Hi,

Thanks for your post and welcome to the Property Investing.Com forum.

You ask:

quote:
how do I know what I can and can’t afford?

Answering this question will require you to identify:

1. What your current level of savings is, represented by the difference between what you earn and what you spend. It may be positive or negative.

2. Once…[Read more]

Hi Glenn,

Light 5 hunjies and smoke them? []

Perhaps I need to get to Perth a bit more often…???…

Why not go with the lawyer then… ’cause stuffing around is something to be avoided at all costs.

It might be a bit more expensive, but not compared with missing out on a deal that could make $$$$ and pay for all those hunjies!

Learn and…[Read more]

Hello Glenn,

Welcome to the Property Investing.com community and thanks for making your first post.

You ask:

quote:
As this will be the first time I have engaged a lawyer/soliciter, my questions to the forum are:

1. Do the fees seem fair?
2. Are there any special questions I should be asking?
3. Should there be a separate trust for rentals and…

[Read more]

Hi Felicity,

Thanks for the clarifying post.

In fact, this site does not necessarily owe any affiliate to me and I certainly don’t want it to be the “Steve McKnight” site – such as Somersoft is Jan Somer’s site etc.

I’m more than happy to be an expert, but all visitors should appreciate that my thoughts are my opinion and need to be considered…[Read more]

Hi Rick,

Didn’t see your segment unfortunately…

I had a similar response to the ACA thing that I did, which was great but I did get sick of answering the phones [] Months and years later you’ll still be getting people calling and tyre kicking…

Perhaps the way to go here is to try and stratify the database by State and then make it…[Read more]

Hello Jarrod,

Thanks for your post and welcome to the forum.

Let’s see if I can help you with a few of your concerns…

quote:
I have a quick cash deal that I would like to complete on a property in Melbourne’s northern suburbs. I have a few problems with the deal, that I thought someone from the forum might be able to help me with.

It might…[Read more]

Hi Michael,

As I type this I am doing the editing to the soundtrack from the Australian Property Investors Melbourne seminar.

I’m up to my review of Wraps (Session 10) where I go over my 17 point system for wrapping. This is available to WSR purchasers in the upgrade area (Wrap-ersise).

As for a flowchart… I have something that I can put…[Read more]

Hi Kita,

Thanks for your post and welcome to the Property Investing.Com community.

Re: your question about wrapping…

You can do either, but I have used it to fuel the cash needed on other deals. This allows you to finance the deposit for property #2 from the wrap deposit received from property #1 and generally fast track your property…[Read more]

Re: your question about the FHOG.

I think that it will remain at least until the next election unless the housing market cannot be slowed by higher interest rates at which point the government has an excuse to act quicker.

I wouldn’t expect it to be eliminated, just either reduced or means tested.

My remember… this is only my opinion…[Read more]

Hi Michael,

Thanks for your post.

This topic is now covered in much detail as part of the Masters seminar (about 26 pages of comprehensive notes!). It is also briefly covered in the Wrap Library.

As such I don’t plan to recover it here and potentially dilute the value of those products. AD… you can look forward to receiving all the…[Read more]

Hi,

As outlined at the recent Masters events there are four outcomes that can be achieved from property investing…

1. Positive cashflow: As the name suggests… after tax +ve cashflow
2. Cashflow Positive, Income -ve: negative income as property expenses > property income. But after depreciation and building writeoff allowances are offset…[Read more]

Hello Ian,

Thanks for making your post and welcome to the Property Investing.Com commmunity.

quote:
Anyway my situation is that I have enough equity in my own home to borrow 110% of an investment property. Therefore when calculating cashflow on prospective properties the loan repayments include all the costs of purchasing the property. When…

[Read more]

Hi Sooshie,

Sure… I welcome people to link away.

Bye

Steve

Hi Daniel,

Welcome to the Property Investing.Com forum and thank you for contributing your post.

I have a few minutes now and I thought I’d try to answer a couple of your questions…

You ask

quote:
Is there more differences which would be significant enough to know about? I am particularly interested in the taxation or non-taxation of money…

[Read more]

Hi Regina and Ziz,

Here’s a few things to note about land tax…

1. It is generally calculated on the unimproved value of the land component of the property and as such disregards the value of the property entirely.

2. In Victoria, there is no land tax payable by the investor. There is a form that your buyer completes that advises the SRO that…[Read more]

Hi,

I thought I’d provide a little light reading for a Friday arvo…

A few years ago I purchased a property for $38,000 when the original list price was $50,000.

I then turned around and wrapped it to someone else for $65,000 – only to have the original real estate agent call me ‘unethical’.

I was gobsmacked and speechless, since this agency…[Read more]

Bris 22,

I would welcome your comments on the pros and cons of both products and invite you to publish them here.

This is an open community where you are welcome to post your opinion… and I’m always open to comments about how my product can be more effective and better value for money.

Regards,

Steve McKnight

Hello Matt,

You seem to be on the right track.

The finance left in the deal would usually be a second mortgage. The only ‘x-factors’ in such a deal would be the time of the loan and the interest rate. Most 2nd mortgages that I have seen haven’t been for more than 5 years… but this is certainly something that can be negotiated on a…[Read more]

Hello Gavin,

Thanks for your post.

At the time of writing the wrap manual we were led to believe that the only option was to pay off what you received as a wrap off your loan.

However, we have since had a review of legal opinion by several people. Now, while not advice and not a substitute for getting separate legal opinion, we are now led to…[Read more]

Hi Rolf,

Welcome to the Property Investing.Com community. I appreciate your post and welcome you to contribute at any time.

You write:

quote:
can you define the difference between a guaranteed loan and a real loan where start-up company loans are involved, where the directors have either minimal funds and or experience in property related…

[Read more]