Always here to help []

**********
Remember that success comes from doing things differently.
**********

Hi,

Sorry, I was not very clear. What I meant was get the accountant to approach his/her clients with the offer on your behalf and earn some kind of commission or trailer.

That’s how financial planning works []

Bye

Steve

**********
Remember that success comes from doing things differently.
**********

Hi David,

Thanks for your post and welcome to the forum.

Please feel welcome to post more questions, and also replies, in the future.

You ask:

quote:
I’ve sold a property for $40,000 profit. I have owned it for more than a year.
I was told that I had to pay $10,000 in capital gains tax. (50% of half the profit) is this right?? or do I paid tax…

[Read more]

Hmmmm…

I think the answers to this post have missed a bigger issue.

The solution to effective negotiation is not low-balling, but to create a win-win outcome.

Find out why the vendor is selling and the structure an offer where everyone wins.

Look to be flexible on price or terms, but only offer an outcome that meets your investing outcome…[Read more]

The King Is Back!

Hi and welcome to the forum.

I know that this topic has been covered in prior topics. Have a search around (use the search feature) and maybe use the words ‘solicitor’ and see what comes up.

Might I also suggest that you consider joining the Wraps and Vendor Finance Association.

Cheers,

Steve McKnight

p.s. Welcome…[Read more]

Hi Trying,

Oh dear… might I suggest that you are on the verge of making an expensive mistake? Not because of what you have done, but because of your lack of knowledge about how it works and how to set up an effective structure.

Brent is right to point out about Wealth Guardian, but that is still a month or so away.

In the meantime, I’ll try…[Read more]

Hi FW,

There are a few issues that I’d like to alert you to…

The first is that by seeking investors on this forum puts you at risk of breaching Corporations Law, which has very specific rules about making a public offer for investors.

Given that there are over 5,000 members to the site, you are on uncertain ground about whether or not you…[Read more]

Hi Carl,

Thanks for your question.

When I started I found that the local council had demographic data about the region to attract investment.

Perhaps a call to them (or check out their website?) might yield excellent results?

Cheers,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Mate,

I wasn’t telling you what to do… just giving you an option.

If it were me though I’d be thinking about two things…

1. How can I turn my -ve cashflow property into a +ve cashflow one, and

2. What do I have to do to invest in such a way as it will bring me to my goal in the quickest time.

Perhaps your indecision stems from not having…[Read more]

Hi,

Last post for the day as my fingers are starting to hurt from all the typing []

Interest only was just to illustrate the point in the example. Would have required more time to work it out P&I. Personally, all my residential loans are P & I and most of my commercial loans are I/O (I’ll explain why in a newsletter sometime soon).

As for…[Read more]

Hi Chris,

Thanks for your post and welcome to the community… all the way across the pond in the States!

Brent from ny office has done some research on your behalf on the topic of foreign investment in Australia.

We are building some web pages to discuss this, but in the meantime you might like to…[Read more]

Hey Superman!

Interesting question!

I’d be inclined to go for the house, unless the unit was a stand alone or I could acquire all the units.

The reason why is that I have found that dealing with body corporate issues and other tenants is far too time consuming!

Still, you’d also want to look at the cash on cash return which on the unit is…[Read more]

Michael,

Sorry mate, I missed your first post.

The go-to legal guy in Tasmania is Nick Raeburn. Contact him on 6337 5555 (Launceston).

(be sure to tell him he owes me lunch for the referral!)

Accountants? Sorry mate, I do all my own stuff in-house.

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi SidSid,

Thanks for your post and welcome to the community! I seem to be the welcoming committee today []

I wrote something on this some time ago… check out:

http://www.wealthtipsonline.com.au/pwt/pwt5txt.html

My choice was to own later and invest now, which for me has made all the difference.

But the cost has been not having a home, but…[Read more]

Hi Belladonna,

Sorry I have not answered your post specifically b4 now, but I’ve been busy on the product development side of things getting WealthGuardian finished.

Thanks for making your post and indeed welcome to the community. I hope to see more posts from you again soon.

Now, down to business….

Firstly, congrats on getting in the game.…[Read more]

Nathan,

The only contingency I have heard for Canberra is that you are dealing with leasehold rather than freehodl property.

So really what you are wrapping is the 99 year lease rather than the title.

Haven’t heard that it is illegal b4 in Canberra, so I doubt that is right.

Belladonna is right re: SA. Developer went bust many years ago and…[Read more]

Hi IB,

Thanks for your post and welcome to the property investing community.

You ask:

quote:
What I am wondering is if anyone has quantified
how much it costs to get going with wraps.
ie. solicitors fees, accountant’s fees, etc.

I’d recommend perhaps doing the first one in your own name… only to see whether or not you like the strategy and…[Read more]

Tara,

I wrote an article about finding a great accountant a few years back.

Download it from http://www.wealthtipsonline.com.au

Re: other members… contact AD as he is standing out like beacon for Qld members who are looking to network.

Regards,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Dan,

Can you be sure if you have never tried? I wish I had $30,000 of income when I started seeking finance!

There’s always a way when you see the problem and work thru it.

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

Yes. I think that the repsonses here have just about nailed it!

DavidU… I think LVR does matter, not at the CRAA level, but at the mortgage insurance level.

Sooner or later they’ll call stumps for you and then that will be it. Then you’ll have to go with non-conforming lenders if you can’t get back to 80% LVR lends.

I deliberately…[Read more]