Regards
Hi Mark
I'm with moxi10 on this one. Any low cost improvements that you can do on your PPOR will add real value and you and your family get to benefit immediately from the small improvements that you have made. Renovating properties most weekends, the last thing that I want to do is to work on my own home. However, she who must be obeyed (Nicky) like every good wife behind a husband pushed and cajolds me to get off my A – -. Result, satisfaction at a job well done, lots of cash saved, real property improvement in value and you get to enjoy the benefits whilst living there. Not to mention, happy wife equals happy life.
Regards
Hi Boshie,
Apparently you can rent out your PPoR for up to 6 years without being exposed to capital gain for that period.
Provided you havn't bought and lived at another house which you nominate as your PPoR.
Ring ATO 132861 8am to 6pm.
I think the income is assessable in the names of the owners, but you can offset it with exps such as rates, insurance, agent fees, gardening etc.
Once again the online ATO website can provide you with publications with regards to what you can claim whilst the property is being rented out.
Regards
