[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

December 21, 2006 - 2:48 pm

Some banks allow you to do it via the internet (ANZ does) with limitations on the amount you can transfer per day. I haven’t seen a way to schedule international transfer automatically – you may be able to ring them and do it over the phone. ASB has a ‘foreign exchange’ feature in their internet banking. It usually comes with some service fee so regular small transfers wouldn’t be ideal.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

June 6, 2006 - 12:39 pm

According to Steve only a few of the original MAP (see Steve’s 2nd book) participants are still doing full-time investing. This would seem to hold the 95% theory pretty true. Even after some initial success and mentoring the temptation to let life get in the way is very strong.

Another Steve quote that comes to mind is that it’s just as hard to become an Olympic gold medalist as it is to become a successful property investor.

You can pick at the definitions of ‘success’, but the reality is that it isn’t easy to have a big goal and stay on course over the long-term. Especially when you’re trying to do it alone and when you allow the 95% to talk you down.

No one wants to say others are doomed to fail. We rationalise our decisions, tone down our lofty goals, accept economic realities, allow the unexpected life circumstances to take us off track, let frustration weaken instead of strengthen us, take long holidays and basically ‘fail’ to utilise that elusive, hidden ‘potential’ that might otherwise have led us to ‘success’.

It’s a sobering reality that will hopefully prompt us to take action and have the mental resolve of a future gold medalist. Procrastination is a bigger threat than making a mistake out of inexperience. It’s certainly true for me.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

May 15, 2006 - 3:48 am

Brilliant. Thanks for sharing Kiwi.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

May 5, 2006 - 3:46 am

Brilliant. This principle is so critical. Thanks for sharing.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

May 2, 2006 - 7:50 am

Hi MiniMogul,

Thanks for your post. I’m looking at a possible sub-division of an existing block of units in Hamilton. Have you ever done this before? We’ve spoken to a surveyor who had a quick look and said it should be pretty straight forward.

I’m thinking of tying the subdivision to the settlement date on the S&P agreement, but this would only make sense if we could realistically complete the titling within about 4 months.

I’d appreciate your thoughts on this. Thanks.

Originally posted by MiniMogul:

allow 6-12 months for the whole process, even if they say ‘3-12 months’. You will find that it’s a whole lot of hurry up and wait. Council say they take ’20 days’ to process an application but it might take you three months to get to the ’20 days’ and then council come back with some silly tweak and then you have to allow more weeks for surveyers to re-submit and then another ’20 days’ blah blah ad nauseum. you might find it a quicker process in the South, but I’ve done subdividing in Rotorua (very very busy, backlog etc) and Northland resource consent (took a year, sloooooowww aaassss aaaa wet weeeeeeeeeeeekkkkkk) so don’t be like impatient if you want to go through the process!!! however it is a very good way to add value with basically not a hell of a lot of work or (relatively) expense. Also touch base with an agent before you start to estimate the resale value of what you’re about to do. In some places it’s not worth the hassle and expense, there has to be a certain ‘tipping point’ of land values and demands before it’s worth doing.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

April 27, 2006 - 12:53 pm

Thanks for the tip Richard – much appreciated. I will need to add some terms to our contract to cover this. Do you use specific wording for this provision? It sounds pretty straight forward.

I’ve had a second surveyor confirm this so it looks good to go. Thanks again.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

April 26, 2006 - 2:30 pm

Ok, perhaps I should have posted in the OS Deals forum. Well, I spoke to one surveyor who didn’t think there would be any issues. I’ll see if I can get a second opinion to confirm this.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

April 19, 2006 - 6:13 am

Originally posted by voigtstr:
Anyone? We are going to the open home today, and I need the wording to put on the contract today

Basically the correct wording for the following gist “this offer will lapse if not signed by the vendor by (time) (date)” Does anyone have the exact wording handy? Please?

I realise this is months too late, but we’ve used the following under the title of Timing:

This offer is valid until Friday April 21, 2006 – 5.00pm Australian Eastern Standard time

Should do the trick.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

April 12, 2006 - 4:54 am

Fantastic advice. This is a major decision in an investment career. If you can detach yourself from the emotion that comes from home ownership then you’re more than half way there.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

April 10, 2006 - 1:42 pm

Fantastic stuff MaiA. You solved his problem (poor marketing and needing cash) and made a profit via better marketing and no/manageable financial pressure. There are some really great stories on these forums if you dig hard enough. This is one of them. Well done.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

April 10, 2006 - 10:04 am

Wow, some excellent ideas/thoughts here. Full marks to everyone!

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

April 10, 2006 - 7:33 am

Originally posted by Forklift:

…You have had many good pieces of advice given here already and hopely I can build on that. I still do not regard myself as seasoned, or any sort of expert, but we have done a bit…

Hi Forklift,

Great story – perhaps you should write a book too . Seriously, this is a great post from someone who obviously takes action and has conquered the various mental mountains that prevent most from getting off the starting blocks. Inspiring stuff.
-Gary

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

March 21, 2006 - 2:40 pm

Originally posted by alexpk:

Could someone help clarify the abbreviations in the pdf templates under the loans section

P/Y: Payment per year?
N: ?
Start / End ?
(PMT)$: per

P/Y: payments per year (12 = monthly)
N: Total number of payments
Start/End: Is the payment made at the start or end of the period – this has a slight affect on the payment calculation (default is end)
PMT: payment amount per period

These abbreviations are the standard set used on financial calculators if you ever get the hang of using one.

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

December 20, 2005 - 2:32 am

Hi Angela,

I’ve recently setup a structure that I believe is identical to the one that’s been proposed (possibly by the same accountant). The company acts as a corporate trustee for a family trust that ‘owns’ the property. The directors of the company retain full control and responsibility for the asset, but the company itself earns no income and has no assets – therefore the shareholders have no benefit or claim to any funds. Only the beneficiaries of the family trust can benefit from the asset.

I’d be interested to hear feedback from others regarding this, but I believe it to be a commonly used and effective structure.
-Gary

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

December 6, 2005 - 2:03 am

Hi Nugen,

This is a very popular, well discussed topic on these forums (and others). In short, if the properties were bought in your own name then the ATO will count your CG as income. Even having trust structures doesn’t automatically mean you won’t have trouble with the ATO. It’s an issue of where these properties are ‘controlled’ from. Even books on the topic tend to stop short of going into this subject in detail to avoid inadvertently giving financial advice.

Do a search on CGT and you will have hundreds of discussions to weed through. HTH.
-Gary

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

October 17, 2005 - 10:45 am

I am really impressed with Rotorua’s council website where you can get zoning maps, aerial photos, rate details of individual properties and details about sub-divisions for zones. Check if there is a similar site for your target area.

http://www.rdc.govt.nz/Default.htm

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

August 17, 2005 - 8:00 am

KA2’ers,

Now that the dust has settled and most have resumed normal life, I was wondering if anyone (in Melbourne) was interested in getting together. The intent would be to simply keep in touch and motivate each other. Send me an email if you are interested. Thanks.
-Gary

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

July 26, 2005 - 4:52 am

Agreed. An awesome experience. So who’s up for a return visit later in the year?

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

May 24, 2005 - 12:43 pm

How many coming to Tokoroa? Anybody want a conducted tour of Tokoroa?

Definitely! Getting an insiders knowledge would be invaluable – how do I reserve a spot? It’s very generous of you to offer.
-Gary

[garywith1rParticipant@garywith1rJoin Date: 2005Post Count: 32]

May 24, 2005 - 6:24 am

I can’t make it for this Friday, but I am keen to catchup again. It would be good to get other KA1 participants to come along too. So if there are any out there who want give us some pointers then please make yourselves known. Peter’s (giraffe) insights at the last meet-up were most appreciated by all.

Since there is less than 8 wks to go perhaps we should plan to meet once in June (10th?) and July (8th?). What do people think?
-Gary