[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

November 10, 2008 - 5:49 am

Good on ya   for sharing Steve,

as well as (hopefully) learning from our own mistakes or oversights, it is indeed wise to learn from those of others.

Another person in the property game said to me "LOOK, don't listen, LOOK, don't listen, LOOK, don't listen."  Essentially inspect everything that you are told as part of your  own due diligence on everything related to property transactions and developments.

That includes our own team members and consultants as in the case that Steve shares. We also need to keep them accountable Hopefully the few weeks delay will not co$t too much in interest or opportunity cost.

Fellow forumites, it is not often you will hear authors/educators disclose their lossess and mistakes and this is especially true not only of property, but moreso of share investing trading programs, home studies, etc. Very few and far between (in my experience) share the losers as well as the winners.

Thanks again for sharing Steve, so we may all learn. 

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

November 9, 2008 - 7:47 pm

eyes2thesky,

off you go. I attended the Property Market Update Steve ran in Melbourne in August and it was well worth the day to attend.

If, as you state the info at each session will be of benefit to you in your circumstances, then you will be pleased you made the effort.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

November 5, 2008 - 5:23 am

MovementAJ wrote:

Hi, I've done the course and the hard yards required to make it work. I have signed up 5 option contracts. thats the "easy part". the hard part is employing the professionals to do the required due diligence on each property.

Funnily enough Zaffar and his inexperienced team are more than willing to do a JV or put money into the deal to "help" you the student. Then they sift through deals which they may profit from then ignore struggling students.

Keep your money and go and see a good options lawyer. It will be cheaper and less frustrating.

Kudos for your honesty, MovementAJ.

What state are you operating in?

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 21, 2008 - 11:09 pm

Agree with eddiec.

The corporate trustee will have an ACN as it is a company and it will do nothing else. The trust itself will be running the business and will require an ABN, TFN and as required may be registered for GST. If the business has a substantial holding of assets such as plant and equipment you may wish to use two trusts; a service trust that does the billing and invoicing and an assets trust that allows the service trust to use its plant/equipment, however is held as a separate entity.

Best to check with you accountant.

A good and simple read on this topic is "How to legally reduce your tax" by Tony Melvin and Ed Chan.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 20, 2008 - 2:55 am

Not a great way to do business…..anonamously.

I'm not familiar with any such signs in Melbourne (yet), but who knows, given time…they may surface here too.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 20, 2008 - 1:47 am

Isn't there a contact phone number on the signs?

Could you track the initiator by following up on the contact details in the first instance?

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 17, 2008 - 2:07 am

Katrin,

as posted on SS, try here:

http://services.land.vic.gov.au/maps/pmo.jsp

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 16, 2008 - 8:47 am

Fantastic  folks………………exellent contribution to the forum    

By the way, if I may ask of you, do you have any houses for $1.00 such as the ones I can buy in the US?

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 13, 2008 - 5:23 am

Munchkins,

you may want to read this thread:

https://www.propertyinvesting.com/forums/property-investing/creative-investing/4324169?

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 7, 2008 - 3:35 pm

Nice alfresco area

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 6, 2008 - 5:54 am

Thank you grace,

If you end up attending, let us know what benefit you got out of it.

As far as development books, Ron Forlee's – Australian Resi Prop Development is a good one at around $ 35.00 (I think) and also Bob Andersen – Resi Real Estate Development (bit more pricey at around $100. I bought mine thru the API mag)

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 6, 2008 - 3:24 am

Hi give90,

I haven't done his course per se, however have heard him speak at one of Steve's events before and  heard him on a couple of podcasts.

I would think that $ 800.00 is peanuts for such a course and the info he will impart. Books are also great and I personally augment my own reading with audio and DVD and live events.

If you have difficulty to see how you could absorb the 800.00 value…..just think of the networking in the room. Martin Ayles should impart enough to save you at least 10 times that in mistakes with town planners, councils and the like.

What if you met someone at the event that led you to a deal that was tens of thousands undervalue or you met a JV partner there.

I'm away at a bootcamp in Brisbane at that time, otherwise I would have attended just to further cement my own learnings so far.

This is a reasonable price for education. I'm not having a go at you, however folks,  if you consider things like this expensive, consider the cost of ignorance or a lack of knowledge particularly if you're going down the developing path.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 3, 2008 - 6:48 am

With all due respect Kev, your post above does indeed ask for a MENTOR…..as well as the interaction of networking and other avenues of communication. You cannot expect that being a member for all of nine days……..one and all are going to respond.

However you do mention CF +ve so have you read this thread in its entirity:

https://www.propertyinvesting.com/forums/property-investing/help-needed/22508

If not, I suggest you do.

Here's one thread you started:

https://www.propertyinvesting.com/forums/property-investing/help-needed/4325966

with two replies that you failed to acknowledge or ask further questions of.

Congratulations on your desire to get ahead. Here's my two bob's worth. Continue to educate yourself. Scour this forum and your questions may be answered before you have the need to post. Pay yourself first……..spend less than you earn, save the balance or pay down your mortgage using an offset so you can have the ability to re-draw and use for a deposit on a future purchase next time. If you're doing all this………great.

As for CF +ve…………you need to create them by adding value (reno or developing and adding another to box to rent out). It is unlikely you will find them on rea.com.au or domian or any of the others.

If you have an LVR at present over 75 % do not entertain an IP. Pay down your mortgage. We are in uncertain times by way of credit. There is no rush to invest right now IMO. High level lends are going to catch some folks out.

As for the negaivity of people. Mate, generally what we see outside is what's inside. Your posts haven't exactly been pollyanna either. This does not intend to offend you, but merely make you aware that we are at cause for our lot in life. BE, DO, HAVE. If you BEcome positive first inside your mind, you will DO positive things (and post with less negativity) and HAVE the fruits that you seek.

How about you let us all know where you are situated. What events have you been to…..there are plenty of free ones When you let us know where you are living, we can disclose more info about these.

What books have you read that you allude to? What other websites or such like do you subscribe to that may help us out also as well as knowing how to fill your void.

Please do not PM me, you need to be more contributive to the community rather than just starting threads and then griping because we all didn't fall over in rushing to respond.

You need to prove yourself to the forum and establish rapport……..it's a two way street.

Trusting this assists in some way.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

October 3, 2008 - 12:05 am

Hey there Des,

How would we already know that you are really interested in property investment, when you've only posted ONCE and that is promotional?

Tell you what,…….how about instead of the thousand pound deposit, I option some from you for 36 months. As a gesture of good faith I'll pay an option fee of One Pound (non refundable). If I opt out, you get to keep my option fee.

Sound Fair?

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

September 30, 2008 - 9:50 am

Great first post 3333.

Whilst what you say may well be true, with a first post that blows the trumpet of someone else and more than once just for emphasis, how about you engage us with your own experience of the course aside from the one page deed……worth 10 Grand

How many deals have you done?
How much does the data feeds required to source and perform DD cost?
How much time do you allocate to source your deals?
What's your strike rate?
Where do you operate?
What's your specialty….resi, commercial, industrial….???

I never baulk at spending money on my education, however rather than blow bugles for others, I ensure that I have contributed more to the community than a promotion on my first post and having joined that same day…….how far back into the archives did you go to find this thread to respond to when the last post was in Jan this year; nearly nine months ago.

Surely you can understand my (and no doubt others) sceptisism.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

September 24, 2008 - 7:18 pm

Hi Beck,

I had sent a PM yesterday, not sure if it went thru. Shall re-send.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

September 24, 2008 - 7:06 am

Dear Trisha Rich,

please share how you track record has been of late.

Are you still earning 3,000 p/wk and what strategies does that involve in this current market?

How much have you donated to the market and market makers in the last nine months or so?

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

September 23, 2008 - 10:16 pm

Hi Beck,

nice work. How long has the option got left to run before expiry?

How big is the block and if you are familiar with council guidelines in Coffs,is there subdivision potenial?

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

September 23, 2008 - 9:52 pm

Nice strategy Yorkie,

You will certainly add even more value to the equity equation if you go thru with strata, however your costs will also go up. Council, water rates, possibly land tax etc. Weigh up the pro's and con's of doing this. Of course if you are looking for a future sale of one or all (one at a time) then it's all roses. If it's for a long term keep…..think twice before proceeding with strata.

I purchased four doors in Sydney about two years ago,  and they were strata approved (reno'd and all council work done), however they were not registered. All I needed to do was pay council $1500 and they would be on their own title..

However as the intention for these was as a long term portfolio hold, I elected to leave them as is and keep holding costs of rates, etc lower. I also got a great yield for middle Sydney and with great depreciation write off. Not CF +ve at that time, but very close.

Any way, good to hear about what you're doing. You sound like a useful bloke who's out there doing it,  I'll give you a call some day or email you and we can chat further.

[Michael 888Participant@michael-888Join Date: 2005Post Count: 260]

September 22, 2008 - 10:37 pm

Hey Yorkie,

outstanding stuff, especially the Albury units. I figure 7.3 % yield before expenses and not having allowed for whatever depreciation you've got to write off.

Did you need to put any cash into the deal (not equity from other properties) and if so what was the LVR (if you don't mind sharing) to bring it to positive territory, and at what interest rates.

Thanks for sharing your purchases. Wouldn't mind talking with you about Frankston.