Hi all,

Thanks very much for your birthday well wishes.

Have a great day,

Bye,

Steve McKnight

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

Hi,

Just make sure that the CGT advice you have is from an experienced accountant.

I’m probably wrong, but I thought you could still have a PPOR that you rented out for up to six years and would still qualify for the PPOR CGT exemption.

If you have bought another house elsewhere, then you may be liable for CGT on the price gain since you moved in and when it becomes your PPOR, but this can all be worked through.

Then again, I’m not ‘in the know’ about these things anymore… which is why you need to seek the paid advice of a qualified and experienced professional.

Bye,

Steve McKnight

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

Hi Nehal,

What about moving your thinking sideways…

Until you can get funding on your own two feet, why not put a deal together and then seek private finance and/or money partners and share your profits.

Remember that 100% of nothing is nothing. Sophisticated investors look further than what they can do by themselves as they know a good project will always attract smart money.

In your case then, as a concept (not an invitation for business) I wouldn’t back YOU (given lack of experience etc.), however I might back YOUR DEAL – provided you had all the basics covered.

Cheers,

Steve McKnight

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

Hi JJ&Jo,

You probably picked this saying up from either myself or Dave Bradley, as we are the only ones I know who use it because it summarises our approach to negotiation.

In essence, what you are doing is offering the vendor either his/her price or else his/her terms. The idea is to give some ground while also getting some ground.

For example, I’m happy to pay full price (if I think I can make a profit), and it may even be that the vendor’s sale terms on offer suit me, but if they don’t then perhaps a delayed settlement, low-money down or vendor carry back will sweeten up the deal.

It would also be wise to remember that you ought not aggressively negotiate on a deal that you know is great. That is, don’t try and negotiate on the purchse of a gift horse [wink4]

Regards,

Steve McKnight

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

Hi,

While structuring is important, it is really secondary to the investing purpose to start off with.

Personally, I think you have made a very good (perhaps great) start as it is as I had nothing like your asset situation at 27!!!

My comments come back to a few core issues:

1. The equity in your property may become lazy money if your do not continue to earn solid capital gains. As such, you may like to consider ways to recycle it so it works harder for you. In our business we do this by selling our properties and then buying more assets with the net proceeds. I talk about this concept in my second book and then go into more detail at the MasterClass.

2. I like to keep personal assets personal and business assets business. Mixing the two can create all sorts of mental and financial problems. In short… keep it simple whenever possible.

3. Crunch the numbers on your ROI with your savings. I’e found that many people find they earn a better after-tax return ploughing the money off their mortgage rather than keeping it in savings.

4. Finally, have you ever considered commercial property? There is a world of opportunity there too.

Cheers,

Steve McKnight

P.S. The link to WealthGuardian is: https://www.propertyinvesting.com/resources/11.html

Hi,

It’s been a few years now since I lectured at RMIT on a sessional basis… and I was more in accounting than Eco/Finance. Still, there’s a few people around that would remember my name.

In terms of where to get started – I think Terry’s comments about having some sort of saving plan organised, together with G7’s post about education is good advise.

In many ways you have to mature in your thinking so that you are ready when the right opportunity comes along. For example, in my case, to work out what I didn’t want to do (i.e. accounting) I first had to try it.

In fact, I believe that it’s necessary to reach a low point from which you promise yourself you’ll never return in order to create the motivation to keep going when the situation becomes tough.

Practically then, have a go at working out a five-year plan that pinpoints:

1. What work experience you want to have gained
2. How much money you want to have saved
3. What education you want to have mastered
4. Which people networks you want to have established
5. What life experiences you want to have enjoyed

Finally, don’t let age stop you from having a red hot go. If you want it bad enough you will be able to find a (legal) way to achieve your goals.

Regards,

Steve McKnight

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

Hi,

Thanks for your feedback.

Inadequate examples? Hmmm – perhaps more detail may have helped but I would have thought the broad discussion on what each of the Mappers did would have been a great starting point – especially with the mix of people and their diverse approaches.

In any event, thanks again for your feedback and best wishes for the future.

Regards,

Steve McKnight

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

Hi again,

In the beginning, I’d spend a couple of hundred dollars buying books. Try to read widely to gain an a perspective of what has worked for others.

Authors that I would recommend are:

Kiyosaki (especially early books)
Allen (anything)
Classon (Richest Man in Babylon)
Burley
Somers
Lomas
de Roos
Spann

If there is any spare change then see if you can pick up a copy of my books too.

Cheers,

Steve McKnight

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

Hi,

There have been some excellent tips posted, but I have to say that if you can’t find any good properties on the net then look for other ways to find deals.

Really, there is no substitute for getting in the car and going for a drive as my experience is that not all deals actually make it onto the net and it’s amazing what agent’s will show you when you land in their office and they take you for a drive.

Cheers,

Steve McKnight

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

Hi Maria0911,

When it comes to property consultants you generally have two choices:

1. A buyer’s advocate: These guys work on your behalf to find and then negotiate a deal on a property. The ones that I have seen are generally to do with the home rather than investment market, however over the years I have seen some investor-specific schemes come and go.

I’d turn to the trusty yellow pages and see what you can find. You could also ring some agents and ask if they know any names of people they have dealt with.

2. Using bird-dogs. A bird-dog is another name for a fellow investor who sources deals and then onsells the details in exchange for a fee. Naturally, this is far more atune to the investment market and this forum has plenty of tips and insights into the pros and cons of using that kind of service (do a search on bird dog and see what comes up).

Regards,

Steve McKnight

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