Hi,

My policy is this:

Blood is thicker than water and it’s hopeless to try and clean up blood with plastic money… it only causes a bigger mess.

Unless you can come to a commercial understanding, don’t mix them. Friends are worth more than money.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

You ask:

quote:

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How does it feel to have wrapped 40 properties

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OK, I guess. It was hard work to set them up but now they are in the cashflow stage, it is quite simple. You just need to be on the ball when some people fall behind.

quote:

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I need to know how it feels when the wraps are all bedded down. Do purchasers ring 3 times a week with problems?

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Nope. I’d be lucky to get a call a month.

quote:

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Is it an effort to manage the contracts?

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It depends on what admin system you set up. Brent seems able to cope easily enough. It takes him about an hour per week (total) to check payments and update records. There are some economies of scale!

quote:

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What if I wanted to live overseas for 6 months?

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You could track the admin via the Internet. if there was a problem you could get someone to try to fix it for you.

Hope this helps.

Regards,

Steve McKnight

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

What happened on the weekend?

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

My experience is that the valuation fee is part of the application fee. This is then payable at the time of settlement when all the money is being divvied up.

Bye

Steve McKnight

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

Hi,

For more info on wraps, visit:

https://www.propertyinvesting.com/strategies/wraps

Bye

Steve McKnight

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

Hi,

Thanks for your post and welcome to the community []

Please note this is NOT financial advice.

If you wanted to invest indirectly in property then you might like to explore the idea of listed (on the Stock Exchange) property trusts.

This would allow you to invest in property and also have liquidity if you decided to sell.

Alternatively, you need to weigh up the amount of risk you are prepared to take on with your savings. I remember only too well the people who had their money with “Pyramid Building Society” trying to eek out an extra 2% only to lose everything.

Me, for my personal funds (as opposed to busines money) I have an e-trade account that earns a pittance, but more than the token amount banks offer.

Cheers,

Steve McKnight

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

Hi,

Welcome to the community and thanks for your post.

quote:

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I am in the process of starting a business that can pretty much run itself so i am hoping to earn a few thousand dollars from this venture which i can later put into property investments.

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Excellent… do you want to mention what the business is as some community members may be able to help you

quote:

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However in the mean time i have around 12k savings and earn around 1100 month. Can anyone advise me on what i can further investigate on purchasing property with the amount of money.

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Really? If you can achieve this sort of return (nearly 100% per annum) then I’d forget about property and keep doing what you are doing!

You are earning nearly 100% return per annum!

quote:

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Realistically i would be looking at places no more than say $50 000. Has anyone on here started in a similar situation and can assist me.

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Well, not wanting to repeat old ground, I suggest you buy FastTrack, which is a tape outline of how my business partner and I began property investing.

quote:

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I know i dont earn much yet, im sure there are ways (of which i dont know yet) in which i can start purchasing properties and generating some passive income along the way.

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You might like to sell a few of the deals you find to begin with to raise extra cashflow… or alternatively you could joint venture someone so that they pay you for finding a deal and putting it together.

quote:

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I would like to generate around $2000 in passive income this year from property.

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Excellent. Now you have a goal you can break it down into # of properties needed and then break it down into # needed per month.

quote:

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Any one with some advice for a 19 year starting out. I have read just about every post of this forum and have the concept of wraps but i still need to do more investigating.

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It’s difficult to post when you don;t ask specific questions. All I can really offer is encouragement and to remind you that the only barrier to success is yourself. Oh, and never take no for an answer.

Cheers,

Steve McKnight

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

Hi Sooshie,

Hope you’re enjoying this heat [8D].

I gave Brent a project to do a few weeks ago which was to look at foreign investment in:

*Australia
*US
*Canada
*UK

He is currently doing the research and we hope to publish the information on the site by mid Feb.

Cheers,

Steve McKnight

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

Always here to help []

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Remember that success comes from doing things differently.
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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:

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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 on 50% of half?

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The correct treatment is to take half of the capital gain (in your case, $20,000) and include that in your personal income tax.

The amount of tax that you will pay will depend on what other income you have. If you are already on the top marginal rate, you will pay ($20,000 * 48.5%) of you capital gain in tax.

Please note that depending on when you purchased the property, you might find that the old method of indexation will give a better tax result.

See your tax adviser for more info.

Cheers,

Steve McKnight

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