Garry Mac replied to the topic We are doing a health check on our current IP – hold, or sell and buy? in the forum The most fundamental 7 years, 8 months ago
The most fundamental question is…do you believe you can achieve a better return somewhere else? If you believe you can AND you are comfortable with the associated risk, then go for it. Conversely if you believe you can’t, stick with the status quo.
Having said that, it appears to me there may be better opportunities available, however whether…[Read more]
Now we know. I was rather surprised by the RBA’s move BUT not at all surprised by the ‘BIG 4’. My hope is that everyone can still afford to take some time off to enjoy the festive season…surely there will be no further rate rises in the near future.
A happy Christmas to all and trust you have a fabulous 2011.
Garry Mac replied to the topic BEWARE – Inexperienced buyers agents and Cashflow Hype USA in the forum Overseas Deals 8 years, 7 months ago
Yes, even domestic investors are finding property management to be the biggest issue. Sorry for leaving things out of the article. I didn't want to be too long winded, just general. I should really update that because you raise good points.In Florida, we work in the SW Florida region (Ft. Myers/Cape Coral) we are ac…[Read more]
Yes it’s a little confusing and confronting when you are starting out. However once you do it a couple of times, you will feel much more confident and relaxed about everything.
Jamie’s comment is absolutely correct and you should certainly speak to you financier – preferable a good Mortgage Broker as they can offer a much wider variety…[Read more]
Can I suggest you contact Angelo Panagopoulos at Chan & Naylor. Phone number is 03 0510 2277. Angelo is a Chartered Acct and very experienced in property investment. Let him know I said to call (no kick-backs)…he will certainly look after you.
Just wanting to see if anyone has dealt/heard of these guys and their thoughts.I have recently been to a seminar and they seem very good but would like to hear from anyone who has hasd hands on experience with them.Any help would be appreciated. Cheers in Advance Case07
When anyone is promoting property AND they are paid…[Read more]
Is there anywhere the outlines the different rules that apply to Trusts or different structures & tax strategies for investing ? Any book you could recommend ?
A very good practical read is “How To Legally Reduce Your Tax…without losing any money” by Tony Melvin & Ed Chan (2010-2011 edition) – publisher is Harper…[Read more]
Sounds like you have been given some very good advice here.
A few years back we bought a block of (low-set) units in South-East QLD: 4 @ $65,000 each + one @ $85,000. Rent was $155/wk x 4 + $200 for the fifth unit – very strong ‘pure’ positive cash-flow!
We sold the units 18 months later and doubled our money – more good luck than…[Read more]
Garry Mac replied to the topic BEWARE – Inexperienced buyers agents and Cashflow Hype USA in the forum Overseas Deals 8 years, 9 months ago
Thank you soooo much for your post.
We have two business associates who have just returned from the US and what you say is spot on. The old saying…”if it appears to good to be true, it usually is”. That’s not to say that there aren’t opportunities in the US, there are. However your warning is very well founded – thank you mate.
Garry,Thanks very much for your opinion. It's Very helful ! I'm more than happy to keep attending to seminars here in Adelaide, and keep reading at the moment. I already had in my 'must-read' list the book you suggested. Thanks for that. I am also starting to make my research about Mortgage Brokers and Tax Accountants. I beli…[Read more]
Hey anelxander & Azz33
Starting out in property investment can be confusing and overwhelming – I completely understand. One very strong recommendation I would offer is to deal only with licensed professionals, ie people who are both legally and morally committed to helping you. When any organisation offers properties for sale, they usually…[Read more]
Some time back one of my clients had an interview with Destiny (the client was comparing our service as Buyers Agents and property educators via our Buyers Club with that offered by Destiny).
I gave him one piece of advice – ask the person who is going to train/mentor you one question…”what have you done in terms of investing?” If the…[Read more]
Throughout my many (wont mention how many) years of buying property, both as an investor and buyers agent, the one thing I’ve learned is that you need to understand the ‘negotiation game’ – some sales agents love to ‘play’.
While there is no acceptable excuse for a sales agent not to get back to you, when making a offer I always place…[Read more]
HiI have read the book, looked at the forums, spoke to accountants and still feel lost.How do you start off when you have a large mortgage already. My acct advised not to negative gear and wait a few years. I am not one that can wait.Any advice would be welcome and maybe I will have a 'lightbulb' moment.Thanks
Hi t…[Read more]
When you say must not be linked do you mean they have to be separate loan facilities or not crossed collaterised?
Eg. I have homeloan with LOC both with the same security but have IO investment loan another bank? Would that be suitable if I applied for a ruling?
Can the wages/rent just credit the home loan offset…[Read more]
Sorry to Hijack the thread but do you know of any good independant accountants on the Nth end of the Gold Coast garry??
I do know a few accountants on the Gold Coast, however I’m not confident in terms of their experience/knowledge. The organisation I would suggest is Chan & Naylor in Fortitude Valley Phone 07 3252…[Read more]
Hi Jacqui & Cheersy
This strategy can be a very good one, however Terry’s advice is spot-on…you need to seek professional advice.
Some general comments include:
* you need to ensure your primary purpose is NOT to gain a tax advantage
* the interest will only be deductible if the original interest is deductible
* you require 3 loans: Home Loan,…[Read more]
My reply may well be too late, however I’ve been investing in property for 20 years and I strongly recommend that if you want to invest, spend time educating yourselves. If you are time poor OR inexperienced, use a licensed Buyers Agent. Even then, do not invest without understanding why. Please let me know if I can help…[Read more]