Last year I managed to find myself a +ve cashflow property in Townsville. It gross yields at 7.4%, which if anything works out only just +.
I went up there for a week, and done some serious house hunting and investigations into different suburbs and areas. Like in most cases the higher yielding properties are normally in the less desirable…[Read more]
From what SIS says, the accountant does everything by the book, so there should no problems… If anything the accountant might be happy in getting some extra business his way!!! And of course if everything is above board and legitimate, as SIS says… then whos to worry !
so SIS, if you could make your accountant public knowledge it…[Read more]
Thats interesting Westan when you mention about trusts. I recently looked @ homepath for a loan for use in a trust, with me as an individual trustee rather than corporate and they told me they do not support trusts full stop.
Just out of curiosity, I phoned them back a few days later just to make sure that they didn’t, as I thought they might of…[Read more]
it has been very funny reading everyones responses…..
Definately be interesting to see the figures on the deals in the end….
I am a little suprised with Steve McKnight endorsing such a posting though…
However with DD being part of the MAP group I imagine they have run out of money for any more deposits. So Steve has asked them to…[Read more]
Thanks everyone for your contributions. I was up in Townsville recently and managed to chat to several RE with regards to management fees.
I think the level of service varies considerabley between agents, and its always hard to tell what you get for your money. Some of the points we looked for was how many they had on there rent roll, and…[Read more]
Thanks Mr Charchie, and OzPatin. The area I am looking at in particular is North Mackay itself, between Fitzgerald Primary School and the Rugby Union Field, so its pretty central.
From what I have heard its the areas isn’t bad at all. It is a block of 4 units, and the property agent told me that the tennants are of ‘low class’, of course…[Read more]
I think I know the units you purchased on 29 Grace St…. Just a word of warning, I looked at those Units just for the same reason you did, looked extremely cheap. But just a word of warning, do your due dillegence as there are some hefty costs involved with them… ie. they do not meet fire regulations, minor structural damage.. in a…[Read more]
Great to hear you are finding some of these properties, and its definately a good idea to setup a new forum or similar.
In the meantime if you wish to offload the excess properties, obviously for some sort of finders fee then drop me a line on [email protected].
You are reading the posts incorrectly. People aren’t being negative, or worried about Steve. I am sure no-one on here could give two-hoots about Steve and what he does. They are just exploring, commenting, and sharing opinions about the book.
Its good to talk, and get different views from others.
No where in the book does Steve quantify the number of wraps, b&h, and leases he has. So where you get your figures from I don’t know.
The book eludes too that a majority of his wealth was done through b&h. Only towards the end does he talk about wraps, and leases. If there was a Joe Average on the street, the book would give the…[Read more]
Cheers for the feedback guys.
I also spoke to an accountant. It is possible to claim as a deduction if you are operating as an investment business. However if you are not, then it is taken into consideration as part of your cost-base and would be taken into condiseration on a CGT event.
I have to agree with Arygle, if Steve hadn’t used Wraps, and done some quick buying and selling to generate quick capital then it is impossible for accumalate 130 properties in 3.5 years.
I think a lot of people are maybe under the illusion that all you have to do is find a +ve investment property, rent it out, and you’ll be home dry. If that is…[Read more]
I was hoping that was going to be the case. Only reason I ask is because what I was thinking about doing is setting up a family trust.
Each year the income is distributed to my mum, who pays the least amount of tax. Instead of her loaning the money back to the trust, and the trust owing her, she just gives it back to me as a…[Read more]
These number just don’t add up? Ok 44,200 in rent which is $850*52 is correct. Where did you get 30-33,000 in IO payments? the property is 640,000 less deposit of lets say 20% = 512,000. At a normal rate…[Read more]