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  • Profile photo of kwanzeekwanzee
    Member
    @kwanzee
    Join Date: 2009
    Post Count: 5
    Derek wrote:
    A few things to be done.

    Find a decent property manager
    Take good photos of everything in the place before tenant moves in. Can be used as proof later on if things go awry.
    Take out landlords insurance.
    See if you can convert loan to I/O but keep making addiitonal payments into offset account to reduce monthkly interest bill.
    Advise Office of State Revenue that you have moved out – there may be land tax issues depending upon whcih state you are in.
    Move back in before 6 years has elapsed so you maintain CGT exemption status.
    Maintain the properties condition so it doesn't deteriorate

    Put up with living at home again.

    Hi Derek,

    Great advise, short, sweet and direct to the point.  I am kind of in the same boat, the difference is I wasn't able
    to move into my first home purchased property (FHO grant applied) immediate as it has a rental lease tied to it. I waited 6 months before moving in (collecting rental) and have stayed for 9 months now, currently passing it over to a property agent to look for tenants. My question is, is this property still consider a PPOR? I don't have other properties and renting a place with a friend soon. If I were to move back in on the 5th year, do I still get CGT exemption? Someone told me I will have to pay CGT tax for the 6 months that I collected rental. I am not sure whether CGT still applies for renting it out now.

    Profile photo of kwanzeekwanzee
    Member
    @kwanzee
    Join Date: 2009
    Post Count: 5

     Hi DWolfe,

    If I remember correctly, if you are giving birth certificate, you have to provide a copy of driver's license too (photo). Your handsome or beautilful face will still be seen

    Regards,
    kwanzee

    Profile photo of kwanzeekwanzee
    Member
    @kwanzee
    Join Date: 2009
    Post Count: 5

    Hi Judith,

    I understand that we need to provide a photocopy of our passport. Is there a concern in providing such important document that is going to fly all the way to US? I might sound skeptical but it does concern me who is holding this document and if there is any control mechanism that addresses this.

    Thanks.

    Regards,
    kwanzee

    Profile photo of kwanzeekwanzee
    Member
    @kwanzee
    Join Date: 2009
    Post Count: 5

    Hi and thanks, katchw and DWolfe.

    Yes, I always find it a contant challenge to keep focusing on the positive vibes.I do know people around me are more conservative (they are passive investors in SM's context)  than I am hence I need to keep reminding myself to trust my own judgement. Utimately, this is my life.

    I was just telling my partner last night that if the current situation gets me nowhere and this 1K can get me somewhere then I am willing to try. Even if it doesn't get me anywhere eventually but at least I have tried and have learnt Tax Lien that I didn't even know it exists in the past.

    Learning is a good motivation in life =)

    Cheers to everyone who attended the 3 Days conference.

    Profile photo of kwanzeekwanzee
    Member
    @kwanzee
    Join Date: 2009
    Post Count: 5

    I'm a first home owner and new in property investing, attending this conference hoping to know the insider world of property investing.

    Sessions that caught my attention are:

    1. Peter Daniels – Although I almost felt asleep on his first keynote (I think it's too late for the rthymn, 10am – 12pm will be a better slot), I still return to hear his insight on The Challenge of Change. I must say this man earns my respect alot and would want to know more about him and his Destiny program.

    2. Ron White – Memory program. Who doesn't need a powerful memory in this century? I would have bought his program if I am a little more cash rich (credit is a No No to me)

    3. Li Cun Xin – Another man that earns my respect and inspired me alot.

    4. Peter Koulizos – Attended his workshop. Great! Straight to the point

    5. Simom Buckingham – Attended his workshop. Sharp, quick, straight to the point. Another no time waster workshop.

    6. Dean & Elise  – Attended Elise workshop. Thanks for Elise for sharing the transition of how she and Dean able to move away from IT professionals to running own business. I benefits from her content on how to get TIME, MONEY, Cash Flow Management etc. Dean's presentation is pretty interesting and straight-forward, not much selling which is good. I can see the benefits in getting their program if I were to look into reno projects in future.

    Thumbs Down:

    1. The Share Trading system – Scary~ I wonder how many people has signed up. I do buy shares, read up on Fundamental Analysis and Technical Analysis. Attended shares conference. It is scary to see such selling in this conference when many people appears as they trust Steve (including me). If I know what he is going to sell, I probably would have go for a longer lunch. A waste of my time.

    Neutral:

    1. Pat – He is funny and gives motivation but after an hour, I felt so energy drained. I skipped his second speech to retain energy for other sessions. My two other friends went tho and I think they enjoyed it.

    Lastly, I don't think I need to say much about Steve. I went to his book launch last year, read his book and decided to learn more from him. That's the primary reason that I attended this conference as well. I felt that he is genuine in imparting his knowledge and hope people can benefits from it. Thanks Steve!

    My damage? I signed for the Tax Liens. I am always cautious with my $$ but decided to give it a go. I have to admit SM plays a big part in this. My partner and relative got freaked out when they know I paid almost 1K to a 2 days workshop, when I spent years wondering if I should buy a 42" TV which costs the same. Then, I started hearing all these negative vibes from them and got a bit uncertain now if I have made the right choice. Well, I guess I can only hope for the best. If it does not turn out to be what I expected, I guess it is also a lesson to learn.

    Back to the conference, yes, I like it. It reminds me back on dreams, vision, mission in life, gives me back motivation and got inspired by great people (Li and Peter J Daniels)

    I might return to the conference next year, if I do go, I will pick and choose sessions to attend rather than sitting throughout the entire day.

    Cheers~

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