Hi,

Sorry to hear about the mishap.

Just a heads up on the topic though… the phrase actually comes from scripture. The full reference is:

Note it is the love of money rather than money by itself.

While we’re on the topic, here’s something else to consider:

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi Mel,

It’s accoutning talk mate.

Just that the amount of depreciation as shown for accounting purposes (i.e. financial statements) is not necessarily the same as what is an allowable deduction for tax purposes (i.e. tax return).

The reason for this is because of different rates being used.

For example, buildings are depreciated for accounting purposes but not for tax purposes. Also, sometimes the ATO allows adavnced depreciation (such as a 100% writeoff for low cost items), where as this is generally not allowed for accounting purposes.

I’ll grant you that it’s a little murky, but that’s they way things are!

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Point taken, but it IS nice to have the people who wrote the software we use for our forum tell us they think we did a great job.

I’ll take my cardigan off now [:o)]

Hi,

I was there at the start of John Burley’s discussion forum but lost interest after a disagreement re: editorial of the site.

Re: Somersoft – I think that it’s a good discussion forum in many ways. I regard the relationship between us and them as a bit of a Holden v. Ford argument. Some like one, some like the other, but the industry needs both.

Other forums (US based though) include:

http://www.creonline.com
http://www.richdad.com (kiyosaki)

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Nice timing!

I’ve just finished the first draft of the manuscript however we need to wait for the MAP to finish in order to obtain the final tally of property purchased and profits made.

It’s due to be released in early October.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Just quickly… the 11 Sec solution is not redundent as such.

It remains the basis of my investing approach, yet times have changed as as such the application of the theory must change too.

The revised formula that I work on does not focus solely on yield (as does the 11 Sec), but on the way that annual rent AND rental yield impact the value of properties.

If you can understand the relationship then, when you combine that with an understanding of the broader market, you can spot opportunities and secure a position where you’ll be well poised to capitalise on opportunities.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi Hector,

Thanks for your post and welcome to the community.

[8D]

OK – I’d use the deals that you find as a way to crunch the mnumbers so you become familiar with how to put a deal together and how one propety can return more or less than another by adding on an extra bedroom.

Just play around be be wary as the ‘net is a big time sucker.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

All I know is that cleaning up an old site can be very expensive and time consuming. The petrol seeps from the tanks and contaminates the soil and ground water… very costly to fix.

Also, in recent times there has been very little margin in petrol. I suspect that there is much higher margin selling the chips and coke than there is in selling fuel.

So… the question is, what are you buying? The business (leasehold) or the freehold (property)?

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Normally I just write off the debt to experience.

However, you can do one of two things:

1. Put the debt in the hands of a debt collector; or
2. Go through the legal system, obtain a tribunal order and have the sheriff seek to recoup the debt via cash, garnishee or by possession and sale of goods.

The amount doesn’t seem worth option 2.

Also, did you not have a bond?

Bye,

Steve McKnight

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