Thanks for the discussion so far.Be careful not to make this an 'Australian vs US' issue. It's not, and that's the point Buffett is making. No one saw it coming because there was no concept that it could happen.We tell ourselves the same things in Australia and argue how and why we are different. The simple truth is that it could, but that until…[Read more]

Hi,I have been to Lehigh Acres on my trips to the US, and had a good look around.I think the name says it all… 'acres' implies land, and lots of it – and so there is in Lehigh.With the lack of scarcity, land prices are extremely low. No one is building on it either because falling property values mean that it is far cheaper to buy second hand…[Read more]

Hi guys,The point I am trying to make is that a developer with pre-sales will find the going smoother. That is s/he will be able to get finance and there is relatively little risk provide they know what they're doing.On the other hand, speculating is going ahead with a development without finance or pre-sales. This is done in better markets…[Read more]

Hi guys,The point I am trying to make is that a developer with pre-sales will find the going smoother. That is s/he will be able to get finance and there is relatively little risk provide they know what they're doing.On the other hand, speculating is going ahead with a development without finance or pre-sales. This is done in better markets…[Read more]

Hi,Thanks for your post and welcome to the community.No – the 1% rule assumes that you are leaving a 20% deposit.Regards,- Steve

Hi,I've written 14 emails to 250k members… one a week leading into April when I needed to refocus for the Conference. I will be returning to writing emails again from this week.I agree that the dedicated forum is dragging its heals in a big way… but I promise it is still a priority.In regards to mentoring, there was no promise made here……[Read more]

Okay… a couple of thoughts here about equity.First… how is equity created?You can create equity by: 1. You repay debt; and / or .2. Values go up If you get both then, as you'd expect, your equity will increase faster.Second… how can you tap into equity?In Australia, you can tap into your equity without triggering a CGT event. This is seen…[Read more]

Hi,You could seek to get the details of the council… I'm not sure if the rate payer roll is public record or not though.If not, you can always do  a title search. That will tell you the owner and a contact address.All the best,- Steve McKnight

Yep – the FL auctions are now over for 2010, but those 'sold back' to the county are available for over-the-counter purchase. I will be looking at them.That said, other States have auctions in other months.In regards to strategic 'hand back' mortgages, we talked about this at the event when covering the due diligence. In particular, the rule about…[Read more]

Yeah… I can remember in the mid 1990's wondering how I could ever afford to buy a $200k house in Melbourne… Alas for those searching for a way to make it work now!Look, the days of buying a home and working to pay off the mortgage are coming to an end… it's just not possible for your average person to do this as property prices are…[Read more]

Hi,There will be others with broader mortgage working knowledge than me, but, I'll have a crack at giving you an answer…1) Yes, there will be interest on the $100k drawdown (which you might be able to capitalise or else pay for out of the drawdown rather than paying cash). There will also be interest on the loan for the IP.That is, I'm assuming…[Read more]

Hi,Are you sure it's my book… can't recall writing one under that title As a general rule, beneficiaries are usually worded in a generic sense as far as family is concerned (mother, father, cousins, step siblings, sons, daughters, grand children etc), plus you can also nominate specific beneficiaries too (a company, charity etc).For a more…[Read more]

Hi,You can definitely bank US checks into an Aus bank account with the majors (NAB etc)… I've done it many times. The banks hit you on fees, clearance times and with an unflattering exchange rate though.  I'll keep looking for an answer for a US account, but the issue is having verified ID.The trick in applying for an ITIN is having the right…[Read more]

Hi,Thanks for starting this post. We're very open to constructive criticism and we are fully on-board to make the event better.In particular, I appreciate the comments about being 'oversold'. We set very strict rules around conduct, and that the content of the presentation must empower people to understand the concept. Only then, if people want to…[Read more]

It really is starting to look like a bubble. In the last board minutes, the RBA mentioned that the motivating factor in increasing interest rates was growth in house prices. This will surely add fuel to the fire of further increases in months ahead.Still, even if we are in a bubble, will it pop (like Steve Keen predicts), or will it deflate?My…[Read more]

Also suggest you look at:http://www.ato.gov.au/individuals/content.asp?doc=/content/62426.htm&pc=001/002/002/010/005&mnu=&mfp=&st=&cy=1This is the ATO's very general outline for property investors.- Steve

Hi,They are a cost incurred in earning assessable income, so I should think so.More info can be found at:http://www.ato.gov.au/individuals/content.asp?doc=/content/00113245.htmIf loan establishment fees can be claimed, then surely break fees could also.Check with your accountant though.- Steve

Highly recommend this guys.Good quality info, good quality people.- Steve McKnight

Welcome to the forum.A couple more suggestions for you:www.news.com.au is a good Aussie news siteYou can also set up a google news feature with hot wordsDepending on where you land there might be good local investor groups you can join. APN in Vic is one.All the best for the move across.- Steve McKnight

Hi,I suggest you take a look at:https://www.propertyinvesting.com/strategies/flipsIf you have the revised edition of my book, you can also read an expanded chapter on the topic.Regards,- Steve