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Viewing 20 posts - 321 through 340 (of 347 total)
  • Profile photo of Kiwi-FullaKiwi-Fulla
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    @kiwi-fulla
    Join Date: 2002
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    Sit down with your current Accountant and ask then what they specialize in?
    – Trusts
    – Tax
    – Mutual Funds
    – Business Tax

    …… Tell them you are concerned that you are paying for a service with them and and wish to find the right team to build your wealth creation tool kit.
    Most importantly …. and this goes for any other future team adviser in the future …. get them to show you what they are doing…. no good having someing that is preaching one thing and not putting thier money where there mouths are…..
    I got mucked around from a lot of accountants on the begining and end the end got so pissed off … I just got sick of waisint time and then just interviewed them like an employer….
    asking for references and what they were doing themselves…. IE no good if you are working with an accountant that does share trading and mutual funds (which most do…. that is how they make thier bread and butter….) when you need a property expert in Wrapping for example.
    Check out the site for Wrappers and become a member if you want to know the guys who know what they are doing.
    http://www.financewraps.asn.au/default.php
    Or check out these guys …. they have a lot of good books on trusts and what you can and cannot do with them…. also structuring the correct way in the first place…… at the end of the day….. you need to understand what youa re doing to a degree to keep your team of experts on thier toes – so you can keep in control of you wealth and not hand it over to someone else.
    http://www.gatherumgoss.com./

    Hope this is some help!
    Cheers,
    [8]
    Kiwi

    Profile photo of Kiwi-FullaKiwi-Fulla
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    I use Optus Cable and it sings like a kitten.
    Most ISP’s (I work for the largest in the world as a pre sales technical engineer) contract customers to protect thier investment and budget with re-occuring monthly revenue streams. – Much like you will if you get ito rental or wrapping investments (either as a private lender -taking a 15%+ cut – or as an active investor)

    It does matter who you are using as your internet provider and the old saying goes ….. you get what you pay for and always look for hidden costs such as uploads and excess data rates.

    Check out the SLA’s (service level agreements) and compare with providers to get the best quality for your buck…. I think NetSpace are fairly good and are getting a fair share of the DSL retail customers due to good speeds and uptime….. for an unbieased view of consumers opinions…. goto http://www.whirlpool.net.au.

    Networks are very simple to set up and I would suggest a switch as you will get more throughput on your network. You can choose going wireless to keep the cable mess down but the costs are a bit more due to the costs of cards and base stations devices. Advantage here is you can move house without having to relocate all the cabling … and you do not have to drill holes in the floor to get the cables all back to the switch.

    Also I would suggest getting a firewall (Either Software based or a hardware appliance), you can get a free trial of Zone Alarm @ http://www.download.com

    you can get all sorts of proxy software off the download site to control your other machines accesing hte network also. I have a netgear router that shows me all the urls that access the internet and make sure I run through them once a week to make sure my kids are behaving…. they know that If I find out they are going to naughty sites …… watch out [;)]

    Anyway …. hope this gives you a few ideas …. if you need a hand with hardware …(Cabling….. cards, routers, firewalls etc…. drop me a line.
    Cheers.
    Kiwi[:o)]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    @kiwi-fulla
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    I have to say I agree with Derek in principal. It always amazes me that people in the high tax bracket that I speak to are never looking at the finance situation themselves and considering making any “lifestyle sacrifices”….. I would suggest the following: (MY OPINION ONLY)
    1. sit down and go into learning mode to find where all the money is leaking out of the monthly budget.
    2. make a list of necessities (Payments that must be made), and luxuries….
    3. cut a few of the luxuries out and see how much money is potentially saved.
    4. list all dept ammounts and minimum repayments for each and work out a priority list as to which one can be paid first.
    5. add 10% of nett monthly income to the fastest to be paid off and pay all others at the minimum amount.
    6. as each bill is paid off …. add that minimum monthly and the 10% net montlhy income to the next one up the chain.
    just food for thought anyway.
    Cheers,
    Kiwi[8D]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Hey Elves…… you forgot to add the smokes and beer…. most people my daughter hangs out with live like porpers….. not that there is anything wrong with that …. but we are realists. I did feel good when one day our daughter came home one day and said out of the blue ” You know Mum and Dad…. I am very lucky compared to my mates”…. we were so proud! [:o)]

    We do not live like kings by any means and we hardly go out at all (maybe to the park)….. but it has not always been that way and we know that things will change and swing in our favour if we continue to do what we are doing. It is a little like starting to walk to burn off the 20KG that just crept up on ya[8]

    When you start you are in so much pain for hte first 3 weeks of walking averyday that you just want to give up …. but as they say sucess is just round the corner …. al of a sudden your shin splints are miraculously gone and then you start winging about the body weight not changing …. but persist and all of a sudden you start feeling fitter , stronger and then the fat starts to actually melt off you. This does not happen over night by the way… it is the same for all your goals …
    1. Resolve to change.
    2. Make a plan and anylise it for faults
    3. Take action.
    4. persist through the lag – Lag is time where nothings seems to be happenin
    5. Watch the success surge your forward on a wave of glory!

    Cheers
    Kiwi [^]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Profile photo of Kiwi-FullaKiwi-Fulla
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    yep I did it….
    I think part of hte problem that challenges us is that most young couples want to live in thier dream home from day one….. instead on using it as a stepping stone. We are living in the have it all now society as the average Aussie dept expenditure rate goes over the 105% average…. this shows how most get sucked into the marketing hype and can thus never (in their own minds) get into the property market.

    If everybody practiced the 7 steps of success for at least 2 – 7 years …. most would never have to work again.

    We slogged our way into the market and clawed our way from arriving in Aussie broke, penniless and luxuryless to ….. not too bad off should I put it.
    ….. if people really put thier minds to it….. they would go in with others for a few years to get into the market and then sell up and use the combined equity to buy their own…. teamwork my friend ….teamwork …. a very uncommon thing in the common place today.
    Cheers,
    Kiwi [^]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Sounds good to me …. only thing is the bank will not release theother 20% that I would have normatlly been able to reinvest into the market…. does not sound much unless the 20% is on a 400K property.
    Cheers
    Kiwi[:D]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Hi Fullout!

    I am not a fencer but am very logical and have done a lot of renovations and things so logic prevails…

    Heres a good exercise to give you an indication of your costs: – should take you around an hour to do this…. but will give you some good bargaining power if you are getting rip off merchants quoting you.

    Go to Bunnings and price up the pickets (900mm highx75mmwide x 16mm thick). measure the length of the area to fence and do the following (loosely termed calculation)- will deep you within a bulls roar!

    eg.
    Length of area to be fenced = 12M (12,000mm)
    pickets = (75mm)75mm x 900mm x 16mm
    Gaps (between pickets) =(25mm)

    Picket Calculation:
    1. Logically for every picket there is a 25mm gap, thus every 1 picket + gap = 100mm
    so….. every metre = 250mm of gap (750mm pickets = 10 pickets)
    2. 12(metres) X 10 pickets = 120 pickets required
    3. add 5% for wasted or acidental damage = 126 pickets required for the job. (round up to the nearest whole number).
    =======================================================
    Posts required:
    QTY 7x75mmx75mmx1200mm tanalised posts -1 @ each end and 5 @ 2m intervals to span the 12 Metres.
    =======================================================
    Steel footing Stirrups:
    Qty 7 x 75mmx75mm
    =======================================================
    Galvanised coach bolts:-Posts
    Qty 7x12mmx100mm
    =======================================================
    Footings (bondcrete):
    Qty 7 x 400mm x 150mm x 150mm = 0.06M2
    =======================================================
    Top and bottom rails required
    Qty 12x45mmx75mmx2100mm treated pine
    =======================================================
    Galvanised coach bolts:-
    Qty 24 x 12mm x 150mm
    =======================================================
    Picket Screws (galvanised)
    Box 1000 x 32mmlength
    =======================================================
    Paint (all weather external) = 8-10 litres (approx 1 litre per 4msq) total approx coverage required = 16.2 msq. x 2 coats – Remember you have 2 sides to do [:I]
    =======================================================
    Labour = around 10 hours (@40.00/hour)= $400.00-approx
    – 4 hours to dig post holes and pour, align, set and brace posts and stirrups.
    – 6 hours to fit & paint rails and pickets (2 coats)
    (remember to paint the rails before the picket are attached)
    Hope this gives you some idea anyway,
    Cheers
    Kiwi[^]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Hi Ben,

    All I can suggest is that if you are about to change into anything …. read the terms and conditions over and over until they make abolute sense. I often go through all the contracts with a pencil and mark anything that confuses me due to ambiguity or poor definition and then go over it with a fine tooth comb (move to and fro when they reference the schedules- don’t let hte legal team win the fight for common sense)…. just a tip from me …. make sure you are aware of any changes to the following areas … as they are sometimes well hidden and sometimes can be confusing in the schedules.
    Things to look for:
    Exit Fees, Discharge fees, Mystery fees, Rate Break Fees (and Calculation tables), Prepayment fees and lock in timeframes (12months or 2years).This is especially applicable with your current loan contract and moving for fixed terms.
    add up all the entry costs and then exit and future lock in costs and exit fees… this will let you see a real picture of what the lender is trying to do and you will see how flexible and inflexible they are.
    Well thats my ten cents worth!!!!
    Cheers
    Kiwi
    [:p]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Hi Cornel,
    I have to agree with Property Guru…. I have set up ad trust and a company as trustee…. this has set my future in stone and although it cost me a pretty penny …. I see it as my insurance policy that will secure my future. – end of the day … it all comes down to your own values and priorities.
    Cheers
    Kiwi[:o)]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Personally I love the idea of any gender getting into the property wealth scene. I have plenty of female friends that are actively wrapping or doing rental properties and have one good friend that I was talking to the other day and she said to me that if she had 20/20 vision she would have asked me more about how I had set my trust and company up as my foundation of solid building blocks…. she has a big tax issue now and is in a bit of a mess. But I have tried to encourage her by saying that I was only just getting my feet in the water now (as most of my resources have gone into building my vehicle to move though the wealth swamp)… and she has 3 properties wrapped turning over nett $20K.
    All pucky aside … I would go with what you think is best for you … listen to others ….yet, however it is your dream and yours alone…. don’t let others steer you away from your goals and aspirations.
    Trust in your instinct… Women have very strong instinct and are very well suited in the property industry (and every other industry for that matter)…. all this from a simple Kiwi Fulla [:p]
    Signing out ..
    Cher Cher!

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Well there is always the human factor … as it is effectively a large drawable credit card and it tale a lot of discipline (personal Experience) to make sure you are not taking out hte profits all the time… this is because it is so easy to access the finds.
    So take caution …. but the good old LOC does work …but the end solution is to pay more in more frequently.
    Thanks
    Kiwi[:D]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Hi There …. If you have only given verbal offer and all has been accepted then …. this is not binding at all. you can walk away if you choose. I would let hte RE know that you have issues on the property and have adjusted the pricing to cover your costs…… depending on how much the vendoer wants to sell you can try many techniques to get your win win situation. (These are just sugestions nad by no means advice)First you could: offer X les and stipulate what is wrong and how much you anticiate the repair cost to be.
    or You could agree on the price on condition that the owner repairs at his/ her cost before settlement (pending suitable reinspection prior to settlement).
    Pay the agreed price and in the offer write the ammount (you are intending to need to repair costs) of repair costs to be paid to your lawyer at settlement to cover your added costs.
    Any way depends on how creative you can get…..
    Cheers
    Kiwi![8D]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    The 11 Sec rule …. is more designed for Rental opportunities … however it does give you food for thought when you can see other options that may increase your chances of getting to this formula. I must admit I have found dozens of properties that have met this rule…. but either the towns were to small(my threshold) or the vacancy rate were way too hi.
    There are a myriad of options to get things to cashflow favourably…. just need to get out of the box I am thinking in and look from the outside …. this way you will get a different spin on things and find a way to do it …. that works for you in both comfort and income. as someone once said…. “Time is money … however some one forgot to say that you can alsways make more money … .but time …. that is lost forever”.
    Cheers[:p]
    Kiwi!

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Hi Bear,

    I can appreciate you coming across issues and challenges. It is always hard to build a team of people to work with to movie forward in this life…. however I think that some people get what they deserve ….. there is more than enough riches out there for all of us and if you screw one another over …then you will get what your give… If you have any opportunities come up I would like to take a look at them and COCr … also what your terms would be in the JV…. I have JV contracts.
    All the best
    Kiwi [:D]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    I love stories like that …. I have sent out over 2000 flyers to see what response I get from the local community … I will use the bad news to paint a picture that may get me into some interesting opportunities… nothing like a fast sale to beat the crash!

    Besides … the press have one job to do …. and that is not to give the news in its true form…. but to get the best angle to sell the most papers and get the most coverage….guess why???? so that people watch & read the adds between riviting stories and blow thier ever evaporating cash on trinkets and beads…. while we all know better Right?
    Cheers
    [:o)]Kiwi[:o)]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    I am a kiwi…… but living in Aussie at the moment.
    Cheers,
    Kiwi

    Profile photo of Kiwi-FullaKiwi-Fulla
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    You could always try to wrap it.
    then you would get some real return out of it:
    Perhaps this will look better if I explain (or NOT)
    You Buy say $60K
    Your costs $15K – inc closing costs
    Mortgage = 45K
    Interest (P&I) @ 7.5%
    Payments: = $76.75/week
    rates and Water = $10/week
    Total = $86.75/ week

    You Resell @ 72K
    Deposit = 10K
    Total owing: 62K
    Int rate(p&I) = 9.5%
    Payments = $135/week (inc $10.00 rates etc)
    ********************************************
    $135 – $86.75 = $48.25 (+tve Cashflow)
    as you have recieved $10K deposit….. you can either take it off your mortgage and further reduce your payments….. or re invest…. let us see the 2 options.
    1. pay $10k off your mortgage = $35K = $69.70(inc rates etc)
    CoCR = $5000/$4511(annual net cashflow) = 90%
    ROI = 13months (approx)

    2. pocket $10K for reinvesting:
    mortgage = $45K = $86.75(inc rates etc)
    CoCR = $15000/$4511(annual net cashflow) = 30%
    ROI = 13months (approx)
    Still this is much better than les than 10% on the rental scenario.
    Something to consider anyway


    As you can see dthis could be atractive for a home buyer that is renting as it is only around $20 more per week than renting (Inluding rates)- If the going rate is $100-$120/week

    Profile photo of Kiwi-FullaKiwi-Fulla
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    If you are seriously looking for information to aggresively decrease your debt …. try
    http://www.johnburley.com/free_downloads.html
    Worked for me!!!!
    Cheers,
    Kiwi [:o)]

    Profile photo of Kiwi-FullaKiwi-Fulla
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    Thanks all I appreciate it!
    If anybody else has any imput …. would be much appreciated.
    Thanks
    Kiwi

Viewing 20 posts - 321 through 340 (of 347 total)