Hi,

We are currently looking at upgrading the forum to a newer version and I’ll investigate the possibility of your recommendation being implemented.

Thanks,

Steve McKnight

P.S. Anyone else with a wish-list for the forum, please post it here!

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Hi Karen,

Thanks for your post and welcome to the PropertyInvesting.com community.

Sometimes there is no need to sell, since that will trigger sale costs (such as real estate agents fees) and also capital gains tax will be payable.

An alternative idea may be to renovate (spend the $4k) and then seek to have the property revalued and refinaced.

You can then access your equity to go and do the next deal and so on. Be sure not to spend your redrawn equity on lifestyle expenses though as you will lose the interest deductibility on the portion you spend.

As for your sons in the property… sounds like you might have confused a lifestyle (family) decision for an investing decision. You’ll probably only make that mistake once []

Thanks again for your post and don’t be shy about making more in the future.

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Sooshie,

Love the story… a free wealth assessment in the comfort of your own home.

Did you ask how many properties he owned?

Thanks for the contribution! Great post.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Sounds very interesting.

You’d want to think about rules for getting money out if someone no longers wants to be a part of the set up.

You’d probably set it up via a unit trust.

The success of the venture would depend on attracting people who were like minded.

But it’s different and I quite like it as a concept.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Looks like you are either going to hold off, or alternatively buy Rick’s product.

My Wrap Library has been so popular that it has sold out.

I plan to do a major edit and then release a 2003 edition. Hopefully it will be ready by the end of March.

I respect Rick as a fellow investor. We both see the benefit itn wraps but approach the issue of making money differently.

Rick looks to be cashed out and as such as to re-create his business every few years.

I take a longer investing timeframe and seek to keep the income stream for 25 years if possible.

Both work, both seem to achieve the results we are looking for. You need to decide which style best suits your needs and then act accordingly.

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

You can usually glen this information from rates notices. Just ask the purchaser for a copy, or you might like to call the council. They may or may not tell you depending on what their privacy policy is.

Cheers,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Insurances over a property investment include:

1. Mortgage insurance- payable depending how much yuo borrow. Paid once at the start of the loan.

2. House- covers the building from fire etc.

3. Contents- if you are providing furnishings then you might like to have them covered. Might also like to consider insuring glass breakage, accidential damage from leaking washing machine / dishwasher etc.

4. Landlord- usually covers you in the event of tenant damage or if your income stream dries up (for a limited period of time). Personally I don’t have this as I believe that it is an avoidable cost if you properly qualify your tenants and have a good rental manager.

Cheers,

Steve McKnight

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Hi,

The answer is to start looking.

Maybe you could get some stats for median house prices of your state branch of the Real Estate Institute where you live.

Alternatively go to the REIA… they sell data for all States.

Bye

Steve McKnight

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Ok,

I’m no lawyer… but my understanding (at least in Vic. anyway) was that you could by a property ‘and or nominee’ with the intention of setting up a company and there was no double stamp duty. This avoids the need to incur a cost before beginning.

However I know this flexibility is not available in Qld… the structure must be set up first. Other States? You knows? It would pay to get some legal advice before going to far down the track.

Regards,

Steve McKnight

P.S. Wealth Guardian due to be released early March

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Hi,

quote:

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A bank is a place where where they lend you an umbrella in fair weather and ask for it back when it begins to rain

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What a gem of a saying! And how true.

My advice… don’t confuse a lifestyle decision with an investing decision.

If you want to own a home then that is an emotive decision, not an investing decision. The reverse is also true.

Investing does not come without a cost… only you can determine whether you are willing to pay the price.

Bye

Steve McKnight

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Remember that success comes from doing things differently.
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